Divide cake mix and powdered sugar between two, gallon-sized zip top bags, set aside.
Divide the Chex cereal between 2 large bowls, set aside.
Place half of the melting wafers in a a microwave-safe bowl. Microwave at 50% power for 1 minutes. Stir and continue heating at 50% power in 30 second intervals until completely melted and smooth.
Pour melted chocolate in one bowl of cereal and toss to coat well. Pour the chocolate coated cereal into one of the bags. Seal the bag and shake until the cereal is evenly coated.
Melt the remaining melting wafers and when melted and smooth stir in 2-3 drops of red food coloring. Pour chocolate over the cereal and toss to coat well. Pour into the other bag. Seal and shake to coat cereal evenly.
Combine the contents of the two bags in a large bowl. Toss in the M&M's and Goldfish.
Enjoy!