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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

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The BEST Cottage Pie
This has to be comfort food at its best. A perfect family meal!

Serves 6-8
Prep time:  20 minutes
Cooking time: 1 hour 15 minutes



Ingredients

For the mince
2 tbsp olive oil
1kg lean minced beef
2 onions, finely chopped
2 celery sticks finely chopped
4 carrots, finely chopped
10 sprigs fresh thyme leaves only
4 tbsp tomato puree
2 tbsp plain flour
350ml red wine
800ml beef stock
Salt & freshly ground pepper
A few splashes of Worcestershire sauce

For the mash
2kg King Edward potatoes, peeled & chopped
125g butter
250ml double cream
Salt & freshly ground pepper

 Method
1.  Heat a large frying pan and then add a tablespoon of olive oil, add the mince in small batches until browned all over and set aside.

2.  In another large frying pan heat a tablespoon of olive oil and gently fry the onions, celery, carrots and thyme for 3-5 minutes until softened.  Add the tomato puree and flour and fry for one minute and then add the mince.

3.  Deglaze the frying pan which you cooked the mince in with red wine, cook for 3-4 minutes until it has reduced by half and then add to the mince.

4.  Add the stock to the pan and let simmer for 45 minutes.  Season to taste and add a few splashes of Worcestershire sauce.

5.  For the mash, place the potatoes in a pan of salted water bring to the boil and then simmer for 12-15 minutes.  Drain the potatoes and the mash with a potato masher or ricer.  Add the cream and butter and mix well until you have a smooth mash.

6.  Preheat the grill to high.  Put the mince into a baking dish and top with the mash.  Place under the grill for 8-10 minutes until the mash is golden brown.  Serve by itself or with your favourite vegetables, enjoy!

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