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!

Chicken Biryani


Curried chicken cooked in a pot buried under a mount of fragrant, fluffy rice. Biryani is a celebration of all that we love about Indian food! Make this with other proteins or vegetables - see notes. There's a load of spices in this - and it's worth it! (Plus you'll find everything at every day supermarkets). Spiciness: moderate low.

Servings 8

Ingredients
  • 750 g / 1.5 lb chicken thighs , skin on, bone in, halved along bone (Note 1)

MARINADE:
  • 2/3 cup / 150 ml yoghurt , plain
  • 1/2 cup / 125 ml water
  • 2 tbsp vegetable oil (or other plain oil)
  • 6 garlic cloves , minced
  • 2 tsp finely grated fresh ginger
  • 1/8 tsp ground turmeric
  • 1/4 tsp cinnamon
  • 1/2 tsp cayenne (adjust spiciness to taste)
  • 1/2 tsp ground cardamom
  • 2 tsp garam marsala (Note 2)
  • 2 tsp coriander
  • 1 tbsp cumin
  • 2 tbsp paprika , sweet / ordinary (not smoked)
  • 1 3/4 tsp salt

PAR BOILED RICE:
  • 2 tbsp salt
  • 10 cloves
  • 5 dried bay leaves
  • 1 star anise
  • 6 green cardamon pods
  • 2 1/4 cups / 450g basmati rice (Note 3)

CRISPY ONIONS (NOTE 4):
  • 2 medium onions (yellow, brown) , halved and finely sliced
  • 1 cup / 250 ml oil , for frying

SAFFRON:
  • 1 tsp saffron threads (loosely packed) (Note 5)
  • 2 tbsp warm water

BIRYANI:
  • 1 cup coriander / cilantro , chopped
  • 60 g / 1/4 cup ghee or unsalted butter , melted (Note 6)

GARNISH:
  • Crispy onions (above)
  • Chopped coriander / cilantro
  • Yoghurt (Note 7)

Instructions
  1. Mix Marinade in a large pot (about 26cm / 11" diameter). Add chicken and coat well. Marinade 20 minutes to overnight.

PAR BOILED RICE:
  1. Bring 3 litres / 3 quarts water to the boil, add salt and spices.
  2. Add rice, bring back up to the boil then cook for 4 minutes, or until rice is just cooked still a bit firm in the middle. Rice will taste salty at this stage, disappears in next stage of cooking.
  3. Drain immediately. Set aside. (Note 10 re: leaving whole spices in)

For full instructions kindly visit recipetineats.com.

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