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
DESCRIPTION
Watch Recipe Video Above. Crispy Honey Chilli Potatoes are a super addictive snack – fried potato fingers are tossed in a sesame honey chilli sauce that’s sweet and spicy and will give you sticky fingers that you’ll be licking to get every last bit of sauce!
INGREDIENTS
4–5 medium Potatoes, peeled and cut into fingers
Oil for deep frying
First Coating:
2 teaspoon Chilli powder
1 teaspoon Garlic Paste
1 teaspoon Red Chilli Paste
3 tablespoon Corn Flour
3 tablespoon All Purpose Flour
2 teaspoon Salt
Second Coating:
3 tablespoon All Purpose Flour
3 tablespoon Corn Flour
1/4 teaspoon Black Pepper
2–3 tablespoon Water
For the Sauce:
2 tablespoon Oil
1 tablespoon finely chopped Garlic
1 teaspoon Red Chilli Flakes
3 tablespoon White Sesame Seeds
1 teaspoon Vinegar
1 teaspoon Soy Sauce
2 tablespoon Tomato Ketchup
1 1/2 tablespoon Honey
1 teaspoon Red Chilli Paste
1/4 cup Water + 1 teaspoon Corn Flour mixed to make a slurry
2 tablespoon chopped Spring Onion (green part only)
INSTRUCTIONS
Wash potato fingers well in running water and set aside. This removes any extra starch in the potatoes.
Mix together corn flour, all purpose flour, chilli powder, chilli paste and salt. Coat the potato fingers evenly with this flour mix. Heat oil in a wok or karahi and deep fry the potato fingers in batches till the potato is half cooked. It’s important that you drop one potato finger at a time in to the oil so that they don’t stick together (watch video above to see how to do this). Remove the potato fingers on a tissue lined plate and let them cool.
For the second coating, make a medium thick batter with all purpose flour, corn flour and pepper powder by adding just a few tablespoons of water. Dip the half done fries in this batter and fry again in hot oil till crisp and golden. Drain on a kitchen paper and keep aside.
Heat 2 tablespoons oil in another wok, add chopped garlic and stir fry for a few seconds. Add chili flakes and sesame seeds and saute for another minute to toast them. Now add vinegar, soy sauce, ketchup, honey and the red chili paste and stir together. Mix corn flour with 1/4 cup water to make a slurry and add this to the honey- vinegar mixture in the wok and stir for a few seconds till it thickens.
Add the fried potato fingers and spring onion greens and toss together so that they are coated evenly in sauce. Switch off the flame and serve immediately garnished with some more sesame seeds and spring onion greens.
NOTES
You may adjust the quantity of honey as per your taste
Its important to cut the potato fingers evenly so that they cook evenly
You will need approximately two cup
s oil for deep frying, and you can use the same oil for the second frying
A wok is the best way to coat the potatoes in sauce, because it provides enough space to toss them around, but if you don’t have one, feel free to use a frying pan