Becoming A Trader – What Are The Steps?

Thanks to the Internet, becoming a trader has never been easier. Previously the exclusive premise of trained Wall Street brokers and professionals, the trading industry has been blown wide open by the range and reach of information available for amateurs and newcomers online. Trading is lucrative, it’s (reasonably) simple, and it’s enjoyable, too, especially if you like your work to be varied and exciting.

It’s not easy to know exactly where you need to start, though. Trading might be more accessible than it’s ever been, but it can still sometimes seem a little “closed off” to those who aren’t in the know about the steps they need to take. We’ve put together a useful list of steps you need to take to get you started as a trader.

1. Know yourself

Unfortunately, the first step doesn’t actually involve getting started on trading, or at least not right away. Put simply, you need to know who you are before you start trading. Do you have the skills required to make this a full-time job, and to commit yourself to it as though it were any other form of employment? When you become a trader, the onus is all on you. There’s no employer looking over your shoulder and making sure you complete that assignment on time, and there’s no punch card you slot through every time you clock in.

If that sounds attractive to you, then that’s a good start, but you’ll also need a very good head for numbers, a sense of self-worth that doesn’t get knocked during periods of downtime (which there will be), and a working knowledge of the ins and outs of finance. If you’re confident that you have all that, or that you can acquire it, then congratulations: you’re the right kind of person for trading.

2. Research markets and brokers thoroughly

The Internet isn’t just a great resource for trading in itself; it’s also a fantastic place to simply learn more about your chosen subject. In the case of trading, for example, it’s imperative that you understand the difference between the various kinds of securities you’ll be trading in, as well as the dynamics of how these different securities trade and how they will impact your capital.

Depending on the kind of trading you want to engage in, you’ll also want to research your brokers thoroughly to get an idea of the best services available to you. Websites like Forex Trading Expert are fantastic for this. Forex Trading Expert collates all the top foreign exchange trading brokers and rates them based on independent research and community review, so you’ll always know you’re getting the best service available.

3. Build up capital before you start

During your time as a trader, it’s inevitable that you will have downtime. Whether you make a mistake in terms of investment or the stocks you’ve invested in simply don’t perform too well in a given period of time, it’s no reflection on you that there will be times when trading doesn’t make you the profit you’d like it to. During these times, it’s really important that you have a bed of capital you can fall back on.

This also depends entirely on the scale at which you intend to trade. If you’re a small-scale trader and don’t want to enter too heavily into the market, then you’re probably safe with a smaller amount of capital (say $25k-50k). If, however, you want to trade as a full-time job and don’t intend on having any other supplemental income, then you should have at least around $100k-$150k before you begin.

4. Keep an eye on strategies – and don’t be afraid to switch

There are a number of tailored trading strategies available to both novices and experts, and they’re great ways to get started. It’s wise to have more than one strategy under your belt so that, should one strategy fail, you can easily switch to another one without too much loss of capital or time. There are plenty of books and articles online which can help you to devise or adopt optimal trading strategies.

There will also be times when a strategy which has served you well for months suddenly doesn’t work any more. When this happens, it’s time to switch. Find yourself more than one trading strategy, preferably from different sources, and switch between them depending on the state of the markets. You should also be continually looking for new strategies – keeping on top of the markets and how they’re moving is crucial for a trader.

We hope these initial few steps help in getting you started on the road to becoming a trader. It’s unpredictable work, but it can be immensely exciting and – more importantly – extremely profitable for you.

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New Bundesliga Season Sees Borussia Dortmund Partnering with GMO Trading in Marketing Deal

With the new Bundesliga season set to begin on 24th August, the clubs are looking forward to their new campaigns to reach the top of the table. To get this accomplished, they need to have the top talent, great coaching and engaged and passionate fans who push them over the tough spots that always occur during any season.

This last item means that clubs must engage in marketing deals that get the word out about the club and any new changes, and gives fans opportunities at special offers and deals.

