15 instant ways to increase your credit card debts

Nov 20,2020

15 instant ways to increase your credit card debts

In addition to failing to have more information before going for a credit card, most credit card debt problems are usually a result of neglect and bad ways of usage. If you are still unsure why so many people out there are stuck with their mounting credit card debt problems, you might want to read on to find out 15 Instant Ways To Increase Your Credit Card Debts.

1. Using credit to extend your income and make ends meet.

Most people use their credit cards to make everyday purchases that they cannot afford to pay for in cash. The credit card becomes their instrument for rolling their purchases and before they realise it, they have racked up a big credit card debt which they are unable to pay.

2. Not paying credit card bills on time

Late payment fees and interests can add to your credit card debt. Procrastination does not pay you but it makes you pay instead!

3. Putting daily expenses on credit

Getting into the habit of using a credit card to make tiny purchases that you could easily pay for with cash. Even a trip to the local convenience store is funded with a credit card without keeping tabs on the monies available to pay for them at the end of the month.

4. Gambling

Gambling online or offline with your credit card can spiral out of control. Haven’t you heard about the evils of gambling?

5. Using your credit card internationally

When you use your credit card for international transactions, there are usually extra charges and fees imposed, not to mention exchange rates which could possibly be more inferior to what is being offered by money changers.

6. Having too many credit cards

When you have too much available credit, it is easy to quickly charge up more than you can afford to pay. Keep you wallet thin. Remove and cancel those additional credit cards you do not need.

7. Using a credit card for a major purchase

Purchasing a car or something of high value can surely increase your credit card debt. Have you considered whether you can pay for it at the end of the month when you receive the credit card bill?

8. Taking out cash advances

Cash advances usually come with high service fees and possibly higher rates, if not the maximum.

9. Adding additional names to your card.

Adding additional names to your card or lending your credit card to your girlfriend or brother means it is out of your control and anything can be charged on it, which you will still have to pay for. You can keep tabs by limiting their credit but your girlfriend might leave you for that

10. Paying for your vacation with your credit card

Don’t go for a vacation unless you can pay for it in cash. Take a walk around the park instead.

11. Using a credit card to pay tuition

You would be better off using a federal student loan.

12. Using your credit card to chase after reward points, frequent flier air miles or cash back.

If you can use your debit card to pay for the bill, don’t be tempted by the reward points, frequent flier air miles or cash back that come with certain credit cards. These rewards are meant to be rewards, not goals for you to achieve.

13. Signing up for the first credit card offer that comes your way

Just because you can apply, doesn’t mean you should go for every offer that you come across.

14. Using your credit card to improve your score

It will work if you can keep up with the payments but it is easy to become overburdened if not done properly.

15. Misusing balance transfers

A balance transfer is meant to put your credit on a better rate. Once your balance transfer is complete, it is best to cut up the other card rather than continue using it. Some transfer their balance for a breather but fail to keep tabs on their spending and as a result, their credit card debts continue to mount.

por etnpool

Nov 18,2020

Why You Do Not Need A Credit Repair Agency

There have been ads all over the place, online as well as offline that discuss it we to hit this series for giveaway inform about credit repair.

People who have bad credit are, unfortunately, customarily in the really bad incident as well as tumble for this. You need to comprehend that unless we have been intensely busy, there is substantially zero that the credit correct association can do that we cannot do for yourself. All it takes is the little investigate to find out only what we need to do, as well as afterwards all it will price we is the little time to have the little phone calls as well as mail the little letters.

No, we am not articulate about the little kind of pouch seasoned mixture scam, though we am articulate about essay the good awake minute to your creditors as well as the credit bureaus. Contrary to renouned belief, the collections dialect crew of your creditors substantially does not include of guys the distance of football players with the spirit to match. Generally speaking, they have been bargain people, to the limit. You need to find out what that extent is, as well as if we have been starting by the little difficult monetary times, we need to insist that.

Why insist your sorrows so them? Because upon top of all, zero creates the collections people angrier as well as wish to take serve movement upon your comment than your silence.

You cannot equivocate their phone calls forever, as well as we cannot omit their melancholy letters forever. Call them, speak to them, follow up that review with the minute to them that says Per the contention upon (date), we longed for to endorse the following bargain that we reached connected with my comment as well as afterwards blow up upon that bargain that was the outcome of your discussion.

You additionally need to know your rights underneath the law, that is between pick things the FCRA that is the Fair Credit Reporting Act. There have been things that creditors can do, as well as if your comment is significantly derelict as well as we have been not progressing hit with the creditor, they will substantially make make use of of each apparatus during their disposal. But there have been sure things they cannot do by law, as well as we need to be wakeful of what those things are, as well as call them upon it if they make make use of of that technique. For example, the creditor cannot hit we during your place of practice if we privately discuss it them not to. we suggest that we put this matter in essay as well as send it to them, given if we only discuss it them, they can regularly repudiate it. Since the call to your employer can put your pursuit in jeopardy, this is not authorised if we ask them not to.

But keep in thoughts that your creditor is expected to be some-more than peaceful to work with we to work something out if we keep in hit with them.

They entirely assimilate that the pick is that we could record for bankruptcy, as well as in that case, they will really expected get pennies upon the dollar for the volume that we owe them. While failure is not an choice that we should cruise lightly, it is an choice if we have been in approach over your head.

