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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!

SPIKED EGGNOG CAKE

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SPIKED EGGNOG CAKE
THIS RUM SPIKED EGGNOG CAKE WITH CREAM CHEESE FROSTING AND WHITE CHOCOLATE GANACHE IS JUST THE THING TO WARM YOU UP THIS HOLIDAY SEASON!
Spiked Eggnog Cake
Type Cake
Prep Time 2 hours
Cook Time 25 minutes
Total Time 2 hours 25 minutes
Servings 12
603 kcal
Author Olivia

INGREDIENTS
Eggnog Cake:
  • 1 1/2 cups all-purpose flour
  • 1 1/2 tsp baking powder
  • 1/2 tsp salt
  • 1/2 tsp nutmeg ground
  • 1/4 tsp cinnamon ground
  • 1/2 cup unsalted butter room temperature
  • 1/2 cup granulated sugar
  • 1/2 cup light brown sugar packed
  • 2 large eggs room temperature
  • 1 tsp vanilla
  • 3/4 cup eggnog room temperature
Rum Simple Syrup:
  • 1/2 cup water
  • 1/2 cup granulated sugar
  • 1 Tbsp rum
Cream Cheese Frosting:
  • 1 cup unsalted butter room temperature
  • 6 oz cream cheese full fat, room temperature
  • 3 cups powdered sugar
  • 1 tsp vanilla
  • 1/2 tsp nutmeg * ground, optional
White Chocolate Ganache:
  • 3 oz white chocolate chopped
  • 1 oz heavy whipping cream
US Customary - Metric
INSTRUCTIONS
Eggnog Cake:
  1. Preheat oven to 350F and grease and flour three 6" cake rounds, line with parchment.
  2. In a medium bowl, whisk flour, baking powder, nutmeg, cinnamon, and salt. Set aside.
  3. Using a stand mixer fitted with the paddle attachment, beat butter until smooth. Add sugars and beat on med-high until pale and fluffy (2-3mins).
  4. Reduce speed and add eggs one at a time, fully incorporating after each addition. Add vanilla.
  5. Alternate adding flour mixture and eggnog, beginning and ending with flour (3 additions of flour and 2 of eggnog). Fully incorporating after each addition. Do not overmix.
  6. Spread batter evenly into prepared pans. Smooth the tops with a spatula.
  7. Bake for approx. 25-30mins or until a toothpick inserted into the center comes out mostly clean.
  8. Place cakes on wire rack to cool for 10mins then turn out onto wire rack. Poke holes into the warm cakes and brush with some of the cooled rum simple syrup to moisten them***. Allow cakes to cool completely.
Rum Simple Syrup:
  1. Place sugar and water into a small saucepan and cook over high heat until simmering and sugar is dissolved. Remove from heat and stir in rum. Allow to cool slightly before using on cake.
  2. Cream Cheese Frosting:
  3. Beat butter and cream cheese until fluffy (2 mins). Add powdered sugar one cup at a time. Add vanilla & nutmeg and beat until fluffy (3 mins).
White Chocolate Ganache:
  1. Place chopped chocolate and cream into a microwave safe bowl. Stir to combine. Microwave for 20 seconds, stir. Microwave in 10 second intervals, stirring in between, until smooth and silky. Set aside to cool and thicken slightly before using on cake.
Assembly:
  1. Place one layer of cake on a cake stand or serving plate. Top with 2/3 cup of frosting. Repeat with remaining layers and apply a thin coat of frosting all over the cake. Use a bench scraper to smooth the sides. Chill for 20mins.
  2. Using a teaspoon, drip ganache along the edges then fill in the top and smooth. Chill for 15mins. Sprinkle with nutmeg and top with rosettes if desired I used Wilton Tip 1M.
NOTES
* I forgot to include the nutmeg in my frosting but had intended to have it in there! ** If the ganache is too thick (mine was a bit), add in a tsp of heavy cream until it gets to a thin enough consistency. *** You will have some rum simple syrup leftover. You can use this to sweeten/spike cocktails or hot beverages like coffee or hot chocolate.

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