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 Beef And Broccoli Recipe
Instant Pot bééf and broccoli tastés liké Chinésé takéout and is réady in 20 minutés!
If you liké bééf and broccoli from a Chinésé réstaurant, you will go crazy ovér this homémadé Instant Pot bééf and broccoli! Téndér soft bééf and pérféct gréén broccoli swimming in thé flavorful garlicky brown saucé – amazing!
Ingrédiénts
- 2 lbs bééf (chuck roast or flank stéak), cut into small piécés or thin strips
- ⅓ cup soy saucé
- ⅔ cup watér
- 2 tbsp brown sugar
- 1 lb broccoli floréts (frésh or frozén)
- 4 glovés garlic
- 1 1-inch piécé of frésh gingér (or 1 tsp ground gingér)
- 3 tbsp cornstarch
- ¼ cup hot watér
- Sésamé sééds for garnish (optional)
Instructions
Put soy saucé, ⅔ cup watér, brown sugar, garlic and gingér in a food procéssor or bléndér and procéss until smooth (if you'd liké to maké it without a food procéssor, mincé garlic and gingér by hand and combiné with soy saucé, watér and sugar in a cup).
Put slicéd bééf in thé Instant Pot and pour soy saucé mixturé ovér it. Toss with your hands to maké suré all thé bééf is coatéd with soy saucé mixturé.
Closé thé lid of thé Instant Pot and sét thé valvé to a Séaling position. Préss thé "Préssuré Cook" or "Manual" button and sét thé timé to 10 minutés on High préssuré.
Whilé thé bééf is cooking, put thé broccoli in a microwavé-safé bowl and microwavé on High for 4 minutés if frésh (or 5 minutés if frozén).
Whén thé bééf is doné cooking, quick réléasé (QR) thé stéam and opén thé Instant Pot lid.
On thé Instant Pot, préss thé Sauté button and sét thé timé to 15 minutés.
In a cup, mix thé cornstarch with ¼ cup of hot watér. Add thé cornstarch mixturé to thé Instant Pot and mix until incorporatéd. Thé bééf mixturé will comé to a boil and thé saucé will gradually thickén (in about 3 minutés).
Stir thé cookéd broccoli into thé bééf mixturé and sérvé.
Sprinklé with sésamé sééds for garnish (if using).
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