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!

CHEESECAKE FOR TWO

This mini-cheesecake is baked in a foil lined miniature loaf pan (6"x 3"x 2"). The loaf pan is all one piece, so there is no concern about water leaking into the cheesecake when you bake it in a water bath, which is pretty handy!!


We really enjoyed this dessert. I also have a chocolate version that I will post later. Serve it plain or top it with ANY kind of cooked fruit. Today's cheesecake was topped with fresh peach & cinnamon. Yummy!!

CRUST

½ cup graham cracker crumbs
1 tablespoon granulated sugar
1 tablespoon melted butter


Mix the crumbs, sugar and melted butter and press them into the bottom of a 6"x 3"x 2" foil lined miniature loaf pan that has been very lightly sprayed with cooking spray. Make sure you leave enough foil hanging over the edges of the pan, to use as "handles" for lifting the cheesecake out after it is chilled.

CHEESECAKE FILLING

4 ounces cream cheese, soft
3 tablespoons granulated sugar
¼ teaspoon vanilla extract
2 teaspoons white flour
1 large egg white, room temperature


In a small bowl, beat the room temperature cream cheese, sugar and vanilla until smooth. Beat in the flour just until well mixed. Stir in the room temperature egg white.

Pour mixture over graham cracker crust and spread evenly. Place loaf pan inside of an 8" or 9" cake pan and fill the round cake pan withhot water (depth of hot water should be half way up the loaf pan). Bake on center rack at 325 for 28 to 33 minutes (my oven took the full 33 minutes). Cheesecake is done when the center is set but it still jiggles just a little. 

Be careful when you remove this from the oven, the water is really hot. Have a towel ready to set the loaf pan on after you take it out of the water. Let the cheesecake cool (in the pan and on a rack) for about half an hour then chill in the fridge for at least 2-3 hours.
To serve, lift the cheesecake out of the loaf pan by using the foil ends as lifting tabs. Cut the cheesecake in half (you will get two 3" x 3" servings), top with fruit filling and serve.

PEACH FRUIT FILLING
1 large ripe peach
1 teaspoon butter
1 tablespoon brown sugar
1 tablespoon granulated sugar
1/8 teaspoon cinnamon
½ teaspoon vanilla extract 

½ teaspoon corn starch
1 teaspoon water

Peel, pit and chop the peach. Place it, and the butter,in a small saucepan. Add the sugars, cinnamon and vanilla. Cook on medium low heat, stirring, until the peaches are half way tender (watch them, they cook quickly). Stir the cornstarch into the water and add to the peaches while stirring. Cook until thick and bubbly (about another minute). Serve warm (or chilled) on the cheesecake.

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