Peel the onions, garlic and slice onions and red pepper. Dice the meat and dip it into flour. (Omit the flour if you prefer to avoid carbs and thicken the sauce with 1 can of blended butter beans, add them 30 minutes before the goulash is done cooking.)
Heat olive oil in a dutch oven or a deep pan and cook onions, peppers over low heat for 7-10 minutes until softened, add chopped garlic and cook for 1 minute longer, add smoked paprika and beef and cook while stirring for 2-3 minutes.
Add diced tomatoes, beef stock, wine, salt and pepper, bay leaves and bring to a boil over high heat, then reduce the heat to low and simmer covered for 1 hour and 30 minutes. Then uncover and cook for 1 more hour.
Serve with hot noodles or mashed potatoes. Swirl sour cream or plain yogurt into your beef goulash for added creamy texture.