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!

Stifado (Greek Beef Stew)



Stifado (Greek Beef Stew)
This aromatic stew of beef and onions cooked in red wine is a popular Greek dish. Best served with roast potatoes or crusty bread!

Serves 4
Prep time: 20 minutes
Cooking time: 3 hours

Ingredients
2 onions, peeled & sliced
3 garlic cloves, crushed
600ml beef stock
800g stewing steak, fat removed & cubed
1 level tbsp tomato puree
200ml red wine
2 tbsp red wine vinegar
2 sprigs of thyme
1 sprig rosemary
1 bay leaf
½ tsp cumin seeds
½ tsp cloves
1 cinnamon stick
450g shallots, peeled
Juice of ½ lemon
Freshly ground salt & pepper
2 tbsp fresh coriander, chopped

Method

1.  Place the onions, garlic and 300ml of the stock in a large ovenproof casserole dish, cover and bring to the boil.  Boil for 5-10 minutes, then reduce the heat and simmer uncovered for 20-30 minutes, until the onions are tender and golden.

2.  Add the cubed beef and cook over a low heat, turning occasionally, until browned all over.  Stir in the tomato puree, red wine, vinegar and herbs and the remaining stock.

3.  Tie the cumin seeds, cloves and cinnamon stick in a piece of muslin and place in the dish.  Cover and cook in a pre-heated oven at 170°C/150°C/Fan 325°F/Gas mark 3 for 2 ½ hours.

4.  Place the shallots in boiling water and blanch for 1 minute.  Drain and add to the casserole 1 hour before the end of cooking.

5.  Remove the herbs and spice bag from the casserole.  Add the lemon juice and seasoning.  Sprinkle with coriander and serve with roast potatoes or crusty bread.

Cooks Tips
* You can cook the stew a day in advance and store in the refrigerator.

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