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!
How to Cook Frozen Chicken in the Instant Pot
How to Cook Frozen Chicken in the Instant Pot
Of course, the Instant Pot can do so much more than cook frozen chicken, and has become my favorite kitchen appliance. Hope this recipe on How to Cook Frozen Chicken in the Instant Pot is helpful to you! Let us know in the comments your experiences with cooking frozen chicken in the Instant Pot.
How to Cook Frozen Chicken in the Instant Pot
Servings 6 -8 serving
INGREDIENTS
- 2 lbs frozen chicken
- 1/2 cup water
- salt pepper, other seasonings as desired*
INSTRUCTIONS
- Spray the Instant Pot insert with cooking oil.
- Place the chicken in the pot, season generously with salt and pepper and any other seasonings desired. .
- Pour 1/2 cup water around the sides of the chicken in the pot.
- Make sure the sealing ring (inside the lid) is in the proper position.
- Place the lid on the pot and set to the lock or SEAL position.
- Turn the Instant Pot to the MANUAL setting for 12 minutes. If the chicken is not frozen, 8 minutes will work.
- Press the MANUAL button to start the cooking process.
- When the timer goes off and the chicken is cooked, the pressure may be released manually by carefully turning the valve on top of the Instant Pot to the VENTING position (be careful to not position your face over the pot while steam is releasing), or simply allow the pressure to naturally release for about 10-15 minutes before removing lid.
- Remove chicken from the pot, shred or chop and use as needed.
RECIPE NOTES
-Seasoning will depend on how you use the chicken. I usually season generously with salt and pepper. If I am using the chicken for a mexican dish, I season with chili powder, coriander and garlic. You can also use salsa instead of water when cooking. Use the same amount of salsa to liquid.-I like to let the chicken sit in the juice (broth) for a few minutes before shredding, and then spoon a small amount of the liquid remaining over the chicken after shredding. -You can pour the remaining broth over a strainer and freeze or use the chicken broth within 5 days. Use in any recipe calling for chicken broth or stock.-I have a 6 quart pot and have cooked up to 5 lbs of frozen chicken at one time. cook with 1 cups of water for 15 minutes. Follow same directions for cooking as with 2 lbs of chicken.
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