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!


I’m obsessed with this Baileys Cheesecake Cake. Layers of chocolate cake, creamy cheesecake and Bailey’s Irish Cream ganache. Doesn’t that just sound delicious? 
Author: Jill

Cake Ingredients
  • 1 box triple chocolate cake mix
  • eggs
  • water
  • oil
Cheesecake Ingredients
  • 3 - 8oz cream cheese
  • 1 C sugar
  • 3 tbsp flour
  • ¾ C sour cream
  • ½ C Baileys Irish Creme
  • 3 eggs
  • 1 tsp vanilla
Chocolate Ganache
  • 1½ C semi sweet chocolate chips
  • 5 tbsp Bailey's Irish Creme
  • 5 tbsp heavy whipping cream
Whipping cream
  • 1 C heavy whipping cream
  • 2 tbsp Bailey's Irish Creme
  • ⅓ C powered sugar
  • 1 disposable piping bag with star tip
Cake Directions
  1. Preheat oven to 350 degrees
  2. Prepare cake as shown in directions on the back of the box
  3. Spray the springform pan with pam spray
  4. Pour cake batter half way into the springform pan
  5. Bake for 30-35 minutes or until a toothpick comes out clean
  6. Once baked, reduce the temp to 300 degrees
Cheesecake Directions
  1. Using a standing mixer, cream together the cream cheese, sugar and flour until combined and smooth
  2. Mix in the sour cream until smooth
  3. Mix in the Bailey's and vanilla extract until smooth
  4. Beat in the eggs, one at a time until mixed in before mixing in the next egg.
  5. Pour the cheesecake batter onto the top of the cake in the springform pan
  6. Place into the oven for 1 hour
  7. Once the timer goes off, turn off the oven and leave cheesecake in the oven for 30 minutes
  8. Once 30 minutes is up, crack the oven door and leave cheesecake in there for another 30 minutes
  9. Once that 30 minutes is up, remove cheesecake from oven and place into the fridge overnight
Chocolate Ganache Directions
  1. Using a double boiler, combine the chocolate chips, heavy whipping cream and Bailey's into the top pot
  2. Gradually mix with a wired whisk until chocolate chips start to melt
  3. Once chocolate chips have melted, remove from the stove and carefully pour the ganache onto the top of the cheesecake
  4. Smooth chocolate with a angled spatula
  5. Place into the fridge for 2 hours to allow the ganache to harden
  6. Whipping Cream Directions
  7. Using a large mixing bowl and hand beaters, combine the heavy whipping cream , powdered sugar and Bailey's and beat on medium speed until stiff peaks start to form
  8. Scoop into piping bag and set aside
  9. Remove cheesecake from the fridge and pipe dollops of whipped cream onto the edge of the cheesecake


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