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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!

SNOWBALLS


This recipe has been featured in a post on The Recipe Girl blog: Christmas Cookies- Chocolate Peanut Butter Snowballs


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SNOWBALLS

yield: 2 DOZEN COOKIES

PREP TIME:40 MINCOOK TIME:
INGREDIENTS:


FILLING:
6 ounces peanut butter chips
6 ounces semi-sweet chocolate chips
1/4 cup powdered sugar, sifted
1/4 cup peanuts, finely chopped

OUTSIDE COOKIE:
3 cups all-purpose flour
1 1/4 cups butter, softened
1/4 cup powdered sugar
1 tablespoon vanilla extract

powdered sugar
colored sanding sugar, optional

DIRECTIONS:


1. Combine chips in double boiler and heat until mixture is smooth. Remove from heat. Add powdered sugar and peanuts. Mix well. Let sit at room temperature until firm enough to shape. Roll 3/4-inch balls and set aside.

2. Preheat oven to 400 degrees F.

3. In large bowl, combine flour, butter, powdered sugar and vanilla; knead until well blended (if the dough is too dry, work in a teaspoon to a tablespoon of milk. Shape into one 11-inch log; cut into 1/4-inch slices. Lay a slice of dough in your hands and use your fingers to gently spread out. Place a chocolate-peanut butter ball in the center of the slice. Shape dough slice around filling, seal and roll into a ball with your hands. Roll the ball in the powdered sugar (add colored sanding sugar if you're making a holiday cookie), and place on un-greased cookie sheet.

4. Bake for 10 minutes. Cool slightly. Roll in powdered sugar mixture again while still warm.

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