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!

MINI BAILEYS CHOCOLATE CHEESECAKES

These Mini Baileys Chocolate Cheesecakes are easy to make and the small mini size makes them great for sharing and the perfect size. With the irish cream liqueur they are also a great treat.


I loved the ease of making these as mini cheesecakes. They bake right in a cupcake pan so there’s no need for a pesky water bath.

Like with making a regular cheesecake, the crust comes first. Just divide the mixture of oreo crumbs and butter between the cupcake liners and press them into the bottom. The crusts are baked for about 5 minutes.


Like with a regular cheesecake, you’ll want to cool the cheesecakes slowly to help prevent from cracking before putting in the fridge to cool completely. Once they’re ready, top the cheesecakes with some irish cream whipped cream, drizzle with a bit of chocolate sauce and devour.

MINI BAILEYS CHOCOLATE CHEESECAKES RECIPE



INGREDIENTS

CRUST

  • 1 cup oreo crumbs
  • 2 tbsp butter, melted

FILLING

  • 12 ounces (339g) cream cheese, room temperature
  • 1/2 cup (104g) sugar
  • 6 tbsp (42g) cocoa
  • 1/2 cup (120ml) sour cream
  • 1/2 tsp vanilla extract
  • 1/4 cup (60ml) Irish Cream Liqueur
  • 2 eggs

WHIPPED CREAM AND TOPPING

  • 3/4 cup (180ml) heavy whipping cream
  • 6 tbsp (43g) powdered sugar
  • 2 tbsp (30ml) Irish Cream Liqueur
  • Chocolate sauce

INSTRUCTIONS

CRUST

  1. Preheat oven to 325°F (162°C). Add cupcake liners to a cupcake pan.
  2. Combine the oreo crumbs and melted butter. Divide the mixture between the cupcake liners and press into the bottoms.
  3. Bake crusts for 5 minutes then remove from oven. Allow to cool while you make the filling.

CHEESECAKE FILLING AND TOPPING

  1. Reduce oven to 300°F (148°C).
  2. In a large bowl, mix the cream cheese, sugar and cocoa until combined (Use low speed to keep less air from getting into the batter, which can cause cracks). Scrape down the sides of the bowl.
  3. Add the sour cream, vanilla extract and irish cream. Beat on low speed until well combined.
  4. Add eggs one at a time, beating slowly and scraping the sides of the bowl after each addition.
  5. Divide the batter between the cupcake liners and fill most of the way.
  6. Bake cheesecakes for 12 minutes, then turn off oven and leave the door closed for another 5 minutes.
  7. Crack the oven door and allow cheesecakes to cool for 15-20 minutes, then put in the fridge to finish cooling.
  8. To finish off the cheesecakes, whip heavy whipping cream on high until it begins to thicken. Add powdered sugar and irish cream and continue to whip on high until stiff peaks form.
  9. Pipe the whipped cream on top of the cheesecakes, then drizzle with chocolate sauce. Refrigerate until ready to serve.

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