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!

30 Minute Teriyaki Shrimp

Ingredients:

  • 1 tablespoon (7g) cornstarch
  • 1 tablespoon (15ml) room temperature water
  • 1/4 cup (50g) brown sugar
  • 2 Tablespoons (42g) honey
  • 1/2 cup (120ml) soy sauce
  • 1/4 cup (60ml) vinegar (either rice wine or apple cider is great)
  • 1 teaspoon minced garlic
  • 1 - 2 teaspoons minced fresh ginger (I use 2)
  • 1 and 1/2 lbs medium-large uncooked shrimp, peeled & deveined1
  • 2 teaspoons sesame oil or olive oil
  • 2-3 cups snap peas or any stir-fry veggie
  • optional: sesame seeds for garnish

Directions:
  1. Make the sauce: Whisk cornstarch and water together in a small bowl. It will be a milky liquid. This is for thickening the sauce. Combine the cornstarch mixture, brown sugar, honey, soy sauce, vinegar, garlic, and ginger together in a small saucepan over low heat. Allow to simmer while whisking occasionally. Bring to a boil and allow to boil for 1 minute, then remove from heat.
  2. Place shrimp into a heat-proof bowl, then pour half of the sauce on top. Give it a stir and set aside for 10 minutes, uncovered at room temperature. If cooking later on, you can marinate the shrimp for up to a day. Keep it covered and refrigerate. (I usually begin cooking rice to have on the side at this point, but that's optional.)
  3. Heat oil in a skillet over medium-high heat. Add the snap peas, then stir and cook until crisp-tender, about 3-4 minutes. Add the shrimp, then the remaining half of the teriyaki sauce. Stir and cook until shrimp is pink and cooked through, about 2-3 minutes.
  4. Serve with rice and a sprinkle of sesame seeds if desired. Leftovers keep well in the refrigerator for a few days.
Recipe Notes:
You can remove the tail or leave it on. Whatever's easiest!

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