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!

Chicken, Ham & Leek Pie


Chicken, Ham & Leek Pie
An absolutely delicious and succulent chicken & ham pie - when you need something warm and comforting after a long day, there’s nothing like a proper British pie!

Serves 4-6
Prep time:   15 minutes
Cooking time: 1 hour

Ingredients
450ml/16fl oz chicken stock
3 chicken breasts, skinned
75g/3oz butter
2 leeks, trimmed and cut into 1cm/½in slices
2 garlic cloves, crushed
50g/2oz plain flour
200ml/7fl oz milk
2-3 tbsp white wine
150ml/3fl oz double cream
150g/5oz piece thickly carved ham, cut into 2cm chunks
sea salt flakes
freshly ground black pepper
500g/20 oz pre-prepared short crust pastry
1 free-range egg, beaten, to glaze

Method

1.   Place the chicken stock into a lidded saucepan, add the chicken breasts and bring to a low simmer.  Cover with the lid and simmer for 10 minutes, remove the chicken and place on a plate.  Pour the stock into a jug and set aside.

2.   Melt 25g/1oz of the butter in a large saucepan over a low heat, add the leeks and fry gently for two minutes, stir occasionally until softened. Add the garlic and cook for a further minute and then add the remaining butter and stir in the flour as soon as the butter has melted. Cook for 30 seconds, stirring constantly.

3.   Gradually pour the milk into the pan, just a little at a time, stirring well between each pour.  Slowly add 250ml/10fl oz of the reserved stock and the wine, stirring until the sauce is smooth and thickened slightly. Bring to a gentle simmer and cook for 3 minutes.

4.  Season the mixture, to taste, with salt and freshly ground black pepper. Remove from the heat and stir in the cream. Pour into a large bowl and cover the surface of the sauce with cling film to prevent a skin forming. Set aside to cool.

5.  Preheat the oven to 200°C/400°F/Gas Mark 6. Put a baking tray in the oven to heat.
Portion off 250g/10oz of pastry for the lid and roll the remaining pastry out on a lightly floured surface, turning the pastry frequently until around 5mm/¼in thick and 4cm/1½in larger than the 23cm/9inch pie dish. Lift the pastry over the rolling pin and place it gently into the pie dish. Press the pastry firmly up the sides, making sure there are no air bubbles. Leave the excess pastry overhanging the sides.

6.  Cut the chicken breasts into 3cm/1¼in pieces. Stir the chicken, ham and leeks into the cooled sauce. Pour the chicken filling into the pie dish. Brush the rim of the dish with beaten egg. Roll out the reserved pastry for the lid.

7.  Cover the pie with the pastry lid and press the edges together firmly to seal. Trim any excess pastry.

8.  Make a small hole in the centre of the pie with the tip of a knife. Glaze the top of the pie with beaten egg and place in the refrigerator for 15-20 minutes.

9.  Bake on the preheated tray in the centre of the oven for 35-40 minutes or until the pie is golden-brown all over and the filling is piping hot, enjoy!

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