In accordance with this, top Bundesliga club Borussia Dortmund, has signed a marketing partnership with leading online CFDs platform provider GMO Trading. The Bundesliga Football eight time champions will work throughout the 2018-19 season on campaigns that put the Borussia Dortmund in front of fans and those who might also want to jump on and take a ride with the club in the coming season.

GMO Trading is the ideal partner because its advanced trading platform attracts loyal trader fans who swear by its security and simplicity. The marketing partnership is for all of Europe outside of Germany meaning it will occur in markets that both organizations assess as vital to growth.

The relationship has already begun. You can go to the GMO Trading website at www.gmotrading.com or use your tablet or smartphone to go to their social media channels to review offers and learn about GMO Trading’s CFDs platform. For GMO clients, there will be a stream of exclusive offers and perks throughout the coming season.

For more information, please email Rebecca Wharmby – Rebecca.Wharmby@Threepipe.co.uk.

About GMO Trading

GMO Trading is the brand name of Royal Forex a Cyprus Investment Firm, regulated by Cyprus Securities and Exchange Commission.

CFDs traders gain access to a net level trading environment and premium services with an unmatched amount of account options that fit any trader’s requirements.

For more information, visit the GMO Trading website at www.gmotrading.com or  visit its Facebook at www.facebook.com/gmotrading/.

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Could a Flexi-Loan be Right for you?

The use of consumer credit has been on the rise in recent years in South Africa. There is an ongoing squeeze on the middle classes with a heavy tax burden, rising food prices and the cost of avoiding crime all taking their toll, so much so in fact that there’s a real possibility that the current middle class, which accounts for about 9 million or 16 percent of the population, could be shrinking.

In an attempt to maintain their standard of living, an increasing number of householders are turning to consumer finance products. At the moment, credit cards, store cards and overdrafts are the consumer credit of choice, but recently a new product has hit the market which could help South African consumers meet their essential costs without contributing to a debt spiral.

Introducing the flexi-loan

The flexi-loan is the first product of its choice to hit the South African market. The well-known lender Wonga has revolutionised its payday loan offering to give customers more flexibility and choice.

The flexi-loan allows new customers to borrow up R4000 over a maximum period of 6 months, with existing customers potentially allowed to borrow up to R8000. One of the benefits of the flexi-loan over other forms of short-term finance is the level of flexibility it provides. Applicants can choose the amount they borrow and their repayment term, from 4 days and 6 months, so they can spread the repayments over a longer period to allow them to budget more effectively. This also ensures the repayments are at a manageable level to reduce the risk of creating a debt spiral.

Consumer credit is never a solution to long-term debt

Although the flexi-loan may become a useful stopgap for some South African consumers and help them meet essential expenses they had not accounted for, consumer credit of any kind should never be used as a solution to debt problems. If you do need to borrow money to cover essential expenses like car or boiler repairs then the flexi-loan could be an option for you. However, you should always explore other potential solutions such as using savings or borrowing money from family and friends first.

If there are no other options then you must carry out careful affordability calculations to make sure you can afford to repay the loan and choose a repayment term that allows you to budget accordingly. Only once you’re sure you can repay the loan should you borrow any money at all.

Always be aware of the extra charges that may apply

One of the benefits of the Wonga flexi-loan is the fact that what you see is what you get. That is, if you meet the agreed repayment dates then the initial calculation is the amount you’ll pay. However, other charges can apply if you cannot make the repayments.

Although you will not be hit by multiple charges, interest and service fees will continue to apply to your account for up to 90 days if the debt has not been repaid. Continued failure to repay a loan will also mean the outstanding payment is recorded by credit bureaus and your credit rating will be affected as a result.

What types of short-term credit do you choose to use? Do you think a flexi-loan could be a viable alternative? Please share your thoughts in the comments below.

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How Did I Miss That Trade?

Are you a Forex trader? Are you “in it to win it?  Are you looking for profits wherever possible? That means you will be examining the results of the trades that you take and learning from both your successes and your failures. But what about “the ones that got away”, the trades that for one reason or another never happened and nearly always would have turned up trumps.

