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!

Super Decadent Chocolate Cake with Chocolate Fudge Frosting

Super Decadent Chocolate Cake with Chocolate Fudge Frosting
Just one bite of this Super Decadent Chocolate Cake with Chocolate Fudge Frosting will have you head over heels in love! And it couldn’t be easier to bake!
This Super Decadent Chocolate Cake with Chocolate Fudge Frosting is the ONLY chocolate cake recipe you'll ever need!

Ingredients
For the Chocolate Cake:
  • 1 cup granulated sugar
  • 1 cup light brown sugar, packed
  • 1 and 3/4 cups all-purpose flour
  • 1 cup unsweetened cocoa powder
  • 2 teaspoons baking soda
  • 1 teaspoon baking powder
  • 3/4 teaspoon salt
  • 2 large eggs + 1 large egg yolk, at room temperature
  • 1 cup sour cream
  • 1/4 cup whole milk
  • 1/2 cup melted coconut oil, canola oil, or vegetable oil
  • 1 tablespoon vanilla extract
  • 1 cup freshly brewed coffee or freshly boiled water
For the Chocolate Fudge Frosting:
  • 8 ounces semi-sweet or bittersweet chocolate, coarsely chopped
  • 20 Tablespoons (12 ounces) unsalted butter, softened
  • 3 and 1/2 cups confectioner's sugar
  • 2 teaspoons vanilla extract
  • 1/4 teaspoon salt
Instructions
For the Chocolate Cake:
  1. Preheat oven to 350°(F). Generously spray two 9-inch round baking pans with non-stick baking spray and set them aside.
  2. In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl using an electric mixer, combine both sugars, flour, cocoa, baking soda, baking powder and salt on low until ingredients are thoroughly combined. Set aside.
  3. In a separate large mixing bowl, whisk together the eggs, yolk, sour cream, milk, oil and vanilla, beating until well combined. Add the wet ingredients into the dry ingredients and beat on low speed until just incorporated. Carefully add in hot coffee (or water) and continue beating until completely combined; about 1 minute. The batter will quite thin.
  4. Divide batter evenly into prepared pans.
  5. Bake in preheated oven for 30 to 35 minutes, or until wooden toothpick or cake tester inserted in the center of a cake comes out clean or with just a few moist crumbs attached.
  6. Cool cakes for 10 minutes in the pan (placed on top of a cooling rack) before removing from pans and transferring to a cooling rack to cool completely.
For the Chocolate Fudge Frosting:
  1. Place the chocolate in a medium heatproof bowl and place it over a pot of barely simmering water. Heat, stirring frequently, until the chocolate is completely melted. Remove the pan from heat, then carefully remove the bowl from the pot. Set chocolate aside to cool for a few minutes.
  2. In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl using a handheld electric mixer, beat the butter on medium speed until creamy. Reduce the speed to low and gradually add the confectioner's sugar, one cup at a time, beating well after each addition. Once all of the sugar has been added increase the speed to medium-high and beat for 2 minutes, scraping down the sides of the bowl as needed. Beat in the vanilla and melted chocolate and continue beating until well combined and creamy.
Assembly:
  1. Using a long serrated knife, level the top of each cake.
  2. Transfer one layer to a large plate or cake stand. Using a long offset spatula, spread a thick layer of frosting on top, then top with the second layer. Continue frosting the top and sides of the cake. Decorate with chocolate chips, sprinkles, chocolate shavings, or leave as is!
  3. Store in the refrigerator, loosely covered, for up to 2 days.

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