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 PASTA E FAGIOLI
INSTANT POT PASTA E FAGIOLI
INSTANT POT PASTA E FAGIOLI
Prep Time 15 mins
Cook Time 20 mins
Total Time 35 mins
Course: Dinner, Soup
Cuisine: Italian
Servings: 8 (1 1/2) cup servings
Calories: 557 kcal
Author: Sandy Clifton
Ingredients
For the Pasta
- 4 cups Water
- 1 tsp Salt
- 1 tsp Olive Oil
- 1 cup Ditalini Pasta (4 oz) or orzo, macaroni, etc.
For the Soup
- 4 Slices of Bacon (4 oz weighed) chopped
- 1 Tbsp Olive Oil
- 1 Medium Size Onion, chopped
- 1 lb Italian Sausage (ground)
- 1 pinch Red Pepper Flakes
- 1 tsp Italian Seasoning
- 1/2 tsp Black Pepper
- 5 Garlic Cloves, (pressed or finely minced)
- 2 Stalks Celery, diced
- 1 Large Carrot, diced
- (1) 14.5 oz Can Diced Tomatoes (with liquid)
- (1) 15 oz Can Tomato Sauce
- (1) 15.5 oz Can Cannellini Beans (drained & rinsed)
- (1) 15.25 oz Can Red Kidney Beans (drained & rinsed)
- (1) 15.5 oz Can Garbanzo Beans (drained & rinsed)
- 2 Bay Leaves
- 4 Fresh Sprigs of Thyme (each sprig with 3 or 4 stems)
- 1 Sprig of Fresh Rosemary
- 3 cups Chicken Broth (low sodium) Use 4 cups for more soup like consistency.
To Finish
- 1/4 cup Flat Leaf Italian Parsley (finely chopped)
- 1 cup Parmesan Cheese (grated) plus more for garnish
- 1 Tbsp Fresh Basil Leaves, chopped (or to taste)
Instructions
Cook the Pasta
- Add water, salt, and oil to the Instant Pot inner liner.
- Press the Sauté button and let the water heat up. When the water starts to simmer, add the pasta and stir.
- Close the lid and set the steam release Knob to the Sealing position.
- Press the Manual (or Pressure Cook) button and the + or - button to choose 4 minutes.
- When the cook cycle is done and the pot beeps, do a quick release of the pressure.
- After all of the steam is out and the pin in the lid drops, open pot and drain the pasta in a colander and rinse with cold water to stop the pasta from cooking further, and then set it aside (make sure it is completely cooled).
Make the Soup
- Press the Sauté button and let the pot start warming up.
- Add the bacon and cook, stirring occasionally, until done. Remove and set aside.
- Add the olive oil to the pot and the onion. Cook the onion, stirring occasionally, until just starting to turn translucent.
- Add sausage and red pepper and cook, breaking up the meat, until done.
- Add the Italian seasoning, black pepper, garlic, celery, and carrots. Cook, stirring constantly, for 1 minute.
- Add tomatoes, tomato sauce, all of the beans, bay leaves, thyme, rosemary, reserved bacon, and broth. Stir well.
- Press the Cancel button to turn off the Sauté mode. Put the lid on and set the steam release knob to the Sealing position.
- Press the Manual (or Pressure Cook) button and the + or - button to choose 7 minutes.
- When the cook cycle is done and the pot beeps, let it do a natural release of the pressure for 15 minutes, then do a quick release of the remaining pressure. After all of the steam is out and the pin in the lid drops, open and stir the contents.
- Add the reserved pasta, parsley, parmesan cheese, and basil. Stir well and let sit for a few minutes before serving.
- Garnish with more parmesan cheese and serve.
