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Monthly Archives: September 2009
Skepticism Optimism and Realism of Trading or Investing
Author : Terry Leslie
When you enter trading as anything more than just a hobby, you will hear advice, thoughts, perspectives, and judgments from a grand variety of people who believe they know best How you begin to filter this information and filter the differences between their experience and your own is critical in maintaining your own focus It can be easy to get caught up in someone else’s enthusiasm or dejection without considering what you really think for yourself
People in general, as much as generalizations don’t always serve us, are apt to come at you from three different perspectives They may carry a great deal of realism and have a firm handle on how to interpret the market or they may be excessively cynical or optimistic When coming from the perspective of excessive optimism or skepticism there will always be a slant to all their interpretations of the market and especially particular investments
Working through that slant is something that they haven’t yet done for themselves in order to make better decisions Additionally, if they haven’t worked through their slanted opinions for their own benefit, why on earth would you presume that they would do it for yours? The information that they are giving you isn’t any more valuable than making investment decisions based on your horoscope
The value of slant, if there is one, is that it allows an individual to decide within their own comfort zone For a small period in the beginning of trading, that can be useful to a degree When using their own perspective in their decision making abilities, an individual is basically testing the waters, finding out how accurate their views really are, and are making adjustments along the way Slant allows us to test our own theories and reconstruct them as we find that they fail
The downside of slant is much more prevalent and powerful Slant is often the leading misnomer to the underlying claims of making fast fortunes, quick runs, and of course, get rich quick schemes When anyone makes a positive or negative claim, they are filtering through slant When ever we believe a positive or negative claim, we are filtering through slant Even if someone made three fabulous trades and did the unheard of, like tripling their funds, when we hear about their story we filter it through slant We either believe it and think that perhaps we can do it as well or we discount as a fairy tale, as an outright lie, or as a possibility for someone else but never a possibility for ourselves
Just as we learn to filter the ticker tape through an unslanted lens, we also learn to filter the stories, advice, and even feedback of others through an unslanted filter in order to reach our financial and personal goals By being able to listen or read about the experience of others, their thoughts, opinions, and schemes and decide that that may or may not have been their actual experience but that doesn’t make it all that relevant to our own allows us to make clear headed decisions for ourselves
We have been taught since birth not to trust ourselves In so many ways, we have been taught how to listen to others and compare our own judgments, thoughts, and experiences against theirs This has yet to strike most of us as an unproductive method of making decisions Until we believe that we are the only ones who really know what is best for us and that we believe that we are capable of making decisions based entirely on our own skills, abilities, and interpretations, we never really reach our own personal summit of trading
Trading requires a bit of gumption, a bit of enthusiastic willingness to test and trust our own abilities When we allow the experiences or claims of others to jump in there and help us make decisions for us, we are not really listening to ourselves anymore Then when we lose, we convince ourselves that we have been victimized because someone else didn’t know what they were talking about When we win, we tend to believe that we would have made a poor decision without the influence of that information Taking complete control and taking responsibility for every trade we make, win or lose, then we set ourselves up to experience genuine success and have also proven to ourselves that we are capable of success without the influence of others
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Trading Gaps in the Forex Not Trendy But Very Profitable
Author : Jason Fielder
Common sense isn’t common, more young kids know who’s on the “Surreal Life” than know where Mexico is located, and if it’s not new, it’s not “trendy” or “hip ” While this general foolishness seems to have nothing to do with Forex trading, why is it that long effective trading strategies are ignored because they’re “simple” or “old?”
Why spend hours a day on an advanced, new fangled, supposedly cutting edge (read: complicated and confusing) trading system when the old “boring” version is profitable?
Isn’t profit the point? Isn’t it better to be old, boring, and profitable than new, flashy, and questionable? Isn’t profit the bottom line here?
Gap trading is nothing new It’s been used in the stock market and in commodities trading for decades, and takes advantage of the difference, or “gap” between the closing price of the day before with the opening price of the next day, but this strategy is ignored in the Forex Why is that?
