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!

THE BEST CHOCOLATE CHIP COOKIES

These Chocolate Chip Cookies are seriously the best!! Thick, chewy, and perfectly golden brown, once you try them, your search for the perfect chocolate chip cookie will be over. Guaranteed!

Have you ever gone on a search for the perfect chocolate chip cookie? I feel like I’ve been on one for years! Not even kidding. Because if there’s one thing that can win people over, and put smiles on faces, and make everything better….it’s a really good chocolate chip cookie.

My first experience of winning people over with cookies? Way back when I was in 6th grade. I made cookies for my birthday party….and they turned out amazing. Which was especially important because this wasn’t just any birthday party. It was a birthday sleepover, and all the “popular” girls (who I had just become friends with) were there.

I asked my mom if we could get special snacks and drinks and do a fashion show and stay up all night. And other than staying up all night, I’m pretty sure my mom said yes to all of it. Probably because she knew how nervous I was, and how important it felt, and how much I wanted everything to be “just right”. Well, everything was just right….especially the cookies. And I was one happy 6th grader.

But here’s the thing. I have never since that oh-so-important birthday party been able to recreate those perfect chocolate chip cookies. That is, until now. These cookies are exactly like the ones that won over the popular crowd….except better. Because they’re made with browned butter! And browned butter makes ALL the difference. They’re crispy on the outside, chewy on the inside, thick, buttery, and packed with delicious flavor. In other words, they’re the BEST chocolate cookies ever!!! Perfect for winning people over, putting smiles on faces, and making everything better.

The BEST Chocolate Chip Cookies

These Chocolate Chip Cookies are seriously the best!! Thick, chewy, and perfectly golden brown, once you try them, your search for the perfect chocolate chip cookie will be over. Guaranteed!
 Prep Time 45 minutes
 Cook Time 10 minutes
 Total Time 55 minutes
 Servings 24 -36
 Author Cathy Trochelman

Ingredients

  • 2 c. all purpose flour
  • 1/2 tsp. baking soda
  • 14 Tbsp. unsalted butter
  • 1/2 c. granulated sugar
  • 3/4 c. packed light brown sugar
  • 1 tsp. salt
  • 1 tsp. vanilla
  • 1 large egg
  • 1 large egg yolk
  • 1 1/2 c. semisweet chocolate chips
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Instructions

  1. Preheat oven to 375 degrees.
  2. In a medium mixing bowl, combine flour and baking soda. Set aside.
  3. Heat 10 Tbsp. butter in a large skillet over medium-high heat until melted. Continue cooking, stirring constantly, until butter is golden brown.
  4. Remove from heat and transfer to a heatproof bowl.
  5. Stir remaining 4 Tbsp. butter into browned butter until completely melted. Add sugars, salt, and vanilla and mix well.
  6. Add egg and yolk; mix thoroughly. Let stand 3 minutes and stir again; repeat once more until mixture is thick and smooth.
  7. Add flour mixture and stir until just combined.
  8. Stir in chocolate chips.
  9. Refrigerate dough for 30 minutes.
  10. Using a small cookie scoop, drop by rounded scoops 2 inches apart on parchment-lined baking sheet.
  11. Bake until cookies are golden brown and puffy, about 9-11 minutes.
  12. Transfer cookie sheet to a wire rack to cool.

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