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!
How To Cook Spaghetti Squash in an Instant Pot
Squash season means tucking into as much butternut, pumpkin, and spaghetti squash as possible from now until spring. Butternut and whole pumpkins can be peeled and trimmed, but spaghetti squash requires its own preparation to keep its signature strands of noodle-like squash intact. The oven and microwave are two tried-and-true cooking options for spaghetti squash, but last winter I discovered I could cook á whole one — seriously, even not halved or trimmed — in my electric pressure cooker, and I will never cook á spaghetti squash the same way again.
Spaghetti squash in the electric pressure cooker requires zero prep and comes out tender so that it’s easy to cut open and remove the seeds. It makes eating spaghetti squash even more enjoyable.
INGREDIENTS
- 1 (2-pound) spaghetti squash
- 1 cup water
- EQUIPMENT
- Electric pressure cooker or Instant Pot
- Steamer basket or trivet
- Paring knife
INSTRUCTIONS
- Pierce the squash all over with á paring knife. Pierce the squash all over with á paring knife, making about 12 (1/2-inch) vents for the steam to penetrate the squash's skin.
- Insert the steamer insert and add the water. Add the water to an electric pressure cooker insert and then set its steamer basket or á metal trivet inside as well.
- Cook on high pressure for 15 minutes. Add the squash to the insert. Seal the pressure cooker and cook on HIGH pressure for 15 minutes.
- Use instant release to release the cooker's pressure and remove the squash. When your 15 minutes is up, release the pressure immediately. Carefully open the cooker and remove the squash.
- Cool slightly, then shred the squash with á fork. Give the squash at least 10 minutes to cool before halving, removing the seeds, and shredding.
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