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!

TEXAS SHEET CAKE COOKIES

TEXAS SHEET CAKE COOKIES
I am aware that I have already posted a chocolate recipe this week. I am also aware that there can NEVER be enough chocolate recipes, cookie recipes and more importantly…easy recipes. If you have never been fortunate enough to have a piece of Texas Sheet Cake, than I am truly sorry. I ate my first piece as an adult and I am serious when I tell you this…I feel like my childhood was incomplete without it.
The first time grandma Pearl made it for a family gathering, I was hooked but who wouldn’t be? Texas Sheet Cakes are a thin and super moist chocolate cake that are coated with a homemade and decadent cooked chocolate frosting. There isn’t any evidence to confirm that this cake actually originated in Texas but we will go with tradition {although Oregon Sheet Cake Cookies has a good ring to it}.

Today I have taken this concept and turned it into my favorite food group…COOKIES!! I have also made life simple and used a cake mix for the cookie base. Using a cake mix to make cookies is a really great time saving tip because they take minimal ingredients and the cookies {when baked correctly} are phenomenal {be sure to check out my Red Velvet Kiss Cookies and Red Velvet Sandwich Cookies with Cream Cheese Frosting}.
When you are mixing the cake mix with the eggs and oil, remember that the dough will be thick. I like to whisk my eggs before adding them to the other ingredients because it helps incorporate everything faster. I also always suggest a cookie scoop when making cookies because they are all the same size and so they all bake evenly {see my other cookie baking tips here}.
The key to having a fabulous cookie {especially when using a cake mix base} is to NOT over bake them. Remove them from the oven after 7-8 minutes of cook time and let them cool on the cookie sheet for another few minutes before moving to a cooling rack. Baking the cookies too long will result in a rock hard cookie that isn’t tasty or appealing.
The frosting is made on the stove top but only takes a couple of minutes to pull together. Basically in the amount of time you can melt the butter…you have frosting. It will be thick and easy to pour but you may have to go back and use a spoon to make sure you cover every cookie completely.
The end result is a soft, indulgent cookie that is covered in an easy and delicious frosting. My nephews friend declared that they were the best cookie he had ever had. I hope you and your family feel the same way!
Texas Sheet Cake Cookies
Moist chocolate cookies {make with a cake mix} and covered in a cooked chocolate frosting.
Course Dessert
Prep Time 5 minutes
Cook Time 30 minutes
Total Time 35 minutes
Servings 16

Ingredients
Cookie
  • 1 box chocolate cake mix
  • 2 eggs {whisked}
  • 1/3 cup oil
Frosting
  • 1/2 cup butter
  • 2 tbsp cocoa
  • 3 tbsp milk
  • 2 1/2 cups powdered sugar
Instructions
Cookies
  1. Preheat oven to 350 degrees.
  2. Combine cookie ingredients in large bowl and mix until completely incorporated. NOTE: Dough will be thick.
  3. Using a medium sized cookie scoop {or heaping tablespoon}, scoop cookies onto a parchment lined cookie sheet.
  4. Bake for 7-8 minutes, remove from oven and let cool on cookie sheet for 4-5 minutes before moving them to a cooling rack. Repeat until all of the dough is baked.
Frosting
  1. Combine the first 3 frosting ingredients in a small saucepan over medium heat and whisk until the mixture has melted. Remove from heat, add powdered sugar and whisk until smooth.
  2. Pour frosting over cookies. Use a knife or spoon to move excess frosting and be sure that each cookie is completely covered.
  3. Let frosting set and serve. Keep cookies in an air tight container at room temperature for up to 3 days.
Recipe Notes
Add chopped pecans to the tops of cookies while the frosting isn't completely set for added taste and texture.
Author: June
Filed Under: Cookies, Desserts



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