Well, gaps rely on a market close, and when the Forex market never closes, it’s really hard to get a gap or take advantage of it In fact, during an entire trading week, there is only one time when using gap trading strategies in the Forex market is even possible! Sunday night at the open is the only time that gap trading Forex is possible
Boring? For most of us, yeah Pointless? Oh heck no While different trading systems are looking for that 5% or that 1% above the 50% mark, some signs and indicators suggest that the Forex gap method is correct over 85% of the time
No, that’s not a typo, and that’s not hype Once a week may be boring, but those numbers make it worth the wait and should have you drooling at the possibilities
So how do you trade the gaps on the Forex market?
First, understand that there are 3, and ONLY 3, things that the price can do between Friday’s close and Sunday’s open They can:
1 Open above Friday’s close, which is called “gapping up”
2 Open below Friday’s close, which is called “gapping down”
3 Open at the exact same price, meaning there was no gap
There can be large gaps, often referred to as “full gaps” in price, or small gaps, known as “partial gaps ” As far as strategy, there’s no difference between the two Good gap trading strategy works for all types of gaps The one thing to watch out for is gap size I don’t recommend trading a gap unless there is a 15 pip difference, and this strategy is best used with the major currency pairs
Knowing this, the rule to trading gaps may seem the opposite of what you would expect, but if you want to be right 85% of the time, here’s the rule you want to follow: Whatever direction the gap is going, you want to trade the opposite direction
So if a pair gaps up, sell short, if it gaps down, buy more This strategy works a stunning amount of the time, and can be the edge in the Forex market that you’ve been looking for
And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/
From Jason Fielder: Founder, ForexImpact.com
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Developing Good Spending Habits
Author : Max Ng
“Start watching your money, every single cent of it ” I’m not kidding; each cent that you throw away can pile up to become great expenses that will all go to waste What’s the point of slaving ourselves on our jobs to earn more money that we are just going to throw away?
A lot of people that I know say that they are contented with what they have, a steady job, a nice income, a good corner office in the high floor, a great family and a great house Some of them may be saying the truth, but there are also those that have more inside than what they are saying Some of them don’t even have the time to enjoy what they have because they spend all of their waking hours in their jobs just to make ends meet Not that they are poor, but because they spend so much, much more than their income
Reading a few books and attending a few wealth creation seminars, you will see that no matter how hard we work and how much we earn, if we don’t have good financial literacy, we may be just working for naught We also need to be able to develop good spending habits
Knowing what is essential and what is just frivolous would allow us to take into account where our money goes and if those expenditures are necessary Wealth creation gurus greatly stresses the great need to gain financial literacy If we know where our money goes and if we control how our money is spent, we would be able to develop good spending habits and increase our cash flow
Back to the case in point By scrutinizing all our expenses we would be able to budget our money and save a significant amount to be used for investments This money is what you will use to build your riches Let’s face it, diversifying our portfolio would provide us a better opportunity to amass wealth than just putting it in banks With the way inflation is raising, bank interests don’t really stand a chance
One great way of developing good spending habits the is by controlling your expenses By doing so, you will have great accounting of all your cash flow How to do this? There are simple but hard steps that one must do
First things first, we should have great self-discipline Before going to the mall or the grocery, make a list and make sure that you stick with that list Some people I know go to the grocery without a list and just picks up everything they fancy We should stick with the list and a budget Also, take a look at your options, some products are cheaper than others, take your time to compare Learn to say no to others and to yourself
Your income can afford what you want if you limit your wants You have to be sensible and practical with your wants If you don’t really need to have something, it is better to let it pass Avoid window shopping too often as they cause more unneeded wants Stick to your basic needs and to paying your fixed payments What is left in your budget, after establishing it, is your passport to great wealth
Do your research and compare for prices See what your options are What’s so great about globalization is that because of the competition in the market, many businesses offer a wide array of discounts and promos which can help us save in our purchases You can try the Internet, with so many e-businesses coming up, we would be able to visit a number of sites or shops that can provide the same product at competitive prices Check out every detail of your purchase, you can be able to see if the shipping charges are reasonable and whether it would be more practical and cheaper than buying in your own locality
We should be stringent in our purchases but of course we should also give ourselves something we enjoy Try to get yourself something that is not so extravagant and expensive, yet would give a feeling of satisfaction Make a list of what you want If you really think that it can give you some sense of gratification and self fulfillment, try to reward yourself with it, as long as it doesn’t ruin your budget and still leave behind a substantial amount that you can use for your business and investments Developing a good spending habit does not mean you have to suffer and be a miser
* DISCLAIMER *
The author only provides the material and information as a layperson’s views about an important subject The materials and information are from sources believed to be reliable and from his own personal experience, but he neither implies nor intends any guarantee of accuracy
All the materials, information and procedure in this book are only the author’s personal opinion You must consult your own professional advisor and other reputable sources on any matter that concerns you or others
The author, publishers and distributors are not competent and do not profess to give legal, accounting, medical or any other type of professional advice The reader must always seek those services from competent professionals who can review your own particular circumstances
The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein All readers must accept full responsibility for their use of this material
Max Ng helps people who desire success to learn from his mistakes and realizations by sharing his personal struggle for success at http://www.richdadsecrets4me.com. He is the author of ‘Your Greatest Gift! Why Waste It?’ at http://www.yourgreatestgift.com
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Finding Prosperity in the Current Economic Crisis
Author : Terry Dickman
It’s hard to watch TV (and especially any political channel) without hearing about two subjects: America’s economy and President Obama That’s what the world wants to know about There’s no question that every industry in America has been hit by this financial crisis, from real estate to investments to the automotive industry How will you be able to survive this recession and continue to create prosperity for yourself?
