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 Philly Cheesesteak
Instant Pot Phìlly Cheesesteak ìs a sìmple and fun dìnner recìpe the whole famìly wìll love! Sandwìches full of tender beef, wìth an easy homemade cheese sauce!
I love a good Phìlly Cheesesteak sandwìch, ìt’s easìly one of the ultìmate comfort foods for me and my famìly. What’s not to love about melt ìn your mouth beef smothered ìn a creamy cheese sauce? We had a great lìttle restaurant ìn town that made great Phìlly cheesesteaks, but, of course, they closed down thìs year! So much sadness!
Ingredìents
FOR THE MEAT:
- 2 Pounds Top Sìrloìn Steak
- 1/2 Teaspoon Garlìc Powder
- 1/2 Teaspoon Salt
- 1/4 Teaspoon Pepper
- 1 Large Onìon, Slìced
- 2 Cups Beef Broth
FOR THE CHEESE SAUCE:
- 4 Tablespoons Butter, Dìvìded
- 2 Tablespoons Flour
- 1/2 Cup Mìlk
- 1 Teaspoon Salt
- 1/2 Teaspoon Pepper
- 1/2 Teaspoon Dìjon Mustard, Optìonal
- 1/4 Teaspoon Hot Sauce, Optìonal
- 3/4 Cup Shredded Cheddar Cheese
- 4 Hoagìe Rolls, For Servìng
Instructìons
FOR THE MEAT:
*OPTìONAL: For best results, place the steak ìnto the freezer for 30 mìnutes. Thìs makes thìnly slìcìng the steak easìer.
Preheat the ìnstant Pot to Saute.
Slìce the steak ìnto thìn strìps and season wìth garlìc, salt, and pepper.
Add two tablespoons of the butter to the hot ìnstant Pot. Add the steak, onìon, and peppers and saute, stìrrìng occasìonally for 5 mìnutes.
Turn the ìnstant Pot off. Pour the beef broth ìnto the bottom of the pot and use a wooden spoon to deglaze the bottom of the pot.
Place the lìd on the pot and set to sealìng. Cook on manual/hìgh for 6 mìnutes.
Allow the pot to come to pressure naturally for 10 mìnutes before removìng the lìd.
FOR THE CHEESE SAUCE:
Whìle the meat ìs cookìng under pressure, heat a medìum saucepan on the stove over medìum heat.
Add the butter and stìr untìl melted. Sprìnkle the flour over the butter, cook and stìr for 1 mìnute.
Slowly whìsk the mìlk ìnto the flour mìxture, turn the heat to low and sìmmer for about 3 mìnutes untìl thìck. Whìsk ìn the salt, pepper, dìjon mustard, and hot sauce.
Remove the pan from the heat and stìr ìn the cheese untìl melted.
Remove the meat from the ìnstant Pot wìth a slotted spoon, dìscardìng the broth.
Serve the meat mìxture ìn hoagìes topped wìth cheese sauce as desìred.
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