Why do we miss out on trades, especially the ones that will cause us so much heartache subsequently? There are of course loads of different reasons. You could have chosen to “sit this one out” having had a couple of losing trades just previously.  You could have been too preoccupied with another trade or considered that it just didn’t fit into your preconceived trading pattern. You may have had enough for the day having met your daily target or you might not have had enough balance to proceed.

Now these are all good reasons, but the fact remains that a missed opportunity is a missed opportunity which will cost you in the fullness of time.  You might not realise how much money you are actually losing by not taking up those missing trades and all the potential profits that have vanished unless you are honest enough to track everything in a journal.

If you are a mechanical trader, you can well find that your performance will be down and you will not get a full idea of whether the system is working for you.

If you get into the habit of missing trades, especially after a losing streak, you must treat that as a really bad one.  You have to accept losses as an integral part of trading and you shouldn’t have the baggage of previous failure over-influencing your decisions.

Perhaps the most hazardous result of when you miss out on a trade is that your psyche says “hey we made a big error there, let’s make up for it”. This is what is called “looking for revenge” – you go into something that’s a long way short of ideal and trade it aggressively. You lose control of your emotions and at the same time, lose a good deal of money as well.

Missing trades therefore is a bad place to be in. So what can you do to avoid all that?  Firstly you could log all your missing trades which would be an incentive to sticking to your trading plan.  Secondly set your trading style alarm clock – you could fix price alerts or use entry orders; perhaps even design a mechanical system for your platform. We know you can’t be everywhere but you can help yourself!

Are you missing trades through lack of confidence, worried about the dangers that could affect your funds? If you decrease your position size, you will ease up on a great deal of pressure.

Finally if you focus on the process you will accept loss, take care of it but have the courage to carry on trading sensibly and methodically and in the end you will make a lot of money.

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Reasons to Avoid Longer Term Auto Loans

Most consumers would have a difficult time purchasing a new or used vehicle without the help of financing from a bank, credit union, or another lender. Vehicle loans allow a prospective car buyer to receive a lump sum specifically for the purchase of the vehicle of their choice, and payments of that total amount plus interest charges are made over the course of months or years. The interest rate applied to a vehicle loan is dependent on the borrower’s credit history and score, but because the car is collateral for the loan, lenders are able to offer relatively low rates. Both the monthly payment and the interest rate are fixed for the life of the loan, offering predictability to the car buyer.

Given that the average price of a new car is an impressive $33,000, a vehicle loan is the best way to purchase without having to save up a significant amount of money beforehand. However, each lender provides varied repayment terms which car buyers should understand before signing on the dotted line. Most notably, having a longer repayment term may be appealing on the surface, but extending the payoff of a new or used vehicle is not always a sound financial decision. Here are a few things to consider with longer repayment terms for new or used vehicle loans.

Immediate Depreciation

Selecting a longer repayment term for a new or used vehicle loan exaggerates the problem of depreciation. For new cars, the value of the vehicle is significantly reduced the moment the owner drives off the lot. While less dramatic for used vehicle purchases, depreciation still takes place immediately after changing ownership. When a longer vehicle loan is taken out on a new or used vehicle purchase, owners may be stuck with a loan payment and remaining balance on a car that isn’t worth that much if it were sold.

Negative Equity

Depreciation takes a toll on the equity in a vehicle as well. Equity is the difference between what is owed on the vehicle loan and the market value of the vehicle. When a longer vehicle loan is chosen at the time of purchase, the combination of smaller principal payments and rapid depreciation come together to create negative equity – owing more on the vehicle that its market value. When this takes place, it can be difficult to trade in the vehicle before the loan is paid off, and car owners have no options for using their vehicle as collateral for a short-term loan. Negative equity can become a dangerous cycle of debt, especially when a vehicle is traded in before the loan is paid in full.

