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!

WHITE CHOCOLATE MOCHA MOUSSE CAKE

White Chocolate Mocha Mousse Cake ~ Easy elegance kicked up with a shot of espresso and smoothed out with some white chocolate. Layer this mocha mousse between two sheets of chocolate sponge cake and it will tempt even the most steadfast dieter.


Some tips for making this recipe:

  • For the instant coffee portion in the recipe, I like using Starbuck’s Via Bold blend best.
  • Garnish your mousse cake just prior to serving and not before then.
  • You can make this a day in advance or you can make the mousse cakes and keep them frozen for up to two weeks in an air tight container. If you do freeze this White Chocolate Mocha Mousse Cake, thaw it at room temperature for 30 minutes before serving.
  • You know, I have an affinity for mini cakes, so of course I used my Chicago Metallic Mini Cheesecake pan. If you do not have one, you can serve this dessert in a ramekin. If you do use the mini pan, take great care when removing each cake as they are delicate.
  • Other finishing options: Drizzle warm chocolate ganache over the top or use chocolate ganache frosting as you see in the picture.

WHITE CHOCOLATE MOCHA MOUSSE CAKE RECIPE


Ingredients:
Mousse:
  • 9 ounces white chocolate, chopped
  • ¼ strong coffee
  • 2 teaspoons, instant coffee granules
  • 1 ½ cups heavy cream
Chocolate Sponge Cake (adapted from Epicurious):
  • 3 tablespoons cake flour (not self-rising), sifted after measuring, plus additional for dusting pan
  • 2 whole large eggs at room temperature
  • ½  cup almond flour
  • ½ cup unsweetened cocoa powder
  • 1/2 cup confectioners sugar
  • 2 large egg whites at room temperature
  • 1/8 teaspoon cream of tartar
  • 1/8 teaspoon salt
Instructions:
Mousse:
  1. Place chocolate and instant coffee granules in a heatproof bowl. Place bowl in a skillet with one inch of simmering water. Stir until melted and smooth, then add in remaining coffee portion to chocolate mixture. Remove from heat and let cool until a small dab on your lip feels warm.
  2. Whip cream to soft peaks, not stiff. Gently fold in a large spoonful of chocolate mixture. Continue folding in remaining chocolate mixture until both are well mixed.
Chocolate Sponge Cake (adapted from Epicurious):
  1. 1 tablespoon granulated sugar 2 tablespoons unsalted butter, melted, foam discarded, and butter cooled1. Beat whole eggs in a large bowl with a handheld mixer at high speed until eggs have tripled in volume and form a ribbon when beaters are lifted, 2 to 3 minutes. Reduce speed to low, then add unsweetened cocoa powder, almond flour and confectioners sugar and mix until just combined. Resift cake flour over batter and gently fold in.
  2. Beat egg whites in a bowl with cleaned beaters at medium speed until foamy. Add cream of tartar and salt and beat until whites just hold soft peaks. Add granulated sugar, then increase speed to high and beat until whites just hold stiff peaks.
  3. Fold one third of whites into almond mixture to lighten, then fold in remaining whites gently but thoroughly. Fold in butter, then pour batter evenly into a 15- by 10-inch shallow baking pan, spreading gently and evenly with offset spatula and being careful not to deflate (batter will be about 1/4 inch thick). Bake at 350.
  4. Bake 8 to 10 minutes, then cool in pan on a rack 10 minutes.
  5. Loosen edges of cake with spatula, then transfer cake (on paper) to a cutting board. Use a round cookie cutter and stamp out circles.
Assembly:
  1. Place sponge cake layer on bottom of pan or ramekin. Add a layer of White Chocolate Mocha Mousse.
  2. Repeat step one once more. Finish as preferred.

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