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!

10-Minute Honey Garlic Shrimp


Busy nights don’t have to mean blah dinners: you can have restaurant-quality seafood in 10 minutes. 10 minutes! These succulent stir-fried shrimp are seared in a spicy-sweet marinade with honey, soy sauce, ginger, and garlic. We served ours with brown rice and sautéd broccoli — but when it’s this easy to whip up an amazing entrée, the world is your… shrimp!

Did you know that many Asian languages have an actual word for the texture of perfectly-cooked shrimp? In Cantonese, it’s “song chuy”, the Japanese call it “puri-puri”, and Singaporeans say “QQ”. There really should be an English word to describe that snappy, tender, bursting-with-juiciness mouthfeel of shrimp, because Americans are obsessed with shrimp. That’s because it makes for a healthy dinner: low in fat and calories, high in protein, and a good way to get more omega-3’s in your diet. And, if you’re concerned about seafood sustainability, wild and farmed shrimp from the U.S. are both great sustainable eating choice.

But what really makes shrimp the most-ordered seafood in the U.S.? There are so many ways to love it, as TipHero’s favorite shrimp recipes prove: jambalaya; shrimp, tomato, and spinach pasta; sweet chili shrimp tacos; even avocado shrimp salad. No matter how you fix it, shrimp is succulent!

Plus, unlike other meats and fish, shrimp is insanely fast and pretty fool-proof to cook. Just look for the color change from gray and translucent to pearly-pink and opaque, and you’ll know they’re ready to go right in your mouth onto your plate. You can absolutely make this honey garlic shrimp with frozen shrimp — just quickly thaw them out before cooking. (Luckily, shrimp defrost way faster than steaks: it only takes about five minutes in a colander under running cold water.)

Pre-marinading the shrimp will certainly deepen the flavor, but this honey garlic sauce is so flavorful on it’s own that it’s really not necessary if you don’t have time to plan ahead. If you do marinade the shrimp, though, you might want to make some extra glaze to pour over the rice and veggies, since the sauce will have been in contact with the raw shrimp. (Or, for safety, bring the sauce to a full boil when you reduce it in step 4.)

Makes 2 servings
Prep Time: 5 minutes
Total Time: 10 minutes

Ingredients
  • 3 Tablespoons honey
  • 1 Tablespoon reduced-sodium soy sauce
  • ¼ teaspoon crushed chili flakes (optional)
  • 1 teaspoon fresh ginger, minced
  • 2-3 cloves of garlic, minced (about 1 Tablespoon)
  • ¾ pound medium uncooked shrimp, peeled & deveined
  • 1 Tablespoon olive oil
  • salt, to taste
  • ground black pepper, to taste
  • 2 Tablespoons sliced green onion (optional garnish)
  • cooked brown rice (to serve)
  • broccoli or other veggies (to serve)
Preparation
  1. Whisk honey, soy sauce, chili flakes (if using), ginger, and garlic, together in a medium bowl. Set aside.
  2. In another medium bowl, add shrimp and olive oil. Season the shrimp with salt and ground pepper and toss to coat.
  3. Heat a pan over medium-high heat. Place the shrimp into the pan in an even layer. Cook the shrimp on one side until nicely seared, about 1-2 minutes. Flip the shrimp over and cook for another minute or until they’re just cooked but still a little translucent in the center.
  4. Pour in the honey garlic marinade and cook until the shrimp is cooked through, about 1 minute more. If desired, remove the shrimp from pan so they don’t overcook, and reduce the sauce a little to thicken it (keep an eye on the sauce while reducing, the honey makes the sauce easy to burn if you forget about it on the stove).
  5. Serve the shrimp with the reduced sauce over brown rice and veggies. Garnish with green onion, if desired.
  6. If you like the sound of honey garlic shrimp, don’t miss our Honey Garlic Chicken Stir-Fry recipe.
Recipe adapted from Sally’s Baking Addiction.



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