Higher Interest Rates

The most common term for a new or used auto loan is 60 months, or five years, but some find that the monthly payment for that repayment agreement does not fit easily into the budget. A longer loan term of 72 or 84 months may be offered by the selected lender to help ease the shock of the monthly payment; however, a lengthier term often results in a higher interest rate for the life of the loan. Again, with lower monthly payments and less of those payments applying to the principal balance, car owners will inevitably face negative equity in the vehicle unless the loan is paid in full before the end of the term.

Borrowing from a reputable lender is a smart way to finance the purchase of a new or used vehicle, but card buyers should steer clear of longer term loans when possible. Consider reducing the purchase price of the vehicle, or selecting a used car over a brand new vehicle to keep monthly payments on a shorter repayment term to avoid depreciation, negative equity, and higher interest rates on the auto loan.

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Banking Backtrack – 6 Tips For Reconfiguring Your Financial Priorities

What are your Financial Priorities?

In order to achieve your goals, you need to make them concrete. Evaluating your financial priorities is the first step in successfully restructuring your expenses to meet your long term goals. Making a list of priorities in order of importance is necessary in order to restructure your financial priorities and ensure that you are taking steps forward, rather than simply making ends meet. Achieving your financial goals may require assistance from a personal loan to put you ahead, or may involve assistance from a trusted financial advisor. The following six tips are essential in order to successfully re-evaluate your financial priorities.

1. Remain on top of bills

Are you earning more than you are spending? The most important step in separating our most fundamental financial needs from the rest is ensuring that your income exceeds your expenses. Debt consolidation using a personal loan allows you to combine your existing debt and make one monthly payment through a lower interest rate as offered by a personal loan. This makes your debt easier to pay off, providing you with an allocated time frame to repay the consolidated loan rather than having multiple and confusing monthly payments of various debts. Consolidating your debt through a personal loan saves you a lot of money in interest and helps you remain on top of your bills.

2. Decide what is important

Your financial priorities will change over the years, particularly if you start or expand a family. Reviewing your spending habits over the last few months will give you a general idea of what your spending habits indicate is important to you. For most of us this will be food, education needs and other necessities and preferences. However, it is important to view whether your spending habits align with what you hope to accomplish in the future. What would you most like to do with your money? This leads us to point three.

3. Look at the big picture

While immediate needs and obligations are important, it’s important to consider your finances in accordance with your ‘big picture’. Too many people configure their financial priorities simply to make ends meet. Whilst this may be all that your income can afford, the only way to truly get ahead may be to apply for a personal loan. Using a personal loan to start-up your dream business, take the holiday your family needs or get the surgery you have been waiting for, ensures that you are taking steps forward rather than remaining financially stagnant. Creating measurable goals that can be accomplished, keeps you motivated and ensures your money is being used to further your ambitions.

4. Maintain an emergency fund

For many of us, an emergency fund is something we will “start later in life when I have more money”. However, when reconfiguring your financial priorities, ensuring you have money aside for an emergency situation is vital. When the financially unprepared are hit with an unexpected and expensive emergency, they are left scrambling for whatever funding is available. Often this will result in costly terms and interests rates. Comparing the rates of various personal loans in advance can ensure that if you require a loan for an emergency situation, that you receive the best terms available.

5. Optimize your returns

Are there any other strategies you could employ in order to maximise your goals? This may include seeking advice from a financial advisor in regards to investing your money in stock or a property. Investing your money can further your wealth and help you gain financial independence. Considering ways to optimize your returns is therefore an important step in the assessment of financial priorities.

6. Review regularly

Once your priorities have been ordered it becomes vital to remain on track and regularly consult your list of priorities. It can also help you track when your strategies have been successful and when may be the best time for you to make your move, secure a personal loan and achieve what you outlined in your ‘big picture’.

Being aware of your financial priorities ensures that you remain focused on the most important aspects of your financial life. Evaluating your goals and your spending habits ensures that your money is spent in a way that reflects your priorities, and furthers your ambitions. Reviewing your situation periodically will ensure that your financial priorities are current, so that your money is used in a way that most satisfies you.