Creativity always helps and a positive attitude is essential, this is what we learn from the millionaire guide In addition, shrewd financial planning is also very important to keeping your business afloat First, you have to determine where to look for prosperity One of the first avenues to start looking will be in your own business operation Can you afford to make cuts in some departments? Can you streamline in any avenue without seeing a negative effect? To some business owners this may mean laying off employees To others, it may mean changing market directions or exploring less expensive options when it comes to reaching new or old customers It may mean that it’s time to call off a product or a service that is costing the company too much money
This is where creativity comes in handy Now is the perfect time to think outside the box and explore those untapped markets that might bring in more profit with fewer expenses For example, you could explore law of attraction success, which is a very cheap way to network and find more customers Now is the ideal time to negotiate with the manufacturers you work with Can you come to an agreement that will cut costs but still keep business moving? These minor areas may seem like only a little at first, but they add up quickly
In the midst of this economic crisis, now is actually the perfect time to get involved in a startup company Investments will come easier now that a conservative attitude prevails from most large conglomerates Of course, this is assuming that you have an outside-the-box product or service to offer Did you know that one of the most promising markets right now is alternative energy? Would you have ever seen this coming in 1999?
You have to be courageous and shrewd if you want your business to survive and desire to keep creating wealth You must be able to consider many different scenarios and have the ability to make a firm decision that will affect your company You also want to study the market and your competition What has your competition been doing wrong and why has it cost them? What companies are creating prosperity or at least maintaining profit margins? What could you do similarly, in terms of attractor factor marketing or financial strategy?
In the coming years, we will see more businesses go bankrupt and more businesses prosper to higher peaks than they ever thought possible The strong and the smart entrepreneurs will survive You can be one of these individuals if you pay attention to the market and use your business smarts to stay atop the sinking ship You can find prosperity in the current economic crises All you may need is a little bit of knowledge in how to get started Fortunately, there plenty of books, CDs, DVDs, seminars, and teleseminars that teach the law of attraction and how to develop a millionaire mind to more create wealth and prosperity in your life
Terry Dickman writes and teaches about creating prosperity. Read more about the The Millionaire Maker and The Attractor Factor at http://www.prosperousmind.com where you can learn how to generate wealth in your life.
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UK Forex Traders 3 Ways to Trade the Markets
Author : Robert Shime
Forex trading has become an extremely popular occupation in the UK in recent years Share trading and investing has always been popular here but now forex trading is booming as well So how can traders from the UK actually trade the forex markets?
