Mind map is the diagram that we use to plan our strategy. If you are trading in Forex, you also should use a mind map because it gives you more ways to plan your strategy. There are many strategies but you should not use them in the form they reach to you. Try to develop them, and use them in a demo account to see the result. If you din they are not giving profit, you need to plan them again and trade on demo accounts. If you find they are giving you money, you still need to work on them to make them better. This industry never stops and you also need to change your plan. The mind map is the best way you can plan your strategy for future trends. You do not need any software but your diary and your mind to plan the strategy. Many professional traders use mind map because they want to trade money without losing. It is only possible when you think of all the risks and has planned your trades.

Psychological factors in Forex trading profession

Everyone wants to become a successful trader. But if you do some research, you will be surprised to know the majority of the traders in the United Kingdom is struggling hard. The new traders start their trading career without having a proper knowledge of this market. In their subconscious mind, they always think about the profit factors. This eventually forces them to overtrade the market. You need to have to caliber to control your subconscious mind or else it will be really hard for you to make a profit from this market.

So how do you develop your mentality? First of all, try to keep things clean in your trading platform. Overloading your charts with indicators and EAs is not going to help you. You should rely on a simple trading strategy and focus on the long-term market trend. Try to limit your risk factors by reducing the lot size in each trade. Train your mind to spot the best trades from the very beginning.

How does mind map work?

You may want to know how this mind map works. It is simple and it takes the imaginary form in your mind and uses them to give ideas. If you are thinking to place trade but you do not know what will be the outcome, you need to make a mind map. Imagine a trend where you should place your trades and think of all the strategy. You need to make a plan where to set the stop-loss if the trends go against you, you also need to set the position size so that you are not making a small amount of profit with a good trend and you also need to plan when you should close the trades. This is all possible in mind map. It is also possible to plan this in your mind but when you start giving them form, they become more efficient and you can find out the mistakes. If you have started your trading, it is better if you draw out plans in your diary. Make mind map for every trades and this way you will know if your trades are not working out. Do not think you will make a great plan but make a demo plan. Every time you mind map your trade, it gets better with time.

Is mind mapping necessary?

It is good for your trades. You cannot make money like the other traders and you need to be different. The mind map will give you a chance to make a master plan and place your trades with the right strategy. You should leave any chance and try mind mapping your plan. If you can map all the risks, your chance of losing money will get decreased. It helps to make your strategy better in Forex.

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In any kind of businesses, people have to spend a lot of their investment in the setup phase. For a production business, the spending is going to be a lot.  You have to spend money on the production factory the workers and if it is a new product, marketing is a must for it. Even when you are willing to get rid of all the hassle of the production-based business and opt for distribution based business, the costs will be present there too. It may be less but, you won’t be able to overcome this issue. As with those ones, the trading business also requires a trader to spend some for his or her setup. But that does not require to be too much expensive. In this article, we are going to talk about being okay with a minimal trading setup and do just fine.

No need to invest huge amount of money

Like any other businesses, you may be thinking trading requires investment. Some even think they need a lot of money for the investment in their trading account. This kind of mentality creates problems both before and after the start of your trading career. In earlier cases, traders fear about investing too much money into a trading account. Those who have almost no idea about the trading process, literally forget about joining this profession. They lose hope and courage for doing anything in this business. After having the courage for investing too much and managing big trading accounts, the traders start dealing with too much risk. From that, they also lose too much money in the trades. If you want to join this business and don’t have too much money in your pocket, it is the right place for you.

A simple system is always the best

The institutional traders in the United Kingdom are dealing with millions and making millions in profit at the end of the year. They don’t rely on the fancy trading system rather they use the simple support and resistance level to find quality trades. Financial spread betting is a very sophisticated investment business. You can’t afford to make things complex as the market is already overly complicated. Try to keep things simple so that you can easily decipher the complex price movement and find great trades. Develop your trading skills by using a demo account and preparing yourself to be a full-time trader.

