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!

SHRIMP ÉTOUFFÉE – A NEW ORLEANS FAVORITE

Shrimp Étouffée, by thewoksoflife.com
Shrimp étouffée is a classic Cajun favorite that one must have when visiting Louisiana. It’s made with fresh Gulf shrimp, the Cajun holy trinity of onion, celery, and bell pepper, and a decadent flour and butter roux.
We were recently passing through Louisiana on our cross-country trip, and now that we’re back home, I can’t figure out how we missed out on this classic dish! Well, come to think of it, I guess it was the seafood gumbo, fried chicken, crawfish boils, catfish po-boys, fried oysters, baked oysters, and raw oyster bars that did it…somehow étouffée fell off the map!
New Orleans and this shrimp étouffée recipe is the fifth of our (Judy and Bill’s) Road Trip series, wherein we visited Annapolis, Savannah, and the Florida Keys. After the leaving the Keys, we drove up through the east coast of Florida (including a stop at a Florida orange grove) to New Orleans. Scroll down past the recipe for some snapshots of this awesome city!
For now, let’s get serious with this Shrimp étouffée. The key ingredient in this recipe is the seafood stock, which really elevates the flavor of the sauce—hence our recommendation to use shrimp with heads and tails on (at the very least with tails). Shrimp heads, when properly cooked, pack a ton of flavor into the stock and, of course, into the shrimp étouffée. The sooner we get started, the sooner you’ll see why.
Shrimp Étouffée, by thewoksoflife.com
(If you prefer crawfish étouffée, feel free to substitute crawfish for shrimp. Yep, it’s that easy! Also, make sure to cook your rice before you start the cooking process. There’s nothing sadder than waiting for rice to cook while your main dish is hot and ready to go!)
Shrimp Étouffée, by thewoksoflife.com
If you’re feeling more like a gumbo, then try Kaitlin’s Chicken Andouillie Gumbo!
For the Shrimp Étouffée, you’ll need :
  • 3 tablespoons oil, divided
  • 1 pound whole shrimp, peeled and deveined (reserve the shells and heads)
  • 3 bay leaves
  • 2 cups chicken stock
  • 1 cup water
  • 4 tablespoons butter
  • 1/3 cup flour
  • 1 teaspoon dried thyme
  • 1 teaspoon dried oregano
  • 1 teaspoon paprika
  • 1/2 teaspoon cayenne pepper
  • 1 teaspoon salt (or to taste)
  • 1/4  teaspoon white pepper
  • 1/4 teaspoon black pepper
  • 1 cup onion, diced
  • 1 cup celery, diced
  • 2/3 cup bell pepper, diced
  • 4 cloves garlic, chopped
  • 1/4 cup scallions, chopped
  • ¼ cup parsley, chopped
  • 4-6 cups cooked white rice
Shrimp Étouffée, by thewoksoflife.com
Heat 2 tablespoons oil in a saucepan over high heat, and add all of the shrimp shells and heads, along with the bay leaves.
Shrimp Étouffée, by thewoksoflife.comShrimp Étouffée, by thewoksoflife.com
Sauté until the shrimp shells are seared to a reddish orange color, and the heads are soft. Add the chicken stock and water, and let simmer for about 5 minutes.
Shrimp Étouffée, by thewoksoflife.com
Use a wooden spoon or spatula to press down on the heads and shells and extract their flavor. Simmer the shrimp stock for another 5-10 minutes. Don’t be squeamish at this step! It’ll all be worth it in the end.
Remove the stock from the heat and pour through a strainer into a bowl. You should have about 2 cups of what is now shrimp stock and a tom of base flavor for your shrimp étouffée. Set aside.
Melt the butter in a large saucepan over medium heat, and gradually whisk in the flour until there are no lumps.
Shrimp Étouffée, by thewoksoflife.comShrimp Étouffée, by thewoksoflife.com
Continue to heat this roux over medium low heat until it turns a medium brown color (about 5-7 minutes). Whisk constantly to avoid burning.
Shrimp Étouffée, by thewoksoflife.com
Add the thyme, oregano, paprika, cayenne, salt, and pepper to the roux.
Shrimp Étouffée, by thewoksoflife.com
Mix for 20 seconds to bring out the flavors of the spices. Next, add the onion, celery, bell peppers, and garlic to the pan and stir for another minute.
Shrimp Étouffée, by thewoksoflife.comShrimp Étouffée, by thewoksoflife.com
Stir in the shrimp stock, and let the whole mixture simmer on low heat for 25 minutes, stirring occasionally.
Shrimp Étouffée, by thewoksoflife.com
Bring the heat back up to medium, and add the peeled shrimp and scallions to the sauce. Stir everything together until the shrimp is cooked, about 3 minutes.
Shrimp Étouffée, by thewoksoflife.com
Mix the rice with the remaining tablespoon of oil, along with the parsley, reserving some parsley for garnish if desired. Serve the rice with the shrimp étouffée, and garnish with the reserved parsley.
Shrimp Étouffée, by thewoksoflife.com
You can be fancy and mound the rice in the center and pour the shrimp étouffée around it like a delicious shrimp gravy moat. Mmmm…
Shrimp Étouffée, by thewoksoflife.com
4.6 from 5 reviews
Shrimp Étouffée - A New Orleans favorite
 

