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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!

Chocolate Beetroot Cake with Candied Beetroot

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Chocolate Beetroot Cake with Candied Beetroot
Chocolate & Beetroot is a wonderful combination! The beetroot gives the cake a lovely sweet stickiness as well as plenty of vibrant colour!

Makes 16 slices
Preparation time:  30 minutes
Cooking time:  2 hours

Ingredients
For the cake:
250g chocolate, chopped (minimum 60-70% cocoa solids)
3 eggs
250g light muscovado sugar
4 tbsp clear honey
½ tsp vanilla extract
80g plain flour
50g ground almonds
1 tsp baking powder
¼ tsp salt
25g cocoa powder
250g raw beetroot, washed, trimmed & finely chopped
50ml strong black coffee
30ml sunflower oil
1 tbsp Chambord
1 tbsp red food colouring

For the chocolate icing:
150g chocolate (minimum 60-70% cocoa solids), chopped
3 tbsp strong black coffee
1 tsp vanilla extract
3 tbsp clear honey

For the candied Beetroot decoration;
100g granulated sugar, plus 2 tbsp for coating
100ml water
100g raw beetroot, peeled & grated

Preparation method
1.    Preheat the oven to 170ºC/150°C Fan/335ºF/Gas Mark 3 and line a 20cm cake tin with baking parchment.
2.    In a bowl melt the chocolate over a pan of simmering water, make sure the bowl does not touch the water.  Remove from the heat and set aside to cool.
3.    In a large bowl beat the eggs, sugar, honey and vanilla extract using a wooden spoon or electric whisk until light and fluffy.  Fold through the flour, ground almonds, baking powder, salt and cocoa until thoroughly combined.  Stir in the melted chocolate, beetroot, coffee, sunflower oil, Chambord and red colouring.
4.    Pour the cake mixture into the cake tin and bake in the oven for 1 ½ hours, cover the cake with foil and bake for a further 30 minutes.
5.    Remove the cake tin from the oven and set aside until cooled slightly and turn out onto a wired rack to cool.
6.    For the chocolate icing, melt the chocolate, coffee, vanilla extract and honey in a bowl over a pan of simmering water, stirring until fully combined and melted.  (Make sure that the bowl does not touch the water).  Remove from the heat and leave to cool and thicken.
7.    In a separate bowl beat the butter until soft and then gradually beat in the icing sugar.  Now add the vanilla extract and fold in the melted chocolate until smooth (add a drizzle of milk if the mixture is too stiff).
8.    For the Candied Beetroot decoration, place the sugar and water in a pan and bring to the boil, stir to dissolve the sugar.  Add the beetroot and cook for 10-15 minutes or until the beetroot softens then drain and leave to cool slightly.  Coat with the extra sugar and set aside.
9.    To assemble the cake, spoon the icing on the top of the cake easing it down over the sides to cover the whole cake.  Arrange the candied beetroot on the top of the cake to decorate. Enjoy!

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