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!

EASY NUTELLA SCONES

Rich chocolate hazlenut Nutella flavour – in a scone! These Easy Nutella Scones are the perfect treat for the Nutella addict in your life…







I was baking regular clotted cream and jam scones one day when the inspiration struck to give them a Nutella twist!


These rich, chocolatey Nutella scones aren’t actually as rich as you might think – they have more of a subtle chocolate hazlenut flavour which comes from both the cocoa powder and melted nutella in the mixture… making them the perfect delivery vehicle for more Nutella.


This recipe for Easy Nutella Scones is really easy to make – you can use shop-bought Nutella or my homemade Nutella.  There are two SECRETs to great scones – the first and most important is to use COLD butter straight from the fridge. There’s a second step here too – unlike with most baking where we’d want the butter to be completely incorporated into the other ingredients, with these Easy Nutella Scones, we WANT big old LUMPS of butter in the mix. They’ll release steam as the scones bake, creating flaky, light scones.


The second secret is the liberal use of baking powder and self-raising flour… follow the amounts that I give below, and check that your ingredients are in date!




WHAT YOU’LL NEED TO MAKE THIS RECIPE


You’ll need Nutella (or homemade Nutella), self-raising flour, cocoa powder, caster sugar, baking powder, salt, cold butter, warm milk, nutella, vanilla extract, and an egg (to glaze the tops).



Check that your baking powder and self-raising flour is well in date before you start – if they’re not, you might end up with flat Nutella scones! But don’t worry if you don’t have an egg – you can glaze the tops with milk too.







EASY NUTELLA SCONES


PREP TIME
10 mins
COOK TIME
10 mins
TOTAL TIME
20 mins
Serves: 6

INGREDIENTS
300g self-raising flour
50g cocoa powder
40g caster sugar
2 tsp baking powder
pinch salt
90g cold butter, cubed
175ml warm milk (and melted into it:)
2 heaped tbsp nutella
1 tsp vanilla extract
beaten egg and sugar (to glaze the scones)


INSTRUCTIONS
Preheat your oven to 220C/fan 200C/gas 7 and grease a large flat baking tray.
In a large bowl, sift your flour, cocoa powder, and baking powder together to ensure you don't have any lumps, then add the caster sugar and pinch of salt. Set aside.
Scoop 2 heaped tbsp of Nutella into a heatproof dish or jug, and microwave for 30 seconds or until runny. Stir in all of the milk, and stir together. Warm for another 10 seconds so that the whole mixture is warm, and stir the Nutella so that it's combined with the milk as much as possible.
Combine the butter with your dry ingredients - either by hand, using a pastry cutter, or in a food processor. You want pea sized lumps of butter still in the mix, so don't go too overboard.
Make a well in the centre of your dry ingredients + butter, and pour in the milk + nutella mixture. Stir briefly, just until everything is combined - the mixture should be wet but not runny. Flour your work surface and tip the mixture out - you want to touch it with your hands as little as possible - we're definitely not kneading bread here. Just pat and shape it until it's a 1inch tall round.
Using a sharp knife, cut the scones into 6 large pieces like a pizza. Transfer onto the baking tray - they won't spread much as they cook, but just ensure they're not touching.
Bake for around 10 - 13 minutes, or until they're lightly browned on top.
Serve with more Nutella and clotted cream!
Scones are always best eaten fresh, but otherwise you can store them in an airtight container for a few days.








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