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!

Chicken, Chorizo & Prawn Jambalaya

Chicken, Chorizo & Prawn Jambalaya
Chicken and rice is always a really satisfying combination - with the addition of a bit of spice, chorizo & prawns it becomes even better!  This has to be one of the best Jambalaya’s I have ever tasted.



Serves 4
Prep time: 20-30 minutes
Cooking time: 35 minutes

Ingredients
1tbsp olive oil
225g chorizo, roughly chopped
300g chicken breasts, cut into strips
50g butter
2 onion, roughly chopped
4 cloves garlic, roughly chopped
2 large red chilli, finely chopped
1 – 2 tsp jerk or Cajun seasoning
1 tsp ground cumin
1 tsp paprika
2 red pepper, seeds removed & roughly chopped
300g easy cook basmati rice
800ml water
½ tsp saffron strands, soaked in 1 tsp warm water
250g large raw king prawns, head and shell removed, deveined
Salt & freshly ground pepper

To Serve
Sour Cream

Method

1.    Heat a large frying pan or wok until hot, add the oil and the chorizo and cook for 30 seconds on each side until golden all over.  Remove from the pan with a slotted spoon and set aside.
2.    Add the chicken to the pan and cook for 6-8 minutes until golden all over.  Remove from the pan with a slotted spoon and set aside.
3.     Add the butter then add the onion and garlic and fry for 2-3 minutes, or until softened but not browned.
4.    Add the chilli and the spices and fry for 1-2 minutes or until the spices are fragrant. Now add the red pepper and fry until softened, 1-2 minutes.
5.    Add the rice and stir well so that it is coated in all the spices.  Add the water, saffron and the saffron water.  Bring to the boil then reduce to a simmer, cover and cook for 12-15 minutes or until nearly all the liquid has been absorbed and the rice is just cooked.
6.     Add the chicken, chorizo and prawns, cook for 4-5 minutes or until the prawns are cooked through.  Season to taste and stir carefully.

7.    Serve on warmed plates, with a good dollop of sour cream - enjoy!

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