But the greatest thing we need to know is that there have been things we can do to correct your incident yourself, that includes gripping your credit inform as purify as probable whilst we get your monetary action together. Your credit inform roughly positively contains errors, as well as there is no clarity in carrying false bad inform upon there. That is another thing that the credit correct group will do for we that we can simply do yourself, as prolonged as we assimilate the manners of the diversion as well as have been peaceful to deposit in the little stamps, that we pledge is starting to be most cheaper than employing the credit correct agency.

Understand the law as well as assimilate your rights underneath the law.

While we might be in the bad monetary situation, there is no clarity in permitting it to be worse than it needs to be whilst we get yourself put behind together.

por etnpool

Nov 13,2020

Credit Cards With Cash Rebate

Credit cards with income remission incentives give we income rewards any as well as any time we have the squeeze with your credit card. Although there have been many sorts of prerogative credit cards out there, some-more as well as some-more companies have been disposition towards income behind incentives, as many people cite to embrace income behind over any alternative sort of reward.

For many, removing income behind is distant elite over air miles, items, or any alternative reward. If we similar to to have use of your credit label often, afterwards youl find which income remission credit cards will give we the lot of income in return.

Normally, these sorts of credit cards inhere aloft fees as well as APR. You do not wish to lift the tall change upon these cards during any time, as it routinely ends up really costly. If we can off your change during the finish of the month, afterwards your APR wouldnt start you. Paying off your check will additionally concede we to take full value of the income remission reward.

The percentage of income behind will vary, nonetheless many routinely have 1%, with 5% being practical with certain purchases. For any squeeze we have regulating your income remission credit card, we get the tiny volume of income back. Using your credit label upon the visit basement will give we the lot of income behind during the finish of the year.

If we have vast purchases, we can get the lot of income behind by regulating your credit card, nonetheless the little might have the extent upon only how many of the remission we get back. If we devise to squeeze vast equipment such as furniture, we should check in to your income remission credit label as well as find out what the remission is upon these sorts of purchases. The improved remission cards will routinely send the lot of remission income your approach only for purchasing the little of the incomparable items.

Before we get the income remission credit card, we should regularly find out how many of the prerogative we will be removing with any purchase, as well as what the extent might be. Once we have reached the limit, the little banks will possibly send we the check, deposit the prerogative in to your bank account, or simply supplement the prerogative to your credit card. All 3 have been correct options, nonetheless many cite to have the income combined to their bank comment – so it can assistance pull the little interest.

If we investigate the remission label as well as find out what alternative facilities have been included, you’ll routinely come out the winner. Make certain we scrutinise about the credit limit, fees, as well as alternative things which we feel we should find out. Once we have researched as well as found out what we need to know – we can get the income remission credit label as well as proceed vital hold up meaningful we will be removing income behind for only about anything we purchase.

por etnpool

Nov 12,2020

credit card options for people with bad credit

When it comes to getting credit, there are two categories of people that may be seen by the lender as a risky borrower. The first is borrowers that have never had credit before and the second is borrowers with a bad credit history. Luckily, there is a way for borrowers in both of these categories to leave their bad credit behind and begin down the road to good credit and all the perks that it offers.

For borrowers that have never had credit before, it is important to prove yourself before you are given any good credit cards, such as a rewards card with a low APR. You will likely just receive denial after denial because you haven’t established a credit history, which can be just as terrible as a bad credit history in the eyes of some lenders. This is where secured credit cards can help you.

Secured credit cards offer are credit cards specifically for unproven borrowers. With this type of card, you will give the bank a security deposit and you will receive a credit card with a spending limit that is equal to your deposit. You will still need to make at least the minimum monthly payments on the card and use it wisely or risk collecting over the limit fees, late fees, and other penalties.

A secured card will be treated just like a normal credit card, except that the bank will keep your deposit if you default. The good news about your deposit is that you will get it back once your have established yourself as a trustworthy borrower with the card issuer. Once this happens you may even receive an increase in your spending limit as a reward for being such a good customer.

A secured card also features an added benefit; you can raise your spending limit by sending in an additional deposit. This is a good way to even out your utilization (how much credit you have available vs. how much available credit you have used), which other lenders may use as approval criteria. It also helps to show that you can be trusted with larger spending limits.

For those with bad credit, a secured credit card helps to show lenders that the past is the past and that the borrower can now use his or her credit responsibly. It helps if the collections, charge-offs, or bankruptcy that is causing the poor credit are at least a year or two in the past. This way, lenders know that the borrower has taken the time to reflect on his or her mistakes, rather than jumping right into credit repair.

Although it is best to wait, it is not always necessary. Most people can get a secured credit card no matter how recent their charge-offs or collection accounts are. This means that you can usually jump on the boat as early as you want to.

Within a year or so of having your secured card you may be able to begin trying for other loans or credit cards, depending on just how bad your poor credit history is. You can even move up with a good repayment history to a non-secured card issued through your lender. The better your credit gets, the higher you can climb the ladder until you get into prime cards with rewards and low APRs.

