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!


For special occasions, treat yourself to this beef wellington recipe made of tender filet mignon individually wrapped in puff pastry and served with a delicious mushroom sauce.

Everything about this dish screams indulgence; tender and juicy pan-seared filet mignon topped with a savory mushroom duxelles, wrapped in prosciutto, and then wrapped again in a blanket of golden brown crispy puff pastry, drool!

You must have a sauce when enjoying this meal fit for royalty. I like to make a quick red wine mushroom sauce, so velvety and delicious, a perfect compliment to the tender beef and crispy pastry.

Tender filet mignon wrapped in golden puff pastry for a delicious individual beef wellington with mushroom sauce recipe for your next special occasion!

  • 16 ounces beef tenderloin steaks, (two 8-oz pieces) 1 1/4" to 2" thick
  • 1 tablespoon dijon mustard
  • 3 ounces prosciutto, 8 slices
  • 1/2 pound puff pastry, sheet frozen, thawed
  • 1 egg yolk
  • 1 tablespoon milk
  • kosher salt
Mushroom Filling-
  • 8 ounces brown mushrooms
  • 1 teaspoon olive oil
  • 1 tablespoon unsalted butter
  • 1 sprig thyme
  • 1/4 teaspoon kosher salt
  • 1/8 teaspoon black pepper
Mushroom Sauce-
  • 2 tablespoons olive oil
  • 1/4 cup red wine
  • 1/4 cup shallots, diced
  • 1 tablespoon all-purpose flour
  • 1 1/2 cups beef stock
  • 3 ounces brown mushrooms, ¼-inch thick slices
  • kosher salt
  • black pepper
Puff Pastry-
  1. Defrost 1 sheet of puff pastry at room temperature on a sheet pan lined with parchment paper for 40 minutes, or until pliable yet cooled. Refrigerate covered with plastic wrap if defrosted and not using immediately.
  2. Preheat oven to 400°F. Begin making mushroom filling.
Mushroom Filling-
  1. Add mushrooms to a food processor, blender, or chop as finely as possible. The texture should be similar to coarse breadcrumbs, you do not want them to become a slurry.
  2. Heat a medium-sized pan over medium heat and add a teaspoon of olive oil and 1 tablespoon of butter to the pan.
  3. Add mushrooms and 1 sprig of fresh thyme, sauté for about 10 minutes until mixture is softened and most of the moisture has evaporated.
  4. Season mushroom mixture with ¼ teaspoon salt and 1/8 teaspoon of pepper.
  5. Remove and discard thyme sprig and transfer mushrooms to a bowl and refrigerate.
Preparing the Beef-
  1. Trim any excess fat or silver skin from the meat. You can reform the steaks into rounds by tying the steaks with butchers twine so that it holds shape as it cooks in the pan.
  2. Pat dry the steaks with a paper towel and season each side generously with salt and black pepper.
  3. Heat a large skillet over medium-high heat and add two tablespoons of olive oil. You want the pan really hot before adding the steaks.
  4. When the oil begins to smoke, add the filets to the pan, and brown for 2 minutes on each side. Quickly sear the raw edges of the meat so that the red turns to brown on the surface. Remove the steaks from the pan and place on a plate to cool. Turn off the heat and save the pan with the drippings for the red wine mushrooms sauce.
  5. Cut off the butcher's twine if using. Brush about 1 ½ teaspoons of Dijon mustard over the surface of each filet while still warm. Set aside.
Rolling the Beef Wellingtons-
  1. On a large cutting board, place a large piece of plastic wrap. Lay down 4 slices of prosciutto slightly overlap each piece about ¼ inch to create a row. Spread half of the mushroom filling over the prosciutto, leaving about a ½ inch border along the sides. The layered prosciutto slices will resemble the shape of a rectangle.
  2. Place the seared filet in the center of the prosciutto and mushroom layer (if the beef is more rectangular in shape then lay so that the longer end lines up with the longer sides of the prosciutto layer). Use the plastic wrap to draw the prosciutto around the fillet, covering all sides. Roll up and twist the ends of the film to tighten. Chill and repeat the process with the remaining filet.
  3. Place a large piece of plastic wrap on a cutting board or smooth surface, roll the defrosted pastry sheet into an 11-inch by 11-inch square. You can lightly dust the surface with flour if it sticks to your rolling pin. Cut pastry in half (two 5.5-inch by 11-inch rectangles).
  4. Place the beef fillets covered in prosciutto in the center of each pastry. Line up the long side of meat with the longer sides of the pastry. Lightly brush the pastry edges with water. Starting at the longer sides, bring opposite corners of the pastry over, gently stretching the dough if needed. Press seams to seal tightly. Fold the shorter sides up to enclose the other portions. If they will not reach the center, just make sure to press sides to seal the pastry. Repeat wrapping with the remaining filet.
  5. Use a piece of plastic wrap to tightly seal each pastry-wrapped beef filet, and refrigerate about 5 minutes to allow the pastry to firm up again.
  6. In a small bowl, mix egg yolk and milk.
  7. Line a sheet pan with parchment paper. Remove wellingtons from the refrigerator, remove plastic wrap, and lay the filets seam-side down on the baking sheet. Brush the top and sides of each puff pastry with the egg wash. If desired, use the back of the knife or pizza cutter to create long diagonal lines on the surface, make sure not to cut into the meat. Sprinkle kosher salt on top of each.
  8. Bake in the upper middle portion of the oven for approximately 20-30 minutes, or until the internal temperature of the steak reaches 125°F for medium-rare. The pastry should be golden brown on the surface. Remove the beef wellingtons from the oven and allow to rest on the sheet pan for at least 10 minutes before slicing. Make the sauce while the meat is baking.
Mushroom Sauce-
  1. Using the pan with the steak drippings, heat over medium heat. If you did not save the pan, use a new pan with 2 tablespoons of olive oil added.
  2. Add the red wine to the pan and whisk to deglaze and remove the brown bits from the bottom of the pan. Add the chopped shallots, stirring until the wine has reduced until you cannot smell the alcohol, reduced to about half.
  3. Add 1 tablespoon flour and whisk for one minute. Slowly add the beef stock by whisking in about a 1/4 cup at a time, until 1 cup has been added and the sauce has thinned to a spoonable consistency.
  4. Add the sliced mushrooms to the sauce and simmer until the mushrooms are cooked and tender. Whisk in additional beef stock if needed to thin the sauce. Season with salt and pepper to taste. Keep warm on low heat until ready to serve.


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