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!

Red Velvet Pancakes with Cream Cheese Glaze

I adore red velvet. Red Velvet Cupcakes are one of my all time favorites so I think they definitely deserve to be made in breakfast form. Don’t they just have Christmas written all over them? With such a vibrant and beautiful red there’s not really a more fitting or festive breakfast to serve up on Christmas morning.


Pancakes are one of my favorite breakfast foods, if you don’t believe me check out the breakfast list on my recipe page. I haven’t even posted half of the pancake flavors I’d like to. These are definitely going to be up there on the top of my pancake favorites not only because of their delicious combination of flavors but also for their stunning beauty. I love pretty food.

Red Velvet Pancakes with Cream Cheese Glaze Recipe



Ingredients
  • 2 cups all-purpose flour
  • 3 Tbsp cocoa powder
  • 2 tsp baking powder
  • 1/2 tsp baking soda
  • 1/2 tsp salt
  • 2 cups milk
  • 2 Tbsp white vinegar
  • 1/2 cup granulated sugar
  • 2 large eggs
  • 1 1/2 Tbsp red food coloring
  • 2 tsp vanilla extract
  • 1/3 cup salted butter , melted
  • 1 recipe Cream Cheese Glaze , recipe follows
  • fresh raspberries and mint leaves , for garnish (optional)
Cream Cheese Glaze
  • 6 oz cream cheese , softened
  • 6 Tbsp butter , softened
  • 2 cups powdered sugar
  • 1/2 cup milk , plus more if desired
  • 1/2 tsp vanilla extract
Instructions
  1. Preheat an electric non-stick griddle to 350 degrees. 
  2. In a mixing bowl, whisk together flour, cocoa powder, baking powder, baking soda and salt, set aside. 
  3. Measure out milk into a liquid measuring cup and whisk in vinegar, allow mixture to rest for 2 minutes. 
  4. Pour milk mixture into a separate large mixing bowl and add in sugar, eggs, red food coloring, vanilla and melted butter. 
  5. Whisk mixture until well combine. While whisking, slowly add in dry ingredients and mix just until combine. 
  6. Butter griddle if necessary and pour about a 1/4 - 1/3 cup batter (depending on how large you want your pancakes) at a time onto hot griddle (you can also use the back of measuring cup or spoon to lightly spread batter from center out to the edge a bit so they aren't thicker in the center then they are on the edges). 
  7. Cook until bubbles begin to appear on the top surface of the pancakes then flip and cook opposite side until pancake is cooked through (I didn't want the tops of the pancakes to be brownish red so I flipped them a little earlier than I normally do with pancakes, I didn't wait for many bubbles). Serve warm with Cream Cheese Glaze and garnish with fresh raspberries and mint leaves if desired.
Cream Cheese Glaze
  1. In a mixing bowl, using an electric hand mixer set on medium speed, blend together cream cheese and butter until well combine and fluffy, about 2 minutes. 
  2. Add in remaining ingredients and mix about 1 minute until well combine, adding additional milk to thin if desired. Store in an airtight container in refrigerator.

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