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 CHICKEN BURRITO BOWL
This recipe for Instant Pot Chicken Burrito Bowl is packed with flavor and so easy to make. Boneless, skinless chicken breast, Mexican rice, black beans, and tomatoes with Mexican spices. It’s so delicious and the best part is, everything cooks right in the Instant Pot. This better-than-take-out burrito bowl is going to become a family favorite.
I started by browning the chicken on the Saute function set to More (which is the high heat). Just brown the chicken to give added flavor. It doesn’t need to cook through since it will continue cooking in the Instant Pot. There isn’t a lot of surface area for browning in the Instant Pot, so I recommend browning the chicken in two batches.
Add drained and rinsed beans, drained canned tomatoes, low-sodium chicken broth and spices and Top with your favorite toppings
Instant Pot Chicken Burrito Bowl RecipeThis Instant pot chicken burrito bowl asy and perfect foryour dinner with your lovely family.
Ingredients- 1 pound boneless skinless chicken breasts, diced into bite sized pieces
- 3 tablespoons of olive oil
- 1/4 cup of diced yellow onion
- 1 cup of uncooked extra-long grain rice
- 1 14.5 oz can of fire roasted diced tomatoes drained
- 1 15 oz can of black beans drained and rinsed
- 1 teaspoon of garlic powder
- 1 teaspoon of onion powder
- 1/2 teaspoon of paprika
- 2 teaspoons of chili powder
- 1 teaspoon of cumin
- 2 1/4 cups of low-sodium chicken broth
- 2 cups of reduced fat colby jack monterey jack or cheddar cheese
- kosher salt and pepper
- freshly diced tomatoes
- diced green onions
- sour cream
- guacamole
Instructions- Add 1 tablespoon of olive oil to Instant Pot and hit Saute button, then hit adjust button to set to More.
- Season diced chicken with 1 teaspoon of kosher salt and 1/2 teaspoon of black pepper.
- Once oil is hot, add chicken to pot in two batches to encourage browning.
- Once chicken is browned, add onions and cook until they start to soften.
- Add additional tablespoon of olive oil and uncooked rice and toast uncooked rice for about 2 minutes or just until some grains start to turn golden brown.
- Stir in black beans, canned tomatoes, chicken broth, garlic powder, chili powder, paprika and cumin.
- Lock Instant Pot lid in place and set to Manual, High Pressure for 7 minutes.
- Use Quick Pressure Release, and once pressure pin drops, open Instant Pot and fluff Chicken Burrito Bowl with fork.
- Sprinkle with cheese, recover and let set for 2-3 minutes to melt cheese.
- Garnish with fresh tomatoes, green onions, sour cream and guacamole.
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