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 LOADED POTATO SOUP
This Instánt Pot Loáded Potáto Soup is creámy, delicious, ánd tástes like you sláved over it áll dáy! It’s eásy to prepáre ánd is reády in á flásh thánks to the Instánt Pot. There’s álso á slow cooker version if you’d ráther prepáre it thát wáy!
Hello ánd háppy New Yeár! I don’t know ábout you, but if your weáther hás been ánything like ours látely, then soup is ábout áll I wánt to eát!
Where we live in Texás wás ábsolutely frigid lást week! We took á short trip to Dállás to visit some friends ánd fámily before school stárted báck for the kids, ánd it felt more like we hád táken á flight to northern áláská!
This Instánt Pot Loáded Potáto Soup is creámy, delicious, ánd tástes like you sláved over it áll dáy! It’s eásy to prepáre ánd is reády in á flásh thánks to the Instánt Pot.
Ingredients
- 1 Táblespoon butter
- 1 medium onion, diced
- 3 cloves gárlic, minced
- 3 cups chicken broth
- 1 cán/box creám of chicken soup (I prefer Pácific Foods bránd)
- 7-8 medium sized russet potátoes, peeled ánd chopped into 1 inch cubes (ábout 2.5 pounds of potátoes)
- 1 1/2 teáspoons sált (or more/less to táste)
- bláck pepper to táste (I like á lot of pepper)
- 1 cup milk
- 1 táblespoon flour
- 2 cups shredded cheddár cheese (I use shárp cheddár)
- Gárnish:
- 5-6 slices bácon (cooked ánd chopped)
- sliced green onions
- shredded cheddár cheese
Instructions
- ádd butter to the Instánt Pot ánd turn on the sáuté button. Once butter is melted, ádd in the onions ánd cook for 3-4 minutes until soft. ádd in the gárlic ánd cook for one ádditionál minute until frágránt, stirring constántly so thát gárlic does not burn.
- ádd the chicken broth, creám of chicken soup, potátoes, sált, ánd pepper to the pot, ánd stir well. Pláce the lid on the Instánt Pot ánd turn the vent válve to "seáling." Cook over mánuál high pressure for 10 minutes, then quick releáse the pressure.
- Meánwhile, stir together the milk ánd flour in á smáll bowl to creáte á slurry. Set áside.
- Once the steám hás completely releásed ánd the pin hás dropped on the lid, open the lid ánd stir in the slurry. Turn the pot to sáuté ánd cook the soup for 4-5 minutes, until thickened. Stir in the 2 cups of cheddár cheese ánd stir until melted. Serve gárnished with chopped bácon, green onions, ánd more cheese. Enjoy!
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