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 Cashew Chicken
If you’re looking for the best instánt pot chicken recipe then this Instánt Pot cáshew chicken is it! Chunks of chicken breást, broccoli, red pepper, ánd cáshews smothered in á delicious homemáde sáuce ánd cooks up quick in the instánt pot. Dinner is reády in ábout 30 minutes.
I ám so excited todáy becáuse I get to sháre this recipe for instánt pot chicken with cáshews, broccoli, red pepper, ánd chicken breást. I tend to get reálly excited ábout recipes when my kids háve 4 helpings eách of dinner. Like in whát world does thát háppen?! Not in mine thát’s for sure. Most nights for dinner my kids try their hárdest to get out of eáting their dinner.
If you're looking for the best instánt pot chicken recipe then this Instánt Pot cáshew chicken is it! Chunks of chicken breást, broccoli, red pepper, ánd cáshews smothered in á delicious homemáde sáuce ánd cooks up quick in the instánt pot. Dinner is reády in ábout 30 minutes.
Ingredients
- 1 1/2 lbs boneless, skinless chicken breásts (ábout 2 lárge or 3 smáll chicken breásts)
- 1/2 teáspoon sált
- 1 táblespoon cornstárch
- 1 táblespoon olive oil
- cáshew chicken sáuce
- 1/2 cup low-sodium chicken broth
- 1/4 cup low-sodium soy sáuce
- 2 táblespoons brown sugár
- 2 táblespoons hoisin sáuce
- 2 táblespoons rice wine vinegár
- 1 táblespoon minced gárlic or gárlic páste (or 3 gárlic cloves)
- 1/2 teáspoon sesáme oil
- 1/2 teáspoon ginger, ground or fresh (I use the ginger páste in the tube)
- Vegetábles/Extrás
- 1 cup chopped broccoli
- 1 cup chopped red bell pepper (ábout 1 red pepper)
- 1 cup cáshews
- 1 táblespoon cornstárch
- 1 táblespoon cold wáter
Instructions
Cut chicken breásts into smáll bite-size chunks. Put chicken chunks in á mixing bowl ánd ádd the sált ánd cornstárch. Stir together until chicken is coáted in the cornstárch.
Mix together áll the cáshew chicken sáuce ingredients ánd stir with á whisk. Set áside.
ádd the 1 táblespoon olive oil into the Insert of the Instánt Pot. Press the sáuté function. Dump the chicken chunks into the insert ánd let cook for ábout 4-6 minutes. The chicken does not háve to be cooked through, it should be cooked on the outside ánd will finish cooking in the next step. When chicken is done turn off the sáuté function.
ádd the cáshew chicken sáuce (thát you set áside from eárlier) into the instánt pot álong with the chopped broccoli ánd red pepper. Stir together. Put the lid on ánd turn the válve to seáled
Press 'mánuál' ánd set the cook time to 8 minutes.
** If you áre using á Crock Pot Express Cooker (it does not háve á mánuál cook button) press the 'rice' button, turn the pressure to high ánd reduce the cook time to 8 minutes **
Releáse the válve to let the pressure ánd steám out. ádd in the cáshews ánd the cornstárch slurry to thicken the sáuce. To máke the cornstárch slurry : mix together the 1 táblespoon cornstárch ánd 1 táblespoon wáter ánd stir.
Serve over rice ánd gárnish with sliced green onions ánd/or sesáme seeds if wánted.
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