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!
Easy Pressure Cooker Beef and Broccoli Recipe
Easy Pressure Cooker Beef and Broccoli Recipe
I just made and Easy Pressure Cooker Beef and Broccoli Recipe that I need to share with you! I love beef and broccoli but when I order take out it just seems way to salty. I feel as though I am trying to hydrate for days and days after. That’s part of this recipe inspiration. I needed to be able to control the amount of salt in the ingredients. The other part is because I have an Instant Pot Pressure cooker so meals like this are a cinch! The hardest part is the cleanup!
Easy Pressure Cooker Beef and Broccoli RecipePrep Time 15 mins
Cook Time 10 mins
Total Time 25 mins
Servings: 6 servings
Author: Jennifer
Ingredients
- 2 pounds of meat chuck roast, rump roast or flank steak, cut into thin strips
- 3 tablespoons olive oil or peanut oil
- 1 medium onion diced
- 1 cup beef broth
- 2 tablespoons garlic minced
- 1/2 cup soy sauce I prefer a low sodium soy sauce
- 2 tablespoons brown sugar
- 1 bag frozen broccoli or 1 pound of fresh broccoli if you prefer
- 1 teaspoon ground ginger
- 2 tablespoons starch
- Serve with white rice
Instructions
- Start by slicing the meat against the grain in thin slices. Dice the onion and cut the fresh broccoli. You want all of these things done before you get started.
- In a medium bowl, combine the soy sauce, brown sugar, beef broth, garlic and ginger. I hardly ever use ginger so I used the powdered ginger spice instead of the fresh. Don't add the starch until the very end. (I accidentally added the starch before and my pressure cooker never came to pressure because there was not enough liquid to make it work. It's okay, I'm happy to share my failures with you so that you don't make the same mistakes I do)
- Add this liquid mixture to the meat strips.
- Add about 3 tablespoons of olive oil or peanut oil to your pressure cooker and saute the onions until they are translucent in color.
- Add the meat combined with the liquid marinade to the pressure cooker and set it on manual high pressure for 10 minutes. The quick release the pressure value.
- Carefully remove about a 1/3 cup of the hot juices and add 2 tablespoons of cornstarch. Use a fork or a whisk to make sure the cornstarch is well combined. I find it easier to combine cornstarch in hot liquid. If you prefer, you can use warm water also. I've done it both ways and it hardly makes a difference. Add the mixture back into the pressure cooker and stir. You will notice the liquid begin to thicken as it sits.
- Place the pound of broccoli in the microwave on high for about 5 minutes with 1 cup of water. This will steam it to the perfect consistency. Works for both frozen and fresh broccoli.
- Drain the water from the broccoli and mix it in to the beef mixture in your pressure cooker. The beef and broccoli is done and ready to serve over rice!
- I have two pressure cookers so I had rice cooking in the other one at the same time. Rice is super simple in the pressure cooker. It's two cups of water per one cup of rice. Cook it on manual high pressure for exactly 3 minutes and then natural release it for another 10 minutes. Perfect rice every single time! Sometimes I replace the water with broth. Beef, chicken or vegetable broth depending on what dish I'm making. I used the rest of the beef broth in my rice for this recipe.
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