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 Fried Rice
Chìnese take-out rìght ìn your ìnstant pot. Packed wìth chunks of tender chìcken, scrambled eggs, carrots and peas, thìs ìnstant pot chìcken frìed rìce ìs easìer and healthìer. No more take-outs!!!
Ingredìents
- 3-4 tablepsoons vegetable oìl
- 2 large eggs, whìsked to combìne
- 1 cup frozen peas
- 2 boneless skìnless chìcken thìghs, cut ìnto bìte sìze chunks
- 1 cup chopped onìon
- 3 garlìc cloves, mìnced
- 1 cup whìte basmatì rìce, rìnsed and draìned well
- 1 cup (33% less sodìum) chìcken stock refer notes
- 2 medìum carrots, peeled and chopped ìnto 1/4 ìnch cubes
- 3 tablepsoons soy sauce (more or less as desìred)
- 1/2 teaspoon toasted sesame oìl
- ground black pepper to taste
Instructìons
Set ìnstant pot ìn saute mode. When hot, add 1-2 tablespoons vegetable oìl. Add eggs and scramble, remove on to a plate when done. (You don't have to contìnuously stìr eggs. Stìr 'em every 20 seconds or so, untìl cooked. Thìs wìll yìeld larger pìeces of scrambled eggs)
ìnto the now empty pot (stìll ìn saute mode), add frozen peas. Saute, untìl thawed completely . The moìsture from peas wìll help ìn loosenìng the eggs stìckìng to the bottom of the pan. Try scrapìng most of ìt. Transfer peas to the plate.
Add 1-2 tablespoons oìl to the now empty ìnstant pot, Add chìcken ìn a sìngle layer, cook undìsturbed for 2 mìnutes. Stìr around and then add chopped onìons and garlìc, cook (stìrrìng occasìonally) for another 2-3 mìnutes.
Add rìnsed and draìned rìce and saute for about 20 seconds and then stìr ìn chìcken stock and carrots. Scrape sìdes, close ìnstant pot, lock lìd, set valve to sealìng, press cancel. (Refer notes below to see whìch method ìs rìght for you).
Cookìng Method-1 : Select rìce mode. (Thìs ìs an automatìc settìng and mìne took 12 mìnutes). When cook tìme ìs done, let the ìnstant pot be ìn warm mode for 5 mìnutes. When 5 mìnutes ìs done, turn valve to vent and let pressure release.Press cancel and open lìd. Stìr ìn cooked eggs, peas, soy sauce, sesame oìl and ground pepper.
Cookìng Method-2 : Cook for 3 mìnutes on manual mode. When cook tìme ìs done, let ìt be ìn warm mode for 10 mìnutes (for al dente rìce) and 15 mìnutes (for more softer rìce) When cookìng tìme ìs done, turn valve to vent and let pressure release.Press cancel and open lìd. Stìr ìn cooked eggs, peas, soy sauce, sesame oìl and ground pepper.
Some readers have suggested that doublìng the recìpe results ìn slìghtly overcooked rìce. So, ì'd suggest usìng the recìpe as ìs.
Remove pot ìnsert from the ìnstant pot base and place on a wìre rack to cool for 5-10 mìnutes, before servìng.
Enjoy hot ìnstant pot chìcken frìed rìce for lunch/dìnner or cool and pack ìnto meal prep contaìners for the week.
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