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!


It was so incredibly cold in the Northeast this weekend––even though the heat was cranking non-stop, the house still felt really drafty! Weather like this really makes me crave something spicy, preferably soup. Spicy beef noodle soup to be exact.

I love this Spicy Beef Noodle Soup recipe because of its simplicity. This step of boiling the beef beforehand is key to ridding the beef of any “impurities.” Many readers question this step…so we decided to actually include a photo that shows what those impurities look like! I usually don’t keep the water used to boil the beef, but since we are making a soup base and we need all the beef flavors we can get, I decided to strain it and use the water for the soup. I’ve tried different cuts of beef for this recipe, but the best I’ve used is chuck––the same kind of beef you’d use for a pot roast!

As for the noodles, you can choose whatever noodles you’d like to use. Just remember to cook them in a separate pot. After combining the noodles, beef, and soup in a bowl, top with scallions and cilantro, and you’re ready to conquer the cold!

Spicy Beef Noodle Soup Recipe
This spicy beef noodle soup recipe is surprisingly simple to prepare at home, spicy, flavorful,and tastes even better than what you can get at a restaurant.

  • 16 cups cold water
  • 6 slices ginger
  • 3 scallions, washed and cut in half
  • ¼ cup Shaoxing wine
  • 3 lbs beef chuck, cut into 1½ inch chunks
  • 3 tablespoon oil
  • 1 to 2 tablespoons Sichuan peppercorns
  • 2 heads of garlic, peeled
  • 1 large onion, cut into chunks
  • 5 star anise
  • 4 bay leaves
  • ¼ cup spicy bean paste
  • 1 large tomato, cut into small chunks
  • ½ cup light soy sauce
  • 1 tablespoon sugar
  • 1 large piece of dried tangerine peel
  • fresh or dried wheat noodles of your choice
  • Chopped scallion and cilantro, to garnish
  1. You’ll need two large pots to make this recipe. Fill one large stock pot with 16 cups of cold water. Add the ginger, scallions, Shaoxing wine and beef chunks. Cover and bring to a boil. Immediately turn down the heat and simmer for 10 minutes. After that, turn off the heat and set aside.
  2. Heat the oil in another stock pot or large wok over medium low heat, and add the Sichuan peppercorns, garlic cloves, onion, star anise and bay leaves. Cook until the garlic cloves and onion chunks start to soften (about 5 - 10 minutes). Stir in the spicy bean paste. Then add the tomatoes and cook for two minutes. Finally, stir in the light soy sauce and sugar. Turn off the heat.
  3. Now, let’s scoop out the beef, ginger, and scallions from the 1st pot and transfer them to the 2nd pot. Then, pour in the stock through a fine mesh strainer. Place the pot over high heat, and add in the tangerine peel. Cover and bring the soup to a boil. Immediately turn the heat down to a simmer, and cook for 60-90 minutes.
  4. After simmering, turn off the heat, but keep the lid on, and let the pot sit on the stove (with the heat off) for another full hour to let the flavors meld together. Your soup base is done. Remember to bring the soup base to a boil again before serving. As an optional step, pick out the beef, strain the soup if you mind the floating spices and aromatics in the soup.
  5. Cook your noodles in a separate pot according to the package instructions, and divide among your serving bowls (you can get 8-10 servings out of your pot of soup and beef). Top the bowls with hot broth, beef, scallions, and cilantro. Serve piping hot! If you still have leftover stock and beef, you can freeze it and reheat for future meals.
Recipe Adapted : SPICY BEEF NOODLE SOUP @ thewoksoflife


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