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!

CARAMEL APPLE COOKIES

I love apples, and I especially love using them in fall baking recipes like these caramel apple cookies! Apple seems to be a flavor that gets lost in the flurry of pumpkin desserts this time of year. Don’t forget about apples. Apples are amazing!


The cookie itself is soft and a bit cake-like. It pairs perfectly with the frosting and crunchy toasted pecans.

INGREDIENTS
COOKIES
  • ½ cup butter, softened
  • 1 ¼ cups packed brown sugar
  • 1 teaspoon baking soda
  • 1 teaspoon apple pie spice
  • ¼ teaspoon salt
  • 1 egg
  • ½ cup apple juice
  • 2 ½ cups all purpose-flour
  • 1 large tart apple, peeled and coarsely shredded
FROSTING
  • ½ cup packed brown sugar
  • 3 tablespoons butter
  • 3 tablespoons apple juice
  • 2 ⅔ cups powdered sugar
  • ½ cup finely chopped pecans, toasted
INSTRUCTIONS
COOKIES
  1. Preheat oven to 350 degrees. Line a cookie sheet with parchment paper.
  2. In a large bowl beat the butter until smooth, about 45 seconds. Add the brown sugar, baking soda, apple pie spice and the salt. Beat on medium speed until well blended. Add the egg and beat just until combined. On low speed beat in the ½ cup apple juice. Beat in the flour until well blended. Stir in the apple.
  3. Drop by rounded tablespoons 3 inches apart onto the cookie sheet. Bake for 8 to 10 minutes or until edges are light brown. The tops will look under baked. Allow to cool on the cookie sheet for 3 to 4 minutes before transferring to a wire rack to cool.
FROSTING
  1. Over medium heat, cook and stir the ½ cup brown sugar, butter, and the apple juice until the sugar is dissolved and the butter is completely melted, remove from the heat. Whisk in the powdered sugar gradually, working quickly. Use the frosting immediately, if it begins to harden stir in hot water a teaspoon at a time until the desired consistency is reached.
  2. Frost cooled cookies, sprinkle with pecans.
Recipe Adapted : CARAMEL APPLE COOKIES @ dearcrissy

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