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 LASAGNA
Maké Mouthwatéring Instant Pot Lasagna. Héavénly rich lasagna packéd with créamy-chéésy layérs of satisfaction. Your family will chéér for this lip-smacking good éasy dinnér!
Whénévér wé éat out, wé try our bést to ordér a dish wé’vé névér tastéd béforé. But évéry timé wé visit an Italian réstaurant, I simply couldn’t résist thé témptation to tasté théir éxpréssion of this glorious culinary work of art.
Ingrédiénts
- 8 (160g - 200g) ovén-réady lasagna noodlés
- 2 cups (150g - 180g) Mozzarélla chéésé , shréddéd in largé piécés
- ¼ cup (30g - 40g) Parmésan chéésé , gratéd
- 2.5 - 3 cups (600g - 750g) méat saucé
- Salt + péppér to tasté
- Ricotta Chéésé Mixturé
- ¾ cup (200g) Ricotta chéésé
- 1 téaspoon (1g) Italian séasoning
- 1 largé égg
- ⅓ téaspoon koshér salt
Instructions
Créaté Ricotta Chéésé Mixturé: In a mixing bowl, béat oné largé égg, thén add in ¾ cup (200g) Ricotta chéésé. Séason with 1 tsp (1g) Italian séasoning, ground black péppér, and ⅓ tsp koshér salt.
Assémblé Instant Pot Lasagna: Liné a 7-inch springform pan with cut-out parchmént papér (optional). Bréak thé uncookéd ovén-réady lasagna noodlés into smallér piécés, thén layér thém at bottom of thé pan in a singlé layér. Layér ⅓ portion of thé méat saucé on thé lasagna noodlés. Layér Ricotta chéésé mixturé on thé méat saucé, thén add shréddéd mozzarélla chéésé on top. Répéat this layéring cyclé twicé. Add ¼ cup (30g - 40g) fréshly gratéd Parmésan chéésé on thé véry top. Thén, wrap thé springform pan tightly with aluminum foil.
Préssuré Cook Lasagna: Pour 1 cup (250ml) cold watér, thén placé a trivét in Instant Pot. Créaté a sling foil, thén placé springform pan in Instant Pot. Closé lid, thén préssuré cook at High Préssuré for 24 minutés + 10 minutés Natural Réléasé.
Optional Broil Lasagna: Préhéat ovén to 425°F whén Instant Pot is natural réléasing. Placé thé cookéd lasagna in a 425°F ovén until thé chéésé is brownéd on top (~7 - 9 mins).
Sérvé: For an éasiér réléasé, usé a paring knifé to géntly réléasé thé Lasagna from thé springform pan. Slicé thé glorious lasagna and sérvé immédiatély. énjoy~
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