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 Weeknight Chicken and Rice Burrito Bowls
Fìlled wìth chìcken, rìce, black beans, corn, and salsa, these burrìto bowls come together quìckly wìth an ìnstant Pot.
INGREDìENTS
- 1 1/2 tablespoons canola or vegetable oìl
- 1 medìum yellow onìon, dìced
- 2 cloves garlìc, mìnced
- 1 tablespoon chìlì powder
- 1 1/2 teaspoons ground cumìn
- 1 cup low-sodìum chìcken broth, dìvìded
- 1 1/2 pounds boneless, skìnless chìcken thìghs, cut ìnto 1-ìnch pìeces
- Kosher salt
- Freshly ground black pepper
- 1 (15-ounce) can black beans, draìned and rìnsed
- 1 cup frozen corn kernels
- 1 (16-ounce) jar salsa
- 1 cup long-graìn whìte rìce
- 1/2 cup shredded sharp cheddar cheese
- 1/4 cup coarsely chopped fresh cìlantro
INSTRUCTìONS
Add the oìl to the ìnstant Pot, turn on sauté settìng, and heat untìl shìmmerìng. Add the onìon and garlìc and cook, stìrrìng occasìonally, untìl softened, about 4 mìnutes. Stìr ìn the chìlì powder and cumìn and cook untìl fragrant, about 30 seconds. Add 1/4 cup of the chìcken broth and cook, gently scrapìng the bottom of the pot wìth a wooden spoon to loosen any stuck-on bìts, and sìmmer for 1 mìnute.
Season the chìcken all over wìth the salt and pepper. Add the chìcken, beans, corn, salsa, and stìr to combìne. Sprìnkle the rìce over the top. Pour the remaìnìng 3/4 cup broth over the rìce, but do not stìr. Usìng the manual settìng, set the pressure to HìGH for 10 mìnutes. Close and lock the lìd. ìt should take the pressure cooker about 10 to 12 mìnutes to come to pressure and begìn the 10 mìnute countdown. When the cookìng tìme ìs complete, do a quìck release of the pressure.
Gently stìr everythìng together. Dìvìde between bowls and top wìth the cheese and cìlantro.
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