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!

Funfetti Cut-Out Sugar Cookies

No dough chilling necessary for these soft cut-out sugar cookies that are filled with colorful sprinkles and perfect for any occasion. Crisp edges, soft centers, and completely customizable in flavor and shape!

Ingredients
  • 2 and ½ to 3 cups all-purpose flour^
  • 2 teaspoons baking powder
  • 1 teaspoon salt
  • 1 cup (2 sticks) unsalted butter, softened to room temperature
  • 1 and ¾ cup powdered sugar
  • 1 large egg, room temperature*
  • 1 and ½ teaspoons almond extract
  • ½ teaspoon vanilla extract
  • ⅔ cup sprinkles

Instructions
  1. In a medium sized bowl, toss together 2 and ½ cups of flour, baking powder, and salt. Set aside.
  2. In a large bowl with a hand mixer or the bowl of a stand mixer with the paddle attachment, cream together butter and powdered sugar until light and fluffy, about 3 minutes. In a measuring cup or small bowl with a spout, beat the egg and flavoring/extract of your choosing. Add egg mixture to creamed butter and sugar and beat on high until completely incorporated, scraping down sides as necessary.
  3. With mixer on low, add flour mixture to wet ingredients little by little, allowing dough to come together after each addition. After you have added all 2 and ½ cups of flour (plus baking powder and salt) to the bowl, most of the dough should stick to your beaters or paddle. Add the sprinkles and mix again on low until evenly dispersed.
  4. Test dough consistency by touching it with your fingers. It should be slightly tacky, but not sticky. It should remind you of Play-Doh. If it is too sticky, add ¼ cup of flour at a time until you reach 3 total cups of flour (two additions). Occasionally, I will need a tad more flour, but do not exceed 3 cups + 2 Tablespoons flour. Too much flour yields denser cookies, and we want these to stay soft. When your dough is the right consistency, gather it into a ball and allow it to rest for 15 minutes. While it is resting, preheat your oven to 400ºF. Line two large baking sheets with parchment paper or silicone baking mats. Set aside.
  5. Prepare your rolling surface by dusting it lightly with flour (working too much flour into dough can result in harder, crunchier cookies with a less sweet taste). If you would like, use two wooden dowels, sized at ¼" thickness, on either side of your dough while rolling it out to keep cookies a uniform thickness. When your dough is ready to roll, break off a workable size of dough. I usually break it into 4 pieces. Roll dough with a floured rolling pin and cut into desired shapes with cookie cutters. Because of the candy cane pieces, metal cutters to work much better than plastic. I like to dip my cookie cutter into flour every few cuts to keep my cookie edges clean. Transfer cut dough onto baking sheets. It is best to keep cookies that are the same size and shape together on baking sheets so as to uniformly bake all of your cookies. Re-roll and cut dough as needed until all of the dough is used up. At this point, you may decorate cut cookies with more sprinkles or just leave them plain and decorate them with icing or chocolate later.
  6. Bake cookies for 4-6 minutes. You will need to watch them carefully. Bake until cookies are slightly puffed and are no longer shiny. Edges may start to brown, and that's ok, just work quickly to remove them from the oven. I prefer to remove mine before they start to brown. Allow cookies to rest on baking sheet for 3 minutes before transferring to wire rack to cool completely. I prefer to decorate day-old cookies, as they are sturdier, but this is personal preference and only a suggestion. Decorate with white chocolate or this cookie icing, sprinkles, or dip into melted chocolate. Undecorated cookies freeze extremely well (I actually like to eat them frozen!), up to 3 months. Do not freeze decorated cookies. Thaw overnight before decorating previously frozen cookies. Cookies will stay fresh in an airtight container at room temperature well over a week.
Notes
^Start with 2 and ½ cups of flour and work your way up to 3 cups as needed. Do not exceed 3 cups + 2 Tablespoons.
*Room temperature egg preferred. It is always a good idea to use a room temperature egg when using room temperature butter, which allows for better incorporation into dough.

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