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!

Twinkie Bundt Cake


Ingredients
  • 1 box yellow cake mix
  • 3 eggs
  • 1 cup water
  • 1/2 cup cooking oil
  • 1 cup Pillsbury Fluffy Frost Vanilla Marshmallow Frosting
  • Baking spray
  • Powdered sugar (optional)
Instructions
  1. Prepare cake batter by stirring together cake mix, eggs, water and cooking oil until well blended and only slightly lumpy. Pour batter into a bundt pan coated with BAKING spray (contains flour) or grease and sprinkle lightly with flour. Bake at 350˚for 25-35 minutes. Cook time varies by pan so when the top of the cake starts to firm up, insert a toothpick into the middle of the cake, AS SOON AS it comes out clean, remove the cake. Be sure not to overcook or cake will become dry. It will be nice and moist if you cook it just until it sets!
  2. Once the bundt cake is done, remove from oven and cool. To speed up cooling, you can put the cake in the freezer for 30 minutes. (Note: Make sure you let the cake cool completely or the marshmallow filling will melt and be absorbed into the cake after you add it.)
  3. Once the cake is cooled, leave it in the pan and poke the cake almost all the way to the bottom of the pan (which will be the top of the cake). Move your finger from side to side to widen the cavity and allow in more frosting. Keep poking making your holes about 1 and a half inches apart.
  4. Next, fill up a sandwich bag with marshmallow frosting and cut one of the corner tips of the bag to create a pea-sized hole. Seal the bag and squeeze the bag to dispense the marshmallow frosting into each hole. Tip: Make sure to put the tip of the fluff bag as far into each hole as you can get so plenty of fluff gets into each poked hole.
  5. Using a tiny rubber spatula or butter knife, separate the sides of the cake from the bundt pan as best you can without cutting into the cake. Once the cake is nice and loose, place a flat plate or cake stand upside down on top of the bundt cake pan. Then gently turn both the bundt pan and cake pan over and let gravity do its thing. Carefully lift the bundt pan while you peak around all sides to see if the cake dropped evenly onto the plate.
  6. Top with sprinkled powdered sugar for a festive look.

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