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Main Tips for Writing a Resume: Get it right the first time

For a job hunter, your resume is one of the most important documents that describe you. This little document can make the whole difference between employment and joblessness. For this reason, it is important to learn how to write it effectively so that you can bolster your chances of landing employment. Moreover, after submitting a shoddy resume, you don’t stand another chance of correcting the damage. This article therefore shares some of the insights that can help you to polish your ability to write a compelling resume. Order your CV cheap on spideressay.com.

Papers and positions are good, but achievements are better

When it comes to the job market, papers are not as important as the ability to deliver. The reason is that employers are looking for people who can do their jobs productively, and not people who know much about their jobs. Additionally, they view your academic credentials as a supportive pillar, and not the main house they are looking for. You should therefore emphasize on showing your potential boss what you have done with your papers. Additionally, show them how you are intending to replicate those feats if they accept your application.

Don’t try to dazzle your potential boss with your papers because they have seen better ones in the hands of people who can’t perform. Remember, there are many ways of getting a degree, but only one way of satisfying your boss—performing your duties well.

Additionally, when citing your past positions, don’t dwell so much on the positions you held. Just as with the papers, your potential boss is looking to see what you did with the positions you held. If you can’t prove it, they may even begin suspecting you were fired for incompetence. For instance, you can say that when you were in the position of the regional sales manager, your former company was struggling. But through your intervention, it became a market leader within three years owing to skyrocketing sales.

Tell more about your skills

As you narrate your achievements, you need to show the hiring manager the skills you harnessed to achieve all that. If you highlight your skills combination clearly, the manager will know how well you can handle the position you are applying for. For instance, if you are applying for the position of a sales manager, show the manager that you have mobilization and training skills you can use to mobilize and develop your sales team.

Optimize your resume for easy reading

No matter how many skills and achievements your resume may contain, it can only benefit you if your prospective boss reads it to the end. Therefore, you should make it easier for them to skim through to the main points they may be looking for. If they have problems reading your CV, be sure it will gather dust for many years.

Find more help here

This post has helped you to come to a new level of understanding resume writing. You can find further help here by talking to our experts today.

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Creative Ways to Make Money Online

Right now, there are thousands of people around the World who are making extra money or an entire income using the power of the internet. There is a vast array of ways in which people can make money online and contrary to what you may think, you do not need to be highly technical for many of the ways in which you can make money online.

Earning money from the comfort of your own home is one of the best ways to live your life, you can cut down on your travel costs, have more time in your life and will feel far less stress compared with going to the office everyday. In the past you would need to rely on cold-call sales work or having to work as a live phone sex girl in order to make a living from the comfort of your home, but those days have gone. If you want to make some serious cash online then here are a few ways in which you can do it.

Freelance Work

The first place to start when looking for ways to make money online is a freelance working website to see if you have any of the skills which people are looking for. There are lots of great sites like Upwork who act as a jobs board for employers to advertise their positions to freelancers. There are a vast amount of different types of jobs that you could be doing online and many of them do not require high amounts of technical ability. On sites like this you will find people looking for writers, designers, virtual secretaries, email handlers amongst a whole host of other positions. Check here first and see if there is anything which can make you some money.

Selling

Selling things online can be a great way to make some additional cash, especially if you can get creative with what you are selling. Websites like eBay allow you to open up your very own shop where you can sell just about anything, you won’t have to pay for rent and overheads are minimal. Because it is so easy to sell online, there are a great people doing it, that isn’t to say that there isn’t enough business out there for everyone, there is, you just need to be smart with what you are selling and who to. One of the best approaches is to head to a thrift shop with your cell, check prices online of  the things you see and if there is money in it then buy away and go get that profit.

Blogging

Blogging is not just a great form of expressing yourself online it can also be a great way of earning some money. It will be important that you can find a niche to blog about which people will enjoy and which can gain you a strong following and high volumes of traffic. Once you start attracting solid levels of traffic then you can start selling space on your website to advertisers.

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Ways to Earn Whilst You Are in University

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earn
Photo by CC user Pek&Anoek on Flickr.