Although bad credit can seem like a life sentence, there is a light at the end of the tunnel. It all begins by getting that first secured card. Once you begin to dig your way out of this hole, you will start to discover the rewards that better credit offers.

por etnpool

Nov 12,2020

5 Crucial Lessons About Successful Trading

In this short article, I’d like to summarize 5 of the most important things I’ve learned about successful trading, being an independent full-time trader for over 11 years and a fully automated trader for about 7 years. I find all these lessons very important and, in my opinion, no trader should ignore them on their road to success.

Lesson 1: Refined simplicity

I have to admit that I’ve come a long way since I began trading.

Many years ago, I started trading very simply. It was very basic and, to be honest, it didn’t work well. In today´s market, you definitely need more than the usual, basic trading stuff you’ll find everywhere on the internet.

Later on, over the years, I’ve slowly moved to a more sophisticated method of trading, full of very advanced algos, complex know-how, mathematical and really insane trading concepts.

What was the result of that?

The more complex my trading was, the more never-ending technical problems I constantly had, becoming like a snowball effect! The complexity was a nightmare and I found out that this other extreme didn’t work either.

In the end, I realized that the trick to success in trading lies in refined simplicity.

Many rather basic trading concepts can still do pretty well, if you can bring something genuinely new to them. That sounds easy to do, but it’s definitely the hardest part. After 11 years, I try to keep everything rather simple, but always with some refined, strong and new quality. This keeps my overall workflow manageable, but still brings up extraordinary automated trading systems with great performance.

Lesson 2: Creativity

Like it or not, trading is 40% about being technical and 60% about being creative. Honestly, to me, creativity is still 80% of my success.

What counts is the idea. It’s the overall concept that gives you the edge. The more you think outside the box, the more creativity you bring to trading, the faster you’ll find great systems and more efficient ways to trade them, and most importantly, the more ideas you’ll bring to your risk management.

Coding is the easy part and being a good programmer and having the greatest technology still don’t mean much.

I personally know many extremely talented programmers who can code just about anything, but they don’t make a penny in trading. They just lack the necessary creativity to come up with out-of-the-box trading ideas and see the whole picture. They aren’t able to invent new, viable and fresh trading concepts.

I’m blessed and very fortunate to be a highly creative person and, after all those years in markets, I increasingly see how important the creative part is. So, this is where I’d really like to encourage you to become as creative a trader as possible; don’t be afraid of creativity as any crazy idea can become a future winner. Spend less time with all those technical “latest exciting features”. Instead, devote more time to thinking up good trading concepts.

I try to create at least one new out-of-the-box idea weekly to keep myself highly competitive in the world of trading. Just let’s face it: today’s world is about ideas. Look at billionaires nowadays. They don’t discover new factories, new products, or commodities. They come up with ideas, usually in the field of technology. Automated trading is very similar to that: you need fresh ideas – plenty of them and fairly non-stop.

Lesson 3: Patience

Everything in successful trading takes time – a lot of time. There isn’t any quick-rich-scheme. It’s an extremely serious business and you have to build it up step by step. Despite all the marketing hype about trading there is everywhere, with all-the-latest-is-the-greatest platforms, indicators and other highly marketed stuff, there simply is NOT a shortcut. If you want to think about trading seriously, think of it the same way as if you were building a company. It is a serious business. Yes, you can do it from the beach if you want (I personally do sometimes) or even travel a lot while doing it (as I do often), but it still has to be treated as a serious business. And it all needs a lot of patience. If you try to rush it, you are very likely to be just gambling, not building a serious way of making an income.

Trust me. I still need to be patient with everything. I have to be very patient to get my codes tweaked and work properly, to test any new trading idea deeply, to see how 99% of my system candidates don’t pass my ultra-tough robustness testing, to wait weeks and sometimes even longer to recover from occasional drawdowns. It’s all part of the game. The faster you become a patient person, the faster you’ll be a highly successful trader!

Lesson 4: Persistence

Every successful business has its great times and its challenging times. It is the same with trading.

I’ve recently read an interesting article about bloggers, saying that 90% of bloggers stop blogging after the first year and end up completely forgotten. The remaining 10% persist and later on are usually very successful. The same applies to trading.

Trading is a journey in which you do need to make some painful mistakes to learn the most valuable lessons from them and never make them again. You also have to test 100 great looking ideas, to see that only one of them is really that great and makes you money.

You need persistence-a lot of it. The good part is, that as harsh as it sounds, the reward is usually worth all of it. Yes, you can make a lot of money in trading, you can have a great life and a lot of freedom to do what you want and when you want to, but it isn’t for free.

If you aren’t persistent, you cannot build anything.

Lesson 5: Diversification

And lastly, this is a highly important lesson that cost me a lot of money in the past.

To achieve as stable an income as possible in the automated trading, you need to diversify more than you think, using several systems, several markets, several timeframes, several trading styles. The more you diversify, the more you’ll smooth the equity.

This is also why I constantly work on new strategies – to keep myself diversified to the greatest possible extend. Sky is the limit. I love thinking about new strategies and new trading ideas (I usually get the best ones while traveling and especially in Singapore) and I frequently revise my portfolio. Even if you have a very small trading account, just a few thousands USD (don’t worry, I started with the same amount of money), you still need to have diversification in mind, from the very beginning. Even two trading systems are better than just one.

