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!

EASY INSTANT POT CHILI

Make this Easy Instant Pot Chili Recipe under an hour! Loaded with layers of umami & spicy flavors & textures, this simple beef and beans chili will satisfy your cravings for hearty comfort food.


INSTANT POT CHILI RECIPE
Make this Easy Instant Pot Chili Recipe under an hour! Simple umami & spicy Pressure Cooker Beef & Beans Chili to satisfy your hearty comfort food cravings.



INGREDIENTS

  • 1 pound - 1 ½ pound ground beef
  • 1 medium onion, diced
  • 4 garlic cloves, minced
  • 1 can (28oz) crushed tomatoes
  • 2 cans (540ml/19oz) red kidney beans, drained & rinsed
  • 1 - 2 tablespoons (8g - 16g) chili powder (depends on your chili powder’s spiciness & preference)
  • 1 tablespoon (6g) cumin seed, ground
  • 1 teaspoon (1g) dried oregano
  • 1 tablespoon (15ml) olive oil
  • Optional: 1 tablespoon (15ml) apple cider vinegar
  • Brown sugar, kosher salt, black pepper to taste

Umami Chicken Stock Mixture:

  • 1 cup (250ml) unsalted chicken stock
  • 2 tablespoons (30ml) fish sauce
  • 1 tablespoon (15ml) light soy sauce (not low sodium soy sauce)
  • 3 tablespoons (49g) tomato paste
  • 1 teaspoon (2.5g) unsweetened cocoa powder

Optional Garnish:

  • Lime, Sour cream
  • Jalapeno pepper, diced and seeded
  • Green onions
  • Cheddar cheese

INSTRUCTIONS

  1. Prepare the Pressure Cooker: Heat up your pressure cooker (Instant Pot: press Sauté button and Adjust once to Sauté More function) over medium high heat. Ensure your pot is as hot as it can be (Instant Pot: wait until indicator says HOT).
  2. Brown the Ground Beef: Season ground beef generously with kosher salt and freshly ground black pepper. Add 1 tbsp (15ml) olive oil in pressure cooker. Ensure to coat the oil over whole bottom of the pot. 
  3. Add ground beef in pressure cooker. The ground beef will start to release moisture. At the 5-minute mark, remove the ground beef juice and reserve it in a small mixing bowl.
  4. Allow the ground beef to brown. Stir occasionally until they are slightly crisped and browned (~5 – 7 minutes). Taste and adjust the seasoning with more kosher salt and ground black pepper.
  5. Mix the Chicken Stock Mixture: While the ground beef is browning, mix 1 cup (250ml) unsalted chicken stock, 2 tbsp (30ml) fish sauce, 1 tbsp (15ml) light soy sauce, 3 tbsp (49g) tomato paste, and 1 tsp (2.5g) unsweetened cocoa powder in a 500ml measuring cup.
  6. Sauté Onion, Garlic and Spices: Add diced onions, minced garlic, 1 tbsp ground cumin seed, 2 tbsp chili powder, 1 tsp dried oregano. Sauté for about 5 minutes until the spices start to release their fragrance. Stir frequently.
  7. Deglaze: Pour in ½ cup (125ml) of the Umami Chicken Stock Mixture, fully deglaze the bottom of the pot by scrubbing all the flavorful brown bits with a wooden spoon. Mix the brown bits with the stock mixture.
  8. Pressure Cook the Chili: Add in the reserved beef juice (from Step 2). Pour in the remaining Umami Chicken Stock Mixture. Add 2 cans of drained red kidney beans. Mix well. Pour in 1 can of crushed tomatoes with all the juice on top. Do not mix. Close lid and pressure cook at High Pressure using "Manual" or "Pressure Cook" button for 10 minutes + Natural Release. Open the lid carefully.
  9. Reduce and Season: If the chili is too runny, give it a quick stir and cook for another few minutes over medium heat (Instant Pot: Press Sauté button). Taste and season with brown sugar (we used 1 tbsp), kosher salt and black pepper. 
  10. Optional: Add 1 tbsp of Apple cider vinegar. Note that the vinegar will significantly change the flavor profile.
  11. Serve: Garnish chili with optional ingredients. Serve over your favorite side dishes. Enjoy~

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