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!

CHEESECAKE FACTORY RED VELVET CHEESECAKE CAKE COPYCAT

CHEESECAKE FACTORY RED VELVET CHEESECAKE CAKE COPYCAT
This Cheesecake Factory Red Velvet Cheesecake Cake Copycat Recipe is simply AMAZING! Wow your guests for Valentine’s Day, Christmas, Birthdays, and dinner parties!
CHEESECAKE FACTORY RED VELVET CHEESECAKE CAKE RECIPE
Author: Recipe Girl
Recipe type: Dessert
Prep time: 3 hours 30 mins
Cook time: 1 hour 15 mins
Total time: 4 hours 45 mins

INGREDIENTS
CHEESECAKE:
  • Two (8-ounce) packages cream cheese, at room temperature
  • ⅔ cup granulated white sugar
  • pinch of salt
  • 2 large eggs
  • ⅓ cup sour cream
  • ⅓ cup heavy whipping cream
  • 1 teaspoon vanilla extract
RED VELVET CAKE:
  • 2½ cups all purpose flour
  • 1½ cups granulated white sugar
  • 3 tablespoons unsweetened cocoa powder (not Dutch process)
  • 1½ teaspoons baking soda
  • 1 teaspoon salt
  • 2 large eggs, at room temperature
  • 1½ cups vegetable or canola oil
  • 1 cup buttermilk
  • ¼ cup (two 1-ounce bottles) red food coloring
  • 2 teaspoons vanilla extract
  • 2 teaspoons white vinegar
CREAM CHEESE FROSTING:
  • 2½ cups powdered sugar, sifted lightly to remove any lumps
  • Two (8-ounce) packages cream cheese, at room temperature
  • ½ cup unsalted butter, at room temperature
  • 1 tablespoon vanilla extract
INSTRUCTIONS
  1. Prepare the cheesecake layer: Preheat oven to 325 degrees F. Place a large roasting pan on the lower third rack of the oven. Place a kettle of water on the stove to boil. Spray a 9-inch springform pan with nonstick spray and line the bottom with a round of parchment paper. Wrap a double layer of foil around the bottom and up the sides of the pan (you want to seal it so the water from the water bath doesn't seep into the pan). In a large bowl, use an electric mixer to mix the cream cheese- blend until it is nice and smooth and creamy. Mix in sugar and salt and blend for 2 minutes, scraping down sides of the bowl as needed. Add eggs, one at a time, blending after each addition. Finally, mix in sour cream, whipping cream and vanilla. Mix until smooth. Pour the batter into the prepared pan. Set the pan into the roasting pan in the pre-heated oven. Carefully pour the hot water from your kettle into the roasting pan (it will fill the pan surrounding the cheesecake). Pour enough water so that there is about an inch of water coming up the foil along the sides of the cheesecake pan. Bake the cheesecake for 45 minutes. It should be set to the touch and not jiggly. Remove the cheesecake from the roasting pan and let it cool on a wire rack for at least an hour. When it has cooled, place the pan into the freezer and let the cheesecake freeze completely. This can be done in a couple of hours- or overnight.
  2. Prepare the cake layers: Preheat oven to 350 degrees F. Grease and flour two 9-inch round metal baking pans (or spray with nonstick baking spray with flour). In a large bowl, whisk together flour, sugar, cocoa powder, baking soda and salt. Add eggs, oil, buttermilk, food coloring, vanilla and vinegar to the flour mixture. Using an electric mixer on medium-low speed, beat for 1 minute, until blended. Scrape sides and bottom of bowl with a rubber spatula. Beat on high speed for 2 minutes. Spread the batter evenly into the prepared pans, dividing equally. Bake 30 to 35 minutes or until a toothpick inserted in the center comes out with a few moist crumbs attached. Let cool in pans on a wire rack for 10 minutes. Run a knife around the edge of the pans, then invert cakes onto a rack to cool completely.
  3. Prepare the frosting: In a large bowl, using an electric mixer on medium-high speed, beat powdered sugar, cream cheese, butter and vanilla until it is smooth and creamy (do not overheat).
  4. Assemble the cake: Place one cake layer into the center of a cake plate or platter. Remove the cheesecake from the freezer, take off the sides of the pan, and slide a knife under the parchment to remove the cheesecake from the pan. Peel off the parchment. Measure your cheesecake layer against the cake layers. If the cheesecake layer turns out to be a slightly larger round than your cake, move it to a cutting board and gently shave off some of the exterior of the cheesecake to get it to the same size as your cake layers. Place the cheesecake layer on top of the first cake layer. Place the 2nd cake layer on top of the cheesecake.
  5. Frost the cake: Apply a crumb coat layer to the cake- use a long, thin spatula to cover the cake completely with a thin and even layer of frosting. Be sure to wipe off your spatula each time you are about to dip it back into the bowl to get more frosting (this way you won't be transferring any red crumbs into the bowl of frosting). Don't worry at this point about the crumbs being visible in the frosting on the cake. When your cake has a thin layer of frosting all over it, place it into the refrigerator for 30 minutes to "set" the frosting. Once the first layer of frosting is set, apply the 2nd layer. Start by adding a large scoop of frosting onto the top of the cake. Use a long, thin spatula to spread the frosting evenly across the top and then spread it down the sides of the cake too. Because you applied a crumb-coat layer, you shouldn't have any red crumbs floating around in the final frosting layer. Decorate, as desired. I recommend white chocolate shavings (see *Tips below). Keep this cake refrigerated.
NOTES
For making white chocolate shavings: Purchase a hunk of white chocolate. Microwave the chocolate to soften it up slightly (15 to 30 seconds, depending on the size). Use a potato peeler to run down the side of the chocolate to create shards/shaves/curls of white chocolate. I like to shave it onto a paper plater and then just use the plate to slide the chocolate onto the top of the cake.
If you are serving this cake at a party, it's perfectly okay to leave the cake at room temperature for an hour or so while serving. Otherwise, keep it in the refrigerator. It also freezes perfectly! I made my cake one day and then just placed it as-is in the freezer and pulled it out the next day. It thaws quickly.


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