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 Slow Cooked Beef Stroganoff


The BEST Slow Cooked Beef Stroganoff
This is a beautiful melt-in-the mouth dish that tastes better if you cook it a day in advance!

Serves 6
Prep time: 15 minutes
Cooking time: 2 ½ - 3 hours

Ingredients
4 tbsp olive oil
500g chestnut mushrooms, sliced
1.5kg stewing beef, cut into 3cm cubes
350ml beef stock
3 onions, peeled & sliced
3 garlic cloves, peeled and crushed
150ml dry white wine
100ml brandy
1tbsp Dijon mustard
½ tbsp paprika
Freshly ground salt & pepper
300ml double cream

For the buerre manié
3tbsp butter, softened
3tbsp plain flour

To serve
Basmati rice follow packet instructions

Method

1.  Preheat the oven to 150°C/130°C/Gas mark 3.

2.  In a large ovenproof casserole heat 2 tbsp of olive oil and lightly fry the mushrooms in batches until slightly golden.  Put on a plate and set aside.  Next brown the meat in batches and set aside, add more oil if necessary.

3.  Now fry the onions until softened and lightly golden, add the garlic towards the end adding more oil if necessary.  Add half of the beef stock and bring to the boil to deglaze the pan.  Return the meat and mushrooms to the pan and add the rest of the stock, wine and brandy.  Add the Dijon, paprika and season to taste, stir well and simmer.  Cover the pan and place in the oven and cook for 2 – 2 ½ hours until the meat is tender.

4.  Make the beurre manié by mixing the butter and flour to create a paste.  Set aside.

5.  Remove the dish from the oven and strain the liquid into a pan.  Keep the meat and mushrooms warm in a covered casserole.  Pour the cream into the pan with the liquid and boil, uncovered for a few minutes until the sauce has slightly reduced and has a good flavour.  Season to taste if required.

6.  Place the beurre manié into the boiling liquid, 1 tbsp at a time and whisk until the sauce thickens slightly.  Now pour the sauce over the meat and mushrooms and stir gently.  Keep warm until ready to serve with the rice.  Enjoy!

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