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 CAJUN RICE WITH CHICKEN AND SAUSAGE
Time to shake up your dinner plans with a little spice and a little rice!
You are going to love this recipe for Instant Pot Cajun Rice with Chicken and Sausage. It is deliciously full of rice, has the sweet flavors of carrots and tomatoes, the fresh snap of green peas, and the wonderful spices of cajun seasoning. The andouille sausage adds a layer of heat and the chicken comes out tender and flavorful. It is perfection in one bowl!
The other day while I was eating Cajun Rice with Chicken & Sausage leftovers for lunch I text my husband and said “I think I could eat my weight in this Cajun Rice”. NO Joke! That is how much we love this dish.
INGREDIENTS
- 1 tablespoon oil
- 1 yellow onion, chopped
- 3 garlic cloves, minced
- 1 cup carrots, peeled, cut into ½ inch chunks
- 3 boneless skinless chicken thighs, cut into 1 inch chunks
- 13.5 oz Andouille Sausage, sliced into ½ inch chunks
- 1 heaping teaspoon cajun seasoning
- 1 heaping teaspoon smoked paprika
- ½ teaspoon turmeric
- ½ teaspoon onion powder
- ½ teaspoon garlic powder
- pinch of red pepper flakes
- 1½ cups white rice
- 1½ cups water
- 2 teaspoons chicken base
- 14.5 oz can diced tomatoes
- 1 cup frozen peas
INSTRUCTIONS
- Set the Instant Pot to saute mode. Add the oil and saute the onions, carrots, and garlic, 5 minutes. Stirring occasionally
- Add the chicken, sausage, cajun seasoning, paprika, turmeric, onion powder, garlic powder, and red pepper flakes. Saute 5 minutes. It's ok if the chicken is still a little pink inside.
- Add the water and the chicken base and stir to dissolve the chicken base. Add the rice and tomatoes. Scrape the sides of the bowl down so that all the pieces are in the liquid.
- Turn off saute setting.
- Put the lid on and lock in place, close the pressure valve to seal. Set the Instant Pot to the pressure setting for 10 minutes.
- When the timer beeps do a quick release by turning the pressure valve to "vent".
- Once all the pressure is released take the lid off and add the frozen peas, stir to combine. The heat from the pot will cook the peas.
- Serve immediately or store in an airtight container in the refrigerator for up to 4 days.
NOTES
** If your cajun seasoning does not contain salt, add salt to taste.
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