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!
CHOCOLATE CHEESECAKE STUFFED BUNDT CAKE
DOUBLE THE CHOCOLATE IN THIS DELICIOUS CHOCOLATE CHEESECAKE STUFFED BUNDT CAKE!
This cheesecake stuffed Bundt cake is amazingly good. It actually rivals my favourite chocolate cake in both flavour and texture. The cheesecake adds a bit of a tart tang that compliments the chocolate cake perfectly. I opted to fill it with a chocolate cheesecake, but you could do a plain one instead (just skip the melted dark chocolate) or any other flavour. If you’re not a cheesecake fan, you can just leave that out altogether and you’ll still have a delicious chocolate cake on your hands!
Double the chocolate in this delicious Chocolate Cheesecake Stuffed Bundt Cake!
INGREDIENTS
- Cheesecake Filling:
- 6 oz cream cheese room temperature
- 1/4 cup + 2 Tbsp granulated sugar
- 1 large egg room temperature
- 1/2 tsp vanilla
- 1 Tbsp + 2 tsps all-purpose flour
- 1 1/2 oz dark chocolate melted & cooled
- Chocolate Bundt Cake:
- 6 Tbsp Dutch-processed cocoa powder sifted, plus extra for dusting
- 3 Tbsp black cocoa powder sifted
- 4 1/2 oz dark chocolate finely chopped
- 1 1/2 tsp espresso powder not granules
- 1/2 cup boiling water
- 3/4 cup buttermilk room temperature
- 1 1/3 cup all-purpose flour
- 3/4 tsp salt
- 3/4 tsp baking soda
- 1/2 cup unsalted butter room temperature
- 1 1/2 cups light brown sugar packed
- 4 large eggs room temperature
- 1 1/2 tsp vanilla
INSTRUCTIONS
- Cheesecake Filling:
- Beat cream cheese and sugar until fluffy. Add in egg, vanilla, and flour and beat until well combined. Add in chocolate and beat until well combined. Set aside.
- Chocolate Bundt Cake:
- Preheat oven to 350F. Grease a 10 or 12 cup Bundt pan and dust with cocoa powder.
- In a medium bowl, combine cocoas, espresso powder, chopped chocolate and boiling water. Cover and let sit 5 minutes. Whisk until smooth. Let cool to room temperature and whisk in buttermilk. Set aside.
- In a medium bowl, whisk flour, salt, and baking soda. Set aside.
- Place butter in the bowl of a stand mixer fitted with the paddle attachment. Beat on med-high until pale. Add in sugar and beat until well combined (approx. 3 mins).
- Reduce speed and add in eggs one at a time, fully incorporating after each addition. Add in vanilla.
- Alternate adding flour mixture and chocolate mixture, beginning and ending with the flour (3 additions of flour, 2 additions of chocolate). Mix just until combined.
- Dollop some cake batter into the Bundt pan and nudge into the cracks with a spatula. Add in more cake batter until pan is almost half full.
- Carefully dollop in cheesecake filling being sure not to let it touch the sides.
- Top with remaining cake batter and smooth with a spatula.**
- Whack cake pan on the counter to get rid of any bubbles and fill in any cracks. Bake for 50-60mins or until a cake tester comes out mostly clean. Rotate pan after 40mins.
- Cool in Bundt pan for 10mins. Whack Bundt pan on the counter to loosen cake and turn out onto cooling rack to cool completely.
NOTES
* If you don't have black cocoa, just use Dutch-processed.
** Be sure to only fill pan no more than 3/4 full. If you have batter leftover, you can bake it alongside the Bundt in a loaf pan or in cupcake tins.
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