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!

Roast Rib of Beef with Horseradish Breadcrumbs & Yorkshire Puddings

Roast Rib of Beef with Horseradish Breadcrumbs & Yorkshire Puddings
This is the ultimate Sunday roast, perfect for any occasion.  Delicious!

Serves 6
Prep time:  25 minutes
Cooking time:  1 hour 30 minutes

Ingredients
For the roast rib of beef:
1.5kg beef rib, on the bone
Olive oil
2 onions, peeled & quartered
2 carrots, peeled & quartered
2 celery sticks, quartered
A few sprigs of thyme
1 bay leaf
4 cloves of garlic
100g horseradish cream
100g breadcrumbs
100g shallots, peeled & finely chopped
Large bunch of flat leaf parsley, chopped

For the Yorkshire puddings:
140g plain flour
4 eggs, beaten
200ml milk
Sunflower oil, for cooking

For the gravy:
300ml red wine
300ml beef stock


Preparation method

1.  Preheat the oven to 220°C/200°C fan/425°F/Gas mark 7.

2.  Rub the beef all over with oil and season.  Place in a large roasting tin and roast for 30 minutes.  Remove from the oven and reduce the heat to 160°C/140°C fan/320°F/Gas mark 3.

3.  Add the onions, carrots, celery, thyme, bay leaf and garlic to the tray and cook for a further 50 minutes (15 minutes per 450g).

4.  In a bowl mix together the horseradish, breadcrumbs, shallots and parsley.  Remove the beef from the oven 20 minutes before the end, spread the horseradish breadcrumbs over the beef and place back in the oven for the final 20 minutes.

5.  Meanwhile prepare the Yorkshire puddings, preheat the oven to 230°C/210°C fan/450°F/Gas mark 8.

6.  Drizzle a little sunflower oil into each hole of a 12-hole Yorkshire pudding tin.  Place in the oven until it is sizzling hot.

7.  To make the batter place the flour in a bowl and mix through the eggs until fully combined.  Now gradually whisk through the milk until there are no lumps.  Season with salt and pepper and pour evenly into each hole.  Place in the oven for 20-25 minutes until puffed up and browned.  Make sure not to open up the oven half way through.

5.  When the meat is ready, set aside to rest whilst you make the gravy. 

6.  To make the gravy, add the wine and stock to the roasting tin.  Bring to the boil then gently simmer for 10 minutes and sieve into a pan.  Skim off any excess fat and reduce.

7.  Serve the rib of beef with the Yorkshire puddings & gravy and seasonal vegetables of your choice.

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