Also, as you grow with your trading account, don’t think about adding contracts. Think about adding systems, instead. I personally call this concept “systems sizing” instead of the usual “position sizing”. I might write a separate article on system sizing in the future (so keep tuned and watch this blog, you can also sign up for the e-mail alert anytime a new article is posted).

Anyway, many say that diversification is the Holy Grail of successful trading. It isn’t the only one, but it’s a very important one.

por etnpool

Nov 11,2020

Top 10 Binary Options Tips

The Binary trading industry is full of hidden opportunities. However, not all the traders are aware of all the factors which can help them climb the ladder of success. For this reason, it is extremely important to have some Binary Options tips in reserve.

Understand the industry and the trading tools

Binary Options trading is so simple that no experience or only a mere knowledge of the financial market is required to be successful – that is where traders go wrong. Traders cannot embark on this type of trading if they don’t understand the concept of this industry first.

Know the industry

Binary options started its ascension in 2008 and since then, this industry never stopped producing successful traders. This type of trading differs from Forex trading in many ways. However, the most striking difference is the fact that with online trading, the traders have greater opportunities of earning large amounts of money in no time if they trade smartly. Basically, traders only have to predict if either the price of an asset will go up or will decrease within a determined period of time.

Know the trading tools

The variety of trading tools available over several trading platforms is almost the same. There will be the timeless Classic Binary Options tool, the 60 seconds tool, the Ladder tool and the Pairs tool. Recently, some brokerage firms implemented a new tool which allows traders to duplicate their winning trades. It is to be noted that the same tools can be named differently on various platforms.

Choose the right broker

Choosing a reliable broker is of utmost importance due to the innumerable amount of brokers all over the internet. The easiest way to judge the reliability of a broker is to evaluate the following elements.

The platform – it should be nicely set-up and user-friendly.
The features offered should not be confusing.
The registration process should not be complex.

In addition to these three elements, it is recommended to carry out research on the reputation of the broker by going through reviews. It is easy to recognise a good review, as it will provide balanced information about the broker.

Analyse the Market and be a strategist

A market analysis might seem difficult to traders who don’t have a notion in global economics and financial markets. Fortunately, while speaking of online trading, it is not compulsory to have a background in finance or economics.

Analyse the market

In order to have a deeper understanding of the market, it is highly recommended to make use of market reviews found on certain brokerage platforms. These reports highlight the most important events happening in the financial market and can definitely help to make more accurate predictions.

Be a strategist

Being a strategist is not complicated if traders identify the strategy that fits them the most. A popular technique used by many traders is the Trade Journal. The concept is very simple, it consists of keeping a meticulous record of all the trades placed. By doing this, traders are enabled to keep track of the performance of the market, hence, they can better forecast the price movements of the assets they trade.

Choose the Right Asset

The choice of assets is important as it is one of the basics of trading. Generally speaking, there are 4 principal categories of assets. There are Indices, Commodities, Stocks and Currencies. Each asset evolves differently on the stock market and some are more volatile than others. For example, oil recently proved to be the most volatile commodity of 2016 as its prices drastically fluctuate every day. In this optic, it is important that traders, especially the beginners, choose their assets wisely.

Risk Management

The term Risk management can impress traders at first glance. However, it is a very simple concept that can protect the capital of traders. Accordingly, one type of Risk management, also known as money management, only consists of investing 5% of the initial investment per trades. By doing this, the traders ensure that they will never be out of capital. This is a widespread technique which is becoming increasingly popular among novice traders. Even if investing small amount means reaping less profit, it still remains the most secure way to invest money in options trading.

Customer Service

A top-notched customer service is what makes a broker stand out. Customer service is important as its duty is to guide traders throughout the whole trading journey. In order to know if a customer service is responsive and helpful, it should be tested. Before opening an account on a trading platform, it is recommended to prepare a list of questions and call the customer support department to evaluate them. This small test can spare a lot of future frustrations.

Subscribe for Trading Signals

Trading signals are useful as they provide calculated predictions of future movements of assets’ market value for future trades. They basically constitute of deep analytics of the market carried out by signal providers. Hence, the traders only have to decide whether they will follow the recommendation or not. It is to be noted that this tool is not the same as trading robots since trading signals do not place trades on the behalf of traders.

Learn how to trade

Nowadays, many brokers have implemented a trading academy on their platforms in order to help traders further develop their trading skills. These educational arenas are mines of information, therefore, it is important that traders dedicate a portion of their time there. This feature aims at strengthening their knowledge of the financial market and the platform.

Avoid being emotional

Emotions are not listed in the pool of tools of trading. This is because they are considered as a brake to successful trading. A few studies highlighted that human beings react in a totally different way when they are too emotional. It is recommended to trade with a peaceful mind.

Accept Losses

Accepting losses is not digestible to everyone. However, in the binary industry there will always be two outcomes and unfortunately losing is just part of the game. If traders know how to accept the losses and adopt a good state of mind, their future trading experience will positively change and that will ensure an unhindered journey.

por etnpool

Nov 11,2020

On Forex Advisors and Safe Forex Trading

Safe Forex trading is an important part of trading success. Safety can be attained with the help of Forex advisors. These advisors are frequently referred to as “bots,” “robots”, “experts”, etc. Whatever the terminology used, the meaning and purpose are the same: to automate the trading process and, eventually, help the trader get profitable.

