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!

White Cake Recipe: The Complete Guide

This white cake recipe is the perfect classic version. Light and fluffy, moist and full of flavor. There is a joke in the cake world that white is not a flavor but a white cake is not just white. Let’s dive into what makes the perfect white cake.

White cake recipes where originally created for weddings. Only the rich could afford white flour and sugar so a white cake was considered a symbol of your wealth. These days, a white cake with a fine, moist crumb is probably the most common flavor cake baked for all types of occasions.

Ironically, where I am from (Portland, Oregon) the more organic and less refined your ingredients are, the more expensive they are. Funny how things tend to go full-circle.

Ingredients
  • White Cake Ingredients
  • 14 oz AP flour
  • 2 1/2 tsp baking powder
  • 1/2 tsp salt
  • 8 oz unsalted butter room temp
  • 14 oz sugar
  • 1 tsp almond extract
  • 1 tsp vanilla extract
  • 6 egg whites fresh not boxed at room temp
  • 10 oz milk room temp
  • 2 oz vegetable oil
  • Easy Buttercream Frosting
  • 1 cup pasteurized egg whites room temperature
  • 2 lbs powdered sugar
  • 2 lbs unsalted butter room temperature
  • 1/2 tsp salt
  • 1 Tbsp vanilla extract
  • Gold Drip
  • 6 oz white chocolate
  • 1 oz warm water
  • 1 tsp warm brown food coloring
  • 2 tsp truly mad plastics super gold
  • 1 Tbsp everclear lemon extract or rose water can be used


Instructions
  1. Cake Instructions
  2. Combine your dry ingredients and set aside
  3. Place butter and sugar into the bowl of a stand mixer with the paddle attachment and mix on medium until mixture is light and fluffy
  4. Add in egg whites one at a time (roughly) and let fully combine after each addition before adding the next. 
  5. Add in 1/3 of your dry ingredients and let combine. Add in 1/2 of your liquids, then dry, then liquids and the rest of your dry. Let mix until just combined. 
  6. Add batter into prepared cake pans and bake at 325 degrees F for 25-35 minutes or until a toothpick comes out clean when poked in the center. 
  7. Let cool ten minutes then turn out cakes onto a cooling rack. Wrap warm and place into the freezer to flash chill. This locks in the moisture. Once cool but not frozen you can then trim off the brown edges of your cakes and frost as desired. Chill cake. 
  8. Easy Buttercream Frosting
  9. Combine egg whites and powdered sugar in a mixing bowl with the whisk attachment. Whisk to combine on low then whisk on high, adding in your butter in small chunks, vanilla and salt. Turn mixer up to high and whip until light, fluffy and white. 
  10. Gold Drip
  11. Melt chocolate and water in the microwave and whisk until smooth. Add in a couple drops of food coloring. Let cool to about 90 degrees before attempting to drip over the chilled cake. Once chocolate is set, you can combine the everclear and gold dust to make a paint and paint the drip. 
  12. *note: this is a non-toxic gold dust

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