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 Espresso Layer Cake

This Chocolate Espresso Layer Cake is one of the most popular cakes on my blog! Once you try it, you’ll know why. This chocolate espresso cake recipe is rich and flavorful, with just the right level of sweetness. The flavors compliment each other perfectly, and the meringue buttercream adds incredible lightness. Keep reading to learn how to make my chocolate espresso cake. 


I love layer cakes but I have to admit they stress me out. There are so many all or nothing moments where there’s just no turning back. Getting the three layers of cake to be even and level.
Making sure the buttercream doesn’t break. Flipping layers of cake upon frosted layers of cake, hoping that each one sits just perfectly so that the sides are even. It makes my palms sweat.
No matter how many times I’ve made layer cakes, I still get nervous at these defining moments. I was so thrilled with the way this chocolate espresso layer cake turned out. I couldn’t have asked for better results.
 


Ingredients

Chocolate Espresso Cake:
·         10 1/2 ounces all-purpose flour
·         2 tablespoons espresso powder
·         2 teaspoons baking powder
·         1 1/2 teaspoons kosher salt
·         3 ounces Dutch-processed cocoa powder (9 tablespoons)
·         1 1/2 cups half-and-half (or 50% cream + 50% whole milk)
·         1/4 cup espresso vodka such as Van Gogh (regular espresso may be substituted)
·         1 1/2 tablespoons pure vanilla extract
·         9 ounces unsalted butter (room temperature)
·         21 ounces granulated sugar (2 1/4 cup)
·         6 large eggs (room temperature)

Chocolate Espresso Italian Meringue Buttercream:
·         13 ounces (1 1/2 cups) granulated sugar
·         1/4 cup + 2 tablespoons water
·         Optional: 1 teaspoon corn syrup
·         5 large egg whites
·         16 ounces unsalted butter, cubed and at room temperature
·         3 ounces unsweetened chocolate (melted)
·         1 tablespoon espresso vodka such as Van Gogh, room temperature
·         1 tablespoon brewed espresso room temperature

Instructions

Prepare the cakes
1.    Preheat the oven to 350 degrees F. Place an oven rack in the middle position. Lightly spray the bottom of 3 8-inch cake pans with baking spray and then cover them with parchment rounds. Set aside.
2.    Whisk together the flour, espresso powder, baking powder and salt in a medium bowl. Sift in the cocoa powder and whisk until the dry ingredients are evenly combined. In a separate small bowl, combine the half and half, espresso vodka and vanilla extract.
3.    In a stand mixer with the paddle attachment, cream the butter and sugar together on low speed for 5 minutes. Add the eggs, one at a time, allowing each egg to incorporate before adding the next. Scrape down the sides of the bowl. With the mixer still on low speed, swiftly alternate between adding the dry and liquid ingredients over the course of a minute. Scrape down the sides well, making sure to reach the bottom of the bowl. Turn the mixer on medium speed for 30 seconds.
4.    Distribute the batter evenly between the 3 prepared cake pans, using a spatula to even out the tops.
5.    Bake until the a toothpick comes out of the center of each cake clean, approximately 30-35 minutes. Allow the cakes to cool completely in the pan before removing.

Prepare the frosting
1.    Add sugar, water and corn syrup to a medium sized sauce pot. Cover and turn the heat to high. Once the liquid begins to simmer and steam has developed, remove the cover (this helps prevent crystallization). Using a candy thermometer, cook the sugar to the soft boil stage, 235-240 degrees F.
2.    While the sugar is cooking, whisk the eggs on high in a stand mixer with the whisk attachment until a soft peak has formed.
3.    Turn the mixer speed down to medium low and very slowly pour the syrup down the side of the bowl into the egg whites. Don’t pour the hot syrup directly into the meringue.
4.    Once the syrup is completely incorporated, turn the speed to high and allow the meringue to continue to form a stiff peak while cooling down. Mix on high until the meringue has reached room temperature. To speed up this 15-20 minute process, ice packs can be placed around the bowl.
5.    Once the meringue is room temperature, slowly begin incorporating the soft butter on medium speed. Once all of the butter has been incorporated, turn the mixer speed up to high and very slowly add the chocolate, espresso and vodka.

Assemble the cake
1.    Place the first layer of cake on a revolving cake stand and remove the parchment paper. Placing a cardboard round below the cake is optional but will make transporting the cake easier after it is assembled.
2.    Spread approximately one cup of buttercream on the cake and spread it around evenly with an offset spatula. Add more buttercream as needed to reached the desired thickness. Repeat with the second and third layer (don't forget to remove the parchment each time). Use an offset spatula to apply a thin layer of frosting to the side and top of the cake. Chill in the refrigerator for 30 minutes to set this first layer of buttercream. Cover the entire cake with a final layer of frosting. Grate some unsweetened or semi-sweet chocolate on top of the cake for decoration, if desired.
3.    Cake is best when served at room temperature.

Recipe Notes
Regular espresso may be substituted for the espresso vodka (but I highly recommend using the vodka!)
Italian meringue buttercream is an advanced frosting. To simplify the recipe, substitute any regular chocolate buttercream frosting and add some of the espresso powder (here is a good one).
Also, check out my article all about buttercream, including tips on fixing it if it breaks!


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