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!

Individual Beef Wellington with Red Wine Sauce

Individual Beef Wellington with Red Wine Sauce
Treat yourself with this decedent dinner party recipe of tender beef fillet enclosed in pate, prosciutto, mushrooms and buttery puff pastry.  Nothing says 'special occasion' quite like a traditional beef Wellington. It's pure pleasure on a plate.

Serves 4
Prep time: 40 minutes
Cooking time: 1 hour

Ingredients
For the mushroom stuffing
55g/2oz unsalted butter
150g/5oz shallots, peeled and finely diced
250g/9oz flat mushrooms, chopped
3 tbsp double cream
salt and pepper

For the pancakes
3 free-range eggs
6 tbsp plain flour
150ml/5fl oz milk
unsalted butter, for frying

For the Wellingtons
Olive oil, for frying
4 x 300g/10½oz beef fillet steak
freshly ground black pepper
1 tbsp fresh thyme leaves
25g/1oz butter
2 tbsp English mustard
4 slices prosciutto
1 packet ready-made puff pastry, rolled to 5mm thick
1 free-range egg plus 1 free-range egg yolk, beaten together

For the red wine sauce
25g butter
1 shallot, peeled, finely chopped
110ml/4fl oz red wine
200ml/7fl oz beef stock
salt and freshly ground black pepper

For the buttered spinach
50g/2oz butter
400g/14oz baby spinach leaves
salt and freshly ground black pepper
pinch freshly grated nutmeg

For the carrots
35g/1¼oz butter
250g/9oz carrots
175ml/6fl oz water

Method

1.  To make the mushroom stuffing, add the butter to a large frying pan and when hot and foaming, add the shallots and cook until softened and golden. Add the mushrooms and cook until all the liquid evaporates.

2.  Add the cream, salt and pepper. Continue to gently heat until it has reduced to a thick purée. Set aside to cool completely.

3.  For the pancakes, whisk together the eggs and flour in a bowl until smooth and well combined. Gradually whisk in the milk, until the batter is the same as single cream, you might not need all of the milk.

4.  Heat a frying pan over a high heat and add the butter. When the butter is foaming, add a ladleful of the pancake batter and swirl the pan to evenly coat the base. Fry for 1-2 minutes, or until the underside is golden-brown. Carefully flip the pancake over and cook for a further minute, or until the pancake is cooked through and golden-brown all over. Slide the pancake out onto a plate lined with greaseproof paper, then cover with another layer of paper. Repeat with the remaining pancake batter to make 4 pancakes.

5.  For the Wellingtons, heat a little olive oil in a frying pan until hot. Season the fillet steaks with freshly ground black pepper and sprinkle with thyme, then sear in the hot frying pan for 2-3 minutes, turning occasionally, until golden-brown all over.  Set aside. When cool all over with the mustard.

6.  Cut the puff pastry into 4 equal squares and lay a pancake on each piece, followed by a slice of prosciutto. Spread with the pate over the prosciutto then add the cooled mushrooms stuffing.  Place the fillet steak in the centre, then fold the pastry over to cover. Fold up the edges to completely seal the steak in the pastry. Turn the Wellingtons over so that the seam is on the bottom and place onto a baking sheet.

7.  Brush the Wellingtons with half of the beaten egg, then chill in the fridge for 30 minutes. Meanwhile, preheat the oven to 200°C/400°F/Gas 6.

8.  Remove the Wellingtons from the fridge and brush once more with the egg wash.  Bake in the oven for 15 minutes, or until the pastry is golden-brown and crisp.  (Cook for a further 20-25 minutes if you prefer the beef to be well done, covering the pastry with aluminium foil if it browns too quickly.) Remove from the oven and set aside to rest.

9.  For the red wine sauce, heat a pan until hot and add the butter. When the butter is foaming, add the shallots and fry for 1-2 minutes, or until softened.  Add the red wine to the pan and bring to the boil. Cook until the wine has reduced in volume by half.  Add the beef stock, bring back to the boil and cook until the liquid has reduced in volume by half again.  Season to taste, with salt and freshly ground black pepper.

10.  For the buttered spinach, heat a frying pan until hot and add the butter. When the butter is foaming, add the spinach and cook for 2-3 minutes, or until the spinach has wilted. Season with salt, freshly ground black pepper and a pinch of freshly grated nutmeg.

11.  For the carrots, heat another pan and add the butter, the baby carrots and the water. Bring to a simmer and cook for 4-5 minutes, or until most of the liquid has evaporated and the carrots are tender.  Season to taste, with salt and freshly ground black pepper.

12.  To serve, slice the Wellington in half on the diagonal. Spoon the buttered spinach onto serving plates and top with the Wellington slices. Spoon the carrots alongside and drizzle the sauce around the plate.


Cooks Tips
v This recipe seems long and complicated but you make everything in stages so there is no pressure.  You can also prepare everything in advance so you are not away from your guests for much time at all.
v To save time you can use shop bought pate & shop bought pancakes.

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