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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!

UPSIDE DOWN ICE CREAM CONE CAKE

, Edit
I made this cake for a photo shoot, but I wasn’t the photographer. I was having photos made of me for my new blog design. I wanted a really colorful, fun cake to be in the pictures, so this is what I made with some inspiration from a very talented cake designer – Katherine Sabbath. Isn’t it cute?! (Check out her website, it’s VERY colorful and she even has a “pop-up” recipe book.)

Ingredients
For the Classic Vanilla Cake:
  • 1 15.25 oz box white cake mix (I used Pillsbury Moist Supreme Classic White)
  • 1 cup all-purpose flour
  • 1 cup granulated sugar
  • 3/4 teaspoon salt
  • 3 eggs room temperature
  • 1 1/3 cups water
  • 2 tablespoons vegetable oil
  • 8 ounces sour cream room temperature
  • 2 teaspoons pure vanilla extract
  • 1/2-1 teaspoon almond extract depending how much almond flavor you want

For the cake frosting
  • 1 cup 2 sticks unsalted butter, softened to room temperature
  • 16 ounces powdered sugar about 4 cups
  • 1/4 cup heavy cream
  • 1 teaspoon vanilla
  • Blue and green food coloring

For the decoration
  • 2 cups pink candy melts
  • 2-3 tablespoons vegetable oil
  • 1/2 cup white chocolate chips or white candy melts
  • Sprinkles
  • 1 ice cream cone
  • 3 lollipop sticks


Instructions

For the cake:
  1. Preheat oven to 350°F. Grease 3 (6-inch) round cake pans and line with parchment paper. Grease again or spray with non-stick cooking spray. Set aside. Place all ingredients in a large bowl. With an electric mixer, stir on low speed to combine (30 seconds). Then turn mixer up to medium and beat for 2 minutes. Divide batter evenly into the 3 prepared cake pans. Bake in preheated oven for 40-50 minutes or until a toothpick stuck in the middle of the cake comes out clean. Let cool. Level the cakes by cutting horizontally to remove the domed tops. Reserve the cut pieces of cake and crumble into a bowl. Add about 1/2 cup of frosting. Stir into crumbs until combined. Form into 2-3 large cake balls (about the size of a scoop of ice cream). Place in refrigerator to chill for about an hour.

For the cake frosting
  1. Beat softened butter on medium speed with an electric or stand mixer. Beat for 3 minutes until smooth and creamy. Add powdered sugar, cream, and vanilla extract with the mixer running on low. Increase to high speed and beat for 3 minutes. Note: If the frosting is too thick, you can add a little more cream. Just add one tablespoon at a time, then mix thoroughly until you get the consistency you like. Add a little bit of blue and green food coloring to achieve a pale blue-green color. Stir well.
  2. Fill and frost cake with a crumb coat. Refrigerate for one hour. Frost the cake with a smooth finish. Add sprinkles to the bottom sides of the cake. Refrigerate again for 30 minutes.
  3. Melt the white chocolate according to package instructions. I did it in the microwave. Be careful not to overheat. Microwave for 20 seconds. Stir. Then microwave for 10 seconds. Stir until smooth. Add a teaspoon of oil. Stir. Dip the ice cream cone in the melted white chocolate then add sprinkles. Put on a parchment lined cookie sheet and put in refrigerator to harden. Dip a lollipop stick into melted chocolate, about 1/4 inch down. Stick in middle of cake ball. Repeat with remaining cake balls.
  4. Melt pink candy melts according to package instructions, being careful not to overheat. Add 2 tablespoons oil and stir until smooth. It should be soupy. You can add a little more oil, if needed. Stick a cake ball into the middle of the cake. Pour melted pink candy melts over the cake ball and stick the prepared cone on top. Working quickly, drizzle sides of cake, then fill in the top section. The cake is ready to serve.

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