February 1, 2016, 8:49 pm

The Best Way To Learn Forex Trading Online

by: The Financial Blogger    Category: Investment, Market and Risk

Forex (foreign exchange) trading is one of the most lucrative ways of making money online. It involves buying and selling of commodities/currencies based on tiny variations (or gaining and losing) of the same to make profits. The commodities or currencies are traded in pairs from which he/she relies on economic data forecasts, and trends to make trades.

 

While forex trading is a straightforward investment, a proper understanding of the market and how to carry trades is needed to make profits. This is the reason forex trading brokers encourage newbies and anyone willing to start trading to open demo accounts and learn forex trading through practice before engaging in a live account.  Discussed below are a few methods and ways in which you can use while learning to trade online.

 

3 Important Steps To Learn Forex Trading

 

  1. Use practice accounts: Almost every forex broker allows both new and existing traders to open and use practice accounts also known as demo accounts. The demo account helps traders learn forex trading, new tricks and familiarize themselves with the actual trading platform. The best thing about using practice accounts is that you can run trades, make orders, or even learn how to stop loss without risking your money.

 

You can use the practice account to learn new tricks on how to make more money trading online, and determine what currencies to major on while trading.  Most people do not go past using practice accounts when training to become professional traders online.

 

  1. Signup with an online trading academy: This is considerably the best way to learn how to learn forex trading online.  These colleges employ trading experts to help mentor and train newbies into becoming qualified traders. Through these tutors, you get to learn most of the principles you would not be able to learn on your own such as leveraging returns, stop loss, interpreting financial graphs, and how to carry trades successfully. These academies also use live data and trading accounts to demonstrate how to make trades and many other principles related to the same.

 

Many of the successful trading experts have been through the hands of online trading academies. Although signing up with a training academy involves digging deeper into your pockets, this may be the only way to prevent massive losses as a trader.

 

  1. Look for a mentor: This is especially recommended for traders who taught themselves how to trade. It is through a mentor that you can learn forex trading fundamentals and tricks on how to make good money online. It would however be advisable to look for a trustworthy mentor and someone with experience in the same. You can find a mentor online on forex trading forums and blogs. Forums also pose a great avenue for anyone to learn new tricks on how to execute trades to increase profits and reduce risks. Signing up with these forums is recommended as well.

 

The first step to becoming a successful forex trader is by identifying platforms you are comfortable with while trading. It would however be advisable to try every available trading platform/software before choosing the best one is recommended. Some of the available trading platforms include meta traders, browser based trading platforms, and mobile platforms. It would also be advisable to choose the best forex trading broker to be successful as a trader.

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January 29, 2016, 11:24 am

Comparing Business Lending: The Best Routes whether you have Good or Bad Credit

by: The Financial Blogger    Category: Business

If you’re in the position where you want to start your own business then you might be wondering about the best ways to secure funding. Unfortunately, if you are a start-up then the established banks will rarely provide you with a loan to finance your new venture, which means you will probably have to investigate into other means of funding. Luckily there are still a lot of options on the table that are being used by business owners every day to finance new ideas, and below we’ll talk you through some of the most effective ones.

Use your home as equity

Homeowners with more than 15% equity could qualify for a loan based on the value of the home. In general, the banks will allow homeowners to borrow between 70-85% of the value of their home, including the mortgage. The main benefit of this method is that it provides you with capital at a much lower interest rate, compared to credit cards, etc. This means it’s becoming a popular choice when people need money to finance their start-up, however the downside is the potential risk of losing your home if you can’t keep on top of things.

Use friends and family

You can use friends and family if you need funding for your start-up business. You can do this in two different ways, by either selling them a share of your business or taking their money as a loan. It’s typically easier to take their money as a loan, as sometimes even small equity owners can believe they should have a say in the strategy of the business, leading to some tricky conversations down the line.

Look into crowdfunding

Crowdfunding allows you to raise small amounts of money from a number of different people, usually through dedicated crowdfunding websites. Some business owners try crowdfunding based purely on the strength of their new idea, whereas others like to offer incentives for supporters who invest. Elsewhere you get some start-ups who offer shares of the company to particularly big investors, and this encourages more people to get involved.

Get a microloan

There are some non-profit lenders who specialise in providing microloans for start-ups. You can borrow a relatively small sum of money, such as $20,000, for your start-up to get going, as long as you have adequate cash flow to make the loan payments. If you do want to go down this route then you might have to show a source of income that is independent of the business.

As you can see there are a few different choices to make when you want to finance your start-up. You should think carefully before making any firm commitments, whether it’s using your home as equity or securing a microloan. If you have explored other options then a payday loan could even provide the funding you’re looking for, as long as you look around for the best deal and know what you’re getting into. As long as you do the homework you should be able to secure the money you need to get your new venture off the ground.

