November 13, 2018, 6:27 am

Importance of using mind map in Forex market

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

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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November 12, 2018, 9:26 am

Do you really need a fancy trading strategy

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

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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November 5, 2018, 2:47 pm

How Small Business Owners Are Going to Benefit from Bitcoin

by: The Financial Blogger    Category: More Financial articles

Bitcoin, Cryptocurrency, Pièces, Virtuel, Numérique

If you’re a small business owner, you may be wondering if you can benefit from Bitcoin and other cryptocurrencies. While this technology is still in its early days, and cryptocurrency remains a volatile payment solution, small businesses are likely to reap huge benefits from Bitcoin in the future, when it becomes more stable and widely-adopted.

Understanding Bitcoin – A Brief Primer

Bitcoin is a digital currency that’s based on a blockchain, which is a type of decentralized ledger technology, secured by cryptography.

Bitcoin is obtained by “miners”, who use computing power to solve complicated math equations and log transactions on the blockchain.

Bitcoin is unique, because it’s not regulated by a central bank. Instead, all transactions are verified by independent copies of the same blockchain. It also has a limited supply, which helps fight against inflation. For more about Bitcoin, take a look at this article from TechTarget.

The Benefits of Bitcoin for Small Businesses

So, why is Bitcoin a big deal for small businesses? Here are just a few benefits that Bitcoin could have for small businesses.

  1. Secure Online Transactions – Bitcoin is, by definition, a secure payment method which can be easily integrated into online storefronts. This means fewer fees and lower costs to launch online stores.
  1. Faster Transaction Speeds – Bitcoin, as a P2P system, has faster transfer times, compared to traditional banking systems. For example, a traditional cash advance deposits for business financing could take multiple days to process, especially if it’s moving between countries. Bitcoin, in contrast, could process this transaction in seconds.
  1. No Transaction Fees – Because Bitcoin is decentralized, there is no central authority regulating the transactions of users – meaning that there are no fees you have to be concerned about when transferring funds to another person or business.

This is especially powerful when it comes to transferring money internationally, which traditionally can cost quite a bit of money in fees, due to the complexity of working with international banking institutions.

  1. No International Exchange Rates – Bitcoin is not subject to the daily fluctuations of international exchange rates. This makes it easier to transfer funds internationally – or accept payments from foreign customers and companies.5. Fraud Protection from Chargebacks

    – Bitcoin transactions are not reversible. A Bitcoin transaction is similar to handing cash over to a merchant – there is no way for a customer to easily file for a fraudulent chargeback, which is an increasingly common online scam.

For these five reasons and many more, Bitcoin may be the future of small business sales. It provides an immutable, convenient, and fee-free way to accept online payments both domestically and abroad and has a number of protections that make it ideal for both merchants and customers.

Look Forward to Mainstream Bitcoin Adoption – And Be Prepared

Currently, adopting Bitcoin in your small business may be difficult, and the volatility of the currency means that it is inherently risky. But, in the next few years, we expect that Bitcoin will become much more stable – and realize its true purpose as a truly decentralized, worldwide medium of exchange.

So, keep an eye on Bitcoin news, and make sure that your company is prepared to adopt the use of Bitcoin and other cryptocurrencies.

 

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November 2, 2018, 7:00 am

Everything You Need to Know About Car Title Loans

by: The Financial Blogger    Category: Personal Finance

Getting rid of your debts and rebalancing your finances takes some work. While some would advise against taking out a loan to pay a different loan, it can actually be a smart solution to your financial woes. For example, did you know that you can actually take out a loan using your car?

 

That’s correct, you can take out a secured loan and use your car title as collateral. Read on to find more on car title loans and how they work.

 

What is a title?

A title loan is a loan that involves a title. Titles are essentially legally binding pieces of paper that prove that you own said item. A title can belong to a car, house, or any other item. When taking out a loan, these documents can then be presented to a bank or a lending company and have your item act as collateral.

 

Why use a car title?

Titles act as good collateral because there is a certain level of investment and attachment involved on your part as the lendee. What this means is that the bank or the lending company will feel more confident that you will repay them the money they loaned to you (plus interest) since you now have an incentive — getting back your title, and your property in effect.

 

Aren’t car title loans a bad option?

Title loans, or more specifically car title loans, get a bad reputation mainly because of the number of shady dealers out there. What most people need to be on the lookout for are reputable institutions that offer loans with reasonable interest rates.

 

Sometimes car title loans can even work in your favor. Some banks and lending companies can actually help you pay off your car and still make out with a bit of money when you take out a loan with them.

 

How does it work?

Unlike other loans such as personal loans, car title loans are very easy to do. The first step to a car title loan is to assess your credit rating and your car. Once the bank or the lending company has assessed your ability to pay back a loan, they will then provide you an amount that you can borrow; this amount is also based on the value of your car. After that, all that’s left to do is pay off the loan and any interest you’ve accumulated. It’s that easy!

