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!

NEW YORK-STYLE INSTANT POT CHEESECAKE


NEW YORK-STYLE INSTANT POT CHEESECAKE


Learn how to make New York-Style Cheesecake — in the instant pot! This cheesecake recipe is so much simpler than the oven version!

INGREDIENTS:
GRAHAM CRACKER CRUST:
3 tablespoons sugar
5 tablespoons butter
9 large graham crackers, pulsed into crumbs
2 tablespoons ground pecans
1/4 teaspoon cinnamon
CHEESECAKE FILLING:
12 ounces cream cheese (or 1 1/2 packages)
1/4 teaspoon kosher salt
2 teaspoons lemon zest
2 teaspoons vanilla extract
1 tablespoon cornstarch
1/2 cup + 2 tablespoons granulated sugar
2 large eggs + 1 egg yolk
1/2 cup sour cream


DIRECTIONS:
Position a rack in the center of the oven and preheat the oven to 350ºF if you plan on baking the crust. If you’re freezing it, you can skip this step. Regardless of which method you use, wrap your 6 or 7-inch springform pan tightly in foil and spray the inside of the pan with non-stick cooking spray.
CRUST: combine the butter and sugar in a microwave-safe bowl and zap until the butter melts, about 30-40 seconds. In a medium bowl, combine the cracker crumbs, pecans, and cinnamon. Pour the melted butter on top and using a rubber spatula mix until the crumbs are covered in the butter. Press the crumb mixture into the bottom of the prepared pan and about 1-inch up the sides. Place the pan in the freezer for 15-20 minutes or bake for 10 minutes. If baking, allow the crust to cool to room temperature before proceeding.
CHEESECAKE FILLING: In the bowl of a stand mixer fitted with the paddle attachment, beat the cream cheese, salt, vanilla, lemon zest, and cornstarch until smooth, about 1-2 minutes. Add the sugar and let it mix in completely before adding the eggs one at a time. Add the sour cream and mix until just combined. Pour the batter into the crust. Cover the top of the springform pan with a piece of foil and wrap it tightly around the rim.
PRESSURE COOK: Pour 1 1/4 cups of water into the base of the instant pot and place the steaming rack on the bottom. Place the springform pan on the rack. Lock the lid in place and seal the vent. Cook the cheesecake on manual high pressure for 37 minutes and allow the Instant Pot to naturally release its pressure for 25 minutes afterward (the ‘keep warm’ setting should still be on, you don’t want to turn your IP off completely).
LET COOL: carefully remove the springform pan from the IP then remove the foil. Using a piece of kitchen towel, gently wipe the surface of the cheesecake if there is any moisture on the surface of the cake. Allow the cheesecake to cool to room temperature, about 3 hours before placing it in the refrigerator to cool overnight. Cheesecake can be prepared 24-48 hours in advance. Top with whipped cream, berries, or apple or cherry pie filling before serving!



NOTES:
9 graham cracker sheets is roughly 1- 1 1/4 cups of crumbs.

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