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!

BEST CHEESE FLAN

This cheese flan a rich and creamy cheesecake-like baked custard dessert that’s not too sweet thanks to the slight tang of cream cheese. As if that wasn’t enough, the entire flan is swimming in a pool of shimmering sugar caramel sauce!



This flan met cheesecake and they had the most scrumptious love baby. Silky smooth, lush, slightly dense…the cream cheese adds a mild tang which keeps this flan from becoming too sweet. Finishing it off is a dripping caramel syrup that takes this over the top.

BEST CHEESE FLAN RECIPE

Creme caramel custard baked with cream cheese giving it a slight tang and cheesecake-like texture!




INGREDIENTS
  • 1 cup sugar
  • 1 package (8oz) cream cheese, softened
  • 1 can (14oz) sweetened condensed milk
  • 1 can (12oz) evaporated milk
  • 5 large eggs, room temperature
  • 2 teaspoons vanilla
INSTRUCTIONS
  1. Preheat to oven 350°F degrees. Set a kettle of water to boil. Set an 8- or 9-inch cake (or pie) pan with 2-inch high sides inside of a larger baking pan (such as a 13x9).
  2. In a small sauce pan over medium-low heat, melt sugar until completely dissolved. Watch carefully so it does not burn. You may swirl the pan to stir. Remove from heat when it is a dark golden, amber color.
  3. Immediately pour the melted sugar into the bottom of the cake pan, working quickly before it hardens. Set aside.
  4. In a blender beat the cream cheese, sweetened condensed milk, evaporated milk, eggs and vanilla. Mix until well combined.
  5. Strain the custard through a fine-mesh sieve to ensure there are no lumps. Pour the strained custard into the cake pan over the sugar caramel. Next, add boiling water to the larger pan. It should come up the sides about an inch deep. The cake pan will be sitting in a water bath.
  6. Bake for 1 hour, or until set around the edges with a slight jiggle in the middle. Remove from oven and let the flan cool in the water bath, about an hour. Once cool, refrigerate at least 2 hours, but overnight is best.
  7. When ready to serve, run a knife around the edges to loosen. Set a plate over the flan and flip upside-down to invert. Slice into wedges and serve.

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