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!

DARK CHOCOLATE BANANA POKE CAKE

This dark chocolate banana poke cake is inspired from my friend, Meshelle. One of my closest co-workers, that I used to work with, Ruben, would bring his wife’s chocolate cake to our potlucks all the time. Meshelle’s dark chocolate cake with chocolate frosting was always requested at every single potluck. It was SO delicious!

Ingredients
For the Dark Chocolate Cake
  • 2 boxes dark chocolate cake mix
  • 2 cups water
  • 1/3 cup vegetable oil
  • 3 eggs

For the Banana Cream Cheese Filling
  • 2 8 oz pkgs cream cheese
  • 8 oz can evaporated milk
  • 3.4 oz box instant banana pudding
  • 1 tsp vanilla
  • 8 oz cool whip
  • 2 medium bananas, sliced
  • 2 cups vanilla wafers, coarsely crushed


Instructions
  1. Preheat oven to 325° and spray a 13x9 baking dish with a non stick spray. 


For the Dark Chocolate Cake
  1. In a large mixing bowl, beat cake mix, water, oil and eggs together on high-speed until blended.
  2. Pour cake batter into prepared baking dish and bake for 60 minutes or until tooth pick inserted comes out clean.
  3. Remove from oven and after a few minutes, poke holes throughout the cake. Let cool


For the Banana Cream Cheese Filling
  1. In a medium mixing bowl, beat cream cheese together until smooth and creamy, approximately 2-3 minutes.
  2. In a small mixing bowl, beat banana pudding mix and evaporated milk together until thick and creamy.
  3. Add banana pudding to cream cheese and beat until well combined. 
  4. Once cake has cooled, add half the pudding mixture into a quart size freezer bag and clip the corner. 
  5. Squeeze banana filling into each hole then spread remaining pudding mixture over the top of the cake. 
  6. Spread cool whip over the top of pudding, cover with plastic wrap, place in fridge to chill.
  7. Once chilled, sprinkle vanilla wafers over the top and add sliced bananas. 

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