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 Tagine

The Best Chicken Tagine

This simple chicken tagine is great made a day before and left so the flavours can infuse – a one-pot wonder!
Serves 4
Prep time:  20 minutes (plus marinating & soaking time)
Cooking time:  40 minutes
 
Ingredients
8-10 chicken thighs, skinned, boned & cut into bite-sized pieces
2tsp paprika
1tsp ground ginger
1tsp ground cumin
1tsp ground turmeric
½ tsp ground cinnamon
50g raisins
100g dried apricots, sliced
500ml chicken stock, hot
1tbsp olive oil
2 large onions, finely sliced
6 garlic cloves, peeled & finely chopped
Pinch of saffron, soaked in a splash of hot water
2 x 400g tins of chopped tomatoes
1tbsp tomato puree
1tbsp honey
 
To serve
50g flaked almonds, toasted
Handful of fresh coriander, finely chopped
250g couscous
Small handful of fresh mint, chopped
1 lemon, zest & juice

  

Preparation method
  1. Place all the spices in a large bowl, add the chicken and toss until the chicken is fully covered.  Cover the bowl with cling film and chill in the refrigerator for at least an hour, or overnight.
  2. In another bowl, add the raisins, apricots and pour over 200ml of the hot stock.  Allow to soak for at least an hour, or overnight.
  3. Heat the oil in a large frying pan over a high heat, add the chicken in 2 batches. Brown the chicken and remove with a slotted spoon onto kitchen paper and set aside.
  4. In the remaining oil, fry the onions over a medium heat for 5 minutes until soft, stir through the garlic for the final minute.  Now add the saffron with the water, tomatoes, tomato puree, honey, fruit with liquid and the remaining 300ml of chicken stock.  Bring the pan to a simmer, cook for 10 minutes and season to taste.
  5. Now add the browned chicken and stir through.  Cover partially and simmer for 20 minutes, stir occasionally until the chicken is cooked and the sauce has thickened.
  6. Meanwhile, put the couscous in a large bowl and cover with 250ml boiling water. Cover with cling film and leave for 5 minutes.  Use a fork to fluff up the couscous, mix in the mint, lemon juice & zest.  Season to taste.
  7. Serve the chicken tagine on top of a generous serving of couscous, top with a scattering of flaked almond and coriander.  Enjoy!

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