Being in university is a time to make new friends, have crazy experiences and party like crazy, oh, and of course, to study. During your time at university you will of course be putting in the work when it comes to gaining a good qualification and the truth is that yes, there will be a lot of partying and making friends in-between. Something that you are going to need at university, other than an intelligent mind, is money to get through it.

There are options available to support your studies, student loans and grants for example or a scholarship if you rock at football like Jack Elway. That will cover your course fees but actually living will cost a little bit more and here are some great ways that you can earn some cash whilst you are studying hard.

Online Income

More and more students are turning to the internet as a viable way to make money whilst they are away at campus, some take it to the next level like Zuckerberg. Nobody expects you to create the next Facebook but there are some great options online to make some extra cash from your dorm room. You could start a blog for example or fill out online surveys which will pay a little each time, you could look to freelance work like writing, email handling, virtual assistant work, graphic designing, website design or a whole host of other tasks that people are looking for online. You can earn well and you won’t have any costs other than your laptop and a wifi connection.

Tutoring

Once you get into your second or third year of university you can offer tutoring to some of the younger students. Meet in a neutral spot or invite them to your dorm for an hour or two per week. Tutoring is not only a great way of earning some money but it will also help to reinforce your knowledge and give you the satisfaction of helping others. When the time comes to get a job you will find that putting something like tutoring on your CV will help you to look more attractive to prospective employers. A win-win all round.

Nighttime and Weekends

Sometimes you just need to do what is necessary to get the greenbacks in and areas such as bar work, restaurant work or working weekends in a clothes shop is where you can do exactly that. These may not be the most fun or pleasant of jobs but they can help you to pay for the necessities in life whilst you are studying. Ensure that you don’t go after the money too hard, you don’t want it to compromise your studies. Once you get to university try to get out as early as possible looking for work, there will be thousands of students looking to do the same thing as you and jobs may be in high demand and low supply, make sure you’re in there first.

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How to Manage Money When You Start Earning

money
money
Photo by CC user 401 (K) 2012 on Flickr.

When I first started working full time I was still living with my parents, I had bought a cheap car a couple of months beforehand and I had absolutely no responsibilities other than my road tax and my car insurance. Looking back, I now realize that this was a perfect opportunity for me to sensibly manage my money so that I could have a bright future.

Unfortunately at that time, I was 21 years old and pretty much blew my paycheck each month on partying and general recklessness, if only I had known then what I know now. If you are entering the world of work and want to avoid making the mistakes that I did then here are some things that I wish I’d done at that tender age.

Save Save Save

There is a huge temptation to spend all of your salary each month and not make any plans for the future, after all, you are young and probably think that things will stay the same for ever, they won’t. The far better option is to be smart and start saving some of your money as early as possible. Look to save a quarter of your monthly income, you will thank yourself for the decision to do this when the time comes along to buy a house. I have quite a hefty mortgage and had I saved better then I could’ve got a much better deal on my borrowing.

Consult Someone

People seem to have this notion that great financial advisors like Keith Springer are solely for the rich and famous in this World, that is not correct. In fact using financial advisors should be encouraged from an early age when we are less financially literate. They can offer you great advice on what to do with your money both now and going forward and they can even help you to find great bank accounts and help you make savings plans. You don’t need to meet with one on a weekly basis, just go and see one, lay out your financial situation to them and see what advice they can offer you when it comes to being smart with your money.

Monthly Budget

Remember that you are in it for the long-haul when you approach your finances, of course you could die tomorrow but let’s assume that you aren’t going to and work out how best to set yourself up for the future. A solid monthly budget can help you to stay within your financial goals, budget for everything even if it is alcohol and party money or gadget-buying money, the point of the budget is to control your spends. If you sit at the beginning of each month, take a look at your salary, remove the amount that you wish to save and any other costs which you cannot avoid paying (car insurance etc.) you will be left with your spends for the month, try and split this up into weeks until you get paid again and stick to your plan. Doing this early on will really help you out in the future when you start paying bills.

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