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 PULLED PORK
A simple recipe for Instant Pot Pulled Pork with bbq sauce. Great for low carb and keto diets.
instant pot pulled pork with bbq sauce served on plate
Making pulled pork in the pressure cooker is so fast. Before I got my Instant Pot, the slow cooker was my go-to method for making pulled meat of any kind, usually taking 3-4 hours on high power. With the pressure cooker, it takes 1 hour of cooking plus an additional 10 minutes for natural pressure release. Now I can actually get dinner on the table without starting in the early afternoon.
The pressure cooker makes shredded pork that’s incredibly tender. It was practically falling apart as I took it out of the pot, and was effortless to shred. It’s also so juicy and full of flavor that you could even enjoy it as-is.
I also like how this recipe is super simple. No browning or sauteing needed. Just toss the pork with dry seasonings and pressure cook until it’s tender. Shred with forks, and serve with your favorite bbq sauce (or make your own keto bbq sauce).
A simple recipe for Instant Pot Pulled Pork with BBQ sauce. Great for low carb and keto diets.
Ingredients
- 3-4 pounds boneless pork butt or shoulder
- 1 cup water
- Dry seasonings:
- 2 tablespoons smoked paprika
- 2 teaspoons salt
- 1 teaspoon black pepper
- 1/2 teaspoon garlic powder
- 1/2 teaspoon ground cumin
- For serving:
- 1 cup bbq sauce (homemade keto bbq sauce)
Instructions
- In a small bowl, combine all dry seasonings until well-mixed. Set aside.
- Trim the pork of any visible fat. Cut into roughly 8 even pieces. Add the pork pieces and dry seasonings to a gallon-size resealable bag. Toss until the pork is well-coated.
- Add water to the pressure cooker pot. Place the pork pieces inside.
- Secure and seal the lid. Cook at high pressure for 60 minutes, followed by a 10 minute natural release. Manually release remaining pressure.
- Uncover and transfer only the pork to a large bowl, leaving the liquid in the pot. Use 2 forks to shred the pork. Toss with your favorite bbq sauce. Optionally serve with coleslaw.
Nutrition Notes
This recipe yields 4 g net carbs per serving. Nutrition information assumes homemade keto bbq sauce is used.
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