A Forex advisor is a software that is developed with a view to automate routine processes. Such software is based on a given algorithm, which can in turn be based on any type of Forex strategy. A Forex advisor can also be based on a trading system.

Forex advisors can be programmed for different trading platforms.

MetaTrader 4

This platform has a standard .mq4 extension and is a software with a source code. Naturally, the average user cannot do much here, but any amateur developer can make some changes. Alternatively, one can use the .ex4 extension, a compiled advisor for the MT4 terminal.

The goals of the advisor are clear. As for the functions, they are similar for all advisors. However, you can neither review the workings of a compiled advisor nor change its code. It is not worth noting that the.ex4 version may appear in a gray color on your terminal, as it makes no difference and has no effect on performance.

MetaTrader 5

This platform uses a standard.mq5 extension for the source code and the.ex5 extension for its compiled files.

JForex

This platform belongs to DukasCopy. The source code file has the.java extension, while the compiled file the .jfx one.

Other platforms.

It is also possible to create a Forex robot that will work in FIX API.

Classifying Forex advisors based on type of work

1. Automated advisors.

If you use this Forex advisor, you will have very little to do because the entire process will be fully automated. The software will search by itself for appropriate market conditions to enter the market. It will establish positions and close them too, in part or in full. Such programs are also referred to as “expert advisors”. As a rule, they are fully automated and do not require any intervention on your part.

The advisor will control the trading process entirely. All you will need to do is to ensure that your MetaTrader 4 is turned on at all times. Obviously, you will have to have continuous, uninterrupted access to the Internet. You will also have to keep an eye on the cash flow. You will have to watch your balance in order for the advisor to have enough money on hand to open new positions with a safe lot.

This type of advisor involves minimum participation on your part once you have got your advisor in place. But you do have to be very confident in your choice of software before you leave the screen to have a latte or play with your children.

2. Partially automated advisors.

A partially automated advisor plays an auxiliary role. You will have to analyze the market yourself, applying the software when you deem it appropriate. The software, in turn, will carry out its functions based on the algorithm of the software. Once the application meets the requirements of its algorithm, it will automatically turn itself off, and you will need to turn it back on manually for it to work again.

Trailing stop expert advisors, trade assistance expert advisors, and news trading expert advisors can all be considered as partially automated advisors.

These utilities do not trade on their own, performing instead a number of tasks and carrying out functions based on the predetermined and preset algorithms used in the development of the utilities. Unlike with fully automated advisors, you do not need to overanalyze your advisor to check for possible defects in the way it operates. It is sufficient to control the reasonableness of your trades before they are placed.

3. Trade assistance expert advisors.

These advisors have few trading functions to carry out. Mainly, they display information. The Forex advisor Statistics is one such program. The real purpose of trade assistance expert advisors is to collect information and transmit it to your screen.

Classification based on type of strategy

1. Scalping advisors.

A scalping advisor opens a position and closes it soon after, seeking to achieve a profit of several points. These strategies come with advantages (e.g. low risk) and disadvantages (sensitivity to the spread and the execution time, as well as to the broker). These strategies can be easily nixed by the broker.

2. Grid advisors.

A grid advisor opens additional orders to achieve “averaging”, meaning it changes the size of a position in anticipation of a market change. If a grid advisor does not come with any limits that restrict the number of open orders it can place, you are at high risk of losing your entire deposit.

3. Trend-following advisors.

These advisors detect the start of a trend and open positions based on the direction of that trend.

4. Swing advisors.

Swing advisors are used to profit from market fluctuations.

I have listed only a few advisors here. In reality, there are far more of them. A Forex advisor can also be based on a combination of several strategies.

Now we can discuss the selection of a Forex advisor, bearing in mind that it is possible that you might need more than one advisor.

1. First and foremost, it is necessary to understand that not every Forex expert will trade based on an open algorithm, which is why you should always exercise care in choosing your Forex advisor.

Try to find as much information about a Forex advisor as you can before you arrive at a conclusion and settle on your choice. Forex advisor developers often pursue only one goal: to make money off the sale of their products.

Products created with nothing but their successful sale in mind should be distinguished from normal products. For example, there are Forex advisors that come with so-called Martingale methods.

Sellers do not close disclose that information, so when you buy such a Forex advisor, you will be surprised by the discrepancy between the perfect graphs that you saw at the time of your purchase and what you see now that you have bought the advisor.

You will find yourself in a situation where you are trying to make less than a hundred dollars in profits while risking hundreds, if not thousands, of dollars. For that reason I have always been against the use of such strategies. Not that the use of these strategies rules out successful trading. But it seems to me that this would entail the successful application of capital management rules more than anything else.

Unfortunately, it isn’t often that you are able to see a Forex advisor with an algorithm open for your review. But should the opportunity present itself, you will be well advised to try it in real life and see if the strategy is workable, and whether your understanding of it is complete. You should also assess the degree of risk that comes with unprofitable trades.

Most important, you have to understand the profit potential of the advisor. Once you have tested its algorithm and seen how well it works in practice, once you are confident that it is workable, at that point you can consider its purchase and application in your trading.

