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!

Moroccan Lamb or Beef Recipe with Almonds and Rice






Total:90 mins
Prep:20 mins
Cook:70 mins
Yield:Serves 4

While most Moroccan tagines are served with Moroccan bread for dipping in and scooping up meat and sauce, this particular dish is traditionally offered with rice, which yields a presentation similar to kabsa. Since ample sauce is desired for serving the meat over rice, a conventional pot or pressure cooker is usually the cooking vessel of choice.

Crunchy, nutty fried almonds are often used to garnish Moroccan dishes, but here blanched almonds are stewed with the meat, yielding a soft texture and milder flavor. If you prefer more crunch, the almonds may be fried or toasted instead; see the tips at the end of the directions.

Cooking time is for a pressure cooker. Allow two hours or more if cooking conventionally. For similar flavors without the rice, try a Tagine with Almonds and Onions.


Ingredients
2 pounds, 3 ounces/1 kilogram lamb (or beef, cut into 2- or 3-inch pieces)
2 large onions (grated or very thinly sliced)
3 cloves of garlic (pressed or finely chopped)
Optional: 1 teaspoon ginger
1 teaspoon salt
1 teaspoon black pepper
1/2 teaspoon saffron threads (crumbled)
1/2 teaspoon turmeric
Optional: 1 or 2 pieces of cinnamon stick
1/3 cup butter (or vegetable oil)
Small handful of cilantro sprigs (tied into a bouquet)
1 cup/100 gram almonds (blanched and peeled)
Optional: 1 to 2 tablespoons honey
1/2 teaspoon cinnamon
2 cups medium rice (or long-grained)
4 1/4 cups water (or part or all broth)
1 to 2 tablespoons butter
2 teaspoons salt (reduce or omit if using broth)
Pepper to taste
Ginger to taste
Optional: several saffron threads
Optional: 1 teaspoon sugar
Steps to Make It


Cook the Meat and AlmondsIn a large pot or pressure cooker, mix the meat with the onions, garlic, spices, and butter. Brown the meat for a few minutes over medium heat, stirring occasionally.

Add 2 1/2 to 3 cups of water, the cilantro, and the almonds. You can omit cooking the almonds and serve them as a garnish instead. See the note at the end of these directions. Over high heat, bring the meat and liquids to a fast simmer.


Pressure Cooker MethodIf using a pressure cooker, cover tightly and continue cooking over high heat until pressure is achieved.

Reduce the heat to medium, and cook with pressure for 50 minutes.

Release the pressure and check to see that the meat is tender enough to break apart with a fork.

If it isn't, add water if necessary and cook with pressure for another 10 minutes.

When the meat is cooked, discard the cilantro and cinnamon stick. Add the sugar and ground cinnamon (if using) and reduce the sauce, uncovered, until it is thick.

Taste and adjust seasoning.


Pot Method
If using a pot, cover and simmer the meat over medium heat for two to two-and-half hours, until the meat is very tender and breaks apart easily with a fork. If necessary, add water during cooking to prevent the meat from scorching.

When the meat is cooked, discard the cilantro and cinnamon stick. Add the sugar and ground cinnamon (if using) and reduce the sauce, uncovered, until it is thick.

Taste and adjust seasoning.

Cook the Rice

Prepare the rice while the meat and almonds are stewing. Place 4 1/4 cups water or broth in a pot. Add the salt, butter, sugar, and rice and bring to a boil. Stir, cover the pot and reduce the heat to low.

Cook the rice, undisturbed, for about 25 minutes or until the rice is tender and the liquids are absorbed.

Remove from the heat and keep covered to hold warm until serving time.

To Serve
Toss the rice with a fork and arrange it into a mound on a large platter.

Make a well in the center and add the meat.

Spoon the almonds and sauce over the meat and rice and serve immediately. Moroccan tradition is to gather communally around the serving dish, with each person eating from his own side of the platter.


Tips
If you prefer a crunchy texture to the almonds, you can fry them or toast them in a 350 F (180 C) oven for 10 to 12 minutes, until lightly colored. This can be done a day in advance or while the meat is cooking. Scatter the almonds over the meat and rice just before serving.
For extra flavorful rice, use broth from the meat. Plan for this by adding an extra 4 cups of water and double the seasoning to the meat. Interrupt the cooking of the meat after 30 minutes of pressure cooking (or after an hour to hour-and-a-half of conventional cooking) to ladle out the broth needed for the rice. Continue cooking the meat until tender and the remaining sauce has reduced.


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