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!

AUTHENTIC IRISH APPLE CAKE

AUTHENTIC IRISH APPLE CAKE
This is an authentic old fashioned Irish apple cake, the kind that would be made throughout the apple harvest season all over Ireland, where every farmhouse has its own prized version of the recipe.
The heat wave in California did a number on my fall spirit, so I’m taking matters into my own hands and doing some serious baking with apples. It never fails to get me in the mood, and nothing beats a kitchen filled with the warm scent of apples and cinnamon. This particular apple cake recipe is mildly spiced with an inner core of thinly sliced tart apples, topped with an crumbly oat streusel. Tradition dictates serving it with some thick cream, or a luscious custard sauce.
I usually use Granny Smith apples for my baking because I like their tartness and the fact that they don’t get mushy in the oven. The one negative I’ve found is that they aren’t quite as juicy as some other apple varieties. You can always experiment with other types, if you want, you can’t go too wrong here. (Pickyourown.org has a pretty comprehensive guide to apple varieties if you’ve got some choices!) You’ll need about 3 good sized apples for this recipe.
This is a not-too-sweet kind of cake in the European tradition. It’s pretty perfect with a cup of coffee or tea in the morning or mid afternoon, though still definitely special enough to serve as dessert, especially with the custard. The custard sauce keeps well in the fridge, and can be served either warm or cold. The cake, however, is especially fabulous and fragrant warm from the oven.
Irish Apple Cake

Ingredients
cake
  • 1/2 cup (1 stick) unsalted butter at room temperature
  • 1/2 cup sugar
  • 2 large eggs
  • 3 Tbsp milk or cream
  • 1 1/4 cups all purpose flour
  • 1 tsp baking powder
  • 1 tsp cinnamon
  • 1/8 tsp salt
  • about 3 Granny Smith apples, peeled and thinly sliced
  • confectioner's sugar for dusting
streusel topping
  • 3/4 cup flour
  • 1/4 cup old fashioned rolled oats
  • 6 Tbsp unsalted cold butter, cut in small pieces
  • 1/2 cup sugar
custard sauce
  • 6 large egg yolks
  • 6 Tbsp sugar
  • 1 1/2 C. whole milk
  • 1 1/2 tsp vanilla
Instructions
  1. Set the oven to 350F
  2. Make the custard sauce ahead of time. Bring the milk to a simmer over medium heat. Meanwhile whisk the yolks and sugar until pale. Drizzle a little of the hot milk into the egg mixture, whisking all the time. Drizzle a little more, then transfer that back into the pan of hot milk and continue cooking, stirring constantly, until the mixture coats the back of a spoon. Don't overcook or it can curdle. Stir in the vanilla. Refrigerate the custard sauce until needed.
  3. To make the streusel topping, blend the bits of butter into the flour, sugar, and oats until the butter is incorporated and the mixture has a coarse crumbly texture. Put in the refrigerator.
  4. To make the cake, grease a 9 inch round spring form pan.
  5. Cream together the butter and sugar until light and fluffy. Beat in the eggs, one at a time.
  6. Whisk together the flour, baking powder, cinnamon, and salt. Fold the dry ingredients into the butter/sugar mixture, along with the milk or cream.
  7. Spoon the batter in to the pan, and smooth out evenly. Top with the sliced apples, and then the streusel topping.
  8. Bake for about 50 minutes to an hour, until the top is lightly browned and a toothpick comes out without wet batter clinging to it.
  9. Let cool a bit in the pan before removing. Dust with confectioner's sugar before serving.



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