Spend less on trading platform

The trading business also requires traders to spend money on things apart from their trading account. There are several things in which you have to spend money in. it is not much though. It is the trading platform we are talking about. It consists only a few things like a computer, an internet connection and a program that will help with your trading executions. These things are not required to be too much fancy because there is no need for that. You will just have to be right with your strategies and place a trade right. For that, a decent computer and an internet connection capable of handling normal browsing are enough. The trading software will be provided by your broker. Hope you will think about it while joining the trading business.

Always stay in the safe zone

Some traders may think about this business as a jackpot machine. They probably have the information about the daily transected money in this platform or they might have heard about this is the biggest financial marketplace in this world. For those people, this is natural to think about money.. Their trades will be aggressive and have a lot of risks. Thus, possibility of losing will be higher. For those who want to survive in this business, we would tell them to be secured with their trading capital and risks. Because the less you spend, the more money you will save.

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• IG presents ‘IG Forex Chat 3’ – a live discussion focused on what the next 12 months hold for emerging market currencies
• Presenter Sara Walker will be joined by trader Paul Bratby for the chat
• Watch live on Facebook, Twitter and YouTube at 6.30pm (UK time) on Thursday 1 November
• Viewers can submit questions for the Q&A using #IGForexChat on social media

Emerging market (EMs) currencies have been particularly volatile in 2018 due to the rise of the dollar, which has increased the cost of dollar-denominated debt and contributed to crises in Argentina, Turkey and Venezuela. These effects could soon spread to other EM currencies such as those used by Chile, Poland and Hungary, which all have a large amount of US debt. Meanwhile the future looks uncertain for the Chinese renminbi and Russian ruble, which are at risk from the effects of Trump’s ‘trade war’ and international sanctions respectively.

With so much potential for volatility, forex trading provider IG is taking a look at what the next 12 months could hold for currency pairs including USD/CNH, EUR/RUB and USD/TRY. The firm’s presenter Sara Walker will be speaking with professional trader Paul Bratby to discuss a broad range of related topics, including:

• The EM currencies to watch over the next 12 months
• How the dollar’s valuation will affect EM currencies
• The effects of changing commodity prices
• How the value of the US dollar, Chinese renminbi and Russian ruble will change

There will be a live Q&A during the session, so viewers can put forward any topics they’d like Paul to discuss, or any questions they want answered. They can post questions to the #IGForexChat Community page, or by using #IGForexChat on Twitter or Facebook.

To watch the live video stream, tune in at 6.30pm (UK time) on Thursday 1 November via IG’s trading platform, or the company’s YouTube, Facebook or Twitter pages. For more information, please contact Irene Castaneda (irene.castaneda@ig.com).

About IG: IG empowers informed, decisive, adventurous people to access opportunities in over 15,000 financial markets. With a strong focus on innovation and technology, the company puts client needs at the heart of everything it does.

IG’s vision is to be a global leader in retail trading and investments. Established in 1974 as the world’s first financial spread betting firm, it continued leading the way by launching the world’s first online and iPhone trading services.

IG is now an award-winning, multi-platform trading company, the world’s No.1 provider of CFDs* and a global leader in forex. It provides leveraged services with negative balance protection, and offers an execution-only share dealing service in the UK, Australia, Germany, France, Ireland, Austria and the Netherlands. IG has recently launched a range of affordable, fully managed investment portfolios, to provide a comprehensive offering to investors and active traders.

It is a member of the FTSE 250, with offices across Europe, Africa, Asia-Pacific and the Middle East – plus the US, where it offers on-exchange limited risk derivatives via the Nadex brand.

Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

* Based on revenue excluding FX (published financial statements, February 2018).

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If you’re new to buying precious metals then you may be wondering what your tax situation is when it comes to selling the bullion for a profit.

There are individual state tax laws, as well as federal laws to abide by. This means that you need to talk to your accountant or a tax advisor once you’ve bought your gold bars from this website.

The IRS treats precious metals as capital assets

As a result of this, gold, silver, platinum and palladium may attract capital gains when they’re sold at a profit. The IRS also views precious metals as a collectible, so they can have tax levied on their profits up to the maximum of the 28% capital gains tax (CGT).

