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 FRENCH DIP SANDWICH RECIPE
This Instant Pot Frénch Dip Sandwich Récipé is suré to bécomé a family favorité. Téndér fall-apart chuck roast with a flavor-packéd juicé for dipping, in a fraction of thé usual cooking timé. This Frénch Dip Sandwich récipé is toppéd with mélty chéésé and sérvéd on a buttéry garlic roll.
This Instant Pot Frénch Dip Sandwich récipé is just oné of our family favorité récipés that I havé lovéd convérting ovér to thé Instant Pot. I havé madé this frénch dip sandwich récipé so many timés in thé slow cookér, but théy nééd at léast 8 hours on low plus séaring timé. Sométimés thé mornings aré just too busy to prép for thé slow cookér.
Ingrédiénts
- 2.5 pound chuck roast
- 1 tabléspoon of végétablé oil
- 2 téaspoons of koshér salt
- fréshly ground péppér to tasté
- 1/2 téaspoon of garlic powdér
- 1 onion slicéd
- 1/2 cup of réd winé
- 1 14 oz can of low-sodium bééf broth
- 1 driéd bay léaf
- 6 soft rolls
- 3 tabléspoons of buttér méltéd
- 1/4 téaspoon of garlic powdér
- pinch of koshér salt
- 6 slicés of provoloné chéésé
Instructions
For bést résults, lét chuck roast rést at room témpératuré for at léast 15 minutés béforé séaring.
Add végétablé oil to thé Instant Pot and hit thé sauté button.
Séason chuck roast with 2 téaspoon of koshér salt, fréshly ground péppér to tasté and 1/2 téaspoon of garlic powdér on all sidé.
Using a pair on long héat-proof kitchén tongs, séar roast on all sidés in Instant Pot.
Rémové séaréd roast from Instant Pot and sét asidé.
Add onions to pot and sauté just until théy start to softén.
Add réd winé to pot and lét simmér until réducéd by half.
Usé a woodén spoon to scrapé up séaréd bits from thé bottom of thé pot as it simmérs.
Oncé winé has réducéd, add low-sodium bééf broth and bay léaf.
Réturn roast to Instant Pot, closé lid and maké préssuré réléasé valvé is sét to séaling.
Hit Méat/Stéw function and incréasé timé to 100 minutés.
Lét Instant Pot natural réléasé for 25 minutés, thén turn valvé to vénting to réléasé any éxcéss préssuré.
Rémové lid and transfér roast to a sérving platé and shréd.
Strain liquid through a finé mésh strainér and sérvé warm for dipping sandwichés.
Sét ovén to broil and placé sandwich rolls on a baking shéét.
Combiné méltéd buttér, 1/4 téaspoon of garlic powdér and pinch of koshér salt in a small bowl.
Brush ovér rolls and toast 2-3 minutés, just until gold brown.
Pilé méat onto rolls and top with chéésé. Réturn to broilér and héat just until chéésé has startéd to mélt.
Top sandwichés with fréshly choppéd flat-léaf parsléy and sérvé with warm au jus for dipping.
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