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January 28, 2016, 8:00 am

Saving and Making Money in 2016 – How to Invest and Where to Save

by: The Financial Blogger    Category: Personal Finance

New Year has come and gone, and 2016 is slowly marching on. Now that January is all but a memory it’s time we all sat down and had a look at our finances. For many people around the world this doubly true with April, and the end of many country’s fiscal years, getting steadily closer. If you’re looking for ways you can save money in 2016, whether that’s for paying off bills or because you’re looking to start your very own investment portfolio, here are a few tips to help you get the ball rolling.

  1. Take a long hard look at your spending habits over 2015

The first thing you need to do if you want to make a difference is taking a look at where you’re starting from. How much money did you make in 2015? Where did that money go? How much debt do you have to pay off? Take a look back over your spending for 2015 and try to get a rough idea of your spending habits. If you can’t make head nor tail of where your money went, track your spending over the course of the next month and multiply that by 12 – while it may not be an exact reflection of your annual spending, it will give you a ballpark figure of how much you spend on things like coffee and cigarettes.

 

  1. Build a better budget for 2016

Now that you have a rough set of figures in mind, you can start working out where you want to save money. Any money you save can be put towards something else, whether that’s paying off debts, paying towards a holiday or wedding, or even just putting aside to invest later on. If you need any help with the way you build or format your budget, there are plenty of free online tools and resources you can use.

 

  1. Shop around for better rates

There is a surprising amount of money which can be saved by changing everything from your energy provider to the people you bank with. Shop around for the best rates and be aware that the introductory bonus rates that you were given last year probably won’t apply for much longer. If you change any given account to one offering better introductory rates, you could feasibly save up to $150 per year – do that 5 times and you have an extra $750 to play with. Every little helps, as they say.

 

  1. Consider consolidating your debts

If you’re struggling with multiple debts it’s well worth looking into the idea of consolidating your debts into a single easy to pay loan. There are a huge number of loan products on the market which can help you do just this, though the products available to you will differ based on your location. If you live in England this could be an IVA; if you live in Scotland you could apply for a Scottish Trust Deed; if you live in the US there are further debt consolidation loans you can look into. Just make sure that whoever you talk to, whichever country you live in, you seek professional advice from a financially responsible, regulated body.

 

  1. Work out how much you’re ready to risk

If you’re looking to invest your money you need to be aware of the risks. No investment is entirely safe, regardless of what you may have heard elsewhere online. The old adage ‘no risk, no reward’ is actually truer in the world of investment portfolios than almost anywhere else.

 

There are several ways you can invest your money, from discretionary portfolio management where you leave your financial decisions to a professional investment firm, to portfolio management options where you set the rules over how and when you want to sell your investments. Either way you need to make sure that you’re happy with how much you’re risking when you step into the arena. Every investment is a risk which may or may not land you a substantial reward. Depending on the company structure, you may actually become liable for further losses too, so make sure you do your research before you start investing money.

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January 19, 2016, 8:47 am

Making Sense of Online Insurance Comparison Sites

by: The Financial Blogger    Category: Insurance

 

With CNN echoing what a lot of us have long felt – that insurance premiums are seemingly getting higher with each passing year – it’s become increasingly more important to comparison shop car insurance quotes before you finally settle on a coverage. And thankfully today, it’s much easier to research car insurance costs than ever before. The Internet is packed with solid car insurance comparison websites that can help you find the right coverage at the right price – no matter your type of vehicle or situation.

 

Let’s make sense of online car insurance comparison sites below.

 

Using Insurance Comparison Websites

While shopping online for car insurance, it’s critical that you input the right information. Quotes are only as accurate as the information you provide, and so it is important that you enter your details carefully, and not just rough estimates. Once you feed in your details, you will see a number of car insurance quotes. These are mainly listed from the cheapest to the most expensive. As you review your online quotes, here are a few things you should be on the lookout for:

 

  • Does the quote include a discount for purchasing online?
  • Does the quote only apply to new clients and not existing ones? – This is especially important if you find that the cheapest quote is with your existing insurance provider as this rate may not be valid for you.
  • Does the quote have a no-claims discount?

 

Many online car insurance comparison sites offer the ‘basic’ insurance policy so it may not have provisions for no-claims benefit, legal expenses or windscreen cover. If you want to cover these risks, go for comparison websites that list offers beyond the minimum and basic policies.

 

Price isn’t Everything

It’s easy to get attracted to the cheapest coverage you see, especially when you’re comparing several car insurance quotes online. However, purchasing cheap coverage may cost you more in the long run if your policy does not provide the extent of coverage you need. Compare the quality of coverage as well as the price. Quality insurance comparison sites allow you to compare the benefits of each policy by factors such as:

 

  • Whether windshield coverage is included
  • Whether you get a discount if you pay by direct debit
  • Whether a courtesy vehicle is included

 

Car insurance shopping means striking a balance between the cost and quality of the coverage. Make sure that you consider all the benefits that are important to you, and remember that most car insurance comparison websites only acquire quotes from a small subset of insurance providers.

