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 FRENCH DIP SANDWICH RECIPE
INSTANT POT FRENCH DIP SANDWICH RECIPE
This Instant Pot French Dip Sandwich Recipe is sure to become a family favorite. Tender fall-apart chuck roast with a flavor-packed juice for dipping, in a fraction of the usual cooking time. This French Dip Sandwich recipe is topped with melty cheese and served on a buttery garlic roll.
Instant Pot French Dip Sandwich Recipe
Prep Time 15 mins
Cook Time 1 hr 40 mins
Total Time 2 hrs 30 mins
Servings: 6 sandwiches
Ingredients
- 2.5 pound chuck roast
- 1 tablespoon of vegetable oil
- 2 teaspoons of kosher salt
- freshly ground pepper to taste
- 1/2 teaspoon of garlic powder
- 1 onion sliced
- 1/2 cup of red wine
- 1 14 oz can of low-sodium beef broth
- 1 dried bay leaf
- 6 soft rolls
- 3 tablespoons of butter melted
- 1/4 teaspoon of garlic powder
- pinch of kosher salt
- 6 slices of provolone cheese
Instructions
- For best results, let chuck roast rest at room temperature for at least 15 minutes before searing.
- Add vegetable oil to the Instant Pot and hit the sauté button.
- Season chuck roast with 2 teaspoon of kosher salt, freshly ground pepper to taste and 1/2 teaspoon of garlic powder on all side.
- Using a pair on long heat-proof kitchen tongs, sear roast on all sides in Instant Pot.
- Remove seared roast from Instant Pot and set aside.
- Add onions to pot and sauté just until they start to soften.
- Add red wine to pot and let simmer until reduced by half.
- Use a wooden spoon to scrape up seared bits from the bottom of the pot as it simmers.
- Once wine has reduced, add low-sodium beef broth and bay leaf.
- Return roast to Instant Pot, close lid and make pressure release valve is set to sealing.
- Hit Meat/Stew function and increase time to 100 minutes.
- Let Instant Pot natural release for 25 minutes, then turn valve to venting to release any excess pressure.
- Remove lid and transfer roast to a serving plate and shred.
- Strain liquid through a fine mesh strainer and serve warm for dipping sandwiches.
- Set oven to broil and place sandwich rolls on a baking sheet.
- Combine melted butter, 1/4 teaspoon of garlic powder and pinch of kosher salt in a small bowl.
- Brush over rolls and toast 2-3 minutes, just until gold brown.
- Pile meat onto rolls and top with cheese. Return to broiler and heat just until cheese has started to melt.
- Top sandwiches with freshly chopped flat-leaf parsley and serve with warm au jus for dipping.