Well there are three main ways you can trade currencies The first one is quite simply through a traditional forex broker If you browse the internet you will find endless numbers of forex brokers eager for you to open an account with them They will entice you in with promotional offers and possibly the promise of narrow spreads, but I don’t personally believe that forex brokers are necessarily the right route to take if you want to trade forex
The reason why I say this is simply because if you are based in the UK and trade through a traditional forex broker then you are liable to pay tax on any profits you make However if you use one of the other two methods I’m about to discuss, then any gains you may make are completely tax free
The first of the these two methods is not one I would personally recommend but you can actually bet on the movements of the major currency pairs through a small number of online bookmakers These sites run a number of different markets and some of them include currencies so if you want to speculate on the price of a particular pair in the near future or at 12 00 or the closing bell, which are popular markets, then you can do so through the online bookies which will either quote prices in the traditional manner using fractions or decimal odds, or through the use of binary bets
This option is great for the casual punter who fancies the occasional bet on currencies every so often, but ultimately it is essentially gambling and not the preferred choice for a professional trader Also if you manage to fleece the bookies making several winning bets, then there is always the chance that they will suspend your account or limit your bets to really small amounts
There is a much better option if you are serious about forex trading and that’s spread betting This is just like betting through a bookmaker in that any gains are tax-free but it is better suited to the professional trader You don’t need to worry too much about your account being closed if you do well because the company can always place a corresponding trade every time you place your trade
These professional spread betting companies are tightly regulated and are an excellent alternative to a traditional forex broker Most of these companies provide professional charting software like most forex brokers and the spreads are just as competitive if not more so than a lot of brokers Plus all of your gains are tax-free
So to sum up, if you are a UK-based forex trader you basically have three main options if you want to trade the forex markets You can either go through a conventional broker or you can choose the tax-free options of using either a bookmaker that offers financial betting or one of the many spread betting companies
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Low on Health Cover Big on Small Print
Author : Michael challiner
Nothing is more harrowing in life than to be diagnosed with a critical or chronic illness Matters are made ten times worse when your insurer informs you that they wont pay up on your critical illness policy or private medical insurance for the HIV or cancer you are suffering from
You are asked to read sub-clause five of paragraph 327 of the small print, which informs you that you are suffering from the wrong type of cancer Only tumours below the knee are covered and only the first five days of your treatment will be paid for, then its down to you to find the finance
This scenario may sound absurd, but in spite of brokers and insurers being regulated, this type of practice continues to take place It has been a slow process to clean up the industry and to ensure consumers get a fair deal
A short time ago Cancer Backup, a registered charity, highlighted this problem by organising a wide ranging mystery shopping survey, which exposed some disturbing facts about the private medical insurance industry It found that of all the leading insurers only BUPA provided cover for cancer patients throughout the duration of their illness Only immediate treatment is covered by the majority of health insurance policies Treatment or care over a prolonged period, such as hormone replacement or chemotherapy is normally excluded
Although brokers and insurers want to finance long term cover for policyholders with chronic illnesses, they wont always make it clear to potential customers at the time of signing up what they are covered for
Although both Macmillan Cancer Support and Cancer Backup have been in consultation with like minded organisations within the industry to raise the standard of sales practices and make the wording of policy documents clearer, progress has been slow since the report was published two years ago
Private medical insurance and critical illness cover is normally taken out by people who are comparatively fit and healthy The last thing that crosses their minds is getting cancer That is why it is so important to spell out a policys exclusions before they sign up
A statement of best practice for companies writing and selling medical policies has been updated recently by the Association of British Insurers (ABI,) which is a welcome step in the right direction
The trade body has now recommended that insurers and providers selling these types of insurance should prepare typical case studies, which explain the circumstances when a policy will or will not be paid Unfortunately insurers are not obliged to adhere to this code, which is voluntary
Although the ABIs initiative is to be welcomed, the best way of clarifying a policy is by asking the salesman to explain the small print
Furthermore, industry jargon is still being used by insurers to confuse the consumer For example it is wrong to classify cancer as an acute or chronic illness, argues Cancer Backup However insurers are adamant that it should go in the chronic category Consumers only hear about this when their claim has been rejected
Although the ABI have their heart in the right place, the insurers can only be forced to improve their standards by the regulator Better training of call centre staff, who sell the majority of the policies, is also long overdue
More rigorous sales procedures are needed with jargon being eliminated Ultimately it falls upon the insurers to ensure that their customers are fully aware of the terms of their policies before they commit themselves
