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 and Noodles
Instant Pot Chicken and Noodles is the perfect comfort food, especially on a cold winters night!
Chicken and noodles is something I have been making for a long time. It’s a thick and hearty meal that turns out very filling, even for my littlest pickiest eater. Made with thick egg noodles, veggies, and chicken, you can’t go wrong putting this on the dinner table.
Ingredients
- 1 lb chicken cut into bite sized pieces, you can use breast or thighs
- 2 tbsp butter
- 1 small onion
- 12 oz home-style frozen egg noodles
- 16 oz bag frozen mixed veggies
- 4 cups chicken stock
- 1 tsp garlic
- 1 tsp salt
- 1/2 tsp pepper
- 1 tsp poultry seasoning
- 1/2 tsp thyme
- 1 tbsp corn starch
Instructions
- Turn Instant Pot onto saute and wait for it to get hot. When hot add the butter. Allow to melt then add the chicken, onion, garlic, salt, pepper, poultry seasoning, and thyme. Cook until chicken turns white.
- Turn Instant Pot off and add the veggies. Add the noodles by layering them and breaking apart any big clumps. Add chicken broth and close Instant Pot.
- Select manual and set timer for 8 minutes. If you have a newer model Instant Pot, you will not have the manual button. Instead select the pressure cook button. When timer is up allow a natural pressure release for 5 minutes. After 5 minutes, release any remaining pressure and turn pot off.
- After you open the pot, scoop out 1/2 cup of broth and add it to a small bowl. In the small bowl, mix in corn starch. Stir until smooth.
- Turn Instant Pot back onto saute and add the corn starch mixture. Stir and allow it to come to boil. When it comes to a boil turn it off but continue to stir (you don't want anything to stick).
- Serve and enjoy!
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