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 Cottage Pie Recipe

The Best Cottage Pie
A very homely and comforting meal that makes an extremely tasty supper! Delicious!!
Serves 4-6

Ingredients
2 tbsp olive oil
500g lean minced beef
Freshly ground salt & pepper
1 large onion, peeled and finely chopped
2 garlic cloves, peeled & finely chopped
2 medium carrots, peeled & finely chopped
1 tbsp fresh thyme leaves, finely chopped
2 tbsp tomato puree
200ml of Guinness beer
2 tbsp Worcestershire sauce
300ml chicken stock
1kg white potatoes, peeled and cut into even sizes
50g butter
100g mature cheddar cheese grated
1 large egg yolk
Freshly grated parmesan for the topping


Method
1.  Heat half of the oil in a heavy based large pan on a medium heat.  Season the mince and fry half until brown all over.  Put into a colander aside to drain the fat from the meat, repeat with the remaining mince. 

2.  Add the remainder of the olive oil to a large pan and place on a medium heat.  When hot fry the onions, garlic, carrots and thyme for 8-10 minutes until soft and golden.  Add the browned mince and tomato puree, stir constantly for 4-5 minutes.

3.  Add the Guinness and Worcestershire sauce and boil until the liquid has been reduced by half. Pour in the stock and return to the boil.  Reduce the heat and let simmer for 20-25 minutes or until the mixture is thick and glossy. 

4.  Preheat the oven to 200°C/Gas mark 6.  Meanwhile, add the potatoes to a pan of salted water bring the pan to the boil and cook until tender.  Dry out the potatoes in a hot pan for 15-20 seconds. Pass the potatoes through a potatoes ricer or mash smoothly, mix in the butter, cheese and egg yolk. Season to taste.

5.  Spoon the mince mixture into a 1.5 litre oven proof dish.  Spoon the mashed potato on top and rough the surface with a folk.  Grate some Parmesan cheese over the top and bake in the oven for 25-30 minutes until bubbling and golden brown.


Cooks Tips

v  You can replace the Guinness with red wine.

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