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!

Brown Butter Salted Caramel Snickerdoodles

I am not eating sugar this week. Well, I haven’t caved in yet:) So far, so good! I just need a week to detox a little. I am still eating fruit, but no desserts and that means no cookies. Gasp! I don’t think I have ever gone a week without eating a cookie!

Well, just because I am off sugar doesn’t mean that you have to feel deprived. I am going to live vicariously through all of you because you are going to be eating Brown Butter Salted Caramel Snickerdoodles. I made these cookies a few weeks ago and I think I ate the entire batch. Hence, the need for a sugar detox:) These cookies were so worth the cookie binge! Think classic snickerdoodles but SO much better…and I love classic snickerdoodle cookies. This snickerdoodle recipe is just AMAZING!
INGREDIENTS:
  • 2 1/2 cups all-purpose flour
  • 1 teaspoon baking soda
  • 2 teaspoons cream of tartar
  • 1/2 teaspoon ground cinnamon
  • 1/2 teaspoon sea salt
  • 1 cup unsalted butter, sliced
  • 1 1/4 cup dark brown sugar
  • 1/2 cup granulated sugar
  • 1 large egg
  • 1 egg yolk
  • 1 tablespoon vanilla extract
  • 1 tablespoon plain Greek yogurt
  • About 1 cup caramel squares, cut into 1/4’s (if using Trader Joe’s Fleur de Sel Caramels cut them in half, I like these because they are softer)
  • For Rolling the Cookies:
  • 1/4 cup granulated sugar
  • 2 teaspoons ground cinnamon
  • Sea salt, for sprinkling on top of cookies

DIRECTIONS:
  1. In a medium bowl, Whisk together the flour, baking soda, cream of tartar, cinnamon, and salt. Set aside.
  2. To brown the butter, heat a thick-bottomed skillet on medium heat. Add the sliced butter, whisking frequently. Continue to cook the butter until melted. The butter will start to foam and browned specks will begin to form at the bottom of the pan. The butter should have a nutty aroma. Watch the butter carefully because it can go from brown to burnt quickly. Remove butter from the heat and let cool to room temperature.
  3. In the bowl of a stand mixer, combine the brown butter and sugars. Mix until blended. Beat in the egg, egg yolk, vanilla extract, and Greek yogurt and mix until combined. Slowly add in the dry ingredients and mix until just combined.
  4. Form the dough in a ball and cover with plastic wrap. Chill in the refrigerator for at least 30 minutes. You can chill the dough overnight or for up to 2 days.
  5. When ready to bake, preheat the oven to 350 degrees F. Measure about 2 tablespoons of dough and roll into balls. Flatten the ball slightly with the palm of your hand and place a piece of caramel in the center of the dough. Wrap the cookie dough around the caramel, making sure the caramel is completely covered with dough.
  6. In a small bowl, combine the cinnamon and sugar. Roll the balls in the cinnamon-sugar mixture. Place dough balls on a large baking sheet that has been lined with a Silpat baking mat or parchment paper. Make sure the cookies are about 2 inches apart. Sprinkle the cookie tops with sea salt.
  7. Bake the cookies 8-10 minutes or until the edges of the cookies begin to turn golden brown. The centers will still be soft. Don’t over bake. Cool the cookies on the baking sheet for 2-3 minutes, or until set. Transfer cookies to a wire cooling rack and cool completely.
  8. Note-if you want to make bigger cookies, you can put 1/2 a caramel in the center, just make sure the cookie dough is covering the caramel so it doesn’t ooze out. I like to use Trader Joe’s Fleur De Sel Caramels because they are softer and have  hint of salt. I cut one in half for the cookies.

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