 

Will they take my car when I take out a loan?

One of the common misconceptions about car title loans is that the bank or the lending company will keep your car while waiting for full repayment of the loan. This is incorrect; you can still use your car. Most companies will simply attach a GPS device to help keep track of where the vehicle is. Once the loan has been paid in full, they will then remove the device from your vehicle. The only time that they will take your car is if they need to repossess it so they can liquidate it and use it to pay off your loan.

 

Sometimes you have to go to certain extremes to get out of a sticky situation. But just because you have to go to extremes does not mean that you cannot do it in a smart and achievable way. Now that you have an answer to your question of “How do car title loans work?”, you can use that newfound knowledge to help you get out of a tight spot without having to use your house as collateral.

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October 31, 2018, 8:52 am

5 Ways Bad Credit Can Be Repaired

by: The Financial Blogger    Category: Credit Rating & Credit Bureau,Personal Finance

Having a bad credit score greatly limits your borrowing abilities. Around a third of Americans have a credit score that is below 601, the number that determines whether or not you have bad or fair credit. With a below average credit score, it’s much harder to get approved for a loan or credit card with favorable terms. Consumers with a low credit score or more likely to face lower approvals along with lower borrowing limits and higher interest rates.

While bad credit is a hard problem to overcome, it’s not impossible. Continue reading to learn 5 ways that you can repair your bad credit and improve your chances of more favorable borrowing in the future.

1. Fix Credit Report Errors

Mistakes happen and on your credit report, a mistake can be quite costly. The first step in repairing your bad credit is to look at your credit report. If you see any issues, such as a credit card you didn’t open or a loan you paid off months ago, you’ll want to start the dispute process. First write a dispute letter and send it via certified mail or online. Typically you’ll hear back from the credit bureau within 30 days of receiving the dispute.

When disputing a problem on your credit report:

  • You’ll have to dispute each mistake with all credit bureaus
  • Dispute each account separately
  • Consider hiring a professional service

Fixing your credit report is unlikely to result in a huge 200 point jump, but removing errors is an important first step in repairing your credit.

2. Pay Off Debt

Debt-to-income ratio is a huge factor when lenders review a credit or loan application. Having high debt-to-income ratio also impacts your credit score. One of the best things you can do as a consumer to improve bad credit is to pay down debt. The most effective method is to pay off your highest-interest rate debt first. As you pay off debt, you can put more money towards other loans and credit cards.

Even if you’re applying for one of the best credit cards for bad credit, lenders still have thresholds that borrowers must meet. By paying off debt, you can give your credit score a boost.

3. Always Pay On Time

A late payment can have a severe impact on your credit score. In fact, paying on time makes up about 35% of your credit rating. When you pay a lender late, they not only charge you a late payment fee, they may also report the tardy payment to the credit bureaus. Lenders typically report a late payment once it is 30 or 60 days late. This mark stays on your credit report for seven years and can impact future borrowing.

Thankfully with today’s technology, it’s much easier to manage multiple due dates. Most lenders offer the ability to set up automatic payments each month. Instead of having to remember when to pay each of your bills, you can use automatic payments that are withdrawn from your account on a set day each month. This makes paying your bills effortless and all but eliminates the risk of a late payment.

4. Pay More Than the Minimum

Looking at your credit card or loan statement, it’s tempting to pay just the minimum balance due, especially when the payment is only $15 or $25. This low payment is especially helpful if you’re facing financial hardship.

The problem with paying just the minimum is that it will take months, if not years, to pay off the total balance due. Paying just the minimum also means that you’re paying more towards interest. Depending on the lender, you may find that paying the minimum balance due results in an increased balance each month.

The smarter option is to pay as large of a payment that you can afford. Putting more money each month means that more money is going towards the principal balance, allowing you to pay off debt quicker than you imagined. As you pay off debt, you can put even more money towards other debt, such as a credit card or student loan.

5. Avoid Further Borrowing Applications

Borrowing can be quite tempting at times. Maybe you’re interested in a store credit card that offers a discount on purchases or you want to purchase a new car which means an auto loan. But, more often than not, it’s best to avoid unplanned borrowing.

Applying for loans or credit cards too frequently will impact your credit score. As a rule of thumb, you want to wait at least six months between applications. While credit inquiries only make up 10% of your credit score, applying too often does impact whether or not a lender approves your application.

Conclusion

By knowing how to repair your bad credit, you can improve your chances of getting approved for a loan or credit card in the future. Though your credit won’t repair itself overnight, the sooner you get started on the process, the better.

If you have any helpful tips or advice for repairing bad credit, share your experience in the comments below.

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