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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!

Hot Fudge Sundae Cake

Here's another treat for chocolate lovers.
Everything you love about a hot fudge sundae is
in this warm chocolate cake.  It makes it's own 
fudge sauce on the bottom as it bakes.
And its so easy to whip up. 
You probably have all the ingredients already.
 Whisk to combine the flour, sugar, cocoa, 
salt, and baking powder.
 Add the milk, oil, and vanilla, whisk until smooth.
 Spoon into the pan.
I use the same batter bowl to mix the
sugar and cocoa for the topping. 
 Whisk the toping ingredients.
Try adding the chopped nuts to just half the cake
 toping and see how you like it. Good both ways!
                                  Sprinkle the topping mixture evenly over
                                             the batter. Do not mix.
You can make the cake up to this point and store it
until you want to bake it. Then just pour the hot
 water over the top and bake. Do not mix.
It's nice when you are having company
and want to serve the cake to be just
baked and warm in time for dessert.
                                        Bake @350º for 30 minutes,
                                            until the top looks set.  
 
 Cool 10 minutes and serve warm.
Spoon warm cake into dessert dishes. 
Top with vanilla ice cream.
  Scoop sauce from the pan over each serving.

Hot Fudge Sundae Cake
1 C flour
½ C sugar
2 T baking cocoa
2 t baking powder
¼ t salt
Whisk to combine ingredients in a medium bowl.
Then add:
½ C milk
3 T oil
1 t vanilla
Mix until smooth. Pour into a 9" square pan or
pie pan. Then combine:
1 C brown sugar
4 T cocoa
(½ C chopped nuts, optional)
Mix in the bowl and sprinkle evenly over the top.
(you can make the cake ahead up to this point)
Then pour:
1-½ C hot water
over the batter and do not combine. 
Bake @350º for 30 minutes. Until the top
looks set.  Double the recipe for a 9X13  pan
 and bake for 40-45 minutes.

Serve warm with vanilla ice cream.
Spoon sauce from the bottom of
the pan over each serving.


Enjoy!

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