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!
Pumpkin Spice Buttermilk Cake with Cinnamon Cream Cheese Frosting
Let’s get to business. No messing around. This is one of my favorite cakes. I’d like to call it Autumn in a Cake. But I’ll spare you that. It’s moist and full of flavor. Lovely on its own, but add the frosting? Oh dear. The bonus with this beauty is that the frosting recipe makes a ton so I use the leftovers for cinnamon rolls. Nice move, Danielle.
If you’re a pumpkin fan ( like me) and eagerly wait for autumn days (as I do) , then this one’s for you. It’s a keeper. You heard it here. ♥
Ingredients
- FOR CAKE:
- 2 and ¼ cups flour
- 2 tsp. baking powder
- 1 tsp. baking soda
- 2 tsp. cinnamon
- 1 tsp. ground allspice
- ¾ tsp. nutmeg
- ½ tsp. ground ginger
- ¼ tsp. ground cloves
- ½ tsp. salt
- 1 and ⅓ cups canned pumpkin
- ¾ cup buttermilk
- 1 tsp. vanilla
- 1 cup unsalted butter, room temperature
- 1 cup granulated sugar
- ¼ cup brown sugar
- 3 eggs (I use extra-large)
- FOR FROSTING:
- ¾ cup unsalted butter, room temperature
- 8 oz. cream cheese, room temperature
- ¾ tsp. vanilla
- ½ tsp. cinnamon
- 3 cups powdered sugar
- 1 Tbsp. milk
Instructions
- Preheat oven to 350°. Spray a Bundt pan (I use a Bundt pan with 10 to 11 cup capacity) with Baker's Joy (or grease and flour). Set aside. Mix the flour, baking powder, baking soda, cinnamon, allspice, nutmeg, ginger, cloves, and salt in a bowl. Set aside. Mix pumpkin, buttermilk and vanilla in another bowl and set aside. In the bowl of a stand mixer (or use a hand mixer and a large bowl), beat the butter and sugars until fluffy (about 3 minutes). Add eggs and beat until incorporated. Reduce speed to low and add flour and pumpkin mixtures, alternating (beginning and ending with flour mixture). Pour batter into prepared Bundt pan. Bake for about 45 minutes (I recommend checking at 40 minutes) or until a toothpick inserted in the center comes out clean (crumbs on the toothpick are okay since it should be moist). Cool about 10 minutes and remove from pan. Let cool. Frost with cinnamon cream cheese frosting (see below) or simply sprinkle with powdered sugar and/or top slices with a dollop of whipped cream. Enjoy!
- For Cinnamon Cream Cheese Frosting: Using a stand mixer or hand mixer, beat ¾ cup unsalted butter (room temperature) and 8 oz. cream cheese (room temperature) for about 2 minutes on medium speed until fluffy. Mix until completely combined. Add ¾ tsp. vanilla and ½ tsp. cinnamon. Turn to low speed and slowly add 3 cups powdered sugar. Mix another 1 to 2 minutes until combined and fluffy. Add about 1 Tbsp. of milk and mix until combined. Move frosting to a bowl and microwave for about 20 to 30 seconds. This will make spreading/pouring the frosting easier.
0 Response to "Pumpkin Spice Buttermilk Cake with Cinnamon Cream Cheese Frosting"
Post a Comment