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!

Parmigiano Reggiano Biscuits


Parmigiano Reggiano Biscuits

These biscuits made with the King of cheeses are so light and crisp, make lots because they are extremely moreish! Make the dough in advance and bake when required. They are perfect for unexpected guests over the festive season – simplicity at its best!

Makes 60
Prep time: 10 minutes (plus 1 hour chilling time) 
Cooking time: 10-15 minutes

Ingredients
  • 125 g unsalted butter, cubed & softened
  • 70 g Parmigiano Reggiano*, grated
  • 50 g mature cheddar, grated
  • 150 g plain flour
  • ¼ tsp smoked paprika
Method
  1. In a food processor place all the ingredients and blend together, add 1-2 tbsp cold water and blend further until you have a dough.
  2. Lay a sheet of cling film on a work surface and spoon half the mixture down the centre to form a log, about 3cm wide. Firmly roll up. Repeat this with the remaining mixture until you have 2 logs, now place in the refrigerator for an hour until chilled and firm.
  3. Preheat the oven to 180°C/160°C Fan/Gas mark 4.
  4. Remove the log from the fridge and cut into 3mm slices and place onto a lined baking tray. Place in the oven for 10-15 minutes or until lightly golden and then transfer to a wire rack to cool completely and become crisp.
  5. These biscuits can be stored in an air-tight container for up to 2 days. Or you can freeze the uncooked dough for up to 1 month.
* Parmigiano Reggiano cheese, known as the King of Cheeses, is one of the world’s oldest and richest cheeses - still produced today as it was nine centuries ago.
* A long ageing period is fundamental in building the aromas and texture of Parmigiano Reggiano. Such complexity is achieved in a totally natural way, without any additives, making Parmigiano Reggiano 100% natural, easy to digest and high in calcium.
* The minimum maturation time is at least 12 months, but only when it reaches approximately 24 months of age, is at its best. Ageing can continue up to 36 months or more, during which time the cheese develops its flavour, texture and digestibility.
* Parmigiano Reggiano is a P.D.O. product. P.D.O. products are defined and protected by European Union law in order to defend the reputation of regional foods. This mark ensures that Parmigiano Reggiano can only be produced in Parma, Reggio Emilia, Modena, Bologna to the west of the Reno River and Mantua to the east of the Po River.



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