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 Praline Caramel Trifle

This glorious Pecan Praline Caramel Trifle is a celebration of all of my favorite things. Bite-size cubes of homemade pecan praline buttermilk pound cake are layered with caramel pudding, whipped cream, caramel drizzle and toasted pecans. Add a generous sprinkle of toffee bits and it’s a confection the caramel fans in your life will love.
Ingredients
  • 1/2 cup chopped pecans toasted
  • 1 Pecan Praline Buttermilk Pound Cake cubed
  • 2 3.4-oz boxes caramel instant pudding mix
  • 4 cups half & half
  • 1 8-oz cream cheese, softened
  • 2 8-oz whipped topping, thawed and divided
  • 1 14-oz can dulce de leche or quality caramel ice cream topping
  • 1/4 cup bits-o-brickle toffee bits

Instructions

  1. Preheat the oven to 350°F. Spread the chopped pecans in a single layer. Toast for 6-8 minutes then set aside to cool completely.
  2. Bake, cool and cube the Pecan Praline Buttermilk Pound Cake
  3. In a large mixing bowl using a hand or stand mixer whip together the instant pudding mix and half and half. Beat until thickened but still pourable.
  4. Add the cream cheese. Beat until completely incorporated about 2-3 minutes.
  5. By hand fold in 1 (8-oz) whipped topping.
  6. To assemble: start with 1/3 cake, topped with 1/2 pudding. Repeat ending with cubed cake.
  7. In a microwave safe bowl warm the dulce de leche until pourable for about 20-30 seconds.
  8. Drizzle 1/2 over the final layer of cubed cake.
  9. Frost with the remaining whipped topping.
  10. Drizzle the whipped topping with the remaining dulce de leche, sprinkle with bits-o-brickle and chopped pecans. (Make sure the dulce de leche is cooled slightly)
  11. Keep chilled until serving

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