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!

NO-KNEAD MALLORCA BREAD

This version of Mallorca is super soft, airy and melt in your mouth. This buttery, egg-rich  No-Knead Mallorca Bread is a great addition to your go-to bread recipes.


This Mallorca here is just the same as making regular bread dough, but this one requires no kneading. That is right, no kneading.

Ingredients

  • 2 and 1/4 tsp active dry yeast
  • 1/2 cup warm water 105-115 F
  • 3/4 cup warm milk
  • 1/2 cup melted butter plus 4 tbsp for brushing on the bread
  • 1/3 cup sugar
  • 1/4 tsp salt
  • 3 egg yolks from large eggs
  • 3 and1/2 - 4 cups all-purpose flour
  • 1 tsp vanilla extract
  • powdered sugar for dusting the bread

Instructions

  1. In a mixing bowl, sprinkle the yeast over the warm water. Let this mixture stand for about 5 minutes, or until it is foamy. Add the milk, 1/2 cup melted butter, sugar, salt, egg yolks and vanilla extract. Stir well with a wooden spoon until incorporated.
  2. Add the flour gradually while stirring, adding only enough just until the dough turns into a shaggy mass. Stir the dough with a wooden spoon until it gathers in the center of the bowl. Cover the bowl with a clean kitchen towel and let the dough rise for 1 and 1/2 hours.
  3. Deflate the dough. On a floured board, roll it to an 18x14 inch rectangle. Brush melted butter all over the dough. Cut the long side of the dough into 8 or 9 one-inch strips using a pizza cutter or a knife.
  4. Roll the strips into coils or spirals.  Arrange them on a baking pan that is lined with parchment paper. Cover and let rise for 1 hour.
  5. Preheat oven to  350 F and bake the mallorca for 12-18 minutes or until lightly golden. Sprinkle icing sugar on top. 

Recipe Adapted : NO-KNEAD MALLORCA BREAD @ womanscribbles

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