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 Spaghetti
This easy Instant Pot Spaghetti is one of the best ways to start using in your Instant Pot! You know that pressure cooker you’ve had sitting in your pantry for 6 months but you’ve been nervous to try?
This isn’t the made from scratch marinara or bolognese spaghetti but no one will care because it’s so delicious!
The past few years one of my go-to spaghetti sauces is Classico’s Four Cheese but you can swap that for your personal favorite.
I do however think they don’t add enough basil and garlic to any jar of spaghetti sauce I’ve tried so I always add more. If you don’t want to pay for the fresh basil then just add some dried basil, maybe 1 tsp.
And finish it off with lots of parmesan. And more basil. Because you can never have too much basil on your spaghetti.
Super easy and super fast classic spaghetti with meat sauce. A great way to use your Instant Pot and clean up is a breeze! It may just become a family favorite!
Ingredients
- 1 tsp olive oil
- 1 lb. 92% - 96% lean ground beef
- 2 cloves garlic, minced (2 tsp)
- Salt and freshly ground black pepper
- 12 oz. dry spaghetti noodles*
- 3 sprigs fresh basil, plus more for serving
- 1 (24 oz.) jar four cheese marinara sauce, such as Classico
- 1 (14.5 oz.) can petite diced tomatoes
- 2 2/3 cups warm water
- Shredded or grated parmesan cheese, for serving
Instructions
- Set instant pot to "saute". Once it reads "hot" add 1 tsp olive oil then break beef into large chunks and add to instant pot along with garlic and a few pinches of salt.
- Let beef brown, stirring and breaking up beef occasionally, until cooked through, about 6 minutes. Press the "cancel" button to turn instant pot off.
- Break spaghetti noodles in half. Add about 1/6 into an even layer over beef, then add another 1/6 going the opposite direction into an even layer. Repeat this pattern with remaining noodles four times (this doesn't need to be perfect! It's just to reduce sticking).
- Add in marinara sauce, basil, tomatoes and water and season lightly with salt and pepper (don't stir).
- Seal the lid of the Instant Pot, making sure the valve is set to "sealing." Press the "manual mode" button (or high pressure on other pressure cookers) and set to 7 minutes.
- Once time is up, use the quick release method according to manufactures instructions (basically just stand back and flick the valve). Once sputtering stops open lid, remove basil and toss spaghetti with a fork.
- Let rest two minutes (this will allow some of that extra liquid to soak in and the noodles to cook through). Sere warm with parmesan and basil leaves or chopped basil ribbons.
- *Use spaghetti that lists 9 - 11 minutes to al dente.
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