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 CHOCOLATE CHIP CHEESECAKES

These Chocolate Chip Mini Cheesecakes are a simple cheesecake batter baked in a standard muffin pan, and no waterbath or other special equipment is required. The pans are lined with muffin wrappers, which make them easy to remove after baking, and a graham cracker crumb mixture is pressed into each one.


INGREDIENTS
Crust
  • 1 cup graham cracker crumbs
  • 2 tbsp brown sugar
  • small pinch salt
  • 2 1/2 tbsp butter, melted
Cheesecake
  • 8-oz cream cheese, softened
  • 2 tbsp sour cream or greek-style yogurt
  • 1/3 cup sugar
  • 1 large egg
  • 1 tsp vanilla extract
  • 1 cup chocolate chips
INSTRUCTIONS
  1. Preheat oven to 350F. Line 8 cups of a muffin pan with paper liners.
  2. In a medium bowl, make the graham cracker crust. Mix together graham cracker crumbs, brown sugar and salt and stir to combine. Pour over melted butter and stir with a fork to moisten the crumbs.
  3. Place about a tablespoon of crumb mixture in each of the prepared muffin cups and pack down into an even layer.
  4. In a large bowl, make the cheesecake. Cream together cream cheese, sour cream and sugar until smooth. Beat in the egg and vanilla extract.
  5. Place 1 tbsp chocolate chips into each of the muffin cups. Evenly divide cheesecake batter between the muffin cups, covering the first layer of chocolate chips. Place another tbsp of chocolate chips on top of the cheesecake batter in each of the muffin cups.
  6. Bake for 20-25 minutes, until cheesecakes are set.
  7. Allow to cool for 10 minutes in the muffin pan, then carefully transfer cheesecakes to a cooling rack to cool completely before refrigerating.
Recipe Source : Chocolate Chip Mini Cheesecakes @ bakingbites

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