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.
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.
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.
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.Comments: 0 Read More
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.Comments: 0 Read More
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.
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.
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.
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.
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.
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.Comment: 1 Read More
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:
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:
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:
Of course, as we mentioned above with CoverHound, this is not always the case.
How to Use Comparison Websites
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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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.
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.
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.Comments: 0 Read More
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