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!
Tender Instant Pot Chicken Breasts Recipe
Instant Pot Chicken Breasts – If you’ve ever wondered how to cook chicken breasts in the Instant Pot, this is your recipe! These deliciously seasoned, perfectly tender and juicy chicken breasts can be made with fresh or frozen chicken breasts.
This flavor packed chicken breasts recipe is the solution to all your busy weeknights, my friends. Thanks to the beloved Instant Pot, you can take all the stress out of making dinner with this easy Instant Pot Chicken Breasts recipe.
The chicken breasts are so tender and juicy, and it all takes only about 20 minutes, from start to finish.
How to cook deliciously seasoned, perfectly tender and juicy chicken breasts in the Instant Pot!
INGREDIENTS :
- 4 (about 6 ounces each) large boneless, skinless chicken breasts
- 1 teaspoon Italian Seasoning
- 1/2 teaspoon paprika
- 1/2 teaspoon garlic powder
- 1/2 teaspoon onion powder
- salt and fresh ground pepper, to taste
- 2 tablespoons olive oil, divided
- 1 cup pineapple juice, (you can also use low sodium chicken broth or water)
INTRUCTIONS:
- Rinse and pat dry the chicken breasts; set aside.
- In a small mixing bowl combine Italian Seasoning, paprika, garlic powder, onion powder, salt, and fresh ground pepper.
- Add 1 tablespoon olive oil to the seasonings and mix until thoroughly combined into a paste.
- Rub the paste all over the chicken breasts.
- Press the sauté button on the Instant Pot and heat 1 tablespoon olive oil.
- Once olive oil is hot, add the chicken breasts and brown on both sides; about 2 minutes per side.
- Remove chicken from the Instant Pot and set aside.
- Add pineapple juice ( or chicken broth, or water) to the Instant Pot and scrape up any bits stuck to the bottom.
- Place a trivet inside the Instant Pot and arrange the chicken breasts on the trivet in one single layer.
- Close pot, set valve to sealing, select the manual or pressure cook button (this depends on your Instant Pot model), select HIGH pressure and set the timer to 5 minutes.
- When the 5 minutes are up, let the pressure release naturally for 8 minutes; then, release any remaining pressure. (For frozen chicken breasts, it will take longer for the pressure to build in the Instant Pot; about 15 minutes.)
- Remove chicken from pot and let rest for 5 minutes.
- FOR THE GRAVY (OPTIONAL)
- After removing the chicken breasts and trivet from the Instant Pot, press the SAUTÉ button and bring the liquid to a boil.
- Make a slurry with 2 tablespoons water and 1 tablespoon cornstarch; mix it up and add that to the pot; let cook for 3 to 4 minutes, or until thickened to a desired consistency.
- Pour over chicken breasts and serve.
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