Prep time
Cook time
Total time
 
This shrimp etouffee recipe is the result of a road trip down to New Orleans. Our shrimp etouffee is authentic and developed from eating a lot of cajun food
Author: 
Recipe type: Fish and Seafood
Cuisine: Cajun
Serves: 4-6 servings
Ingredients
  • 3 tablespoons oil, divided
  • 1 pound whole shrimp, peeled and deveined (reserve the shells and heads)
  • 3 bay leaves
  • 2 cups chicken stock
  • 1 cup water
  • 4 tablespoons butter
  • ⅓ cup flour
  • 1 teaspoon dried thyme
  • 1 teaspoon dried oregano
  • 1 teaspoon paprika
  • ½ teaspoon cayenne pepper
  • 1 teaspoon salt (or to taste)
  • ¼ teaspoon white pepper
  • ¼ teaspoon black pepper
  • 1 cup onion, diced
  • 1 cup celery, diced
  • ⅔ cup bell pepper, diced
  • 4 cloves garlic, chopped
  • ¼ cup scallions, chopped
  • ¼ cup parsley, chopped
  • 4-6 cups cooked white rice
Instructions
  1. Heat 2 tablespoons oil in a saucepan over high heat, and add all of the shrimp shells and heads, along with the bay leaves. Sauté until the shrimp shells are seared to a reddish orange color, and the heads are soft. Add the chicken stock and water, and let simmer for about 5 minutes. Use a wooden spoon or spatula to press down on the heads and shells and extract their flavor. Simmer the stock for another 5-10 minutes. Don’t be squeamish at this step! It’ll all be worth it in the end.
  2. Remove the stock from the heat and pour through a strainer into a bowl. You should have about 2 cups of what is now shrimp stock. Set aside.
  3. Melt the butter in a large saucepan over medium heat, and gradually whisk in the flour until there are no lumps. Continue to heat this roux over medium low heat until it turns a medium brown color (about 5-7 minutes). Whisk constantly to avoid burning.
  4. Add the thyme, oregano, paprika, cayenne, salt, and pepper to the roux. Mix for 20 seconds to bring out the flavors of the spices. Next, add the onion, celery, bell peppers, and garlic to the pan and stir for another minute.
  5. Stir in the shrimp stock, and let the whole mixture simmer on low heat for 25 minutes, stirring occasionally. Bring the heat back up to medium, and add the peeled shrimp and scallions to the sauce. Stir everything together until the shrimp is cooked, about 3 minutes.
  6. Mix the rice with the remaining tablespoon of oil, along with the parsley, reserving some parsley for garnish if desired. Serve the rice with the étouffée, and garnish with the reserved parsley.
more recipes @ thewoksoflife.com

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