2. Always try to canvass the Internet for all available information about the Forex advisor in question.

Frankly, I am rather sceptical when it comes to online reviews. However, they are not useless. I always evaluate the reviews I read. Sometimes you can tell fake reviews from genuine ones.

Lively discussions and debates, opposing viewpoints – they can all help you analyze the quality and genuineness of the reviews for a given product, and test it for objectivity. On the other hand, an abundance of reviews that seem “tailor-made” warrants scepticism. Such reviews should be taken with a grain of salt. In any case, the point is to obtain as much information as possible, put it all together, and decide whether a purchase of the product makes sense.

3. The more impatient among Forex traders sometimes snap up several advisors or experts at once to start trading.

There is really no need to hurry. Things are best done in an orderly manner. It is much better to evaluate whether it is worth buying one Forex trader before moving on to another, if the need for a second one exists. Yes, many advisors can work concurrently and complement each other.

It is certainly possible. But a good deal of thought should go into the use of multiple advisors. It is necessary to understand how a Forex advisor works, adjust and fine-tune it, determine what, if anything, is missing. Only then does it make sense to look for another Forex advisor to complement the first one. Above all, keep in mind that you also need a surplus of cash in your account for possible emergency situations.

4. Let’s assume that you have bought an advisor.

Do not rush to start using it. See how well it works with market quotes, check for compatibility with your chosen MetaTrader 4 strategy. You may find that something has gone awry. In that case, I advise you to contact the developer or retailer of the product.

Usually, you should be able to get them to adjust the settings of the advisor so that it can perform as per your requirements.

5. Be prudent.

If you have just purchased a Forex advisor, it is best to avoid trading with large sums of money. Test it first with smaller amounts to get a feel for it. Never forget the rules of money management. Whatever the size of money that you allot to trading, the rules will always help you preserve your capital.

Other conditions necessary for successful trading with Forex advisors

1. The primary prerequisite is having constant, uninterrupted access to the Internet. Those who have the benefit of experience know what it’s like to lose your connection at the most inopportune of times.

It is a waste of both time and money. Therefore, be sure to secure your trading terminal against possible interruptions. Many professional traders place their experts on VPS servers with the MT4 trading terminal.

Or they use hosting. Let me be clearer. Constant, round-the-clock use of your computer may be problematic and inconvenient. Imagine for a moment that your computer works 24 hours a day – a situation that is probably less than ideal. You can, however, rent virtual space. If you are trading on a small scale, this is out of the question. If you are going to trade with a lot of money, though, renting virtual space will protect you from connection disruptions with your broker.

2. A bit more about money management.

If you are using a single Forex advisor to trade in several currency pairs, your trade volume has to be reasonable. The reason for that is simple: there is no such thing as a non-losing Forex advisor. As with Forex trading strategies, foolproof Forex advisors do not exist. If you risk your entire position at once, a momentary loss of connection can wipe out your entire position instantly.

Unfortunately, it often happens that people don’t observe basic rules of money management, lose their money, and blame it on the Forex advisor. Even a cursory review of the situation usually reveals that the losses have more to do with the trader rather than the advisor. From an incorrect calculation of size and volume to a lack of basic technical analysis planning, the reasons can vary but have nothing to do with the advisor used.

Admittedly, I have had a chance to observe a lot of different traders, enough to say that there are no pat formulae. Some trade using maximum lots and somehow achieve substantial capital appreciation instead of getting wiped out, sometimes in as little as one week, while starting out with small amounts of money.

These traders take their profits off the table and resume trading with small amounts again, to “ram up” the size of the original deposit. In that situation, even the loss of the entire deposit will not be fatal, because the trader has started off with a modest deposit.

The risks are contained. It’s not the worst of strategies, and if it works, its existence is justified. In any case, it’s just an example of how your capital can be managed. If it works and makes profits, it is legitimate. In fact, never mind profits: it is legitimate as long as it doesn’t lead to losses.

3. Always keep tabs on how your advisor is doing, even if it has been working correctly.

Be especially vigilant if you have been using the advisor for a long period of time. If you see that your advisor is beginning to make unprofitable trades, it will be prudent to switch to trading with minimum lots while you try to determine the cause of the problem.

As for using advisors for your trading – a lot of people erroneously believe that advisors can solve all of their problems. That is not the case. A Forex advisor has its limitations. Don’t delude yourself into thinking that you can leave your advisor to trade on its own and come back sometime later to collect a million dollars.

An advisor is only an assistant. If you have chosen a certain strategy, this assistant will help you determine whether you are going in the right direction.

The really big upside of using a Forex advisor is that it frees you from a number of psychological problems that often accompany Forex trading. Considering that mental clarity is vital to successful trading, the advantage is obvious.

por etnpool

Nov 10,2020

3 Steps for Finding a Real Trading Edge

In his excellent “Market Wizards” book series, Jack Schwager said, “There are a million ways to make money in the markets. The irony is that they are all very difficult to find.”

That’s true. If it wasn’t, we traders would all be multi-gazillionaires, wouldn’t we? Finding a trading edge is a lot of work, so it’s important to have an overall plan. In this first article of my series on finding an edge, we’ll look at an overview of the process. Future articles will delve into the details and different techniques that you can use in the search for your next profitable trading strategy.

