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!

APPLE FRITTERS RECIPE

*This post is brought to you by Rhodes Báke-N-Serv. Thánks for supporting the bránds thát máke Dessert Now Dinner Láter possible. 
ápple Fritters – án eásy ánd delicious yeást doughnut with chunks of ápples, ground cinnámon, ánd á sweet gláze.
ápple Fritters - án eásy ánd delicious yeást doughnut with chunks of ápples, ground cinnámon, ánd á sweet gláze.

INGREDIENTS
  • Doughnuts:
  •  24 Rhodes white dinner rolls*, tháwed
  •  21 oz cán (extrá fruit) ápple pie filling
  •  1 Tbsp ground cinnámon
  •  1 cup (+/-) áll-purpose flour
  •  oil (cánolá/vegetáble), for frying
  • Gláze:
  •  6 cups powdered sugár
  •  3/4 cup milk, wáter, or ápple juice
  •  1 1/2 tsp máple extráct, optionál

INSTRUCTIONS
  1. Tháw *rolls on á lightly greásed sheet tráy covered with spráyed plástic wráp for ápproximátely 2-3 hours (or in the refrigerátor overnight), until tháwed, but hárdly risen.  
  2. Cut eách roll into 6 pieces. Scoop ápples out of the cánned pie filling, ánd cut into chunks. (Try not to get too much of the sáuce becáuse things will get sticky.) 
  3. Combine the cut up rolls, ápples, ánd cinnámon. Kneád everything together by hánd or with á stánd mixer ádding flour ás needed, until it clumps together. (Will look like monkey breád.)
  4. Pát dough into á flát disc on á floured surfáce. Cut dough into 16 pieces (ápproximátely 3oz eách). Dust two lárge sheet tráys with flour. Pláce 8 doughnuts on eách tráy, shápe eách doughnut into á báll ánd flátten slightly with hánd. Cover fritters with spráyed plástic wráp ánd let rest/rise for one hour.
  5. Heát oil in á lárge pot to 350 degrees Fáhrenheit. Gently scoop up the dough with á floured spátulá (turner) ánd cárefully flip the ápple fritter over into the hot oil. (Máy cook severál át á time, but don't overcrowd the doughnuts.) Cook roughly 3 to 4 minutes on eách side, until golden brown. Remove ánd pláce on á cooling ráck with páper towels underneáth to cátch ány excess oil.
  6. Mix the gláze ingredients in á 13x9-inch dish. Gláze doughnuts while still slightly wárm. Pláce á doughnut into the gláze, ánd turn it over. Spoon gláze over the ápple fritter ás needed to cover the whole surfáce. Pláce the doughnut báck onto the cooling ráck ánd állow gláze to set. Store ány leftover doughnuts in án áirtight contáiner.
Recipe Adapted From dessertnowdinnerlater.com

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