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 Beef Stew


The BEST Beef Stew
A perfect recipe for winter evenings - the magic for me is definitely the red wine!

Serves 4

Preparation time: 15 minutes
Cooking time: 2 hours

Ingredients
2tbsp olive oil
3tbsp plain flour
1kg stewing steak, cut into 4cm pieces
50g unsalted butter
2 onion, peeled & cut into 1cm dice
3 carrots, peeled & cut into 1cm dice
2 celery sticks, cut into 1cm dice
1 small swede, peeled & cut into 1cm dice
2tbsp redcurrant jelly
500ml red wine
500ml beef stock
2 sprigs of thyme
3 cloves of garlic, peeled & finely chopped
1 bay leaf
Freshly ground salt & pepper

To serve
Mashed potato
Crusty bread, to mop up the gravy


Method
1.    In a large casserole dish, heat a tablespoon of olive oil.  Spread the flour in a shallow bowl, season the beef and dredge in the flour; shake off any excess.
2.    Add half of the meat to the casserole and cook over a moderate heat until browned.  With a slotted spoon transfer the meat to a bowl.  Repeat with the remaining tablespoon of oil and floured meat, brown all over and transfer to the bowl.
3.    Melt the butter in the casserole dish, add the onions, carrots, celery and swede and cook over a moderate heat until the onion has softened, about 7 minutes.
4.    Add the redcurrant jelly and the wine and bring to the boil over a high heat, stirring to scrape all the browned bits from the bottom of the casserole.  Add the stock and bring to the boil, add the browned meat and any of the accumulated juices with the thyme, garlic and bay leaf.
5.    Cover and simmer over a low heat until the meat is tender, about 1 ½ hours.  Remove the lid and cook for a further 15 minutes until the sauce slightly thickens.  Discard the thyme sprig and bay leaf and season to taste.

6.    To serve, place the stew onto warmed plates and serve with mashed potato and some crusty bread to mop up the delicious gravy.  Enjoy!

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