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!

BEEF STROGANOFF

Beef Stroganoff is always a family favourite! It's quick, easy and flexible so you could use chicken or pork if you preferred. The sauce is a lovely rich, creamy mouthful of deliciousness and this meal goes wonderfully with rice or pasta.

INGREDIENTS
  • 2 lbs / 1 Kg Sirloin or Fillet Steak.
  • 1 Tablespoon fresh or dried parsley for garnish
  • *** you can also use pork or chicken if you prefer.
  • 1 - 2 Tablespoons Olive Oil
  • Salt & Pepper to season
  • 1 Tablespoon Balsamic vinegar
  • 3 Tablespoons Cornstarch
  • 1 Handful of mushrooms, sliced.
  • 3 Cloves Garlic crushed / minced
  • 1 Medium Onion sliced, NOT chopped

FOR THE SAUCE:
  • 1 tablespoon unsalted butter
  • 2 teaspoons fresh lemon juice
  • 1/2 glass of your favourite white wine.
  • 1/2 cup / 120 ml heavy cream, or milk if you are counting calories!
  • 1 tablespoon packed brown sugar
  • 1 1/2 cups / 350 ml beef broth
  • 1 tablespoon all-purpose flour
  • Salt and ground black pepper


INSTRUCTIONS
  1. Slice the beef into thin strips, across the grain.
  2. In a bowl, add the beef, season a little with salt & pepper & the balsamic vinegar, mix it all well, then add the cornstarch and dredge the beef slices. Then add 2 Tablespoons of cold water and mix it all together with your fingers. It's easier!
  3. In a drop of olive oil, lightly fry onion (cut it in slices not chopped) on a low heat until translucent, then add the garlic and sliced mushrooms. Cook until softened, then turn the heat up high and add the beef. Stir it all well so it browns evenly. This should take only a minute or so. Cook until the beef is sealed, but not cooked completely.
  4. Empty contents of pan with a slotted spoon, keep the juices in there and then add butter.
  5. When the butter has melted, add flour and cook, stirring constantly, until flour turns light brown, for about 2 minutes and it's all combined.
  6. Slowly stir in broth and add the white wine. Add brown sugar and bring to a gentle boil.
More Deliciouse Recipes BEEF STROGANOFF@lovefoodies.com

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