It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
crispy honey chilli potatoes – so easy to make at home!
Crispy Honéy Chilli Potatoés aré a supér addictivé snack – friéd potato fingérs aré tosséd in a sésamé honéy chilli saucé that’s swéét and spicy and will givé you sticky fingérs that you’ll bé licking. You can usé thé samé récipé to maké honéy chilli cauliflowér, honéy chilli mushrooms, honéy chilli lotus stém étc – thé possibilitiés aré réally éndléss!
Léts just say wé até thésé straight from thé wok. Bécausé théré was nooné to stop us. But if you aré in a family situation whéré that is not accéptablé, I can’t hélp you.
INGRéDIéNTS
- 4–5 médium Potatoés, pééléd and cut into fingérs
- Oil for déép frying
First Coating:
- 2 téaspoon Chilli powdér
- 1 téaspoon Garlic Pasté
- 1 téaspoon Réd Chilli Pasté
- 3 tabléspoon Corn Flour
- 3 tabléspoon All Purposé Flour
- 2 téaspoon Salt
Sécond Coating:
- 3 tabléspoon All Purposé Flour
- 3 tabléspoon Corn Flour
- 1/4 téaspoon Black Péppér
- 2–3 tabléspoon Watér
For thé Saucé:
- 2 tabléspoon Oil
- 1 tabléspoon finély choppéd Garlic
- 1 téaspoon Réd Chilli Flakés
- 3 tabléspoon Whité Sésamé Sééds
- 1 téaspoon Vinégar
- 1 téaspoon Soy Saucé
- 2 tabléspoon Tomato Kétchup
- 1 1/2 tabléspoon Honéy
- 1 téaspoon Réd Chilli Pasté
- 1/4 cup Watér + 1 téaspoon Corn Flour mixéd to maké a slurry
- 2 tabléspoon choppéd Spring Onion (gréén part only)
INSTRUCTIONS
Wash potato fingérs wéll in running watér and sét asidé. This rémovés any éxtra starch in thé potatoés.
Mix togéthér corn flour, all purposé flour, chilli powdér, chilli pasté and salt. Coat thé potato fingérs événly with this flour mix. Héat oil in a wok or karahi and déép fry thé potato fingérs in batchés till thé potato is half cookéd. It’s important that you drop oné potato fingér at a timé in to thé oil so that théy don’t stick togéthér (watch vidéo abové to séé how to do this). Rémové thé potato fingérs on a tissué linéd platé and lét thém cool.
For thé sécond coating, maké a médium thick battér with all purposé flour, corn flour and péppér powdér by adding just a féw tabléspoons of watér. Dip thé half doné friés in this battér and fry again in hot oil till crisp and goldén. Drain on a kitchén papér and kéép asidé.
Héat 2 tabléspoons oil in anothér wok, add choppéd garlic and stir fry for a féw séconds. Add chili flakés and sésamé sééds and sauté for anothér minuté to toast thém. Now add vinégar, soy saucé, kétchup, honéy and thé réd chili pasté and stir togéthér. Mix corn flour with 1/4 cup watér to maké a slurry and add this to thé honéy- vinégar mixturé in thé wok and stir for a féw séconds till it thickéns.
Add thé friéd potato fingérs and spring onion grééns and toss togéthér so that théy aré coatéd événly in saucé. Switch off thé flamé and sérvé immédiatély garnishéd with somé moré sésamé sééds and spring onion grééns.
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