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!
CHERRY CHEESECAKE BROWNIES
CHERRY CHEESECAKE BROWNIES
These cherry cheesecake brownies are perfect if you want to impress that special someone, or have a date night planned, or for Valentine’s Day. They are so fabulous I wouldn’t be surprised if you received a marriage proposal if you made them. No promises, but it’s possible.
Cherry Cheesecake Brownies
Prep time 15 mins
Cook time 45 mins
Total time 1 hour
Author: Michele @ Flavor Mosaic
Recipe type: Dessert, Brownies, Cheesecake
Serves: 12
Ingredients
Cheesecake Layer:
- 1 (8 ounce) package of cream cheese, softened (I use ⅓ less fat)
- ⅓ cup sugar
- 1 egg
- ½ teaspoon vanilla
Brownie Layer:
- ½ cup butter, softened
- 1 cup white sugar
- 2 eggs
- 1 teaspoon vanilla extract
- ½ cup unsweetened dark cocoa powder
- ½ cup all-purpose flour
- ¼ teaspoon salt
- ¼ teaspoon baking powder
- ½ of a (21 ounce) can cherry pie filling (I use the lite variety)
Chocolate Drizzle:
- ¼ cup semi-sweet chocolate chips
- 2 teaspoons butter
Instructions
- Preheat oven to 350 degrees F. Either spray with baking spray or grease and flour an 8 inch square pan.
- For the cheesecake layer, in a large bowl, mix together the cream cheese, sugar, egg, and vanilla. Set aside.
- For the brownie layer, in a large mixing bowl, cream together butter and sugar. Mix in the eggs, and 1 teaspoon vanilla.
- Stir in cocoa, flour, salt, and baking powder. Stir until everything is evenly combined.
- Spread the brownie batter evenly into the prepared baking dish.
- Spread the cheesecake mixture evenly over the brownie mixture.
- Drop the cherry pie filling by spoonfuls on top of the cheesecake layer. Then take a knife and swirl the cherry pie filling through the cheesecake layer.
- Bake in a preheated oven for about 45 minutes. The cheesecake layer will still jiggle in the middle even when it has finished cooking.
- Let it cool for about an hour.
- Then chill in the refrigerator for at least 4 hours.
- While the brownies are chilling, make the chocolate drizzle by adding the chocolate chips and 2 teaspoons of butter in a small bowl and microwave for about 30 seconds. Stir until smooth. Microwave again for another 30 seconds if it is not melted after the first 30 seconds. Stir and then spoon over the top of the cheesecake bars before serving.
This recipe was inspired by Cherry Bliss Brownies on AllRecipes.com.
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