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 Cookie Recipe

Brownie Cookie Recipe

This brownie cookie recipe is all of the good parts of a brownie- crackly crust, fudgy middles, chewy edges, & intense chocolate flavor -in one little cookie! Also, if check out the how-to video right above the recipe. 

AUTHOR:I Heart Eating
PREP TIME:45 minutes
COOK TIME:13 minutes
TOTAL TIME:58 minutes
SERVINGS:36 cookies
COURSE:Dessert
CUISINE:American
KEYWORD:brownie cookie, chocolate cookie

INGREDIENTS
  • 12 ounces bittersweet chocolate chips 60-70% cacao
  • 1/2 cup butter
  • 3 large eggs
  • 1 cup granulated sugar
  • 1/4 cup brown sugar
  • 1 tablespoon vanilla extract
  • 1/2 teaspoon baking powder
  • 1/2 teaspoon salt
  • 3/4 cup all-purpose flour
  • 1/4 cup unsweetened cocoa powder not Dutch-processed
  • 1 cup pecans chopped, optional
  • 1/2 cup mini semisweet chocolate chips
US CUSTOMARY - METRIC
INSTRUCTIONS
  1. Melt bittersweet chocolate chips and butter in a heavy saucepan over low heat, stirring constantly until melted and well-combined.
  2. Remove from heat, and set aside.
  3. In the bowl of a stand mixer, beat the eggs, sugars, vanilla, baking powder, and salt on high speed 5 minutes, or until the batter is thick and creamy. This step is key, so make sure to beat the mixture for the full 5 minutes.
  4. Reduce the speed to low, and mix in the melted chocolate until well-combined.
  5. Stir in flour and cocoa powder just until combined.
  6. Add nuts, if using, and mini chocolate chips. Stir in to combine. The batter should be the consistency of a thick brownie batter at this point.
  7. Cover the batter, and chill for 30 minutes.
  8. Preheat oven to 350 F. Line two baking sheets with parchment paper.
  9. Using a 1.5 tablespoon cookie scoop, drop batter onto the prepared cookie sheets about 2 inches apart.
  10. Bake cookies 8-10 minutes. The cookie will look set at the edges but still be a little wet looking in the center. Don't overbake, or the cookies won't be crackly and fudgy.
  11. The shiny, crackly crust will develop as the cookies cool on the baking sheet.
VIDEO

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