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!

Beef Stroganoff

Juicy strips of beef smothered in a sour cream mushroom gravy - a quick dinner everyone will love! KEY STEPS: Sear beef super quickly for maximum juiciness and use a large skillet (for quick sear + fast sauce reduction). 
Ingredients
  • 600 g / 1.2 lb scotch fillet steak (boneless ribeye) (Note 1)
  • 2 tbsp vegetable oil , divided
  • 1 large onion (or 2 small onions), sliced
  • 300 g / 10 oz mushrooms , sliced (not too thin)
  • 40 g / 3 tbsp butter
  • 2 tbsp flour (Note 2)
  • 2 cups / 500 ml beef broth , preferably salt reduced
  • 1 tbsp Dijon mustard
  • 150 ml / 2/3 cup sour cream
  • Salt and pepper
  • Serving:
  • 250 - 300 g / 8 - 10 oz pasta or egg noodles of choice (Note 3)
  • Chopped chives , for garnish (optional)

Instructions
  1. Use your fist (or rolling pin or mallet) to flatten the steaks to about 3/4cm / 1/3" thick. Slice into 5mm / 1/5" strips (cut long ones in half), discarding excess fat.
  2. Sprinkle with a pinch of salt and pepper.
  3. Heat 1 tbsp oil in a large skillet over high heat. Scatter half the beef in the skillet, QUICKLY spread it with tongs. Leave untouched for 30 seconds until browned. Turn beef quickly (as best you can!). Leave untouched for 30 seconds to brown. Immediately remove onto a plate. Don't worry about pink bits and that it will be raw inside.
  4. Add remaining 1 tbsp oil and repeat with remaining beef.
  5. Turn heat down to medium high. Add butter, melt. Then add onions, cook for 1 minute, then add mushrooms.
  6. Cook mushrooms until golden. Scrape bottom of fry pan to get all the golden bits off (this is flavour!).
  7. Add flour, cook, stirring, for 1 minute.
  8. Add half the broth while stirring. Once incorporated, add remaining broth.
  9. Stir, then add sour cream and mustard. Stir until incorporated (don't worry if it looks split, sour cream will "melt" as it heats).
  10. Bring to simmer ,then reduce heat to medium low. Once it thickens to the consistency of pouring cream (3 - 5 minutes), adjust salt and pepper to taste.
  11. Add beef back in (including plate juices). Simmer for 1 minute, then remove from stove immediately. (Note 4)
  12. Serve over pasta or egg noodles, sprinkled with chives if desired.
Recipe Adapted From recipetineats.com

Notes
1. Stroganoff is best made with a decent to good quality quick cooking cut of beef because the dish is cooked quickly. I used 2 x beef scotch fillets (aka boneless rib eye) which is pretty well marbled with fat and you can find reasonably priced ones at butchers and supermarkets. Sirloin, rump and any other steak for BBQ-ing is suitable, except I don't recommend skirt, flat iron and cuts like that which need to be virtually rare to be juicy and usually work best when marinated. Tenderloin is also suitable BUT it is leaner.

Pork can also be used - pork stroganoff is found in Russia too.

2. Any wheat flour is fine here, I use plain white flour (all purpose). Or use 1 tbsp cornstarch / cornflour (makes it Gluten Free).

3. I like serving this with short, curly pasta. I like it best with short pastas, rather than long pastas. It's also great with mashed potato, rice, polenta - anything that's suitable to slop up all that gravy!

4. Sauce thickness: You can make sauce thinner with touch of water if you want, but DO NOT keep simmering to thicken once the beef is added, it will overcook the beef.

5. KEY STEPS in this recipe: brown very quickly so the beef is still raw inside, then finish cooking through in the gravy. The more colour you can get on the beef in 30 seconds on each side = more flavour in the end result. Do not worry about pink bits remaining on some of the beef after the sear and that it's raw inside - it is more important to get the beef out of the skillet after 60 seconds! The other key steps is to use a LARGE SKILLET. Key for beef browning / fast sauce reduction.

6. Nutrition per serving, assuming 5 servings (serves 4 hearty servings or 5 sensible servings), excludes pasta.

Nutrition Facts
Beef Stroganoff
Amount Per Serving (243 g)
Calories 586Calories from Fat 396
% Daily Value*
Total Fat 44g68%
Saturated Fat 24g120%
Cholesterol 125mg42%
Sodium 449mg19%
Potassium 1035mg30%
Total Carbohydrates 9g3%
Dietary Fiber 1g4%
Sugars 3g
Protein 37g74%
Vitamin A9.7%
Vitamin C4.8%
Calcium5.7%
Iron20.8%
* Percent Daily Values are based on a 2000 calorie diet.

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