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 COOKIE CUPS

Chewy caramel cookie cups loaded with gooey caramel and topped with a silky dark chocolate ganache


INGREDIENTS

Cookie Cups:

  • 1 cup unsalted butter room temperature
  • 1/2 cup granulated sugar
  • 1 cup light brown sugar packed
  • 2 1/4 cups all-purpose flour
  • 1/2 tsp baking soda
  • 1 tsp sea salt
  • 2 tsp vanilla extract
  • 2 large eggs room temperature

Caramel:

  • 1 cup granulated sugar 200g
  • 1/4 cup water
  • 150 ml heavy whipping cream room temperature
  • 1/2 cup unsalted butter 100g, room temperature

Ganache:

  • 250 g good quality dark chocolate finely chopped
  • 125 ml heavy whipping cream
  • US Customary - Metric

INSTRUCTIONS

Cookie Cups:

  1. Preheat oven to 350°F. Spray 2 regular sized muffin tins with cooking spray.
  2. Whisk together flour, baking soda, and salt, set aside.
  3. Beat butter and sugars on med-high until light and fluffy (approx. 2-3mins). Reduce speed and add eggs (one at a time), and vanilla. Beat until combined.
  4. Add flour mixture a little at a time and mix until just combined.
  5. Using a large cookie scoop (3 Tbsp) scoop dough into muffin tins, press down to flatten slightly.
  6. Bake for approx. 15mins or until browned and mostly set.
  7. Remove from oven and immediately use a small jar or container to press firmly down in the center to create a well. Cool in pans for 15mins, then place on wire rack to cool completely.
  8. Caramel:
  9. Place sugar and water into a medium pot, stir to combine, but to not stir from this point forward. Cook over high heat, washing down the sides of the pot with a pastry brush dipped in water as needed to prevent crystals.
  10. Cook until desired color of caramel is reached and immediately remove from heat. Very slowly, add heavy cream. The mixture will bubble up (a lot) and boil. Add butter, return to heat, and bring back to a boil. Cook for 2 minutes stirring constantly.
  11. Remove from heat and let cool to room temperature. Transfer to a container and place in fridge to thicken.*
  12. Ganache:
  13. Place chopped chocolate and cream into a microwave safe bowl. Stir to combine. Microwave for 20 seconds, stir. Microwave in 10 second intervals, stirring in between, until smooth and silky. Set aside to cool completely before using.**

Assembly:

  • Using a measuring cup or a teaspoon, pour some of the thickened caramel into each cup. Place in freezer for 30mins to set.
  • Remove from freezer and use the same method to top with ganache. Sprinkle with sea salt if desired and place in fridge to set.

NOTES

* I let mine sit in the fridge overnight.

** The ganache can sit on the counter overnight. Place plastic wrap directly onto ganache to prevent a skin from forming.


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