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!

Irish Beef Stew

Beef stew recipe made with beef, garlic, stock, Irish Guinness beer, red wine, potatoes, carrots, and onions. An excellent, hearty stew.
Americans have a curious way of celebrating St. Patrick’s Day. We pinch each other if we forget to wear something green, we make green foods regardless if they have anything to do with Ireland, and we adapt traditional Irish recipes to our own taste.

The last is the case with this Irish beef stew. As any Irish person will tell you, lamb is the preferred meat for a good Irish stew. But here in the states we eat a lot more beef than lamb, so when we want to make a stew to celebrate all things Irish, it’s usually done with beef.

This particular stew has all of the classic trimmings of a good stew—meat, stock, plenty of root vegetables—with the addition of some Guinness extra stout, for its malty flavor and some Irish authenticity.

The recipe originally came to me through my friend Tomas, who got it from a chef friend in Europe, who had adapted a Bon Appetit recipe for stew by adding Guinness and some red wine. Every time we make this recipe it gets raves!

Please use beef chuck stew meat that is well marbled with fat. Lean stew meat will end up too dry.

Save prep time by prepping the onions, carrots, and potatoes while the stock with beef is simmering in step 2.
INGREDIENTS
  • 1 1/4 pounds well-marbled chuck beef stew meat, cut into 1 1/2-inch chunks
  • 3 teaspoons of salt (more to taste)
  • 1/4 cup olive oil
  • 6 large garlic cloves, minced
  • 4 cups beef stock or broth
  • 2 cups water
  • 1 cup of Guinness extra stout
  • 1 cup of hearty red wine
  • 2 tablespoons tomato paste
  • 1 tablespoon sugar
  • 1 tablespoon dried thyme
  • 1 tablespoon Worcestershire sauce
  • 2 bay leaves
  • 2 tablespoons butter
  • 3 pounds russet potatoes, peeled, cut into 1/2-inch pieces (about 7 cups)
  • 1 large onion, chopped (1 1/2 to 2 cups)
  • 2 cups 1/2-inch pieces peeled carrots and/or parsnips (3 to 4 carrots or parsnips)
  • 1/2 teaspoon freshly ground black pepper
  • 2 tablespoons chopped fresh parsley

METHOD
1 Brown the beef: Sprinkle about a teaspoon of salt over the beef pieces. Heat the olive oil in a large (6 to 8 quart), thick-bottomed pot over medium-high heat.

Pat dry the beef with paper towels and working in batches, add the beef (do not crowd the pan, or the meat will steam and not brown) and cook, without stirring, until well browned on one side, then use tongs to turn the pieces over and brown on another side.
2 Add garlic and sauté, then add stock, water, Guinness, wine, tomato paste, sugar, thyme Worcestershire, bay leaves, simmer: Add garlic to the pot with the beef and sauté 30 seconds or until fragrant. Add the beef stock, water, Guinness, red wine, tomato paste, sugar, thyme, Worcestershire sauce, and bay leaves. Stir to combine.

Bring mixture to a simmer. Reduce heat to the lowest setting, then cover and cook at a bare simmer for 1 hour, stirring occasionally.
3 Sauté onions, carrots in separate pan: While the pot of meat and stock is simmering, melt the butter in another pot over medium heat. Add the onions and carrots. Sauté the onions and carrots until the onions are golden, about 15 minutes. Set aside until the beef stew in step 2 has simmered for one hour.
4 Add onions, carrots, potatoes to beef stew, simmer: Add the onions, carrots, and the potatoes to the beef stew. Add black pepper and two teaspoons of salt. Simmer uncovered until vegetables and beef are very tender, about 40 minutes. Discard the bay leaves. Tilt pan and spoon off any excess fat.

Transfer stew to serving bowls. Add more salt and pepper to taste. Sprinkle with parsley and serve.

Recipe Source:simplyrecipes.com

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