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!

Easy Beef Stew

A lot of stew recipes call for cooking the meat and vegetables at the same time, leaving the latter overcooked and mushy. Here, you first braise the meat with onions in red wine and beef broth until a rich sauce develops. Then, after about an hour, add carrots, celery, and potatoes. By the time the vegetables are cooked, the beef is perfectly tender—all that’s left is to stir in some frozen peas for a little freshness and color.

Spoon this rich, dark, comforting stew over egg noodles, Polenta, or our Celery Root Purée, or just pass around plenty of crusty bread to scoop up all the rich sauce.
INGREDIENTS (15)
  • 1/4 cup plus 1 tablespoon all-purpose flour
  • 2 teaspoons kosher salt, plus more for seasoning
  • 1 teaspoon freshly ground black pepper, plus more for seasoning
  • 1 (3-pound) boneless chuck roast
  • 3 tablespoons vegetable oil
  • 1 medium yellow onion, large dice
  • 2 tablespoons tomato paste
  • 1 cup dry red wine
  • 4 cups (1 quart) low-sodium beef broth
  • 2 bay leaves
  • 4 fresh thyme sprigs
  • 3 medium carrots
  • 3 medium celery stalks
  • 4 medium Yukon Gold potatoes (about 1 1/2 pounds)
  • 1 cup frozen peas

INSTRUCTIONS
  1. 1Place 1/4 cup of the flour and the measured salt and pepper in a large bowl and whisk to combine; set aside. Trim the roast of excess fat and sinew and cut it into 1- to 1-1/2-inch cubes. Place the meat in the flour mixture and toss to coat; set aside.
  2. 2Heat the oil in a large, heavy-bottomed pot or Dutch oven over medium heat until shimmering. Shake off the excess flour from about one-third of the meat and add it to the pot. Cook, stirring rarely, until browned all over, about 4 to 5 minutes. Remove to a large bowl. Repeat with the remaining meat in 2 more batches; set aside.
  3. 3Add the onion to the pot and season with salt and pepper. Cook, stirring occasionally, until softened and just starting to brown, about 5 minutes. Add the tomato paste, stir to coat the onion, and cook until the raw flavor has cooked off, about 1 to 2 minutes.
  4. 4Sprinkle in the remaining tablespoon of flour and cook, stirring occasionally, until the raw flavor has cooked off, about 1 minute. Pour in the wine, scrape up any browned bits from the bottom of the pot, and cook until the mixture has thickened, about 3 minutes.
  5. 5Return the meat and any accumulated juices in the bowl to the pot. Add the broth, bay leaves, and thyme and stir to combine. Increase the heat to high and bring to a boil. Immediately reduce the heat to low and simmer uncovered for 1 hour.
  6. 6Cut the carrots, celery, and potatoes into large dice and add them to the pot (peel the carrots and potatoes first, if desired). Stir to combine, cover with a tightfitting lid, and simmer, stirring occasionally, until the vegetables and meat are knife tender, about 1 hour more.
  7. 7Remove and discard the bay leaves and thyme stems. Stir in the peas and simmer uncovered until warmed through, about 5 minutes. Taste and season with salt and pepper as needed.
Recipe Source:chowhound.com

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