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!
Instant Pot "Rotisserie" Chicken
All you need ìs about 45 mìnutes to have thìs amazìng, tender, juìcy ìnstant Pot whole "rotìsserìe" chìcken. Your whole famìly wìll LOVE ìt!
Ingredìents
- 1 whole chìcken mìne was 4.3 pounds
- 1 and 1/2 teaspoons salt
- 1/2 teaspoon pepper
- 1 teaspoon granulated garlìc
- 1 teaspoon paprìka
- 1 and 3/4 Tablespoons avocado oìl (or you can use coconut or canola - somethìng wìth a hìgh smoke poìnt)
- 1 yellow onìon quartered (optìonal)
- 1 lemon halved (optìonal)
- 1 cup chìcken stock or broth
Instructions
- Remove all parts from the chicken cavity; rinse and pat dry with a paper towel.
- Optional: place the onion and lemon in the cavity of the chicken.
- Combine all of the spices, including salt and pepper, in a small ramekin dish; stir together.
- Add the oil to the spices, and stir until incorporated.
- Turn on your Instant Pot to preheat on the sauté setting on "normal."
- Rub the oil and spice mixture on the breast side of the chicken.
- Place the chicken, breast side down, in the preheated Instant Pot.
- Carefully rub the other half of the oil and spices mixture on the other side of the chicken.
- Allow the breast side to crisp up the chicken skin for a few minutes, about 3 to 4 minutes total.
- Carefully flip the chicken over to the other side, and let it crisp up the skin on the other side for about a minute. Flipping it over was a little awkward, but it helps to use a sturdy burger flipper and some tongs.
- Optional step: If you do not want your chicken sitting in the liquids, you can remove the chicken after it browns on the second side and place the trivet in the pot. Then place the chicken, breast side up, on the trivet.
- Add in the chicken stock.
- Place the lid on and lock it, per Instant Pot instructions.
- Set to manual high pressure for 25 minutes.
- Allow the Instant Pot to depressurize naturally (I.e., do not use the venting lever, but allow the pressure to dissipate slowly. Mine took about 15 minutes)
- Remove the lid, and transfer the chicken to a serving plate. Mine was so tender that it was falling apart a little!
- Let the chicken rest for about 5 minutes prior to serving.
- I like to spoon or brush a little of the cooking liquid over the top just prior to serving to make the chicken extra juicy.
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