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!

Recipe: Instant Pot Meatloaf and Mashed Potatoes

Have you discovered pot-in-pot Instant Pot cooking yet? The technique, which allows you to make two distinct dishes in your Instant Pot in just one round of cooking, is especially revolutionary for weeknight dinners.

My favorite of these pot-in-pot recipes is meatloaf and mashed potatoes. The potatoes are boiled to tenderness in the bottom of the pot, while homey meatloaf is cooked in a cake pan set atop the Instant Pot’s trivet. With pot-in-pot cooking, you can have homemade meatloaf and mashed potatoes in under an hour. Here’s how to do it.

Pot-in-pot cooking is a simple way to create layers within your electric pressure cooker’s insert. You’ll use a trivet (the one that came with your Instant Pot is ideal) to elevate a pan over another dish cooking in the Instant Pot at the same time. Cake pans or disposable aluminum pans are the most popular “pots” for pot-in-pot cooking.

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Perhaps the most crucial step in pot-in-pot cooking is ensuring that once you set your pan inside your pot, there is enough room around it for steam to move freely and help build pressure. A six-inch cake pan is idea for this endeavor because it easily slides in and out of the Instant Pot.

It’s also helpful to create a sling for your pan, which makes it easier to remove from the hot Instant Pot. You can buy a silicone version or make a simple aluminum foil one for a single use.

Instant Pot Meatloaf and Mashed Potatoes

This is a pretty basic — albeit delicious — meatloaf and mashed potatoes adapted to the Instant Pot (meaning there are no special ingredients exclusive to this method). However, it’s important that you cook the potatoes in water, rather than broth or milk, which prevents receiving a “burn” message from your pot and ensures the pot reaches pressure.

As for getting a gorgeous glaze on you meatloaf, don’t attempt this in the Instant Pot! There’s too much steam and quite a bit of fat rendering off the meatloaf while it cooks. Instead, move the cooked meatloaf to the oven to achieve a glossy finish. This will give you just enough time to finish the potatoes anyway.

SERVES4 to 6
PREP TIME:25 minutes
COOKING TIME:13 minutes


For the meatloaf
2 pounds lean ground beef
1/2 cups panko breadcrumbs
1/3 cup whole milk
1 small yellow onion, grated on the large holes of a box grater
1 large egg, lightly beaten
1 teaspoon kosher salt
1/4 cup ketchup
2 tablespoons packed ight brown sugar
2 tablespoons Dijon mustard

2 pounds large Yukon gold potatoes, peeled and quartered
2 cups water
1/2 teaspoon kosher salt
1 cup half-and-half
4 tablespoons unsalted butter


Place the ground beef, breadcrumbs, milk, onion, egg, and salt in a large bowl. Use your hands to gently combine until homogeneous. Shape the meat mixture into a loaf, about 6 inches long and 4 inches wide, and set inside a 6-inch round cake pan; set aside.
Combine the potatoes, water, and salt in the Instant Pot insert and stir to combine. Place a trivet over the potatoes.
Create a sling for the meatloaf pan by folding a 12-inch long piece of aluminum foil lengthwise into a 3-inch wide strip. Place the meatloaf pan in the center of the strip and then fold up the sides — you should have 3 to 4 inches of overhang (handles) on either side.
Lower the meatloaf pan into the Instant Pot and place on top of the trivet. Seal the Instant Pot and set to MANUAL pressure on HIGH for 35 minutes. While the meatloaf cooks, arrange a rack in the middle of the oven and heat to 400°F. Stir the ketchup, brown sugar, and mustard together in a small bowl to make the glaze.

When the cook time is over, let the Instant Pot naturally release pressure for 10 minutes. Manually release any remaining pressure. Open the Instant Pot and use the foil sling to carefully remove the meatloaf — there will be quite a bit of fat and juices around the meatloaf, don’t worry if any of this drips into the potatoes. Carefully drain off the fat and juices around the meatloaf. Brush the meatloaf with the glaze and bake until it is glossy and caramelized, 8 to 10 minutes.

While the meatloaf bakes, add the half-and-half and butter to the potatoes and mash to desired consistency. Slice the meatloaf and serve with the mashed potatoes.


Storage: Leftovers can be refrigerated in an airtight container for up to 4 days.


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