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!
Nepali Beans Stew – Kwati Recipe
Kwati is a traditional Nepalese dish which is a thick stew of several kinds of beans. The beans used in this dish are kidney beans, black-eyed peas, chickpeas, soyabean, mung bean, green bean, black bean and white beans. It’s a healthy and wholesome family meal. Kwati is mainly eaten during Janai Purnima/ Rakshya Bhandan in Nepal. Nepali Beans Stew – Kwati
INGREDIENTS:
- 2 cups dry mixed beans (kidney beans, black-eyed beans, chickpeas, soya beans, mung beans, green beans, black beans, white beans)
- 500 gms Mutton, diced into small pieces
- 1 tsp Fennel seeds ( Sauf)
- 1 tsp Cumin seeds ( zeera)
- 1 tsp Black Mustard seeds ( Rai)
- 1 tsp Lovage seeds (Ajwain / Jwano)
- 1 Medium Onion, 5 cloves Garlic and 1″ Ginger - Made into a paste
- 4-5 Medium Tomatoes
- 1 tsp Coriander Powder ( Dhania)
- 1 tsp Cumin Powder ( Zeera)
- 1 tsp Turmeric Powder ( Haldi)
- 1 tsp Red Chilli Powder
- 4 tbsp Mustard Oil
- Salt to Taste
How to Make : - In a large bowl , soak the beans overnight. The mix of beans is quite colorful
- Drain the water and keep aside (Some people also keep it for 2-3 days till it sprouts ! You can try it too )
- Heat the oil in pressure cooker and add the cumin seeds, black mustard seeds, fennel seeds and lovage seeds. When the seeds start spluttering, then add the onion-ginger-garlic paste and fry for 3-4 minutes.
- Add the diced mutton pieces and stir fry for couple of minutes till the meat becomes light brown.
- Add the sprouted mixed beans, cumin powder, chilli powder, turmeric, coriander powder and salt and mix well and fry for 5 mins till the meat and beans are nicely coated with all the masalas.
- Add the chopped tomatoes and cook for another 2-3 mins. Then add 5 cups of water to the cooker and pressure cook for 20-25 mins ( you can make this recipe in open dish but it takes longer to cook the beans ) .
- Release the steam and check that the beans are cooked till they are tender. At this point of time, most of the water would have dried up. Add about 2 cups of warm water and boil it for couple of minutes till you get the desired consistency. Depending upon your preference, the soup can be made thicker or thinner.
- Garnish with chopped green onions and serve with rice.
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