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!

Margarita Cupcakes Recipe

Margarita Cupcakes Recipe

A tequila and lime cupcake paired with a lime buttercream creates a really fun and delicious adult treat!

SERVINGS : 12 cupcakes

INGREDIENTS
Cupcakes:
  • 1 ½ cups flour
  • 2 teaspoon baking powder
  • ½ teaspoon salt
  • 1 stick (½ cup or 113g) room temperature butter
  • 1 cup granulated sugar
  • 2 eggs, room temperature
  • 1 lime, juiced (should be about 2 tablespoons)
  • ½ cup milk, room temperature
  • 1 tablespoon tequila
Lime Buttercream:
  • 1 stick (½ cup or 113g) butter, room temperature
  • 2-3 cups confectioners sugar
  • 5 tablespoons fresh squeezed lime juice
  • 1 tablespoon sanding sugar
  • Kosher salt (optional)

DIRECTIONS
For the Cupcakes:
  1. In a medium bowl whisk together flour, baking powder, and salt. Set aside.
  2. Pour milk into a 1 cup measuring cup and add 2 tablespoons of fresh squeezed lime juice. Stir to incorporate and set aside.
  3. In the bowl of a stand mixer fitted with paddle attachment, cream together butter and sugar on medium-high speed until light and fluffy, about 2 minutes.
  4. With the mixer on low, add in eggs one at a time, beating well after each.
  5. Slowly add in the flour mixture in three batches, alternating with the milk mixture, starting and ending with the flour. Mix until just incorporated and make sure speed is always on low.
  6. Divide batter evenly in a muffin pan. Bake for 18-24 minutes or until a toothpick inserted into the center comes out clean.
  7. When done baking, remove cupcakes from oven and brush with tequila. After about 5 minutes, transfer cupcakes to a wire rack to completely cool before frosting.
For the Buttercream:
  1. In the bowl of a stand mixer fitted with paddle attachment, add butter. Beat until light and fluffy, about 3 minutes.
  2. Turn mixer off and add in confectioners sugar. Turn mixer on low and slowly add in fresh squeezed lime juice, one tablespoon at a time.
  3. Mix until thick and creamy.
  4. Make sure to add the tequila to the cupcake while it is still warm! I have found the best way to do this is to brush it one with a pastry brush, but you can also use a small spoon and pour it over.
  5. To decorate the cupcake, add frosting to a pastry bag fitted with an open-star tip. Pipe out frosting onto cooled cupcake and top with sanding sugar. If you want to add salt, sprinkle just a couple granules over the top cupcake.
  6. Cupcake last about 3 days but are best served immediately.

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