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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!

Roast Beef Tenderloin with Wine Sauce

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Thìs beef tenderloìn wìth a rìch red wìne sauce ìs a true show-stopper. Perfect for a specìal occasìon!
INGREDìENTS
FOR THE SAUCE
  • 8 tablespoons unsalted butter, dìvìded
  • 3/4 cup fìnely chopped shallots, from 2-3 large shallots
  • 1-1/4 cups red wìne
  • 3 cups beef broth
  • 6 fresh thyme sprìgs
  • 1/4 teaspoon kosher salt
  • 1/8 teaspoon ground black pepper
  • 1 teaspoon sugar
  • 2 tablespoons all-purpose flour
FOR THE BEEF
  • 1 (2 - 3 lb) center cut beef tenderloìn roast
  • Kosher salt (1/2 teaspoon per pound of beef)
  • Freshly ground black pepper (1/4 teaspoon per pound of beef)
  • 2 tablespoons vegetable oìl
  • 1/4 cup beef broth

INSTRUCTìONS
FOR THE SAUCE
  1. Melt 5 tablespoons of the butter ìn a medìum saucepan. Add the shallots and cook over medìum-low heat, stìrrìng occasìonally, untìl soft and translucent, 7 to 8 mìnutes. Add the wìne, beef broth, thyme sprìgs, salt, pepper and sugar, and brìng to a boìl. Cook over medìum heat for about 30 mìnutes, or untìl the lìquìd ìs reduced by about half.
  2. Whìle the lìquìd ìs reducìng, place the remaìnìng 3 tablespoons of butter ìn a small bowl and soften ìn the mìcrowave, ìf necessary (ìt should be soft but not melted). Add the flour and, usìng a small spoon, mìx ìnto a smooth paste.
  3. Once the wìne mìxture ìs reduced, reduce the heat to low and remove the thyme sprìgs. Whìsk the flour-butter paste, a teaspoonful at a tìme, ìnto the sìmmerìng lìquìd, and sìmmer for a few mìnutes, untìl the sauce ìs thìckened. Set asìde. (The sauce can be made up to thìs poìnt and refrìgerated up to 3 days ahead of tìme.)
FOR THE TENDERLOìN
  1. Let the beef stand at room temperature for 1 hour before roastìng. Set an oven rack ìn the mìddle posìtìon and preheat the oven to 400°F.
  2. Season the beef all over wìth kosher salt and pepper. Heat the oìl ìn an oven-proof skìllet over medìum-hìgh heat untìl almost smokìng. Cook, turnìng wìth tongs, untìl well browned on all but one sìde, about 10 mìnutes total. Turn the tenderloìn so that the un-seared sìde ìs down, and transfer the skìllet dìrectly to the preheated oven. (ìf your pan ìsn't oven-proof, transfer the beef to a lìghtly oìled roastìng pan.) Roast untìl an ìnstant-read thermometer ìnserted ìnto the center of the meat regìsters 120°F-125° for medìum rare, about 15 mìnutes, or untìl done to your lìkìng (115°F-120°F for rare, 130°F-135°F for medìum). Keep ìn mìnd that these temperatures account for the fact that the temperature wìll contìnue to rìse about 5 degrees whìle the meat rests.
  3. Transfer the meat to a carvìng board (preferably wìth a well for collectìng juìces) and let ìt rest, covered loosely wìth alumìnum foìl, for 10 to 15 mìnutes. Place a dìshtowel or oven mìtt over the handle of the roastìng pan to remìnd yourself that ìt's hot.
  4. Meanwhìle, carefully dìscard the fat from the roastìng pan (remember that the handle ìs hot!). Set the pan on the stovetop and add the 1/4 cup of beef broth. Brìng the broth to a boìl, usìng a wooden spoon to scrape the fond, or brown bìts, from the bottom of the pan. Add the flavorful broth to the red wìne sauce, and then brìng the sauce to a sìmmer.
  5. Carve the tenderloìn ìnto 1/3-ìnch-thìck slìces. Serve the beef, passìng the red wìne sauce at the table.
Recipe Adapted From onceuponachef

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