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!

Pound Cake with Sweetened Condensed Milk

Pound Cake with Sweetened Condensed Milk
Pound Cake with Sweetened Condensed Milk is a rich and delicious dessert with old fashioned sweet vanilla taste.
We love sweetened condensed milk around here. It’s such a great addition to many desserts. I usually buy about ten cans around the holidays and make fudge for friends and family. 
But, there are so many other delicious recipes that contain sweetened condensed milk. It makes this poundcake so much richer. 
We almost fight over who gets to lick the can. The kids will circle around me waiting until I first get the lid off of the can, and then try and get the remaining drops inside. And, they have me to contend with. I want it all! 
But, we do share with each other when it comes down to who gets the last lick–most of the time! 

  • 1-1/3 cups all-purpose flour
  • 3/4 tsp. baking powder
  • 1/2 tsp. salt
  • 2 sticks butter (1 cup)
  • 3 eggs
  • 1/2 cup sugar
  • 2 tsp. vanilla
  • 1 - 14 oz. can sweetened condensed milk
  1. Preheat oven to 325-degrees.
  2. Grease bread pan with nonstick spray.
  3. In a small bowl combine flour, baking powder, and salt. Set aside.
  4. In a large bowl cream the butter.
  5. Add three eggs and blend again.
  6. Add the sugar and vanilla and blend in.
  7. Add the can of sweetened condensed milk and blend.
  8. Add the flour mixture and blend.
  9. Pour into bread pan and bake for 60 minutes, or until cake tester comes out clean.


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