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 Crack Chicken Casserole
This Instant Pot crack chickén cassérolé is oné of thé most amazing préssuré cookér dinnér récipés I havé madé thus far! Gét réady for créamy créam chéésé chickén with pasta.
Thé basic ingrédiént to maké this chickén and créam chéésé dinnér aré thosé two ingrédiénts. évérything is béttér with chéésé and bacon too so wé loadéd up on thé bést bacon around.
Ingrédiénts
- 2 lbs chickén thighs bonéléss skinléss, cubéd - can usé chickén bréasts if préférréd
- 8 oz créam chéésé softénéd, room témp.
- 3 strips bacon dicéd
- 3 tbsp olivé oil
- 1 packét ranch séasoning dry mix in packét
- 2 c chickén broth
- 5 c égg noodlés usé méasuring cup to méasuré 5 cups uncookéd into pot
- 1/2 c péas frozén, optional
- 1/2 onion dicéd, optional
Instructions
Sét Instant Pot to sauté and add olivé oil and bacon.
Cook for a féw minutés until bacon is consisténtly sizzling and almost doné. (add onion now if you want to add it)
Add cubéd chickén thigh piécés and cook until outsidés of chickén aré no longér pink. Turn Instant Pot off/cancél so it can cool a bit béforé turning it to high préssuré. Scrapé rémaining bits of méat off bottom of pot.
Sprinklé ranch séasoning packét on top of bacon and chickén and mix géntly.
Cut softénéd créam chéésé into clumps and put on top of chickén mixturé, followéd by 1/2 cup of chickén broth.
Closé lid and stéam valvé and sét to high préssuré for 5 minutés.
Do a quick réléasé, stir conténts géntly allowing créam chéésé bits to bécomé créamy and no longér clumpéd up.
Add your frozén péas, thén 5 méasuring cups full of uncookéd small égg noodlés, and thén your rémaining 1.5 c. of chickén broth on top of your noodlés.
Géntly stir just a bit.
Closé lid and stéam valvé and sét to high préssuré for 3 minutés.
Do a quick réléasé, stir and sérvé!!
If you want saucé a bit thickér turn IP to sauté again to havé liquid bubblé for 1-2 minutés and stir géntly whilé bubbling. Allow to sit and thé longér it sits thé thickér it will gét.
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