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!

Chocolate Cake with Caramel & Marmite Buttercream



Chocolate Cake with Caramel & Marmite Buttercream
Marmite; love it or hate it, you will adore this cake!  This cake is wonderfully light with a salted caramel buttercream.  Will your friends & family guess the secret ingredient??
Makes 8 slices
Preparation time:  15 minutes
Cooking time:  40 minutes

Ingredients
For the cake:
175g chocolate, chopped (minimum 60-70% cocoa solids)
175g butter, softened
175g caster sugar
4 eggs, separated
90g ground almonds
90g plain flour, sifted

For the Caramel & Marmite Buttercream:
120g butter
440g soft light brown sugar
180ml milk
2-3 tsp Marmite
500g icing sugar, sifted

To decorate:
Flake Chocolate, crumbled


Preparation method
1.    Preheat the oven to 180ºC/160°C Fan/Gas Mark 4 and line two 18cm cake tin with baking parchment,
2.    In a bowl melt the chocolate over a pan of simmering water, make sure the bowl does not touch the water.  Remove from the heat and set aside to cool.
3.    In a large bowl beat the butter and sugar with a wooden spoon or electric whisk until it is light and fluffy.  Add the egg yolks one at a time, and beat well after each egg, now add the melted chocolate and ground almonds.
4.    In a separate bowl whisk the egg whites until you have soft peaks.  Using a large metal spoon gently fold through the flour and egg whites until thoroughly combined.  
5.    Pour the cake mixture into the two cake tins, spread evenly and bake in the oven for 18-20 minutes.
6.    Remove the cake tins from the oven and set aside until cooled slightly and turn out onto a wired rack.
7.    For the caramel Marmite buttercream, melt the butter in a large pan over a low heat.  Now add the brown sugar, milk and Marmite, stir until it starts to boil.  Let the mixture boil for 1 minute and then place into a large bowl.  Taste the mixture and add more Marmite if necessary.
8.    Now add half of the icing sugar using a whisk and leave to cool thoroughly mixing occasionally throughout the cooling.  When fully cool mix through the remaining icing sugar if it is still runny add more until you have a spreadable consistency.
9.    To assemble the cake, spoon a third of the buttercream over one of the cakes and sandwich with the other cake.  Now cover the whole of the cake with the buttercream using a palette knife and top with flaked chocolate.  Enjoy!

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