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 RIBS RECIPE
These Instant Pot Ribs are so tender, flavorful, and delicious, it’s really hard to believe they cook in just about 30 minutes! Another great, easy meal made with your pressure cooker.
Cooking tender, bbq ribs at home is one of those dinners that will always, always make me feel like a rock-star for how amazing they turn out, and how little work was required on my part.
My go-to ribs recipe is usually these slow cooker ribs, but the instant pot also makes fantastic ribs, and is perfect for those of us that don’t always plan dinner out early enough to pull the slow cooker out in the morning.
Instant Pot Ribs Recipe Tender, flavorful, and delicious Instant Pot Ribs, cooked in just about 30 minutes! A great, easy meal made with your pressure cooker.
Ingredients- 1-2 racks pork ribs
- 1 teaspoon salt
- 1 teaspoon freshly ground black pepper
- 1 teaspoon garlic powder
- 1 teaspoon chili powder
- 1 teaspoon onion powder
- 1 teaspoon light brown sugar
- 1 cup water
- 1/2 cup apple juice , or 1/4 cup apple cider vinegar
- 1 teaspoon liquid smoke , optional*
- 1 cup barbecue sauce ,
Instructions- Remove membranes from the back of ribs, if needed.
- Rubs seasonings over both sides of ribs.
- Place wire trivet rack in the bottom of the instant pot.
- Add water, apple juice (or apple cider vinegar) and liquid smoke (optional, but recommended for that great smokey flavor).
- Place the ribs upright, with the meat side facing out. If you’re using one large rack of ribs, then circle them around the pot.
- Secure lid and close vent.
- Press “manual” or “pressure cook” and cook on high pressure for 25 minutes.
- When the timer beeps, allow the pressure to naturally release for 15 min, then turn the valve to quick release.
- Carefully remove ribs to a large, foil-lined baking sheet and slather them in BBQ sauce.
- Optional: broil them in the oven for 2-3 minutes to caramelize the bbq sauce.
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