Currently I’m primarily a Forex trader, but I’ve traded stocks, bonds and options as well. The procedure that I outline here can be useful to any trader, no matter the market.

What is an edge?

Before getting into our 3-step course of action, let’s first define what a trading edge is. We need to start with some basic trading math. This is a whole subject in its own right, so I’ll discuss trading math more fully in future articles. For now, let’s just concentrate on the ideas of risk, reward, and expectancy.

If I buy XYZ stock at 35 with a stop loss at 30, then my risk is 5 points. Let’s say I decide to sell if it reaches 50. Then my goal is a reward of 15 points. Of course I might not set a specific profit goal, waiting instead to see what the market gives me. If the stock rises to 44, and then stalls, I might sell there for a reward of 9 points. In the first example, my reward to risk ratio was 15 to 5, or 3:1, while in the second example it was 9:5.

Some newer traders naively think that they’ll automatically make money on average if they always set their profit targets higher than their risk. What actually happens is that they just get stopped out more often. This is because it’s more likely that the price will hit the stop before it reaches the target. So out of four trades, they may lose 5 points on three and earn 15 on the fourth, for a total “expectancy” of exactly zero (minus commissions and spreads).

The formula for expectancy is:

(Win Rate)(Average Win Amount) – (1-Win Rate)(Average Loss Amount)

Suppose I do 100 trades using some specific strategy, and that my win rate is 40%. My loss rate (or 1-WR) is 60%. If I have an average win of 8 points and an average loss of 5 points, then my historical expectancy for this strategy is:

(0.40)(8) – (0.60)(5) = 3.2 – 3 = 0.2 points/trade

The “edge” is the expectancy expressed as a percentage of my risk per trade, which in this case is 5 points. So the edge is just 0.2 points per trade divided by the 5 points I risk per trade, or 4% of amount risked. So for every $100 I risk with this method, I expect to gain $4. We say that my strategy has a 4% edge.

Gather and explore the data

The first step in finding a trading edge is to gather and explore historical price data. A simple internet search should yield several sources for this, ranging from tick by tick data to daily, weekly, or even monthly bars. In any case, you’ll want to get this data into a spreadsheet. Some data sources provide you with a quick way to do this, while others may require some copying and pasting.

If you’re not familiar with spreadsheets, then now is the time to learn. Using the powerful tools in MS Excel or Open Office, you can answer just about any quantifiable question you have about the data. What’s the frequency of inside bars vs. outside bars? If a bar breaks the previous bar’s high, what’s the probability that the next bar will do the same? And so on. If your creativity needs an initial kick-start, check out my blog site. It has oodles of free archived research notes, filled with examples of data explorations.

This is the stage that statisticians call “Exploratory Data Analysis” or EDA. You’ll want to look at overall features of the data such as bullish or bearish biases, the average price move per bar, and so on. This provides you with realistic profit expectations, and can lead you to further ideas for exploration.

Develop a trading idea

Great. So now you’ve got thousands of price bars in a spreadsheet, and you’re slicing and dicing the data to uncover its secrets. At this point, you’re bound to have a few “aha! moments.”

As an example, just a week or so before writing this, I was examining hourly bar data for the EUR/JPY currency pair, concentrating on just the 4-hour period during the London and New York session overlap. “Aha!” I said. I had just found that 72% of the time, the high or low for that overlap period occurred during the first hour, as opposed to the other three hours. Could I exploit this knowledge to create an edge? Well, I’m still working on that one, so you’ll have to stay tuned.

So the second step is to use what you’ve found in the exploratory stage to develop a specific trading idea. When developing your trading idea, be careful that you’re not just “data mining” and concentrating on some meaningless statistical artifact.

As a non-trading example of this, suppose I gathered data on the amount of rainfall in Boston over the past year, and organized it by the day of the week. It’s extremely improbable that any two days would have exactly the same average rainfall, so I could rank the amount of rain by day of the week. There’s clearly going to be a day, say Tuesday, that had the highest rainfall, and another day, say Friday, that had the lowest. But is this meaningful? Should I plan to have picnics only on Fridays, but never on Tuesdays? Of course not.

The storm clouds don’t know what day it is. This is what I mean by a statistical artifact found through data mining. There’s an old saying in statistics that if you torture the data long enough, it’s bound to tell you something.

So when you develop your trading idea, it’s important to have some theory or model, grounded in the real world, which explains why the idea should work.

For example, if you notice that price often makes big moves when it crosses the 50-bar moving average as opposed to other moving averages, what could be causing this? Could it be that this MA is often a favorite among speculators? If so, then this isn’t just a statistical artifact, it’s the result of prevailing trader psychology.

If you notice that currencies often make large moves after three consecutive positive trade balance reports, is this just a statistical artifact? Probably not, as there is a clear fundamental connection between a country’s trade balance and the demand for its currency. Maybe some big bank out there has a strategy of accumulating currencies with good trade numbers. This is a model grounded in reality, and supported by your data.

Test it rigorously

Now that you’ve developed a trading idea supported by your data and a logical model grounded in reality, it’s time to test it. This last stage can often be disappointing, and consequently is sometimes ignored by traders, to the peril of their account balances.

