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!

CHOCOLATE-VANILLA CHEESECAKE

I served this delicious new recipe last weekend. Hubby and I couldn't stop nibbling on it. It has a bottom chocolate layer and a top vanilla layer, then I topped it with my newly discovered cream cheese-whipped cream. Talk about a one-two punch!! It is super quick to make and baked up without a single "crack".


CHEESECAKE
4 squares semi-sweet baking chocolate

(2) 8 ounce cream cheese (divided)
1/2 cup sugar (divided)
2 eggs (divided)
(1) 6 ounce Oreo pie crust
1 teaspoon vanilla extract

Microwave the chocolate (on high) for 1½ minutes (stirring every 30 seconds) or until completely melted. My microwave only took about 50 seconds.

To the melted chocolate, add one 8 ounce package of cream cheese, 1/4 cup of white sugar and one egg. Beat until well mixed and pour into Oreo crust. In a different bowl, mix one 8 ounce package of cream cheese, 1/4 cup of white sugar, one egg and 1 teaspoon vanilla extract. Beat until smooth and pour over the chocolate filling. Bake in preheated 350 oven for 40 minutes or until center is almost set. Chill for at least 3 hours then frost with whipped topping and sprinkle with toasted sliced almonds.

CREAM CHEESE-WHIPPED CREAM TOPPING
(1) 8 ounce package of cream cheese
1/2 cup white sugar
1 teaspoon vanilla extract
1/2 teaspoon almond extract
2 cups heavy whipping cream
toasted sliced almonds

Combine room temperature cream cheese, sugar and extracts in a large mixing bowl. Beat until very smooth. With the mixer still running, slowly pour in the whipping cream (stop once in a while to scrape down the interior walls of the bowl). Continue to beat until cream forms stiff peaks.

This is a very sturdy whipped cream and will not deflate (there is still one piece of this cheesecake in the fridge (calling my name) and the whipped cream still looks as good as it did on Sunday).

NOTE: I did not have an Oreo crust, so I made a graham cracker crust and used a 10" pie plate. I didn't find out, until the cheesecake was in the oven, that an Oreo crust is only 8½" across, so my cheesecake came out a little on the thin side.

NOTE: Next time I make this recipe, I plan on making individual size cheesecakes by baking them in (cupcake paper lined) muffin tins. I am also going to alternate spoonfuls of chocolate and vanilla batter and run a knife through the batter to "marble" it.

NOTE: If you ever forget to bring the cream cheese up to room temperature, use this trick: unwrap cream cheese completely and microwave it on high for 10-15 seconds. (my microwave takes 13 seconds).

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