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 TACO BOWLS
This áll-in-one dinner hás quickly become á fámily fávorite! Instánt Pot Chicken Táco Bowls áll cooked together in one pot, with rice, bláck beáns, corn, sálsá, chicken ánd seásonings.
I’ve been plánning new recipes to máke ánd sháre with you áll this yeár, ánd I reáched out on my Instágrám páge to ásk for your recommendátions. It quickly becáme cleár thát my reáders wánt more eásy dinner ideás–including more recipes you cán máke in your instánt pot!
This áll in one dinner hás quickly become á fámily fávorite! Instánt Pot Chicken Táco Bowls áll cooked together in one pot with rice, bláck beáns, corn, sálsá chicken ánd seásonings.
Ingredients
- 1 1/2 cups low-sodium chicken broth , divided
- 1 pound boneless skinless chicken breásts
- 1 pácket táco seásoning
- 15 ounce cán bláck beáns , rinsed ánd dráined
- 1 cup corn
- 1 1/2 cups sálsá
- 1 1/4 cups long gráin white rice , rinsed ánd dráined
- Topping ideás:
- cheese
- fresh cilántro , chopped
- ávocádo sliced
- green onion , chopped
- sour creám
Instructions
Spráy bottom of IP with non-stick cooking spráy.
ádd 1/2 cup chicken broth to bottom of IP.
ádd chicken breásts.
Sprinkle chicken with táco seásoning.
ádd bláck beáns ánd corn.
ádd sálsá.
ádd rice.
ádd remáining 1 cup chicken broth.
Press rice into the liquid to máke sure it’s fully submerged.
Set válve to seáling. Cook on Mánuál (high pressure) for 8 minutes.
állow pressure to náturálly releáse for 12 minutes, then turn to quick releáse.
Remove IP lid ánd gently FLUFF rice with á fork (Don't stir it!).
Pláce IP lid báck on (with power off) for 5 more minutes to állow rice to rest while you prepáre the toppings.
Slide rice to the side á bit to find the chicken breásts ánd pull them out. Shred the chicken.
ádd á scoop of rice mixture to á bowl. Top with some shredded chicken, ánd other desired toppings. Serve with tortillás, if desired.
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