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!

The Best Chicken Enchiladas

The Best Chicken Enchiladas
These have to be the best chicken enchiladas that I have ever tasted!  They are quite spicy so if you don’t like a dish to be too hot reduce the amount of chilli powder and chillies.  This dish can be prepared in advance and placed in the oven when your guests arrive.

Serves 4
Prep time: 15 minutes
Cooking time: 1 hour

Ingredients
900ml chicken stock
4 chicken breasts
1 tbsp olive oil
1 onion, peeled & finely chopped
½ tbsp dried parsley
½ tsp dried oregano
1 tsp hot chilli powder
¼ tsp ground cumin
Freshly ground salt & pepper
2 garlic cloves, crushed
400g passatta
3 green chillies, deseeded & finely chopped
150g mature cheddar cheese, grated
2 tbsp sour cream
8 flour tortillas
2 tbsp fresh coriander, chopped

Enchilada Sauce
1 tbsp olive oil
1 tbsp plain flour
1 tsp hot chilli powder
400g/14 oz passatta
¼ tsp ground cumin
1 garlic clove, crushed
Freshly ground salt & pepper

To serve
Sour cream
Small bunch of fresh coriander, finely chopped

Method

1.  In a large pan bring the chicken stock to a boil then reduce to a simmer.  Place the chicken breasts in the pan, cover with the lid and let poach for 10 minutes.  Take off the heat and leave in the pan for 10-15 minutes.  Remove the chicken, shred and set aside.

2.  Heat the oil in a large frying pan and add the onion, cook until softened.  Add the herbs, spices, salt, pepper and garlic. 

3.  Add the passata and chillies, bring to the boil then add the shredded chicken.  Reduce the heat and let simmer for 20 minutes, add a splash of water if the mixture becomes to dry.

4.  Preheat the oven to 200°C/400°F/gas mark 6.

5.  For the Enchilada sauce, heat the oil in a pan and then add the flour and chilli powder.  Stir over a medium to low heat for 2 minutes.  Slowly add the passata stirring continuously to make sure you have a smooth consistency.  Add the garlic and cumin and a dash of water if the sauce is too thick.  Keep stirring and let simmer until it reduces to a thick tomato sauce, season to taste.

6.  When the chicken mixture is ready add 1/3 of the grated cheese, sour cream and coriander, mix until the cheese has melted.

7.   Lightly oil an oven proof dish, take a flour tortilla and place a 1/8 of the mixture inside and roll it.  Place in the dish and repeat with the remaining tortillas.

8.  Pour the Enchilada sauce over the tortillas and sprinkle over the remaining cheese.  Place in the oven and cook for 15-20 minutes or until the cheese begins to turn golden.

9.  To serve, divide between serving plates and top with sour cream and a sprinkling of coriander, enjoy!

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