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 Egg Roll Bowls
Instant Pot Egg Roll Bowls
Craving Chinese food, but trying to stick to your low-carb resolution? Instant Pot Egg Roll Bowls are the perfect solution for an easy weekday meal to satisfy that craving without all the guilt!
Instant Pot Egg Roll Bowls
Prep Time 5 mins
Cook Time 1 min
Total Time 6 mins
Craving Chinese food, but trying to stick to your low-carb resolution? Instant Pot Egg Roll Bowls are the perfect solution for an easy weekday meal to satisfy that craving without all the guilt!
Course: Main Course
Cuisine: Chinese
Servings: 4 servings
Calories: 230 kcal
Ingredients
- 1 lb ground pork or any other meat you would like
- 1 bag pre-shredded cole slaw mix found in the produce section near the bagged salads
- 1/2 cup bone broth
- 1 tbsp soy sauce or to taste
- 1 tbsp garlic powder or to taste
- 1 tbsp ground ginger or to taste
- 1/2 tsp pepper or to taste
- 1/2 tsp salt or to taste
Wonton Chips
- 1 pkg egg roll wrappers cut into strips
- vegetable or olive oil
Instructions
- Place Instant Pot on saute. Wait until it's hot and then add pork (or meat of choice). Add seasonings and soy sauce and brown meat. If you are using a lean meat (like ground pork or turkey) you will not need to drain it when its done. If you are using a higher fat meat (like ground beef) you will need to drain when browned.
- When meat is browned, turn Instant Pot off and add the 1/2 cup bone broth. Add bag of cole slaw mix on top and DO NOT stir. Place lid on and turn knob to sealing position.
- Set Instant Pot on manual high pressure for 0 minutes. If you have a newer model Instant Pot, you select the pressure cook button instead for 0 minutes. And, yes 0 minutes is totally a thing. Just keep hitting the - button until the timer reaches 0.
- When timer is up, preform a quick release. When pressure is released, open carefully and give everything a quick stir.
- Spoon into bowls and enjoy!
Wonton Chips
- Preheat oven to 400 degrees while Instant Pot is preheating on saute.
- Cut egg roll wrappers into strips and bush with olive or veggie oil. I use egg roll wrappers because they are more sturdy then traditional wonton wrappers when you are trying to scoop, but you can use whatever you have (even tortilla chips).
- Bake in preheated oven for 4-5 minutes until bubbly and brown. WATCH these carefully because they go from brown to burned very fast!
- Let chips cool and enjoy with your egg roll bowls!
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