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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!

Guest Post: Peanut Butter Fudge Cake by Bake or Break

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Jennifer may not know it, but we go way back. When I first started reading food blogs (pre-The Spiffy Cookie), one of the first food blog recipes I made was from her blog, Bake or Break – chocolate chip cookie dough cheesecake bars. After nearly 3 years of food blogging it’s a crying shame that I have not made them again. But with all her marvelous recipes, such as lemon blueberry cheesecake bars and chocolate chunk pecan cookies, it’s hard to keep up! However, I have made a few other of her recipes that involve the notorious PBC (peanut butter and chocolate).

In case you hadn’t noticed, Jennifer shares my appreciation for the combination of peanut butter and chocolate, and within the first two months of my own food blogging adventures I posted about one of her pb+choc recipes – brownie peanut butter cups (go ahead and judge my picture, despite the glorious ooze of peanut butter). Also during last year’s football season I adapted another recipe or hers to make my Buckeye monkey bread muffins. It seems extremely appropriate that she is sharing a recipe for peanut butter fudge cake today – I totally approve!
The peanut butter filling couldn’t be simpler. It’s peanut butter. Seriously. Spread it on the cake while it’s still warm, and the peanut butter will make a lovely, tasty layer between the cake and the icing.

I love this kind of icing. It’s simple to make, so that’s always a plus. And, it’s so soft and gooey. It goes on the cake while it’s warm, and then it hardens and sets as it cools. It forms some kind of serious shield over the cake. Don’t be alarmed if the icing cracks and crinkles when you cut into it. That’s just the nature of this kind of icing. If it bothers you, that’s why some very smart person invented garnishes.

This cake certainly qualifies as a crowd-pleaser. First of all, it makes enough for a crowd. Secondly, it’s chocolate and peanut butter, so what’s not to like?

Ingredients:

For the cake:
  • 2 cups all-purpose flour
  • 2 cups granulated sugar
  • 1 teaspoon baking soda
  • 1 cup unsalted butter
  • 1/4 cup unsweetened cocoa powder
  • 1 cup water
  • 1/2 cup buttermilk
  • 2 large eggs, lightly beaten
  • 1 teaspoon vanilla extract
  • 16 ounces (about 1 & 1/2 cups) creamy peanut butter

For the icing:
  • 1/2 cup unsalted butter
  • 1/3 cup buttermilk
  • 1/4 cup unsweetened cocoa powder
  • 16 ounces confectioners’ sugar, sifted
  • 1 teaspoon vanilla extract

Instructions:

  1. Preheat oven to 350°. Grease and flour a 9” x 13” baking pan.
  2. Whisk together flour, sugar, and baking soda in a large bowl. Set aside.
  3. Place butter in a medium saucepan. Melt over medium heat.
  4. Stir in cocoa powder. Then, stir in water, buttermilk, and eggs. Continue cooking over medium heat, stirring constantly, until the mixture boils.
  5. Remove the mixture from the heat and add to flour mixture. Stir until smooth. Stir in vanilla.
  6. Transfer batter to prepared pan and spread evenly.
  7. Bake 20 to 25 minutes, or until a pick inserted into the center of the cake comes out clean.
  8. Cool in pan on wire rack for 10 minutes. Then, spread the peanut butter over the cake. Allow to cool completely.
  9. To make the icing, place the sifted confectioners’ sugar in a large bowl. Set aside.
  10. Combine butter, buttermilk, and cocoa in a small saucepan. Cook over medium heat, stirring constantly, until the mixture begins to boil.
  11. Remove from heat and pour over confectioners’ sugar. Stir until smooth. Stir in vanilla.
  12. Spread icing over peanut butter. The cake can be served immediately or can sit at room temperature to allow the icing to set.
Recipe Source:thespiffycookie.com

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