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!

TURTLE THUMBPRINT COOKIES

TURTLE THUMBPRINT COOKIES — Delightful chocolate nut thumbprint cookies with a caramel filling and chocolate drizzle.


It would not be an exaggeration to say that these shot straight to the top of my must make Christmas cookie list. Besides all that caramel, I love that the dough isn’t too sweet.

I find that a food processor is the best way to finely chop the nuts, but I’ve also used my blender with good results.

With a drizzle of chocolate, these cookies are as pretty as they are delicious. I always double the recipe. With five of us, a single batch wouldn’t last a day!

TURTLE THUMBPRINT COOKIES RECIPE

Delightful chocolate nut thumbprint cookies with a caramel filling and chocolate drizzle.


INGREDIENTS

  • 1 cup flour
  • 1/3 cup cocoa powder
  • 1/4 teaspoon salt
  • 1/2 cup butter, softened
  • 2/3 cup granulated sugar
  • 1 large egg, separated, plus 1 additional egg white
  • 2 tablespoons milk
  • 1 teaspoon vanilla extract
  • 1 1/4 cup pecans, very finely chopped
  • 18-19 caramels, unwrapped
  • 4 tablespoons heavy cream
  • 2 oz. semi-sweet chocolate chips or melting chocolate (optional)

INSTRUCTIONS

  1. In a medium bowl combine flour, cocoa, and salt.
  2. With electric mixer on medium-high speed, beat butter and sugar until light and fluffy, about 2 minutes. Add egg yolk, milk, and vanilla and mix until incorporated.
  3. Reduce speed to low and blend in flour mixture. Cover dough and refrigerate for one hour.
  4. Preheat oven to 350 degrees.
  5. Whisk egg whites in a bowl until frothy. Place chopped pecans in another bowl. Roll chilled dough into 1-inch balls, dip in egg whites, and then roll in pecans, coating evenly.
  6. Place cookies about 2 inches apart on a lightly greased baking sheet. Using a 1/2 teaspoon measuring spoon, make an indentation in the center of each dough ball. Bake for 8-10 minutes, or until just set.
  7. Meanwhile, microwave the caramels and cream together in a small bowl for one minute. Stir and return to the microwave in 20-30 second increments, until caramel is melted and smooth.
  8. Once cookies are removed from the oven, gently re-press the indentations. Fill each indentation with about 1/2 teaspoon of the caramel mixture.
  9. Cool on the pan for about 10 minutes before transfer to a wire rack to cool completely.
  10. Prepare the Chocolate Drizzle (optional). Place chocolate in a small zip-top plastic bag. Set bag in a bowl of warm water to soften. Gently knead the chocolate with your fingers until melted and smooth, placing back in the warm water for a minute or two as needed.
  11. Alternately, chocolate can be melted in the microwave at 50% power. Snip a small corner from the bag and drizzle chocolate over cookies.

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