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Benefits of Identity Theft Shield
Author : Keith Londrie
Attorney General John Ashcroft called identity theft as “one of the fastest growing crimes in the United States” Federal Trade Commission (FTC), the leading governmental agency which keeps records on identity theft, estimates that over 9 million Americans (or 4 25% of all adults) are victims of ID theft on an annual basis, resulting in $52 6 billion losses to businesses and financial institutions Even the 9/11 or September 11th hijackers were believed to have been identity thieves, using stolen passports and Social Security numbers to obscure their trail Beyond doubt, identity theft crimes have reached epidemic proportions with subsequent catastrophic consequences
Identity theft crimes are not new, but they have become more persuasive in the past decade Advances in computer hardware and software along with the growth of the Internet have significantly increased the role that identity theft plays in crime Individuals can hire credit-monitoring services that alert them when there are changes in their credit report One such company, Pre-Paid Legal Services, Inc in conjunction with Kroll, Inc has developed a unique solution for victims of identity theft This service referred to as the “Identity Theft Shield” is available to Pre-Paid Legal Services members With the Identity Theft Shield, you have the added security of knowing that experienced professionals from the world’s leading risk consulting company are there to fight for you
To prevent identity fraud, experts recommend that you review your credit report regularly The ID Theft Shield makes this task easier You receive prompt notices if any new accounts are opened in your name or if derogatory notations are added to your credit report On an average, ID theft victims spend more than 250 hours and $2000 to clear their names With Identity Theft Shield available at just $9 95/month, the cost of combating ID fraud crimes is much less This monthly fee provides benefits to you, the member, and your spouse At this cost, it is well worth the time and money to keep your affairs private
Truly, Identity Theft Shield is the most factual and comprehensive solution to ID theft restoration However, at times, even the best backup plans Fail Therefore, you must learn to depend on yourself to set up your own identity theft shield and minimize your risk Some things to do would be to shred all paperwork with important account information on it, don’t just throw it away in the trash because one of the simplest methods of Identity theft is for the theif to go through trash cans and dumpsters Memorize pin numbers, do not carry them with your credit cards; Just to mention a couple thoughts
Keith Londrie II is a well known author. For more information on Hair Loss, please visit Hair Loss for a wealth of information. You may also want to visit keith’s own web site at http://keithlondrie.com/
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Professional Indemnity PI Insurance Market
Author : Elchanan Rotstain
Where are we now – and the future?
The Professional Indemnity (PI) market is currently in its soft phase, with insurers still placing emphasis on volume at the expense of profit
And what of the future? It is certain that at some stage the market will enter harder conditions There is uncertainty as to when the market might harden and by how much Invariably the deeper and more prolonged the soft market the more pronounced the adjustment will be when it comes
Events in insurance, as in life, are powerful and unpredictable What future events might conspire, individually or collectively, to prompt a return to harder market conditions? The following is a list, by no means exhaustive, of the likely culprits:-
1) The Credit Crunch – will have three adverse effects on the insurance market First, there is likely to be an increase in the cost of capital as its availability becomes scarce Second, a reduction in the asset base of major insurers as sub-prime losses erode balance sheets – further reducing the capital available required to underwrite risks Third, an increase in credit crunch liability claims as those who have suffered losses (home owners, shareholders etc) seek to recover from professional advisers, company directors etc
2) Investment Income – a combination of increased stock market volatility and reducing interest rates could see insurer’s ability to generate investment income curtailed
3) Environmental Factors – after two relatively benign years of (insured) natural catastrophes, could 2008 see a return to more usual levels of claim – particularly in relation to the hurricane season?
4) Economic Factors – a downturn in the economy hits the insurance industry in two ways – invariably an increase in the cost of claims allied to a reduced pool of economic activity from which to collect premiums
And finally – unforeseen events aside, our current prediction is that whilst the market is unlikely to harden during 2008, prices could well start to rise towards the start of 2009
As ever, forewarned is, or should be, forearmed
Griffiths & Armour Professional Risks acts as manager for the professional indemnity division of Griffiths & Armour
Griffiths & Armour Professional Risks Ltd is an appointed representative of Griffiths & Armour which is authorised and regulated by the Financial Services Authority
All rights reserved This document does not present a complete or comprehensive statement of fact or the law, nor does it constitute legal advice It is intended only to highlight issues that might be of interest to Griffiths & Armour clients; specialist legal advice may be required where appropriate Where links to third party websites are provided, we accept no responsibility for their content
Paul Berg is the owner of Griffiths & Armour, UK’s leading independent indemnity insurance brokers, risk managers and financial advisers. We specialise in professional indemnity insurance and professional liability insurance for the construction and legal professions.
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