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!

Brownie Baked Alaska


The start of summer can only mean 1 thing: ice cream!!! It was my goal to incorporate ice cream into one of the summer baking challenges, so baked Alaska was an easy choice. Along with many reader requests for the recipe, as well as my own desire to tackle this "difficult" retro dessert, I devoted some time in the kitchen to baked Alaska-ing. 3,845 quarts of ice cream and 2 emergency trips to the grocery store later, let me present you with baked Alaska and baked Alaska cupcakes!

Let's get one thing straight, though...




INGREDIENTS
  • Two 1.5 quarts any flavor ice cream*
  • enough brownie batter for 9-inch pan (I suggest this brownie recipe or this brownie recipe)
  • Meringue
  • 4 large egg whites, at room temperature
  • 1 cup (200g) granulated sugar
  • 1/2 teaspoon cream of tartar
  • 1/2 teaspoon pure vanilla extract
  • Special Equipment
  • Kitchen torch (if you don’t have one, use the oven as directed in step 10)
  • 9-inch 2.5 quart bowl (I recommend the one in this set)
  • Plastic wrap/cling wrap


DIRECTIONS
  1. Please watch the video tutorial in the blog post to help guide you. Read the recipe in full before beginning as the ice cream is time sensitive.
  2. Remove ice cream from the freezer and allow to soften on the counter for 10 minutes. As it softens, line a 9-inch 2.5 quart bowl (I recommend the one in this set) with plastic wrap with enough overhang to easily remove the ice cream as a whole once it’s frozen.
  3. Scoop softened ice cream into another large bowl and using a handheld or stand mixer fitted with a paddle attachment, beat until creamy. Spread ice cream into prepared lined bowl. Cover with plastic wrap and freeze for 8 hours and up to 3 days. I freeze it overnight. The longer it's frozen, the sturdier the cake and neater the slices.
  4. Preheat oven to 350°F (177°C). Grease a 9-inch round cake pan, then line with parchment paper. Grease the parchment paper as well. The brownie is difficult to remove from the cake pan as a whole without the parchment.
  5. Pour brownie batter into prepared cake pan and bake for 32-38 minutes or until a toothpick inserted in the center comes out mostly clean without any wet batter. (This brownie recipe is thick and could take a little longer in your oven.) Allow to cool completely in the pan. Once cool, run a knife around the brownie edges, then invert the pan to fully release the brownie as a whole.
  6. Remove bowl of ice cream from the freezer. Peel back the plastic wrap and place the brownie layer on top (which will be the base of the baked Alaska). Cover back up with plastic wrap and freeze for 30 minutes. (Make the meringue while you wait.)
  7. Make the meringue: Place egg whites, sugar, and cream of tartar in a heatproof bowl. Set bowl over a saucepan filled with two inches of simmering water. Do not let it touch the water. (You can use a double boiler if you have one.) Whisk constantly until sugar is dissolved, about 4 minutes. Transfer the mixing bowl to an electric mixer fitted with a whisk attachment. Add the vanilla. (FYI I forgot to add it in the video!) Beat on high speed for 5-6 minutes until stiff glossy peaks form.
  8. If using the oven in step 10, preheat oven to 450°F (232°C) now.
  9. Remove ice cream/brownie from the freezer. Carefully remove from the bowl and peel off the plastic wrap. If using a kitchen torch, invert onto a heatproof serving plate or cake stand. If using the oven, invert onto a baking sheet lined with aluminum foil.
  10. Spread meringue all over the ice cream, completely enclosing it. Use a spoon to create big peaks and swirls. Make sure there is absolutely no ice cream peeking out. If using the kitchen torch, toast the entire meringue topping. If using the oven, bake in preheated oven for 4-5 minutes until toasted.
  11. Use a sharp knife (I suggest a serrated knife) to cut thin slices and serve immediately. Store leftovers in the freezer.
  12. Make ahead tip: Step 3 can be prepared up to 3 days in advance. Brownie base can be prepared up to 3 days in advance as well. Cover and store at room temperature. My recommendation for making ahead is to assemble the entire brownie baked Alaska with meringue topping, freezing for up to 1-2 days, then torching or baking right before serving. The meringue covered Alaska holds up wonderfully in the freezer and your guests will love to watch the meringue toast! The brownie will be pretty hard, but warms up quickly as you begin slicing.

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