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!
TURKISH GOZLEME WITH MINCED LAMB
These Turkish Gozleme with Lamb are savoury homemade flatbreads made completely from scratch filled with ground lamb, spices, herbs and feta cheese. You won't be able to eat just one! They're incredibly delicious and full of great flavors!
I actually enjoy making my own dough and as I said it’s really easy to make, and you don’t need to let this dough rise or anything. I kneaded this by hand, but feel free to use your mixer and it’s going to be a lot easier. This dough will be enough to make 4 gozleme, but each one is quite big, and it makes for a very hearty lunch. If you wanted to make more, you could easily just double the recipe.
INGREDIENTS
For Dough
- 2 1/4 cup all-purpose flour
- 1/2 tsp salt
- 1/2 cup Greek yogurt plain
- 1/2 cup water
For Filling
- 1 tbsp olive oil
- 1 small onion chopped
- 2 cloves garlic minced
- 1/2 lb ground lamb
- 1 tbsp tomato paste
- 1 tsp coriander ground
- 1 tsp smoked paprika
- 2 tsp cumin ground
- 1/2 tsp salt or to taste
- 1/4 tsp pepper or to taste
- 6 oz spinach frozen, thawed and chopped
- 1/2 cup fresh mint chopped
- 2 green onions chopped
- 1/2 cup fresh parsley chopped
- 1/2 cup feta cheese crumbled
- 1 medium tomato chopped
- lemon wedges and olives to serve
INSTRUCTIONS
- Combine the flour and salt in a large bowl. Make a well in the center and stir in the yogurt and water. Continue mixing with a spoon until everything is well combined. If the dough is too dry adjust by adding a bit more water, start with a tablespoon at a time.
- Flour your work surface and knead the dough for about 3 minutes, or until smooth and elastic. Cover with plastic wrap or a clean tea towel and set aside.
- In a medium skillet, heat the olive oil over medium heat then add the chopped onion and garlic. Saute onion and garlic for 3 to 4 minutes or until the onion is soft and translucent.
- Add the ground lamb to the skillet and break it up with a wooden spoon. Cook for about 4 to 5 minutes, until browned. Stir in the tomato paste, coriander, paprika, cumin, salt and pepper. Add the spinach, stir everything together and cook for another 2 minutes. Let the meat mixture cool slightly.
- In the meantime divide the dough into 4 equal portions. Roll each piece into a rectangle that’s about 12×10 inches.
- Spoon about 3 tbsp of the lamb mixture in the middle of the rectangle and spread it out a bit. Add some fresh mint, green onions, fresh parsley, 1/4 of the crumbled feta, and some chopped tomato. Fold over the edges of the dough to seal. Repeat with remaining dough pieces.
- Spray a large skillet with cooking spray and heat over medium heat. Depending on the size of your skillet, add 1 or 2 of the gozleme and cook on each side for about 3 to 4 minutes or until golden brown and crisp. Spray more cooking spray as needed.
- Cut each gozleme in half diagonally and serve with lemon wedges and olives.
Recipe Adapte From
TURKISH GOZLEME WITH MINCED LAMB
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