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 Eggs Benedict {21 Day Fix | 80 Day Obsession}
This Instant Pot Eggs Benedict is a quick and easy healthy breakfast recipe that’s a real showstopper! Perfect for a special breakfast, but easy and quick enough for any day of the week.
Ingredients
- In the Instant Pot :
- 1 cup of sliced cauliflower (so it'll fit underneath the trivet) (I weighed this and it was 3.2 oz, just fyi)
- 1 cup of water
- olive oil cooking spray
- Egg mold
- 2 large eggs
- Hollandaise:
- 1 egg yolk
- 2 tsp lemon juice (or more to taste)
- 1/8 tsp salt
- 1/8 tsp white pepper
- 1 Tbs unsalted butter, melted and hot
- All of the hot, cooked cauliflower from the Instant Pot, well drained
- Benedict:
- 1 whole wheat English muffin, split and toasted
- 4 slices of low-sodium, fat-free ham
- chopped chives or green onions for garnish (optional)
Instructions
- In the Instant Pot:
- Spray two cups in your egg cup mold with the cooking spray and set aside.
- Put your sliced cauliflower in the bottom (don't waste the cauliflower stem either, this is a perfect use for it!), cover with the water. Put your trivet on top, followed by your egg mold, cups, or ramekins. Crack an egg into a small bowl (so you can make sure that you didn't break the yolk or get any shell in) and then carefully put it in the mold. Do the same with the second egg. Cover with your IP lid and set to manual for 2 minutes. I've found with my Instant Pot, manual for 2 minutes with a 3 minute NPR is the perfect cooking time, however, IPs vary and yours may require a little testing before you get this just right for you. I also noticed that when I didn't have the cauliflower in the bottom, it took 3 minutes on manual with a quick release. Your eggs should wiggle just slightly if you shake your pot. If they look watery, they're not done yet.
- While your eggs are cooking:
- In a small food processor or blender (I like using my ninja blender cup for this), put in the egg yolk, lemon juice, salt, and white pepper. Blend for 20 -30 seconds so it's ready to go when the Instant Pot is done.
- When your eggs are done cooking:
- Carefully remove your trivet from the pot, set aside.
- Drain the cooked cauliflower and add it and the hot melted butter to your food processor or blender and process until smooth, thick and creamy.
- Serve:
- For each serving, put 1/2 of the toasted English muffin on a plate, top with 2 slices of ham, then 1 off the poached eggs (which, btw, are easily removed from the egg mold using a serving spoon). Top it all off with 3 tablespoons of Hollandaise on each serving. Sprinkle with chopped chives or green onions if ya like! Enjoy!
- Notes
Note on the cooking time: if you cooked your eggs and released the pressure and you can tell that your eggs aren't finished, you can pop the lid back on, leave it on warm and let it set for a few minutes, should do the trick!
21 Day Fix Containers per Serving: 1 Red, 1 Yellow, 1/2 Green, 1 1/2 tsp
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