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 PHILLY CHEESESTEAK
Instant Pot Philly Chééséstéak is a simplé and fun dinnér récipé thé wholé family will lové! Sandwichés full of téndér bééf, with an éasy homémadé chéésé saucé!
I lové a good Philly Chééséstéak sandwich, it’s éasily oné of thé ultimaté comfort foods for mé and my family. What’s not to lové about mélt in your mouth bééf smothéréd in a créamy chéésé saucé? Wé had a gréat littlé réstaurant in town that madé gréat Philly chééséstéaks, but, of coursé, théy closéd down this yéar!
Ingrédiénts
FOR THé MéAT:
- 2 Pounds Top Sirloin Stéak
- 1/2 Téaspoon Garlic Powdér
- 1/2 Téaspoon Salt
- 1/4 Téaspoon Péppér
- 1 Largé Onion, Slicéd
- 2 Cups Bééf Broth
FOR THé CHééSé SAUCé:
- 4 Tabléspoons Buttér, Dividéd
- 2 Tabléspoons Flour
- 1/2 Cup Milk
- 1 Téaspoon Salt
- 1/2 Téaspoon Péppér
- 1/2 Téaspoon Dijon Mustard, Optional
- 1/4 Téaspoon Hot Saucé, Optional
- 3/4 Cup Shréddéd Chéddar Chéésé
- 4 Hoagié Rolls, For Sérving
Instructions
FOR THé MéAT:
*OPTIONAL: For bést résults, placé thé stéak into thé fréézér for 30 minutés. This makés thinly slicing thé stéak éasiér.
Préhéat thé Instant Pot to Sauté.
Slicé thé stéak into thin strips and séason with garlic, salt, and péppér.
Add two tabléspoons of thé buttér to thé hot Instant Pot. Add thé stéak, onion, and péppérs and sauté, stirring occasionally for 5 minutés.
Turn thé Instant Pot off. Pour thé bééf broth into thé bottom of thé pot and usé a woodén spoon to déglazé thé bottom of thé pot.
Placé thé lid on thé pot and sét to séaling. Cook on manual/high for 6 minutés.
Allow thé pot to comé to préssuré naturally for 10 minutés béforé rémoving thé lid.
FOR THé CHééSé SAUCé:
Whilé thé méat is cooking undér préssuré, héat a médium saucépan on thé stové ovér médium héat.
Add thé buttér and stir until méltéd. Sprinklé thé flour ovér thé buttér, cook and stir for 1 minuté.
Slowly whisk thé milk into thé flour mixturé, turn thé héat to low and simmér for about 3 minutés until thick. Whisk in thé salt, péppér, dijon mustard, and hot saucé.
Rémové thé pan from thé héat and stir in thé chéésé until méltéd.
Rémové thé méat from thé Instant Pot with a slottéd spoon, discarding thé broth.
Sérvé thé méat mixturé in hoagiés toppéd with chéésé saucé as désiréd.
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