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!

Sticky Chocolate Loaf Cake


Sticky Chocolate Loaf Cake
A deliciously gooey sticky chocolate cake that stays moist for days!

Serves 10-12

Preparation time: 20 minutes
Cooking time: 1 hour 10-20minutes



Ingredients
250g unsalted butter, softened plus extra to grease
225g dark brown soft sugar
3 medium free-range eggs
150g golden syrup
1 tbsp vanilla essence
100g plain chocolate (melted)
225g plain four
1tsp bicarbonate of soda
25g good-quality cocoa powder
250ml boiling water

Topping

250g milk chocolate
350g strawberries
2 boxes of chocolate fingers

Method

1. Preheat the oven to 190°C/fan 170°C/gas mark 5 then grease and line a 900g loaf tin.

2. Place the butter and sugar into a mixer and mix for a few minutes until light and fluffy. Add the eggs one at a time, and mix well.

3. Gradually add the syrup, vanilla essence and melted chocolate – mix well.

4. Sift the flour, bicarbonate of soda and cocoa powder into another mixing bowl. Add a third of the flour mix into the cake mix and blend well. Add half the boiling water, then half the flour mix and beat well. Now add the remaining water and flour, mix well.

5. Carefully pour the mixture into the prepared tin and bake for 30 minutes. Now reduce the heat to 170°C/fan 150°C/Gas mark 3 ½ and bake for another 30-40 minutes or until a skewer comes out almost clean. Do not worry if it’s a bit sticky – it will continue to cook whilst cooling. Remove from the tin, transfer to a serving plate and allow to cool.

6. To decorate, pour over half the melted chocolate and spread evenly over the cake. Now place the chocolate fingers evenly around the cake. Dip the strawberries into the remaining chocolate and place on and around the cake. Enjoy!

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