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!

LEMON POPPY SEED CAKE

A few weeks ago I shared my favorite Homemade Strawberry Cake, a vanilla sponge layer cake filled with strawberries and topped with a smooth strawberry cream cheese frosting but this week it’s time for another favorite of mine: A Lemon Poppy Seed Cake.

This cake has four layers of lemon infused poppy seed cake, a lemon curd filling, and is topped with lemon curd cream cheese frosting. It’s a perfect spring or summer dessert! I love lemony desserts in the warmer months like my Easy Lemon Curd Mousse or my Easy Lemon Cream Pie Recipe. Both are no-bake desserts that are super easy to make so if you are looking for something easy and quick take a look at these two recipes.

Ingredients
For the Lemon Poppy Seed cake:
  • 8 large egg whites room temperature
  • 1/4 tsp cream of tartar
  • 1/4 cup granulated sugar
  • 1 cup unsalted butter room temperature
  • 1 1/4 cups granulated sugar
  • 3 cups cake flour
  • 1 1/2 tbsp baking powder
  • 1/4 tsp salt
  • 1 tsp vanilla extract
  • 2 tbsp poppy seeds plus more for garnish
  • 1 lemon zest and juice
  • 1 cup milk

For the Lemon Curd Filling:
  • 6 tbsp lemon curd

For the Lemon Curd Frosting:
  • 1 cup unsalted butter room temperature
  • 1/4 tsp salt
  • 2 cups powdered sugar
  • 8 oz cream cheese room temperature
  • 1/4 cup lemon curd
  • US Customary - Metric


Instructions
  1. Preheat the oven to 350°F (180°C) and butter two 9-inch baking pans. Dust the bottom and sides with flour. Set aside.
  2. In the bowl of a stand mixer fitted with the whisk attachment combine the egg whites with the cream of tartar. Whisk at low speed until foamy, about 1 minute. Increase the speed to medium-high and add 1/4 cup sugar gradually. Mix until peaks are just stiff. Transfer egg whites to another bowl. Set aside.

  3. In the bowl of the stand mixer fitted with the paddle attachment cream together butter and sugar until pale and fluffy, about 5 minutes.

  4. In a small bowl sift together cake flour, baking powder, and salt.
  5. Add vanilla extract, poppy seeds, about 1 tbsp lemon zest, and 2-3 tbsp lemon juice to the butter mixture. Whisk until combined.
  6. With the mixer running on low speed add flour mixture in three batches, alternating with the milk. Beat until combined after each addition. After everything is added scrape sides of the bowl and mix for ten more seconds.
  7. Gently fold in the egg whites with a rubber spatula. Don't overmix!
  8. Divide the batter between the baking pans. Bake until the tops are golden for about 40 minutes or until a skewer inserted in the center comes out clean. Transfer to a wire rack. Cool cakes to room temperature then slice layers equally in half with a serrated knife.
  9. How to make Lemon Curd Frosting
  10. In the bowl of a stand mixer fitted with whisk attachment, cream together butter, powdered sugar, and salt on low speed until combined, scraping as necessary. Increase the speed to medium-high and beat until white and fluffy, about 2-3 minutes.
  11. Add cream cheese one piece at a time and mix until combined then continue to beat 2 more minutes until fluffy, scraping down the bowl as needed.
  12. With the mixer on, add lemon curd 1 tbsp at a time then beat another minute.
  13. How to assemble the layer cake
  14. Place first cake layer on serving platter cut-side up (reserve the flattest cake layer for the top). Spread 3 tbsp lemon curd over the top. Place second cake layer on top and spread 1/3 of the frosting over the top.
  15. Place third cake layer on top and spread 3 tbsp lemon curd over the top. Place final layer cut-side-down, then frost the top and sides. Reserve a little bit of the frosting to pipe onto cake as decoration.
  16. Store cake covered in the fridge, let come to room temperature before serving.

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