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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!

PECAN PIE CAKE

, Edit
THIS PECAN PIE CAKE IS PERFECT FOR YOUR HOLIDAY GET-TOGETHERS! BROWN SUGAR CAKE LAYERS AND BUTTERCREAM FILLED WITH TRADITIONAL PECAN PIE FILLING.
Thirty dollars. That’s how much I spent on pecans for this cake. I kid you not. Thirty dollars!! Is that crazy to anyone else? Ridiculous. The pecans were on sale, too. Good grief. I didn’t use all of them (most, though), but I always get more than I need just in case. In hindsight, I probably could have gotten a giant bag of them in Costco for less.


INGREDIENTS
  • Pecan Pie Filling:
  • 2 Tbsp cornstarch
  • 2/3 cup water
  • 1 large egg yolk
  • 3/4 cup chopped pecans
  • 1/2 cup light brown sugar packed
  • 1 1/2 Tbsp unsalted butter
  • 1/2 tsp vanilla
  • Brown Sugar Cake:
  • 2 1/4 cups all-purpose flour
  • 2 tsp baking powder
  • 3/4 tsp salt
  • 3/4 cup unsalted butter room temperature
  • 3/4 cup light brown sugar packed
  • 3/4 cup granulated sugar
  • 3 large eggs room temperature
  • 1 1/2 tsp vanilla
  • 1 cup milk room temperature
  • Brown Sugar Swiss Meringue Buttercream:
  • 5 large egg whites
  • 1 2/3 cups dark brown sugar
  • 2 cups unsalted butter room temperature
  • 2 tsp vanilla
  • Assembly:
  • 2 cups pecan halves

INSTRUCTIONS
  1. Pecan Pie Filling:
  2. In a medium pot, whisk together water, egg yolk, and cornstarch. Add in brown sugar and chopped pecans and whisk to combine.
  3. Cook over medium heat, whisking constantly, until mixture comes to a boil. Boil, whisking constantly for approx. 1 min.
  4. Remove from heat and whisk in butter and vanilla. Cool completely before using on cake.
  5. Brown Sugar Cake:
  6. Preheat oven to 350F. Grease and flour two 8" cake rounds and line with parchment.
  7. In a medium bowl, whisk flour, baking powder, and salt until well combined. Set aside.
  8. Using a stand mixer fitted with a paddle attachment, cream butter and sugars on med-high until pale and fluffy (approx 3mins). Reduce speed and add eggs one at a time fully incorporating after each addition. Add vanilla.
  9. Alternate adding flour mixture and milk, beginning and ending with flour (3 additions of flour and 2 of milk). Fully incorporating after each addition.
  10. Bake for 45-50mins or until a toothpick inserted into the center comes out mostly clean.
  11. Place cakes on wire rack to cool for 10mins then turn out onto wire rack and cool completely.
  12. Brown Sugar Swiss Meringue Buttercream:
  13. Place egg whites and sugar into the bowl of a stand mixer, whisk until combined.*
  14. Place bowl over a double boiler on the stove and whisk constantly until the mixture is hot and no longer grainy to the touch (approx. 3mins). Or registers 160F on a candy thermometer.
  15. Place bowl on your stand mixer and whisk on med-high until the meringue is stiff and cooled (the bowl is no longer warm to the touch (approx. 5-10mins)).
  16. Switch to paddle attachment. Slowly add cubed butter and mix until smooth.**
  17. Add vanilla and whip until smooth.
  18. Assembly:
  19. Place one layer of cake on a cake stand or serving plate. Pipe a damn of buttercream around the top and fill with approximately 2/3rds of the pecan pie filling.
  20. Place second cake layer on top and apply a thin coat of frosting all over to crumb coat. Chill for 20mins.
  21. Frost & smooth the top and sides of the cake. Do a rope border using a Wilton 6B piping tip. Chill for 20mins.
  22. Fill the middle between the rope border with the remainder of the pecan pie filling. Decorate top and bottom with pecan halves if desired.
NOTES
*Ensure there is NO trace of egg yolks in your whites and that your mixer bowl and whisk is completely grease free or your meringue won't stiffen.
** The buttercream may look like it's curdled at some point. Keep mixing until it is completely smooth.

This Pecan Pie Cake is perfect for your holiday get-togethers! Brown sugar cake layers and buttercream filled with traditional pecan pie filling. | livforcake.com

Recipe Adapted From Pecan Pie Cake @ livforcake.com

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