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!

1-BOWL VEGAN CHOCOLATE CAKE

Four years ago this month, John and I were just kids planning our wedding. We decided to give up sweets during our engagement to feel our best on our wedding day, and to more fully enjoy our dessert bar and wedding cake.
The big day finally arrived. We had been so good, not even having an ounce of sweets aside from honey and the occasional after-dinner mint. And you better believe we pigged out at the reception. I was in sweet tooth heaven.
1-bowl vegan chocolate cake made in less than 1 hour with simple ingredients. A 2-layer buttercream-frosted cake that's moist, fluffy, and rich with chocolate flavor.

Ingredients
  • CAKE
  • 1 1/2 cups (360 ml) original unsweetened Almond Breeze Almond Milk
  • 2 tsp white or apple cider vinegar
  • 1 1/4 cups (307 g) unsweetened applesauce*
  • 1/2 cup (120 ml) strong brewed coffee (or sub more almond milk)
  • 2/3 cup (160 ml) melted coconut oil, or sub grape seed or canola oil
  • 2 tsp pure vanilla extract
  • 2 cups + 2 Tbsp (320 g) whole-wheat pastry flour or unbleached all-purpose flour
  • 1 1/3 cups (266 g) organic cane sugar (or sub granulated sugar)
  • 1 cup (96 g) unsweetened cocoa powder
  • 2 tsp baking soda
  • 1 tsp baking powder
  • 1/4 tsp salt
  • FROSTING
  • 1 cup (16 Tbsp or 224 g) vegan butter, softened
  • 2 1/2 - 3 cups (280-336 g) powdered sugar
  • 2/3 cup (63 g) unsweetened cocoa powder
  • 1/4 cup (30 g) dairy-free semisweet chocolate, melted and slightly cooled
  • 2 tsp pure vanilla extract
  • ~1/4 cup unsweetened original Almond Breeze Almond Milk

Instructions
  1. Preheat oven to 350 degrees F (176 C) and lightly spray 2 8-inch round cake pans or 1 large rectangular pan with nonstick spray (see notes for cooking times for different size pans). Dust with cocoa powder, shake out the excess and set aside.
  2. Mix the almond milk and vinegar in a large mixing bowl, and let set for a few minutes to activate. Add the oil, coffee, vanilla extract, and applesauce and beat until foamy.
  3. Add the flour, sugar, cocoa powder, baking soda, baking powder, and salt to a sifter and slowly sift over the wet ingredients while mixing with a hand-held or standing mixer. If you don’t have a sifter, simply mix dry ingredients in another bowl and add to the wet mixture while beating. Beat until no large lumps remain. It should be creamy and pourable. Taste and adjust sweetness as needed, adding more sugar if desired (I found it plenty sweet).
  4. Divide batter evenly between your 2 cake pans or rectangular pan.
  5. Bake 25-30 minutes, or until a toothpick inserted into the center comes out clean. Let cool completely before frosting.
  6. While cooling, prepare frosting by beating together all ingredients until light and fluffy, adding the powdered sugar in small amounts until you reach your desired consistency and sweetness. If it becomes too thick, add more almond milk. If it's too thin, add more cocoa powder or powdered sugar.
  7. Once the cake is cooled, frost generously with buttercream frosting, adding a thick layer between the top and bottom layers (if doing a 2-layer cake). Alternatively, omit the frosting and dust with cocoa powder.
  8. Serve with a scoop of dairy-free ice cream, a drizzle of chocolate, or caramel sauce, coconut whipped cream or a glass of almond milk!
Notes
*I tested butternut squash puree in the original recipe and it made it a bit too dense for my liking. Applesauce was perfect, which is why I highly recommend it over other purees.
*Double the recipe and use 4 pans for a 4-layer cake. Halve the recipe and use 1 pan for a 1-layer cake.
*Adapted from my Fudgy Vegan Beet Cupcakes
*Buttercream adapted from Martha Stewart
*Confused on how long to bake your cake when using different pans? Here's a helpful guide.

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