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!

Basic French Macarons

The basic meringue-style French macaron is merely the springboard for your wildest color and flavor combinations. Try adding a teaspoon of Dutch-process cocoa and red gel food coloring for a red velvet macaron, or a 1/4 teaspoon rose extract and pink gel food coloring for rose. Always add the dry flavorings to the almond meal/powdered sugar mixture and the extracts/gel color to the meringue.
INGREDIENTS
  • 2/3 cup almond meal or ground almonds
  • 1 1/2 cups powdered sugar
  • 3 large egg whites, room temperature and preferably aged up to 3 days
  • 5 tablespoons granulated sugar
  • 1 teaspoon vanilla extract

DIRECTIONS
  1. Preheat the oven to 280ºF, and position 2 racks in the lower section of the oven. Line 2 rimmed baking sheets with parchment paper. If you have time, draw 1-inch circles on the back of each sheet, spacing the circles at least 1/2-inch apart.
  2. If your almond meal is very coarse, grind it with the powdered sugar in a food processor until fine. Sift the almond meal-powdered sugar mixture twice through a mesh sieve.
  3. Place egg whites in the bowl of a stand mixer (or use a hand mixer), and begin to beat on medium-high. When the eggs are frothy, gradually add granulated sugar 1 tablespoon at a time until fully incorporated. Continue to beat the egg white mixture until glossy and stiff peaks form when you lift the beaters. Gently stir in the vanilla extract. Be careful to not overbeat the meringue (e.g., the meringue takes on a clumpy texture).
  4. Add half of the sifted almond mixture, and gently fold it into the meringue using a flexible silicone spatula. Lift from the bottom, up around the sides, and toward the middle, being careful to not overagitate the meringue and lose too much air. Once the almond mixture is predominantly incorporated, add the second half and repeat the folding motion.
  5. When the almond mixture is just incorporated, you will need to transform the batter into the appropriate texture. Using the flat of the spatula, "punch" down into the center of the batter, then scrape more batter from the sides to the center, and punch again. You will need to repeat this 10-15 times (or more, depending on your arm strength and the beginning texture of your batter) until the batter slowly and continuously drips back into the bowl when you scoop it up with the spatula. Think of the consistency of molten lava. For the best results, punch the batter a few times, check the consistency, then punch a few more times, etc. Do not make the batter too runny or the macarons won't rise as they should, and you could end up with oil stains on the surface.
  6. Pour batter into a pastry bag fitted with a 0.4-inch tip. In a pinch, you can also use a gallon-size Ziploc bag: just snip a teeny bit from one of the bottom corners. Twist and clip the top of the bag to avoid overflow. On your prepared baking sheets, pipe out 1-inch rounds in the circles you drew (remember to draw the circles on the back side of your parchment to avoid ink or pencil stains on your macarons!).
  7. Holding the baking sheet in both hands, rap each baking sheet firmly on the counter two or three times. This smooths out the tops and helps form the "pied" or frilly foot on the bottoms of the macarons. Allow the piped macarons to dry, uncovered, for at least 15 minutes. The macarons should form a very thin, smooth crust where, if you tap it lightly with your finger, the batter will not stick to your finger. If after 15 minutes, the batter is still sticky, let it dry longer. This may take up to an hour on humid days.
  8. Place both baking sheets in the oven and bake for 15-18 minutes. After the first 2 minutes, open the oven to allow any excess humidity to escape. Halfway through, swap oven racks and rotate the sheets for even baking. The macarons are done when they are baked all the way through and the shells are just hard. Take care to not underbake (insides will still be mushy) or overbake (tops will begin to brown). Remove them from the oven, and cool on baking sheet placed on a wire rack.
  9. When fully cooled, assemble the macarons with your choice of filling. The assembled macarons can be stored in an airtight container in the refrigerator for up to one week.
Recipe  Adapted From popsugar.com

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