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!

How To Make Easy Shepherd's Pie




SERVES6 to 8

INGREDIENTS


For the potato layer:
3 pounds russet potatoes (4 to 5 large), peeled and diced
2 teaspoons kosher salt, divided
1/2 cup whole or 2% milk
4 tablespoons unsalted butter
1 large egg yolk

For the filling:

1 teaspoon vegetable oil
1 1/2 pounds lean ground beef
1 teaspoon kosher salt
1 (10-ounce) bag frozen vegetable medley, such as carrots, peas, green beans, and corn
1/2 cup water
2 tablespoons all-purpose flour
2 tablespoons ketchup
1 teaspoon onion powder
1/2 teaspoon garlic power


EQUIPMENT
12-inch oven-safe skillet


Measuring cups and spoons
Chef's knife and cutting board
3- to 4-quart pot with lid


Spatula
Potato masher

INSTRUCTIONS

Heat the oven to 400°F. Arrange a rack in the middle of the oven and heat to 400°F. Meanwhile, cook the potatoes.
Boil the potatoes. Place the potatoes in a large (3- to 4-quart) pot. Cover with about 2 quarts of water, stir in 1 teaspoon of the salt, and bring to a boil over high heat. Reduce the heat to medium-low, cover, and simmer until the potatoes are tender, 15 to 18 minutes. Meanwhile, make the filling.

Brown the beef. Heat the oil in a large oven-safe skillet — 12-inch cast iron is best — over medium-high heat until shimmering. Add the beef and salt, breaking it into large chunks as you add it to the pan. Let the meat brown for 1 to 2 minutes undisturbed, then use a spatula to break up the chunks into smaller pieces. Cook, stirring occasionally, until browned, about 10 minutes total.

Add the vegetables and sauce ingredients. Add the vegetables, water, flour, ketchup, onion powder, and garlic powder. Cook, stirring occasionally, until simmering, 2 to 3 minutes. Remove from the heat. Don’t worry too much if the browned beef mixture looks a little soupy -- it will thicken in the oven.

Mash the potatoes with the butter, milk, and egg yolk. Drain the potatoes and return them to the now-empty pot. Add the milk, butter, and remaining 1 teaspoon salt and mash to desired consistency (for shepherd’s pie we like a pretty smooth mixture). Stir in the egg yolk.

Top beef mixture with the mashed potatoes. Use a large spoon to dollop the mashed potatoes over the beef. Use the spoon to smooth the potatoes into an even layer.

Bake for 30 minutes. Bake until the potatoes just begin to brown and the filling is bubbling, 25 to 30 minutes. Cool for 10 minutes to let the sauce thicken slightly before serving.

RECIPE NOTES


Storage: Refrigerate leftovers in an airtight container for up to 3 days.

Using a casserole dish: If you’d rather serve in a casserole dish or do not own an oven-safe skillet, transfer the filling mixture to a 3-quart casserole dish before topping with the potatoes.

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