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!

French Chocolate Macarons with Chocolate Ganache

France’s version of the brownie.

INGREDIENTS (10)
For the macarons:
  • 2 cups powdered sugar
  • 1 cup almond flour or almond meal
  • 3 tablespoons natural unsweetened cocoa powder
  • 1/4 teaspoon fine salt
  • 3 large egg whites, at room temperature
  • Pinch cream of tartar
  • 3 tablespoons granulated sugar
  • For the ganache filling:
  • 4 ounces bittersweet chocolate, finely chopped
  • 1/2 cup heavy cream
  • 2 tablespoons unsalted butter (1/4 stick), at room temperature and cut into cubes


INSTRUCTIONS
  1. For the macarons:
  2. Line two baking sheets with parchment paper; set aside. Fit a large pastry bag with a 1/2-inch plain tip; set aside.
  3. Place the powdered sugar, almond flour, cocoa powder, and salt in a food processor fitted with a blade attachment and pulse several times to aerate. Process until fine and combined, about 30 seconds. Sift through a flour sifter into a large bowl; set aside.
  4. Make a meringue by placing the egg whites in the clean bowl of a stand mixer fitted with a whisk attachment. Beat on medium speed until opaque and foamy, about 30 seconds. Add the cream of tartar, increase the speed to medium high, and beat until the egg whites are white in color and hold the line of the whisk, about 1 minute. Continue to beat, slowly adding the granulated sugar, until the sugar is combined, the peaks are stiff, and the whites are shiny, about 1 minute more. (Do not overwhip.) Transfer the meringue to a large bowl.
  5. Using a rubber spatula, gently fold the dry mixture into the egg whites in four batches until the dry ingredients are just combined. (The meringue will deflate.) 
  6. With the final addition, stop folding when there are no traces of egg whites, the mixture runs like slow-moving lava, and it looks like cake batter. (Do not overmix.) 
  7. Transfer the batter to the pastry bag. Pipe out 1-1/4-inch rounds about 1 inch apart onto the baking sheets, about 25 per sheet. Pick up the baking sheets and bang them against the work surface to help create the macaron base, or foot. Let the rounds sit at room temperature for 30 minutes to dry the tops and ensure even cooking. 
  8. Heat the oven to 350°F and arrange a rack in the middle. Bake the macarons one sheet at a time for 7 minutes. Rotate the sheet and cook for 7 minutes more. Transfer the sheet to a rack to cool completely.
  9. For the ganache filling:
  10. Place the chopped chocolate in a large bowl.
  11. Warm the cream in a small saucepan over medium heat until it just starts to boil. Stir it into the chocolate without creating bubbles. Let sit for 1 minute. Add the butter and stir until smooth. Chill in the refrigerator until thickened but still spreadable, about 30 minutes.
  12. To assemble:
  13. Pair macarons of similar size. Remove the ganache from the refrigerator. If you choose to pipe the ganache, transfer it to a resealable plastic bag and snip about a 1/2 inch off a bottom corner. Squeeze or scoop the ganache to about the size of a cherry (about 1 teaspoon) onto the center of a macaron half. 
  14. Top with another half and press gently so that it looks like a mini hamburger. The filling should not ooze out the edges. Refrigerate, covered, at least 24 hours before serving. 

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