If you want to get the cheapest car insurance, you have to gather quotes from multiple car insurance comparison websites and compare the quotes from the insurance providers and not the comparison sites. Then you can go for the cheapest option that offers the coverage you want.

 

When you use most online comparison sites, you will click through to the insurance provider’s website to complete a purchase. However, there are other sites that offer full service purchasing within them, like CoverHound’s auto insurance quotes online comparison site. But regardless of the comparison or insurer site you use, there’s a good chance they’ll try offering you add-ons before you check out. Be weary of these add-ons. Make sure there are no other alternatives and that you actually need them before purchasing.

 

Know How the Website Makes its Money

Most comparison websites are not in the business of selling the products themselves; they will usually show you prices and details from insurance providers, and make their money either by:

 

  • Charging for advertisements that appear on their site
  • Charging for sponsored listings – some companies are likely to pay to have their insurance products appear at the top of the search results
  • Charging for click-throughs where a site will earn a commission when a website visitor clicks through to the insurance provider’s website and successfully purchases a product

 

Of course, as we mentioned above with CoverHound, this is not always the case.

 

How to Use Comparison Websites

  1. Know the type of policy and coverage you want. Use comparison websites to get insurance quotes, and not to find out the quality of a policy. Once you have an idea of the policy coverage you want, you are in a better position to find a great deal on comparison sites.
  2. Look at the pre-filled answers. Comparison websites make assumptions to make the process of finding quotes easier for you. This includes the use of pre-filled answers for a standard set of results. Always make sure that the details are right, or you may find out that you are not covered when you make a claim.
  3. No spam. It is your right to opt out of email and other marketing by ensuring that you check or uncheck related boxes. If you don’t, you are likely to get both phone calls and marketing emails, so read every page carefully.
  4. Check before your purchase. When transferred to the insurance provider’s site, always verify that all information is correct. Doing this ensures that you are purchasing the right insurance coverage.

 

 

 

Finally…

Read policy documentation before you purchase. If the documentation is not included in the car insurance website, go to the insurance provider’s website. If no information is available, don’t buy the coverage. You need to make sure that your insurance coverage does cover when you make a claim.

 

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January 15, 2016, 10:44 am

Protecting Your Funds When Trading FX

by: The Financial Blogger    Category: Investing Ideas

Forex trading has caused large losses to many inexperienced and uneducated traders. For all of its numbers, charts and ratios, trading FX can been seen as more of an art than science.

 

As with anything talent is key, but at the end of the day it will only get you so far. The key to being successful is developing a strategy that keeps your losses to a minimum whilst maximising your profits. Below we’ve listed 7 tips to help protect your capital whilst risking it on the forex market.

 

Stick to what you understand

As a rule of thumb, if you’re unsure of what you’re doing, or don’t feel as if you can fully justify any decision you’re making then simply don’t place the trade. You should avoid trading on the basis of hearsay or rumours and ensure you understand both the positive consequences, and the adverse results that may result from any trade.

 

Discover Your Risk Tolerance

To get the most out of your trading career, it’s important to ensure you understand how you cope with risk. To start with, it’s essential to ensure that your tolerance for risk and allocation of funds aren’t overly liberal. It’s wise to carefully determine your personal goals and proceed accordingly, especially at the start of your trading career.

 

Strategy

To start any journey you need to know where you’re going and how you’ll get there.

Whether you’re shooting for financial independence or just trying to generate extra income, it’s wise to allocate a timeframe and stick to a plan at least in the beginning. Also knowing what you constitute as failure and define as success is imperative to gaining the insight necessary for successful trading.

 

Never add to a losing position

While this seems to be common sense, many novice traders will try to drag themselves from a loss by throwing more money onto the fire. It’s impossible to know how a currency pairing will move during any given period of time. Hazarding educated guesses is all you have in FX, meaning you’ll never have solid knowledge of where a price will be even in a short amount of time.

 

Simplicity is Key

Forex trading isn’t rocket science, however overcomplicating things can make it feel like it. You needn’t be a maths genius or economics wiz to be successful. Clarity of vision alongside well-defined, carefully chosen goals and techniques offer the best path to success.

 

Don’t go against the markets

No matter what level you’re at, trading against the market is always risky. Remember trends are called trends for a reason, and joining them allows you peace of mind. Fighting the trends will create stress, pressure, fear and probably a loss.

 

Restraining emotions  

Every is human meaning that greed, excitement, panic and fear will inevitably play a role.  However, emotions have no place in a traders calculations. It’s important to control your emotions and minimize their effect on your decision making. This is one of the big reasons traders are advised to start with small amounts. Having a logical approach, and reducing your emotional intensity is the best formula for success.

 

In conclusion, trading forex is risky. Nothing will remove the risk element but you can take these steps to minimise it, helping to protect your funds. By sticking to these basic principles you’re putting yourself in the best position to ensure your losses are infrequent and to an absolute minimum. If you’d like to learn more about FX trading then visit ETX Capital for more information.

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