Preheat your oven to 350ºF (175ºC). Grease three 8- or 9-inch round cake pans and lightly dust them with cocoa powder. I usually make a two-layer cake and reserve the third layer for kids who prefer it without frosting, or for family members with nut allergies.

In a large mixing bowl (I typically use my KitchenAid stand mixer), combine the flour, sugar, cocoa powder, baking powder, baking soda, and salt. Mix until all dry ingredients are fully incorporated.

Add the milk, vegetable oil, eggs, and vanilla extract to the dry mixture, and mix on medium speed until everything is well combined. Lower the speed and gradually pour in the boiling water. Once the water is fully incorporated, increase the speed to high and beat the batter for about 1 minute until smooth.

Divide the cake batter evenly between the prepared pans.

Bake for 30 to 35 minutes, or until a toothpick or cake tester inserted into the center comes out clean.

Remove the cakes from the oven and let them cool in the pans for about 10 minutes. Then transfer the cakes from the pans to a wire rack to cool completely.

While the cakes are baking, prepare the frosting, as it requires about an hour to cool before use.

In a large saucepan, combine the evaporated milk, sugar, egg yolks, margarine (or butter), and vanilla extract. Cook over medium-low heat, stirring constantly, until the mixture reaches a slow boil. Continue stirring constantly as the mixture thickens, which should take around 12 minutes from the point it begins to boil.

Once thickened, remove the saucepan from the heat and stir in the chopped pecans and flaked coconut. The frosting will continue to thicken as it cools.

Let the frosting cool for one hour before using it on the cake. I usually use about 1 1/2 cups of frosting between each cake layer and spread the remaining amount over the outside of the cake.

For cleaner slices, refrigerate the frosted cake for 30 minutes before serving. Enjoy!