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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, Vanilla & Caramel Layer Cake

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Chocolate, Vanilla & Caramel Layer Cake
The perfect celebration cake with the WOW factor!! 

Serves 12
Prep time:  1 hour
Cooking time:  1 hour

Ingredients
For the vanilla & chocolate sponges:
225g golden caster sugar
175g self-raising flour
85g ground almonds
1 tsp baking powder
225g butter, softened, plus extra for greasing
3 eggs
150ml pot natural yogurt
1 tsp vanilla extract
5 tbsp cocoa powder
For the caramel & choc-caramel sponges:
175g light muscovado sugar
50g dark muscovado sugar
175g self-raising flour
85g ground almonds
1 tsp baking powder
225g butter, softened, plus extra for greasing
3 eggs
150ml pot natural yogurt
1 tsp vanilla extract
1 tbsp cocoa
For the layers & topping:
397g tin of caramel
140g dark chocolate
140g milk chocolate
300ml double cream

Preparation method

1.  Preheat the oven to 180°C/Gas mark 4.  Prepare two 20cm cake tins by greasing and lining the base with baking parchment.  For the vanilla and chocolate sponges, mix all the ingredients except the cocoa powder in a large bowl with an electric whisk.  Place half of the mixture into a cake tin and add the cocoa powder to the remaining cake mixture and blend with an electric whisk.  Place into the remaining cake tin and bake in the oven for 20-25 minutes.  Set aside to cool.

2.  Repeat stage one for the caramel and choc-caramel sponges, again leave the cocoa powder for the second cake tin.  Bake as above instructions.

3.  Meanwhile prepare the chocolate topping, melt the dark and milk chocolate together in a bowl over a pan of simmering water.  Remove the bowl from the pan and stir in the cream, set aside to cool and become spreadable.

4.  To assemble, spread a third of the caramel over the vanilla sponge and top with the caramel sponge.  Spread another third of the caramel over this layer and cover with the choc-caramel sponge.  Cover with the remaining caramel and top with the chocolate sponge.  Spread the chocolate topping all over the cake and place in the fridge to chill until you are ready to serve.

5.  The cake will keep in an airtight container for up to 3 days.  Enjoy!

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