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 CHICKEN NOODLE SOUP
INSTANT POT CHICKEN NOODLE SOUP
This Instant Pot Chicken Noodle Soup is THE BEST chicken noodle soup I have ever had and it’s one of the easiest I have ever made. Tender chunks of chicken in a rich homemade chicken broth with big hearty veggies. Homemade Instant Pot chicken noodle soup from scratch in less than an hour.
Instant Pot Chicken Noodle Soup
Prep Time 10 mins
Cook Time 20 mins
Total Time 50 mins
Ingredients
- 1 tablespoon of olive oil
- 1 small onion diced
- 3 cloves of garlic minced
- 5 carrots peeled and sliced into 1/2 inch pieces
- 2 celery sticks sliced into 1/2 inch pieces
- 1 whole 5 pound chicken giblets removed and discarded
- 2 tablespoon of soy sauce
- 8 cups of water
- Kosher salt and freshly ground pepper
- 4 ounces of extra wide egg noodles
- 1/4 cup of minced fresh flat leaf parsley
Instructions
- Set Instant Pot to Saute function.
- Heat olive oil and onions until onions start to soften and become translucent, 2-3 minutes.
- Add garlic, carrots and celery and saute for another minute.
- Add whole chicken to Instant Pot, followed by water, soy sauce, 2 teaspoon of salt and several turns of freshly ground pepper.
- Turn off Saute function, lock Instant Pot lid in place, make sure pressure valve is set to sealing and set Instant Pot to High Pressure for 20 minutes, via manual mode.
- Instant Pot will take 15-20 minutes to come to pressure, then will countdown from 20 minutes.
- After 20 minutes at high pressure, Instant Pot will beep and switch to keep warm mode.
- Turn pressure release valve to Quick Release pressure.
- Carefully open Instant Pot, keeping lid angled away from you to avoid very hot steam.
- Remove wole chicken and set aside to shred.
- Turn Instant Pot back to Saute function and let chicken broth come to a boil.
- Stir in egg noddles and let cook for about 5 minutes.
- While noodles are cooking, shred chicken into bite sized pieces discarding bones and skin.
- Once noodles are cooked, stir in chicken meat and fresh parsley.
- Adjust salt and pepper to taste.
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