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!

Cannoli Cheesecake with Mascarpone {Instant Pot/Pressure Cooker Recipe}

Cannoli Cheesecake with Mascarpone {Instant Pot/Pressure Cooker Recipe}

  • 10 shortbread cookies (or biscotti)
  • 4 TBS unsalted butter, melted
  • 1/8 tsp salt
  • 2 8 oz packages cream cheese room temperature
  • 1 8 oz container mascarpone cheese room temperature
  • 3/4 cup sugar
  • 1 1/2 tsp vanilla
  • 1 tsp lemon zest
  • 3 large eggs room temperature
  • 3/4 cup semisweet mini chocolate chips
  • 1/2 cup milk chocolate or semisweet chocolate chips
  • 1 TBS whipping cream

  1. Pulse the shortbread to fine crumbs in a food processor or beating with rolling pin in plastic bag. Add the melted butter and salt and pulse until the mixture has the texture of wet sand. Press into the bottom of a 6-7-inch springform pan.
  2. In a stand mixer fitted with the paddle attachment, beat the cream cheese, mascarpone and sugar on medium-high speed until light and fluffy, about 3 minutes, scraping down the sides of the bowl occasionally with a rubber spatula. Add the vanilla and lemon zest; beat on medium speed until combined. Add the eggs, one at a time, beating after each addition until just combined. Scrape down the sides of the bowl and mix again. Remove the bowl from the mixer and fold in the chocolate chips.
  3. Pour the batter into your springform pan. Cover the pan with a paper towel and then a piece of foil. Set aside.
  4. Inside of your pressure cooker, add one cup of water and place trivet on top of the water. Gently lower the spring form pan on top of the trivet into the pressure cooker.
  5. Put on the lid to the pressure cooker and set to "sealing". Press Manual (High) for 36 minutes for 6 in spring form pan and 40 minutes for a 7 in spring form pan.
  6. When the time is up, allow for the pressure cooker to come to a natural release for 10 minutes then vent so the remaining pressure is released.
  7. Take the cheesecake from the pressure cooker and remove the foil and paper towel. Let cool for about 30 minutes.
  8. Replace the paper towel and foil and put in refrigerator for at least 6-8 hours. Cut and enjoy!
  9. For topping, microwave chocolate chips and heavy cream in bowl for 30 seconds to 1 minute. Stir until melted and drizzle over the top.


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