The taxes aren’t calculated and applied until the metal is actually sold, because the capital gain hasn’t been realized until then. So, say you buy 10 ounces of gold at $1,100 per ounce and place it in a depository for several years. While it’s in storage it appreciates in value to $1,300 per ounce. You decide to sell it at this price, which realizes (as in, makes real) the capital gain of $2,000.

Do I owe tax on this $2,000 profit?

You need to calculate the original cost of the metals, which in this case was $11,000, and then the selling price, which was $13,000. This makes you a profit of $2,000. Your federal tax bracket will determine whether you owe tax on some or all of this profit, which is why you need to speak to an advisor. There are also several special conditions that you need to factor in.

If you’ve inherited the metal things may change

If you’ve inherited the metals then a different calculation method is used to work out the cost basis – the cost basis in this case is the market value of the metal on the day of your benefactor’s death.

If you’ve been gifted the metals

The cost basis is calculated by the market value on the day the person giving you the metals bought them – not the day you received them. Sometimes the market value is less than the amount the person actually paid, in which case the cost basis is worked out from a fair market price from that day.

In short, though, you probably will owe tax on some or all of the profit.

What rates might I have to pay?

This depends a lot on your usual income tax rate and the length of time you’ve had the metals before selling them. You already know that the IRS sees precious metals as collectibles, so you’ll possibly have to pay the 28% CGT. It also matters whether you’ve held the metals for less or more than a year as less that a year counts as a short-term gain, which is taxed differently.

When is the tax due?

You report your capital gains from your metals in your yearly tax return and then pay any tax owed in due course.

What if I sell at a loss?

Hopefully you won’t, but if you do, then you have a capital loss, not a gain. You can offset capital gains from other sources against this loss either in the same tax year or in future tax years or you can offset it against your ordinary income (with some restrictions). Ideally, you need to speak to your tax advisor for the most up-to-date advice.

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Investing in gold coins can’t be a one-way street. You need flexibility and the ability to trade gold coins back and forth to respond to market changes and adjust your portfolio appropriately. A smart investor doesn’t just sit on their portfolio. Even passive investors need to make adjustments to meet their investment goals. But when your portfolio includes gold coins (which it should), how do you sell gold and get the best possible price?

Expect Spot Prices on Gold Coins

If you’ve done your research on gold coins and invested strictly in bullion gold coins, expect to sell gold coins at or near spot prices at the time of sale. That’s the price you would pay if you bought gold coins today, plus premiums, so expect it when you cash in. There will likely be fees such as shipping and insurance, which should always be factored into your earnings calculations before you sell. Always know the exact gold contents of your coins, including purity and weight.

Sell Gold Coins to Online Gold Sellers

Reputable gold sellers should be the first place you go to sell your gold coins. If they operate online like Silver Gold Bull, it’s even easier to do business with them. Always do your research into gold buyers. Check their credentials and reviews online and make sure they’re the real thing. Here’s what happens when you sell gold to a dealer like Silver Gold Bull:

1. -Fill out a quick online form with product details to get a quote
2. -Get a shipping label with insurance from the company once you’re approved
3. -Get paid as soon as your gold coins are verified

If you’re selling bullion gold coins, never go to a pawnbroker or a cash-for-gold business. These are better options if you’re selling gold jewelry that will fetch a smaller price. That’s because gold jewelry is typically melted down for bullion, incurring higher costs. That process doesn’t need to be done for bullion gold coins.

Hold onto Gold Coins

Successfully investing in gold coins means carefully watching the market. You have to take your portfolio’s needs into consideration when you decide to buy or sell gold coins. If you need to cash in to fund another investment and balance your portfolio, it’s time to take the profits. However, gold often does best in the long-term and it can be risky to sell off your insurance policy. You may want to hold out for higher gold prices in the long-term rather than opt for marginal gains today.

Trade Gold Coins for Silver

When you trade in your gold coins, you don’t necessarily have to do it for cash. With online gold sellers like Silver Gold Bull, you can easily exchange gold coins for silver or vice versa. Why would investors swap gold for silver? Both precious metals tend to move in tandem, but silver rises and falls at a greater rate than gold. On a positive upswing for metals, you may want a higher exposure to silver, but then trade silver for gold coins to protect yourself from downsides.

With these rules in mind, you’re ready to sell your gold coins.

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