Read Unfinished Tales before you embark upon the History of Middle Earth also known as HoME(of which Lost Tales is a part). HoME is not for everybody and the degree in which you'll enjoy it depends on what you're looking for. If you're looking for another LoTR, HoME isn't it. If you only want poetry, linguistics, "history" or philosophy only parts of HoME are needed. If you are trying to gain a greater overall understanding of Tolkien and his works, the whole 12 volumes is a must.
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Beleriand, Beleriand,
the borders of the Elven-land.
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