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!

Strawberries-and-Cream Cheesecake

Strawberries-and-Cream Cheesecake
This dessert is proof that cheesecake can be as unexpected as it is delicious. Its surprise comes when intense oven-roasted strawberries are folded into a blend of tangy mascarpone and cream cheese. The mixture is spread over a graham cracker crust and covered with a rich vanilla layer. The result will please on every level.
COURTESY OF MARTHA STEWART
YIELDS:8 - 10

INGREDIENTS
  • 1 lb. strawberries
  • 3 tbsp. light corn syrup
  • 1 c. finely ground graham crackers (about 4 sheets)
  • 1 c. plus 3 tablespoons sugar
  • 3 tbsp. unsalted butter
  • 1 lb. plus 13 ounces cream cheese
  • 1/4 tsp. salt
  • 2 large eggs
  • 1 vanilla bean
  • 8 1/4 oz. mascarpone cheese 
DIRECTIONS
  1. Preheat oven to 300 degrees. Place strawberries in a single layer on a rimmed baking sheet. Drizzle with corn syrup, and toss gently to coat. Bake until syrup thickens and strawberries turn deep red and shrink slightly, about 1 hour 30 minutes. Transfer strawberries and syrup to a medium bowl, and mash with a potato masher. Let cool completely.
  2. Raise oven temperature to 350 degrees. Stir together graham cracker crumbs, 3 tablespoons sugar, and the melted butter in a small bowl. Press mixture into the bottom of a 9-inch springform pan to make an even layer. Bake until crust is firm to the touch and has just darkened, about 10 minutes. Transfer pan to a wire rack, and let crust cool completely.
  3. Reduce oven temperature to 325 degrees. Put cream cheese into the bowl of an electric mixer fitted with the paddle attachment; mix on medium-low speed until creamy, about 2 minutes. Scrape down sides of bowl, then gradually add remaining cup sugar and the salt. Scrape down sides of bowl; add eggs, 1 at a time, mixing well after each addition. Scrape down sides of bowl, and mix in vanilla bean seeds and mascarpone until very creamy and no lumps remain, about 3 minutes. (Reserve vanilla bean for another use.)
  4. Transfer 5 cups cream cheese mixture to bowl with mashed strawberries; stir to combine. Pour strawberry-cream cheese mixture on top of crust; smooth with an offset spatula. Carefully spoon dollops of plain cream cheese mixture on top, smoothing with an offset spatula.
  5. Wrap the exterior of the springform pan in 2 layers of foil; set in a large roasting pan. Fill roasting pan with boiling water until water reaches halfway up the sides of the springform pan. Bake cheesecake until set, about 1 hour to 1 hour 10 minutes. Remove springform pan from water bath, and transfer to a wire rack to cool. Refrigerate until cold, at least 4 hours (up to overnight).
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