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!

FUNFETTI CAKE

Funfetti Cake – homemade funfetti layer cake filled with sprinkles, topped with fluffy frosting, more sprinkles and a drippy chocolate ganache. By our contributor, Olivia Bogacki.

Hi everyone! Olivia from Liv for Cake here, and I’m so excited to bring you my first of many cakes for The Cake Blog!  You’ll typically find a variety of sweet treats on my blog, but cakes are by far my favourite thing to make (and eat).
This cake is really simple to decorate, but I do have a few tips for you to ensure it all goes smoothly.

To add the sprinkles to the sides of the cake, I first placed the cake on an upside-down bowl so that the sides of the cake would be floating and I could easily spread the sprinkles to the very bottom of the sides.  I rotated the cake as I pressed the sprinkles in, starting from the top and working my way down.  You could also try this technique, but since the frosting was a bit on the softer side due to the cream cheese, I opted to press the sprinkles into the sides manually.  Either way you choose, be sure to smooth the sprinkles out to ensure the ganache drips down nicely.

For the drippy ganache, I used a teaspoon to drip the ganache along the sides and then filled in the top.  You can follow this tutorial here to see how I did it.  Simple, straightforward, and works like a charm!

Funfetti Cake – homemade funfetti layer cake filled with sprinkles, topped with fluffy frosting, more sprinkles and a drippy chocolate ganache.

INGREDIENTS
For the Funfetti Cake:
  • 1 ½ cups cake flour (sifted)
  • 2 teaspoons baking powder
  • ½ teaspoon salt
  • ½ cup unsalted butter (room temperature)
  • 1 cup granulated sugar
  • 2 large eggs (room temperature)
  • 1 teaspoon vanilla extract
  • ¾ cup buttermilk (room temperature)
  • ¼ cup rainbow jimmies sprinkles

For the Cream Cheese Frosting:
  • 1 cup unsalted butter (room temperature)
  • 6 ounces cream cheese (room temperature)
  • 3 cups confectioners’ sugar
  • 1 tablespoon vanilla extract
  • pinch salt

For the Chocolate Ganache:
  • 3 ounces dark chocolate (finely chopped)
  • 3 ounces heavy cream
  • For the Assembly:
  • 1 cup rainbow jimmies sprinkles

INSTRUCTIONS
Make the Funfetti Cake:
  1. Preheat oven to 350F.  Grease and flour three 6″ cake rounds and line with parchment.
  2. In a medium bowl, whisk flour, baking powder, and salt until well combined.
  3. Using a stand mixer fitted with the paddle attachment, beat butter until smooth.
  4. Add sugar and beat on med-high until pale and fluffy (2-3 minutes).
  5. Reduce speed and add eggs one at a time, fully incorporating after each addition.  Add vanilla extract.
  6. Alternate adding flour mixture and buttermilk, beginning and ending with flour (3 additions of flour and 2 of milk).  Fully incorporating after each addition.  Do not overmix.  Fold in sprinkles.
  7. Spread batter evenly into prepared pans.  Smooth the top with a spatula.
  8. Bake for approximately 30 minutes or until a toothpick inserted into the center comes out mostly clean.
  9. Place cakes on wire rack to cool for 10 minutes then turn out onto wire rack to cool completely.
  10. Make the Cream Cheese Frosting:
  11. Beat butter and cream cheese on med-high until pale and smooth (approx. 2mins).
  12. Reduce speed to low and add sugar 1 cup at a time. Add vanilla and pinch of salt. Increase speed to high and beat for 2-3 minutes until pale and smooth.
  13. Make the Chocolate Ganache:
  14. Place chopped chocolate and cream into a microwave safe bowl.  Stir to combine.  Microwave for 20 seconds, stir.  Microwave in 10 second intervals, stirring in between, until ganache is smooth and silky.
  15. Set aside to cool completely before using on cake.
  16. Assemble the Cake:
  17. Place one layer of cake onto a cake stand or serving plate.  Top with approximately 2/3 cup of buttercream.  Repeat with remaining layers and crumb coat the cake.
  18. Place cake in freezer and frosting in the fridge for 30 minutes.
  19. Frost the cake and smooth the sides and top. Place back in the fridge for 1-2 hours for frosting to set.
  20. Place a bowl upside down on a baking sheet to catch excess sprinkles. Place cake on inverted bowl. Gently, but firmly, press sprinkles into the sides and top of the cake. Letting excess fall onto the baking sheet.
  21. Chill in fridge for 30 minutes.
  22. Using a teaspoon, apply ganache near edges like so to create the drips. Pour some ganache on the top of the cake and spread with an offset spatula. (detailed tutorial here)
NOTES
Frosting may be very soft, if so, place in fridge for 30 minutes to firm up.
I ran my hands over the entire cake after adding the sprinkles to ensure a smooth surface for the drippy ganache. If using a firmer frosting, you can try using this technique to cover the sides with sprinkles.

Recipe Source:thecakeblog.com

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