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 Blueberry Layer Cake

Sunshine-sweet lemon layer cake dotted with juicy blueberries and topped with lush cream cheese frosting. Take a bite and taste the bursts of bright flavors!
Sunshine-sweet lemon layer cake dotted with juicy blueberries and topped with lush cream cheese frosting. Take a bite and taste the bursts of bright flavors!

Ingredients:
  • Cake
  • 1 cup (230g) unsalted butter, softened to room temperature
  • 1 and 1/4 cups (250g) granulated sugar
  • 1/2 cup (100g) packed light brown sugar
  • 4 large eggs, at room temperature1
  • 1 Tablespoon vanilla extract
  • 3 cups (345g) sifted all-purpose flour, (spoon & leveled)2
  • 1 Tablespoon baking powder
  • 1/2 teaspoon salt
  • 1 cup (240ml) buttermilk3
  • zest + juice of 3 medium lemons4
  • 1 and 1/2 cups blueberries, fresh (258g) or frozen (do not thaw-- 275g)
  • 1 Tablespoon all-purpose flour
  • Cream Cheese Frosting
  • 8 ounces (224g) full-fat brick style cream cheese, softened to room temperature5
  • 1/2 cup (115g) unsalted butter, softened to room temperature
  • 3 and 1/2 cups (420g) confectioners' sugar
  • 1 - 2 Tablespoons (15-30ml) heavy cream6
  • 1 teaspoon vanilla extract
  • pinch salt

Directions:
  1. Preheat the oven to 350°F (177°C). Grease and lightly flour three 9x2 inch cake pans with nonstick spray. Set aside.
  2. Make the cake: Using a handheld or stand mixer with a paddle attachment, beat the butter on high until creamy - about 1 minute. Add granulated and brown sugars and beat on medium-high speed until creamed, about 2-3 minutes. Add eggs and vanilla. Beat on medium speed until everything is completely combined, about 2 full minutes. Scrape down the sides and bottom of the bowl as needed. Set aside.
  3. In a large sized bowl, toss together the flour, baking powder, and salt. Slowly add the dry ingredients to the wet ingredients. Beat on low speed for 5 seconds, then add the milk, lemon zest, and lemon juice. Remove from the mixer and stir lightly until everything is just combined. Toss the blueberries in 1 Tablespoon of flour and fold into the batter. Batter is extremely thick. Do not overmix at any point. Overmixing will lend a tough, dense textured crumb.
  4. Spoon batter evenly into 3 prepared cake pans. If only using 2 cake pans, your bake time will be longer. Bake the three layers for about 21-26 minutes or until a toothpick inserted in the center comes out clean. Mine took 21 minutes. Remove from the oven and allow to cool completely before frosting.
  5. Make the frosting: Using a handheld or stand mixer with a paddle attachment, beat cream cheese and butter together on medium speed until no lumps remain, about 3 full minutes. Add confectioners' sugar, 1 Tablespoon cream, vanilla extract, and salt with the mixer running on low. Increase to high speed and beat for 3 minutes. Add 1 more Tablespoon of cream to thin out, if desired.
  6. Assemble and frost: First, using a large serrated knife, trim the tops off the cake layers to create a flat surface. Place 1 layer on your cake stand. Evenly cover the top with cream cheese frosting. Top with 2nd layer, more frosting, then the third layer. Top with frosting and spread around the sides. The recipe doesn't make a ton of frosting, just enough for a light frost. Top with blueberries or lemon garnish if desired. Refrigerate for at least 45 minutes before cutting or else the cake may fall apart as you cut.
  7. Make ahead tip: Prepare cakes and frosting 1 day in advance. Keep cakes at room temperature, covered tightly. Refrigerate prepared frosting in an airtight container until ready to use. Frosted or unfrosted cakes may be frozen up to 2 months, thaw overnight in the refrigerator and bring to room temperature if desired before serving.
Recipe Notes:
This batter will fit into a 9×13 pan. Fill 2/3 full. If there’s extra batter, you can make a few cupcakes. I’m unsure of the baking time since I only typically make it as a layer cake.

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