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 German Chocolate Cake You'll EVER Eat!

The BEST German Chocolate Cake You'll EVER Eat! | The BEST German Chocolate Cake with layers of coconut pecan frosting and chocolate frosting. This cake is incredible! 

Growing up there were seven people in my family, and almost every single one of us would ask for this German Chocolate Cake for our birthday.
I was super lucky, being a twin, because my mom would make both of my favorites! German chocolate cake for my sister, and carrot cake for me! What better than a little sliver of each for your birthday?
My mom always made it inside-out, with the coconut frosting in between the layers and on top of the cake, and homemade chocolate frosting covering the outside.

The name German chocolate cake is a little deceiving as it is not actually a German dessert and traditionally the cake is a lighter colored cake with a mild chocolate taste and the entire cake is usually covered in coconut pecan frosting.  My families version is a chocolate cake with chocolate frosting covering the cake and coconut frosting on top and in the center of the cake. This cake seriously can’t be beat, especially if you’re a chocolate lover!

INGREDIENTS : 
For the Chocolate Cake:

  • 2 cups granulated sugar
  • 1-3/4 cups all-purpose flour
  • 3/4 cup unsweetened cocoa powder
  • 1 1/2 teaspoons baking powder
  • 1 1/2 teaspoons baking soda
  • 1 teaspoon salt
  • 2 large eggs
  • 1 cup buttermilk
  • 1/2 cup oil (vegetable or canola oil)
  • 2 teaspoons vanilla extract
  • 1 cup boiling water

For the Coconut Frosting:

  • 1/2 cup light brown sugar
  • 1/2 cup granulated sugar
  • 1/2 cup butter
  • 3 large egg yolks
  • 3/4 cup evaporated milk
  • 1 Tablespoon vanilla extract
  • 1 cup chopped pecans
  • 1 cup shredded sweetened coconut

For the Chocolate Frosting:

  • 1/2 cup butter
  • 2/3 cup unsweetened cocoa powder
  • 3 cups powdered sugar
  • 1/3 cup evaporated milk
  • 1 teaspoon vanilla extract



INTRUCTIONS : 

  1. Heat oven to 375°F. Grease two 8 or 9-inch round baking pans. I like to cut a round piece of wax or parchment paper for the bottom of the pan also, to make sure the cake comes out easily.

For the Cake:

  1. Stir together sugar, flour, cocoa, baking powder, baking soda and salt in large bowl. In a separate bowl combine the eggs, buttermilk, oil and vanilla and mix well. Add the wet ingredients to the dry ingredients and mix to combine. Stir in boiling water (batter will be very thin). Pour batter into prepared pans.
  2. Bake for 25 - 35 minutes (depending on your cake pan size. The 9'' pan takes less time to bake) or until a toothpick inserted in center comes out clean or with few crumbs. Cool 5 minutes in the pan and then invert onto wire racks to cool completely.
  3. For the coconut frosting:
  4. In a medium saucepan add brown sugar, granulated sugar, butter, egg yolks, and evaporated milk. Stir to combine and bring the mixture to a low boil over medium heat. Stir constantly for several minutes until the mixture begins to thicken. 
  5. Remove from heat and stir in vanilla, nuts and coconut. Allow to cool completely before layering it on the cake.

For the Chocolate Frosting:

  1. Melt butter. Stir in cocoa powder. Alternately add powdered sugar and milk, beating to spreading consistency. Add small amount additional milk, if needed to thin the frosting, or a little extra powder, until you reach your desired consistency. Stir in vanilla.

Cake Assembly:

  1. Place one of the cake rounds on your serving stand or plate. 
  2. Smooth a thin layer of chocolate frosting over the cake layer, and then spoon half of the coconut frosting on top, spreading it into a smooth layer. Leave about 1/2 inch between the filling and edge of cake. 
  3. Stack the second cake round on top. Smooth chocolate frosting over the entire cake.
  4. Spoon remaining coconut frosting on top of the cake. 


Recipe Adapted From German Chocolate Cake


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