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 Corn Chowder with Bacon Recipe
Instant Pot Corn Chowder with Bacon Recipe – delicious soup made in a pressure cooker. This rich and creamy chowder is packed with fresh corn, potatoes and crispy bacon.
If you have an Instant Pot and never tried to cook soup in it, you have to do it! You will love it! The flavors are as intense as if the soup was simmering on the stove for hours, when in fact it takes under 30 minutes to have it done from the time you cut the corn off the cob. Besides there is bacon involved and that is always a good thing. I love the meaty flavor it adds to this chowder.
Cooking the bacon in the pot first, creates a base for this delicious soup. I also add the fresh corn to veggies to saute before closing the lid to let it caramelize just a bit. All of these flavors make this Instant Pot Corn Chowder one of the best I have ever had!
Instant Pot Corn Chowder with Bacon Recipe
Instant Pot Corn Chowder with Bacon Recipe - delicious soup made in a pressure cooker. This rich and creamy chowder is packed with fresh corn, potatoes and crispy bacon.
Ingredients
- 4 ears corn on the cob
- 4 slices bacon chopped
- 2 tsp minced garlic
- 1 small yellow onion diced
- 4 red potatoes peeled and cut into chunks
- 2 cups water
- 2 cups low-sodium vegetable stock or water
- 1.5 cups half and half
- 1 tablespoon cornstarch
- 1/2 tsp salt
- 1/4 tsp black pepper
- fresh parsley chopped
Instructions
- Turn pressure cooker on. Press SAUTE button. Wait 2 minutes for the pot to heat up. Add chopped bacon. Cook until almost all of is crispy. Remove onto a plate.
- Add garlic and onion to pot with bacon grease. Saute for 3 to 4 minutes, stirring often.
- Cut corn kernels off the cobs. Add to pot with onion. Saute for 2 minutes, stirring often.
- Press OFF button on Instant Pot.
- Add potatoes, water, stock and half of cooked bacon. Season with salt and pepper. Close lid, set to sealing position. Press MANUAL button and set timer to 10 minutes. The pressure cooker will start cooking. It will take it a few minutes to come to pressure.
- When the Instant Pot is done it will beep. Click OFF button. Let pressure cooker naturally release the pressure for about 5 minutes. In the meantime, whisk together half and half and cornstarch. Quick release pressure. Add half and half to pot and stir. Let sit for 10 minutes.
- Serve chowder garnished with reserved bacon and chopped parsley.
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