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!

Traditional Fish Pie



Traditional Fish Pie
The wonderful combination of fish makes this pie delicious… you can make this fish pie the day before as it tastes even better the next day!

Serves 6
Prep time:  30 minutes
Cooking time: 1 ½ hours

Ingredients
For the potato topping
1.25 kg potatoes, peeled and chopped
1 large knob of butter
4 tbsp double cream
3 egg yolks
Freshly ground salt & pepper

The filling
250g un-dyed smoked haddock, with skin on
900ml pint milk
1 fresh rosemary sprig
1 onion, peeled & sliced
250g salmon fillet
250g cod fillet
250g cooked king prawns, peeled
3 tbsp capers, drained & rinsed
3 hard boiled eggs, shelled & quartered

For the sauce
125g butter, diced
100g plain flour
550ml whipping cream
4 tbsp fresh flat-leaf parsley, chopped
3 tbsp lemon juice
Freshly ground salt & pepper

Method

1.   Preheat the oven to 200°C/400°F/Gas Mark 6.

2.  For the potato topping, place the potatoes into a large pan of cold salted water and bring to the boil.  Cover and simmer for 20 minutes or until the potatoes are very soft.  Drain and set aside to dry.  Mash the potatoes and beat in the butter, cream and egg yolks and season, set aside.

3.  For the filling, place the haddock into a pan filled with 600ml of the milk, rosemary and onion.  Bring the milk to a simmer and poach the haddock for 3-5 minutes.  Remove from the milk with a slotted spoon and set aside to cool.  Repeat this process by poaching the salmon and then the cod in the same milk.  When the fish is cool, remove the skin and flake the flesh into large chunks.  Sieve the poaching milk into a jug and add the rest of the milk, set aside.

4.  For the sauce, melt the butter in a large saucepan, add the flour and cook for 2 minutes to make a roux.  Pour in the milk from the jug and beat until you have a very thick sauce.  Beat in the cream and then remove from the heat.  Stir in the parsley, lemon juice and season to taste.

5.  Place the fish and prawns into a 2 litre pint baking dish.  Pour any remaining fish juices into the sauce and mix well.  Gently fold in the capers and chopped eggs and pour the sauce over the fish.  Cover with the mash and place in the oven to bake for 40-45 minutes or until the mash is golden brown.  Enjoy! 

* Cutlery -  Sophie Conran Rivelin for Arthur Price

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