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!
21 Day Fix Instant Pot Quiche
My Instant Pot actually makes me feel like I’m a good cook. I’m not a good cook, not in “real life” (that’s why the recipes you see on this site are always easy). But in Instant Pot World, I’m doing pretty okay. I mean, I’m actually making things that my family is eating and not complaining about, and I’m able to cook chicken without messing it up, so…I consider that a win.
The 21 Day Fix program is always changing, and while I do my very best and never want to mess up (perfectionist, yo) please always double check the container counts yourself. Sometimes/usally it’s late at night when I write these posts.
Ingredients
- 6 large eggs
- 1/2 cup almond milk (alternately, you could use whole milk, but it will affect your containers)
- 1 cup red bell pepper, diced
- 1 cup broccoli, finely chopped
- 1/2 cup cheddar cheese
- 1 cup water
You'll also need
A souffle dish or 7-cup round glass container that is safe for the Instant Pot. This is the exact one I used to make this. You'll also need to make a foil sling - if you've never done this before, here's a quick and easy tutorial. I've also put the trivet that comes with the Instant Pot in the pot first, and then just placed the quiche on the trivet - when it's done I used oven mitts and carefully pulled the trivet out with the quiche dish on top. I feel like that's not the safest way so I'll leave it to your best judgement.
Instructions
- Spray your dish with cooking spray.
- Whisk the eggs and almond milk together in a large bowl. Stir in the broccoli and red bell peppers. Pour the mixture into your dish and sprinkle the cheese over the top.
- Pour a cup of water into the pot.
- Use your sling to lower your quiche into the pot.
- Lock the lid and set the vent to seal. Choose the pressure cook (or manual, depening on your pot) setting on high for 25 minutes.
- Let the pressure release naturally for ten minutes, and then switch the valve to vent the rest.
- Remove the quiche with the sling using heat-safe gloves. Let it sit and absorb any extra liquid for at least five minutes.
- Serve directly from the dish you cooked it in. I had my mom over and she had to work some magic to get it out of the dish for the pictures...just trust me when I say it's easier to keep it in the dish, already.
Notes
1 red,.5 green, .5 blue
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