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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!

FIRECRACKER CAKE

, Edit
Even though I made a note in the recipe, I think it bears repeating in the actual post … I personally prefer to use Wilton Icing Colors for this Firecracker Cake recipe. I used “Red – No Taste“ and “Royal Blue“. I think the Wilton Icing Colors are more vibrant, however, you may use any kind of food coloring you have it on hand. I use this bundt cake pan if you’re in the market to buy one! 



Ingredients 
  • 1 box (15.25 oz.) white cake mix
  • Water, vegetable oil and egg whites called for on cake mix
  • Red food coloring (see note)
  • Blue food coloring (see note)
  • 1 container (12 oz.) white frosting
  • Red, white and blue sprinkles, optional

Note:
I personally prefer to use Wilton Icing Colors. For this recipe, I used I “Red – No Taste“ and “Royal Blue“. I think the colors are more vibrant, however, you may use any kind of food coloring you have it on hand.

Instructions
1. Preheat oven according to cake mix directions. Generously grease and flour a 12-cup bundt pan; set aside.
2. Make cake batter as directed on box, using water, oil and egg whites. Pour 1 cup of the batter into a small bowl; stir in red food coloring until well mixed. Pour another cup of the batter into a separate bowl; stir in blue food color until well mixed.
3. Pour red cake batter into bottom of pan. Carefully pour the white batter over red batter in pan. Carefully pour blue batter over white batter. (The blue batter does not need to cover the white batter completely). When you add the batter to the pan, do not mix with a spoon. Just pour it in so the colors don’t mix but rather, just rest on top of each other in the pan.
4. Bake as directed on box or until toothpick inserted near center comes out clean. Cool cake 10 minutes. Meanwhile, place cooling rack over cookie sheet. Turn pan upside down onto cooling rack. Cool cake completely, about 30-45  minutes.
5. When cake is cool, divide the frosting evenly into 3 microwavable bowls. Microwave 1 bowl of frosting uncovered on HIGH a few seconds until smooth enough to drizzle over cake. With spoon, drizzle all of the 1st bowl of microwaved frosting all over the cake, back and forth around the cake in a striping pattern. Repeat microwaving second bowl of frosting until smooth. Stir in a few drops of the blue food coloring until well blended. Drizzle over cake, scattering back and forth. Repeat with remaining frosting and red food coloring, making sure red, white and blue can be seen on the cake. Sprinkle with red, white and blue sprinkles, if desired. Let cake stand at room temperature until frosting is set before serving.
Store loosely covered at room temperature.

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