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!

THE BEST CHOCOLATE CAKE RECIPE

The Best Chocolate Cake is combines cocoa and coffee to create a chocolate lover’s dream. The rich buttercream frosting makes it perfect!



INGREDIENTS:
  • 2 cups sugar (400 grams)
  • 1 3/4 cups all-purpose flour (210 grams)
  • 3/4 cup unsweetened cocoa powder (64 grams)
  • 2 tablespoons King Arthur Flour Black Cocoa, optional (11 grams)
  • 2 teaspoons baking soda (12 grams)
  • 1 teaspoon baking powder (4 grams)
  • 1 teaspoon kosher salt (6 grams)
  • 2 eggs
  • 1 cup buttermilk (240 mL)
  • 1 cup strong black coffee (I used Green Mountain Coffee’s Vermont Country Blend) (240 mL)
  • 1/2 cup vegetable oil (120 mL)
  • 2 teaspoons vanilla extract (4 grams)
  • Chocolate Buttercream Frosting





DIRECTIONS:
  1. Heat oven to 350°F. Grease and flour two 9-inch round baking pans or one 13x9x2-inch baking pan. Set aside.
  2. In the bowl of a stand mixer fitted with the whisk attachment or in a large bowl with an electric mixer, combine the sugar, flour, cocoa(s), baking soda, baking powder and salt. Mix on low until dry ingredients are thoroughly combined.
  3. Add eggs, buttermilk, coffee, oil and vanilla. Beat on medium speed for about two minutes; the batter will be thin.
  4. Pour batter evenly into prepared pans.
  5. Bake in preheated oven for 30 to 35 minutes for round pans, 35 to 40 minutes for rectangular pan or until wooden toothpick inserted in center comes out clean.
  6. Cool 10 minutes; remove from pans to wire racks. Cool completely.
  7. Frost as desired. I used a simple and delicious Chocolate Buttercream Frosting from Savory Sweet Life. One batch was perfect for this layered chocolate cake.

NOTES:
The Black Cocoa from King Arthur Flour is optional – it simply provides a great depth of flavor and color to the chocolate cake.
This cake also pairs beautifully with a simple chocolate ganache.
The coffee really brings out the depth of the chocolate (you won’t even taste the coffee at all!), but if you really don’t want to use it, feel free to substitute water.
For an egg substitute, simply add one mashed banana or 1/4 cup unsweetened applesauce for each egg.
This recipe will make about 24 to 36 cupcakes. Bake at 350 degrees between 20 and 30 minutes.
You can also make a bundt cake with this recipe. The cake should bake for about 35 to 40 minutes at 350 degrees.
Get tips on high altitude baking.

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