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!

Carrot Cake Drop Cookies

Carrot Cake Drop Cookies
Crunchy on the outside, soft on the inside, this Carrot Cake Cookies recipe makes it easy and fun not only to eat your vegetables but also to eat carrot cake on the go.
I’ve been making several carrot cake inspired recipes lately and the biggest question I find is – what goes in a carrot cake? Raisins? Coconut? Pineapple? Walnuts? Pecans? I don’t think there’s any right or wrong answer. For my Carrot Cake Cheesecake I made last year, I added the whole works with pineapple and coconut, but then for these Carrot Cake Drop Cookies, I was hesitant in adding pineapple due to the extra moisture; I didn’t want them to spread ridiculously thin. I’m quite pleased with how they turned out – a bit crunchy on the outside, soft and moist on the inside. I wanted a cake-like texture rather than a chewy cookie, and I succeeded.
Carrot cake dates back to war time where carrots were more abundant and cheaper than sweeteners. Soon the classic dessert became popular across the US in restaurants and bakeries. I decided to take that classic cake and marry it with drop cookies, making it easier to eat carrot cake on the go.
You can shred your own carrots using a hand grater or food processor or buy a pre-shredded bag. I used pre-shredded carrots, which were a little big for cookie dough as is, so next time I’d chop them a little more finer. I used walnuts, but you can easily substitute pecans (or leave them out altogether, but I do love the crunchy texture they add).
Carla Cardello (

Yields 2
Carrot Cake Drop Cookies
15 min Prep Time
17 min Cook Time
32 min Total Time
  • 2 cups all purpose flour
  • 2 teaspoons baking powder
  • 1 teaspoon ground cinnamon
  • 1/2 teaspoon ground nutmeg
  • 1/4 teaspoon ground clove
  • 1/2 teaspoon salt
  • 3/4 cup granulated sugar
  • 3/4 cup butter-flavored shortening
  • 1 egg, room temperature
  • 1 teaspoon vanilla extract
  • 1 1/2 cups finely shredded carrots
  • 1/2 cup raisins
  • 1/2 cup chopped walnuts
  • 1/4 cup chopped white chocolate
  1. Preheat the oven to 350F. Line two cookie sheets with parchment paper.
  2. In a medium bowl, whisk together the flour, baking powder, cinnamon, nutmeg, clove, and salt.
  3. In a large mixing bowl, beat together the sugar and shortening until smooth and creamy, about 2-3 minutes. Beat in the egg and vanilla. Gradually beat in the flour mixture then add the carrots, raisins, and walnuts.
  4. Scoop the dough into 1 1/2-inch balls (I used #40 scoop) and place onto cookie sheets. Flatten slightly. Bake 17-20 minutes or until firm on the edges and starting to brown. Cool on the sheet for 3 minutes then carefully remove to a cooling rack. Cool completely.
  5. Melt white chocolate and drizzle over cookies. Let harden. Store in an airtight container.
Source: Adapted from The King Arthur Flour Cookie Companion


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