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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!

blackberry lavender naked cake with white chocolate buttercream

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INGREDIENTS

1 cup canola oil
1/2 cup plain greek yogurt
3 large eggs
2 cups granulated sugar
1 tablespoon vanilla extract
1 1/2 cups buttermilk
3 3/4 cups all purpose flour
1 teaspoon baking soda
1 teaspoon baking powder
1 teaspoon kosher salt

BLACKBERRY LAVENDER JAM
6 cups fresh or frozen blackberries
1/2 cup honey
1 tablespoon lemon juice
1-2 teaspoons dried lavender

WHITE CHOCOLATE BUTTERCREAM
3 sticks salted butter, at room temperature
1 1/2 cups powdered sugar
8 ounces white chocolate, melted and cooled

INSTRUCTIONS

1. Preheat oven to 350 degrees F. Grease 2 (8-inch) round cake pans. Line with parchment paper, then butter/spray with cooking spray.
2. In the bowl of a stand mixer (or use a hand-held mixer) beat together the canola oil, yogurt, eggs, sugar, vanilla, and buttermilk. Add the flour, baking soda, baking powder, and salt and mix until just combined.
3. Pour the batter among the cake pans and bake 30-35 minutes, until the tops are just set and no longer wiggly in the center. Remove and let cool five minutes, then run a knife around the edges of the pan and turn the cakes out onto a cooling rack. Cover and let the cakes cool completely before assembling.
4. To make the jam. Add the blackberries, honey, lemon juice, and lavender to a medium size pot set over high heat. Bring the mixture to a boil, once boiling use a potato masher or fork to break down and mash the berries. Continue to cook for 5-8 minutes or until the jam has reduced and thickened by 1/3. Remove from the heat and let cool. Should thicken as it cools.
5. To make the buttercream. Add the butter and powdered sugar to the bowl of a stand mixer. Beat the butter and powdered sugar together until the butter is light and fluffy. Add the melted white chocolate and beat until combined.
6. To assemble. Using a large serrated knife, carefully cut each cake in half horizontally. Place one cake layer on a serving plate. Spread 1/4 of the buttercream over the cake and layer with about 1/4 cup of jam. Repeat with the remaining 3 cake layers. Be careful not to over fill your layers or the cake will be hard to slice. Lightly frost the outside of the cake. Chill 30 minutes. Serve or store in the fridge for up to 1 day.

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