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!

Mini Brown Sugar Pound Cakes

These mini brown sugar pound cakes are moist, velvety-soft, and they make a great homemade gift. Top with a sweet icing and festive decorations!
This is a sponsored post, written by me and created in partnership with Domino® Sugar. All opinions expressed herein are straight from my heart.

These mini brown sugar pound cakes are moist, velvety-soft, and they make a great homemade gift. Top with a sweet icing and festive decorations!

INGREDIENTS
  • For the cakes:
  • 1 1/4 cups (2 1/2 sticks) unsalted butter, softened
  • 1 1/2 cups Domino® Light Brown Sugar
  • 3 large eggs
  • 1 teaspoon vanilla extract
  • 1 1/2 cups cake flour*
  • 1 teaspoon kosher salt
  • For the decorations:
  • 2 cups Domino® Confectioners Sugar
  • 2 tablespoons spiced rum (optional, milk can be substituted
  • 1/2 teaspoon vanilla extract
  • 1 to 2 tablespoons milk
  • Sugar pearls, for garnish
  • White nonpariel sprinkles, for garnish
  • Clear sparkling sugar, for garnish
  • Royal icing, tinted green and red, for garnish**

INSTRUCTIONS
  1. To make the cakes:
  2. Preheat the oven to 350 degrees F and generously mist a bundlette pan with non-stick spray.
  3. In a large bowl with an electric mixer, cream the butter and brown sugar together on medium-high speed until pale and fluffy (3 to 5 minutes).
  4. Beat in the eggs, one at a time, until incorporated.
  5. Scrape the bottom and sides of the mixing bowl with a silicone spatula, then add the vanilla, mixing on medium speed until smooth.
  6. Add the flour and salt, mixing on medium speed until just barely incorporated.
  7. Transfer the batter to the prepared pan, and bake for 25 to 30 minutes, or until a bamboo skewer inserted in the thickest part of a cake comes out clean or with a few moist crumbs.
  8. Cool in the pan for 30 minutes, then invert onto a wire rack to cool completely.
  9. To decorate:
  10. Place the confectioners sugar, rum, and vanilla in a medium bowl and stir together until smooth.
  11. Add more milk, if needed, to get the proper drizzling consistency. (If too much liquid is added and the icing is too thin, more confectioners sugar can be added to thicken it back up.)
  12. Drizzle the icing over the cakes, and sprinkle with sugar pearls, white nonpariels, and sparkling sugar.
  13. Pipe holly leaves with green royal icing, and berries with red royal icing.
  14. Allow the decorations to fully dry, then package the cakes in cello bags with ribbon, greenery, and a gift tag.
  15. by Allie {Baking A Moment}
RECIPE NOTES
*I prefer cake flour because it yields a lighter, softer cake with a finer crumb. It's sold in regular grocery stores, on the same shelf as all the other kinds of flour. If you can't find it or don't want to buy it, try googling "cake flour substitute."

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