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!

Coffee Butter Cake

Coffee Butter Cake
This was no one’s fault but my own.
There were 2 other cakes in the house but all I could obsess about was how to tweak Mrs Ng SK’s famous Butter Cake recipe so that I could make a coffee version. 
Then the more I thought about it, the more I had to have a taste of a Coffee Butter Cake. So I baked one. 
Some times I really am my own worst enemy. 
All that aside, I am really so glad I baked this cake. 
This cake will please any coffee lover. You can smell the aroma of coffee as it bakes, and when you bite into it, you will not be disappointed because it tastes of coffee, and butter. Which is the whole point of it all, right! All in all, I am really happy with this cake!
You can play around with the quantity of coffee powder added to adjust the intensity of the taste of coffee in this cake. If you do not have coffee extract, you can also use vanilla extract, so if you are using vanilla extract and you still want a strongly flavored cake, you will have to add a tad more coffee powder.
Here are the step-by-step instructions on how to make this cake.
In a mixing bowl, cream together butter and sugar until the mixture turns pale and fluffy.
Heat the milk until lukewarm. (Do not allow the milk to come to a boil!) Add the instant coffee powder to the milk and stir until completely combined. Set this aside.
Add the egg yolks, one at a time to the batter and beat it in. Make sure the yolk is fully incorporated into the batter before adding the next.
Add coffee extract (or vanilla extract). Mix.
At low speed, fold in the flour and coffee milk in the sequence flour-milk-flour-milk-flour. Mix only until the flour has just been combined. Set this aside.
In a clean mixing bowl, whisk the egg whites until soft peaks form. 
Gradually add the sugar and continue to whisk until stiff peaks form.
Transfer 1/3 of the meringue into the yolk batter. Beat it in.
Gently fold the remaining meringue in 2 batches into the yolk batter until no white streaks remain.
Transfer the batter into a lightly greased and lined 8-inch round pan. Smooth the top as best as you can.
Bake at 170°C for 45 minutes. If the top of the cake gets too brown, reduce the heat to 150°C. You need to keep an eye on the cake and to know how your oven behaves so you can make the necessary adjustments.
When the cake is done (insert a skewer it the cake and if it emerges cleanly it is done), let the cake rest for 5 minutes in the pan before carefully transferring onto a wire rack to cool completely. 
It is then time to make a glass of iced latte and enjoy your coffee tea break!

Coffee Butter Cake
Serves 8

Ingredients
  • 250g Salted Butter, room temperature
  • 4 egg yolks
  • 100g caster sugar
  • 200g self-raising flour, sifted
  • 70ml fresh milk
  • 1 tablespoon instant coffee powder
  • 1 teaspoon coffee extract (or vanilla extract)
  • 4 egg whites
  • 50g caster sugar
Instructions
  1. In a mixing bowl, cream together butter and sugar until the mixture turns pale and fluffy.
  2. Heat the milk until lukewarm. (Do not allow the milk to come to a boil!) Add the instant coffee powder to the milk and stir until completely combined. Set this aside.
  3. Add the egg yolks, one at a time to the batter and beat it in. Make sure the yolk is fully incorporated into the batter before adding the next.
  4. Add coffee extract (or vanilla extract). Mix.
  5. At low speed, fold in the flour and coffee milk in the sequence flour-milk-flour-milk-flour. Mix only until the flour has just been combined. Set this aside.
  6. In a clean mixing bowl, whisk the egg whites until soft peaks form.
  7. Gradually add the sugar and continue to whisk until stiff peaks form.
  8. Transfer 1/3 of the meringue into the yolk batter. Beat it in.
  9. Gently fold the remaining meringue in 2 batches into the yolk batter until no white streaks remain.
  10. Transfer the batter into a lightly greased and lined 8-inch round pan. Smooth the top as best as you can.
  11. Bake at 170°C for 45 minutes. If the top of the cake gets too brown, reduce the heat to 150°C. You need to keep an eye on the cake and to know how your oven behaves so you can make the necessary adjustments.
  12. When the cake is done (insert a skewer it the cake and if it emerges cleanly it is done), let the cake rest for 5 minutes in the pan before carefully transferring onto a wire rack to cool completely.
Notes
Note that every oven is different – you need to experiment until you find a temperature that is best for baking butter cakes.
I use 65g eggs for all my bakes.
By Diana Gale
Adapted from Mrs Ng SK



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