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!
Instånt Pot Weeknight Chicken ånd Rice Burrito Bowls
We åll need å foolproof meål thåt we cån turn to on nights we forget to plån ånd need to get dinner on the tåble fåst. Inspired by these slow-cooker burrito bowls, this recipe comes together quickly with the help of ån electric pressure cooker. With chicken, rice, blåck beåns, ånd corn, it's å wholesome supper thåt tåstes like it took much longer to måke thån it åctuålly did.
INGREDIENTS :
- 1 1/2 tablespoons canola or vegetable oil
- 1 medium onion, diced
- 2 cloves garlic, minced
- 1 tablespoon chili powder
- 1 1/2 teaspoons ground cumin
- 1 cup low-sodium chicken broth, divided
- 1 1/2 pounds boneless, skinless chicken thighs, cut into 1-inch pieces
- Kosher salt
- Freshly ground black pepper
- 1 (15-ounce) can black beans, drained and rinsed
- 1 cup frozen corn kernels
- 1 (16-ounce) jar salsa
- 1 cup long-grain white rice
- 1/2 cup shredded sharp cheddar cheese
- 1/4 cup coarsely chopped fresh cilantro
INTRUCTIONS :
- Add the oil to the Instant Pot, turn on sauté setting, and heat until the oil is shimmering. Add the onion and garlic and cook, stirring occasionally, until softened, 4 minutes. Stir in the chili powder and cumin. Cook until fragrant, about 30 seconds. Add 1/4 cup of the chicken broth and cook, gently scraping the bottom of the pot with a wooden spoon to loosen any stuck-on bits, and simmer for 1 minute.
- Season the chicken all over with salt and pepper. Add the chicken, beans, corn, salsa, and stir to combine. Sprinkle the rice on top of the chicken and beans mixture and pour the remaining 3/4 cup broth on top of the rice, but do not stir. Using the pressure cooker's manual setting, set the pressure to HIGH for 10 minutes. Close and lock the lid. It should take the pressure cooker about 10 to 12 minutes to come to pressure and begin the 10 minute countdown. When cooking time is complete, do a quick release of the pressure.
- Gently stir everything together. Divide between bowls and top with the cheese and cilantro.
Recipe Notes
Storåge: Leftovers cån be stored in ån åirtight contåiner in the refrigeråtor for up to 5 dåys.
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