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!

Asian BBQ Shrimp with Asian Slaw




What do you do when you only have an hour to make a dish to take over to a friend's house?

Panic.

Just kidding. Make Asian BBQ Shrimp like I did.

*****

I was looking forward to going over my friend Claudia's house all week. She lives on the water, and it's beautiful. It was also potluck, so I was thinking about what I could bring over.

Thinking and doing are two different things however.

I had work commitments on Wednesday, Thursday, and Friday nights, and thus no time to cook in advance. On Saturday, I also was at work in the morning until 2 pm. I had the wherewithal to take a 2 lb. bag of frozen large shrimp out of the freezer to defrost before I left for work, so when I got home at 3 pm, all I had to do was figure out what to do with them for the 4 pm party.

I decided to make an Asian style marinade with pantry ingredients, including hoisin sauce(Chinese BBQ sauce), soy sauce, and Thai sweet chili sauce. A 15-minute soak in the flavorful marinade and a 2-3 minute sear on a hot skillet made these shrimp a snap to cook.

While the shrimp was marinating, I made a quick Asian slaw out of shredded Napa cabbage, red cabbage, and carrots, which I dressed very lightly with a dressing of rice vinegar, sesame oil, honey, and Thai sweet chili sauce. I used the slaw as a bed for the grilled shrimp.

Everyone seemed to enjoy the shrimp, which were fine at room temperature, and ate it as a salad. If people chose, they could also take a piece of shrimp from the platter without the slaw and just eat it as a finger food.

Fast. Flavorful. Festive. I would say this dish is BBB-worthy, wouldn't you?

Asian BBQ Shrimp

2 lb. bag of frozen shrimp, large (31-40 per pound), defrosted
2 tbs. soy sauce
3 tbs. hoisin sauce (please use a good Asian brand and not the fake artificial-ingredient laden hoisin sauce in many grocery stores; if you're in the grocery store, read the ingredient list and pick the most natural one if you can't find Koon-Chun, Lee Kum Kee, or Kikkoman)
1 tbs. BBQ sauce (American)
1 tbs. Thai sweet chili sauce
1 tbs. honey
1 tbs. rice wine or sherry
2 cloves garlic, minced
Thinly sliced scallions for garnish


Mix together marinade ingredients. Rinse shrimp in a strainer of any ice residue and put in a bowl. Mix the shrimp with marinade and let marinate 15-30 minutes.

Heat a large non-stick skillet over medium-high heat. When hot, add a little oil to the skillet and lay shrimp down flat one by one, making sure to leave spaces between the shrimp and not overcrowd the pan (this will allow the shrimp to sear vs. steam). You'll probably have to cook the shrimp in several batches. Cook 1-2 minutes or until top side is getting opaque on the sides and on top and then flip over and cook an additional 1 minute or until opaque all the way through. (Note: you can also skewer these and cook them on the grill or just stir fry them in the marinade.)

Serve hot, room temperature, or cold, as an appetizer or main dish.

Asian Slaw

1 tbs. Asian rice vinegar
1 tbs. sesame oil
1 tsp. honey
1 tsp. Thai sweet chili sauce
1 tsp. soy sauce
Ground pepper

2/3 medium Napa cabbage, finely shredded
Shredded carrots as preferred
Shredded red cabbage as preferred

(Other nice ingredients to add to this slaw would be slivered mango, nashi (apple pear), pear, or apple; slivered daikon or jicama; sesame seeds or ground peanuts; slivered chiles etc.)

Mix together dressing ingredients and adjust seasonings, making it sweeter, saltier, or more tangy as you prefer.

Mix together slaw ingredients and lightly dress with dressing. If there's a lot of dressing, strain the extra dressing out, so the slaw stays crisp.

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