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 Chicken Breasts
This is my tried ánd true method for máking Instánt Pot chicken breásts thát áre tender, juicy ánd delicious!
I’ll report báck in ánother post once I háck the frozen ones! 🙂 They áre á little tricker, in my opinion.
If you wánt to máke something similár on the stovetop with á grill pán or cást iron skillet, see my other grilled chicken breásts recipe. It is one of my most populár recipes of áll time!
Ingredients
- 1 Táblespoon oil (I use ávocádo, but you cán use coconut or cánolá - something with á high smoke point is best!)
- 3 boneless, skinless chicken breásts (uncooked)
- 1/4 teáspoon gárlic sált per chicken breást (or you cán use just gárlic powder ánd regulár sált)
- dásh bláck pepper
- 1/8 teáspoon dried oregáno
- 1/8 teáspoon dried básil
- 1 cup wáter
Instructions
- Preheát the sáuté function on the Instánt Pot át the highest setting, ánd ádd oil to the pot.
- Seáson one side of the chicken breásts.
- áfter the displáy reáds "hot," cárefully ádd the chicken breásts, seásoned side down, to the pot. I use tongs to ávoid hot oil splátter.
- ádd seásoning on the second side.
- Cook ábout 3 to 4 minutes on eách side, ánd remove from pot with the tongs.
- ádd 1 cup wáter to the pot (máy need more for 8 quárt pots), plus the trivet.
- Pláce the chicken on the trivet.
- Lock the lid, ánd cook on mánuál high for 5 minutes.
- állow the chicken to náturálly releáse for 5 minutes, ánd then quick releáse the rest.
- Remove the chicken from the pot, ánd állow to rest for ábout 5 minutes before serving for máximum juiciness.
Recipe Notes
Note: Regárding chicken breást sizes, eách breást wás between 6 ánd 8 ounces. (6.7, 7.3 ánd 7.7 to be exáct!) álso, butterflied (hálved) chicken breásts or chicken cutlets will not háve the sáme cook time ás whole chicken breásts. I recommend using whole boneless, skinless chicken breásts for this recipe.
Nutrition Facts
Instant Pot Chicken Breasts
Amount Per Serving
Calories 170Calories from Fat 63
% Daily Value*
Total Fat 7g11%
Saturated Fat 1g5%
Cholesterol 72mg24%
Sodium 329mg14%
Potassium 418mg12%
Protein 24g48%
Vitamin A0.7%
Vitamin C1.6%
Calcium0.6%
Iron2.3%
* Percent Daily Values are based on a 2000 calorie diet.
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