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!

COOKED ON LOVELY SEASONAL VEGGIES


“A simple way to roast topside of beef to ensure it's super succulent, every time ”
SERVES 6
COOKS IN1H 5M PLUS RESTING TIME
DIFFICULTYSUPER EASY

Ingredients

1.5 kg topside of beef
2 medium onions
2 carrots
2 sticks celery
1 bulb of garlic
1 bunch of mixed fresh herbs , such as thyme, rosemary, bay, sage
olive oil

Method

Remove the beef from the fridge 30 minutes before you want to cook it, to let it come up to room temperature.
Preheat the oven to 240°C/475°F/ gas 9.
Wash and roughly chop the vegetables – there’s no need to peel them. Break the garlic bulb into cloves, leaving them unpeeled.
Pile all the veg, garlic and herbs into the middle of a large roasting tray and drizzle with oil.
Drizzle the beef with oil and season well with sea salt and black pepper, then rub all over the meat. Place the beef on top of the vegetables.
Place the tray in the oven, then turn the heat down immediately to 200°C/400°F/gas 6 and cook for 1 hour for medium beef. If you prefer it medium-rare, take it out 5 to 10 minutes earlier. For well done, leave it in for another 10 to 15 minutes.
If you’re doing roast potatoes and veggies, this is the time to crack on with them – get them into the oven for the last 45 minutes of cooking.
Baste the beef halfway through cooking and if the veg look dry, add a splash of water to the tray to stop them from burning.
When the beef is cooked to your liking, take the tray out of the oven and transfer the beef to a board to rest for 15 minutes or so. Cover it with a layer of tin foil and a tea towel and leave aside while you make your gravy, horseradish sauce and Yorkshire puddings.

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