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 and Rice
Instant Pot chicken and rice is a delicious and simple supper that you can make all in one pot.
Don’t worry, internet friends! If you do not have an Instant Pot, I already have stove top instructions for this recipe here: one pot chicken and rice.
But if you don’t have an Instant Pot yet…why not? You should really look into getting one. See my full Instant Pot product review video here. But in short, I am loving mine.
Instant Pot chicken and rice is a delicious and simple supper that you can make all in one pot. It is SO delicious and easy!
Ingredients
- 1 pound boneless skinless chicken thighs (up to 1.5 pounds works)
- cooking spray (I used avocado oil spray, but a tablespoon of oil of your choice works)
- 3 small shallots diced
- 1 cup carrots diced
- 1 cup sliced mushrooms
- 2 cloves medium fresh garlic minced
- 1 1/2 cups uncooked white jasmine rice rinsed and drained (Do NOT skip the rinsing. Rice will likely scorch if not rinsed!)
- 2 cups chicken stock or broth divided ( I use 1/4 cup for deglazing the pan)
- 2 Tablespoons fresh thyme leaves chopped and divided (or 2 teaspoons dried)
- salt and pepper to taste
Instructions
- Generously salt and pepper your chicken thighs.
- Using the sauté setting (normal level), preheat until the display reads "hot."
- Use tongs to put chicken in the pan (watch out for oil splatter!)
- Sear chicken thighs, 4 minutes on each side.
- Remove and set aside chicken on a plate.
- Add 1/4 cup broth to deglaze the pan, scrape the bits with a wooden spoon (do not skip this step!). If there are any stuck on spots, be sure and lift those away from the pan with a wooden spoon.
- Add shallot, mushroom and carrots, and cook for 2 to 3 minutes.
- Add garlic, and continue to cook for another minute.
- Add remaining chicken stock, rice, thyme and stir together.
- Place the chicken thighs on top of the mixture, and do not stir them in.
- Place the lid on, and lock it, setting the valve to sealing.
- Cook on manual high pressure for 8 minutes, and allow the Instant Pot to release naturally (do not use the quick release lever) for 10 minutes. Quick release the remaining pressure.
- Once any remaining pressure is fully release, remove the lid carefully.
- Use two forks to shred the chicken, and stir the pot.
- Serve immediately.
Recipe Notes
Do NOT skip rinsing the rice first! This will remove some of the starch, and will prevent scorching/ sticking to the bottom.
Nutritional information is approximate and was calculated using a recipe nutrition label generator.
I do not recommend using frozen chicken for this recipe.
If you want to substitute types of rice, make sure the substitute you choose has a similar cook time to white jasmine rice (ex: White basmati should work well in this recipe.)
If you are using very large chicken thighs, you may want to cut them in half. Just for reference, my thighs were about 4 thighs equaling 1 pound of weight (about 4 to 5 ounces each). It doesn't have to be exact, but I just wanted to give y'all a heads up, since I have seen some really huge thighs at the store (ex of huge: 2 thighs equaling 1 pound of weight).
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