During this stage, you’ll be using basic concepts from probability and statistics, so it’s a good idea to brush up on those subjects. You’ll want to be familiar with such ideas as statistical power and significance, sensitivity and selectivity, type-1 and type-2 errors, and a few others. Again, I’ll explore many of these tools in future articles.

Not only do we want to know how often a signal correctly predicts some behavior, we also want to know how often the signal fails, and how often the lack of a signal correctly or incorrectly predicts absence of the behavior. It’s these latter three statistics that traders often overlook.

In the case of a purely mechanical method with a well defined signal, traders will usually back-test the signal with historical data. In this case, it’s often a good idea to do “out of sample” testing. This avoids the self-fulfilling practice of confirming your hypothesis using the same data you used to come up with it.

In cases where the trading method is a bit more qualitative and difficult to define for back-testing, you may want to forward-test the method in a live account. It’s best to use either a demo account or a small amount of money at first. In this way, you can gather actual expectancy data before committing more funds.

Conclusion

So now you’ve seen the 80,000 foot overview of the 3-step process for finding a trading edge. Gather and explore your data. Develop a trading idea. And finally, test it rigorously. If, during this last step, you find that your brilliant trading idea turns out to be a dud, don’t get discouraged.

And above all, don’t ignore your results and trade the idea anyway! That’s a sure path to emptying out your trading account. Instead, go back to your data and keep looking for ideas.

Remember, there are a million ways to make money in the markets. The trick is finding them. And now you’re on your way to knowing how to do that. Good luck, and keep pipping up!

por etnpool

Nov 9,2020

Tools Needed for Today’s Binary Options Trader

Every soldier going to war must be properly armed, and while no bullets are fired in the financial markets, it is a combative market. The financial markets are a zero-sum arena; what is made and lost by traders in the market is from within the market players and not from outside. Profits made are generated from traders who have lost money.

Since the market is a combative one in a figurative sense, it then follows that those who have superior firepower in the market will obviously have greater advantages than those who use smaller calibre weaponry. So as the number of traders in the binary options market increases, so is the competition for the trading profits in the zero-sum market.

To be able to survive the battle in this front, the trader must be armed with the tools that will ensure success. Here is a list of some of the trading tools that today’s binary options traders should have in their kitty.

Basic tools that are a must for every trader

There are areas of the world where these general tools are in abundance and are therefore taken for granted. But in many places of the world where binary options traders are located, some of these tools are expensive to acquire and not readily available. These tools are hardware directly used for trading, and include:

Smartphones and tablet devices
Broadband internet facilities.

Why do binary options traders need these tools? Smartphones and tablet devices are very handy for taking trades on the go. You can imagine being in the restaurant and seeing a very good trade opportunity. This is where the trading app of your broker comes in readily to enable you pick up some quick trades when away from your trading stations.

The use of broadband internet ensures that pricing and news data can get into your platforms very quickly. You also need fast internet connection to ensure that your trade orders are executed in a timely fashion, especially when one single pip can make all the difference between success and failure.

If you live in an area where power supply is not constant, such as in various parts of Africa, Latin America or Eastern Europe, you will need to ensure you have a solar-powered laptop so that you can always have your trading station up and running with energy which never goes to sleep. Once you have got the basic tools, it is time to move on to the specialized tools.

More advanced tools

Under the advanced tools, you will need access to the following:

MT4 trading platform (or similar software, ie. ThinkorSwim)

Interactive Charts are a necessity for every binary options trader. Many binary options platforms do not have charts that can be used for meaningful technical analysis.

Most of the charts found on these platforms are simple line charts which cannot serve to tell a trader whether the chart will go up or down, nor do they support line studies or the placement of indicators which many traders use as part of their technical analysis. Therefore, the trader must either get charts from established Forex platforms, or get them from third party providers.

Access to market moving news

Many trades will require access to market moving information.A classical example is a news release regarding Alcoa, which signed a deal with Ford Motors for orders or its aluminium product for car parts.

This deal will obviously open new opportunities for Alcoa and bring in new business for the company. Such news will please investors and therefore a quick analysis of the stock asset will point to only one direction: UP.

A binary options trader who traded this news on market open would have profited from it as the 1 hour opening candle opened at 9.35 and closed at 9.69. Access to a news server would have made this possible, so an MT4 platform with a news server is quite useful. If you are able to afford subscription fees for premium news servers such as those from Thompson Reuters or Bloomberg, these will do just fine as well.

The Economic News Calendar

The Economic News Calendar points to specific news releases as well as the date and times of release of each news item. Think of the Economic News Calendar as an event planner. It helps the trader plan trades around news events. The scheduling of each news event also helps the trader know when not to be in the market if his trading system does not include news.

Indicators and Expert Advisers

Indicators have gradually come into the mix in terms of what tools traders can use to execute trades either manually or automatically. These indicators come in different forms, but some of the popular ones are designed as MT4 bridges and are connected to MT4 platforms and built to communicate with the web-based platforms. There are also versions of indicators which are strictly web-based and are built as browser extensions to connect with the web-based platforms.

So in a nutshell, if you are a trader wishing to start off in binary options with the right tools, you should have the following:

- A trading desk which has been setup with two laptops or two desktops with visual display units joined together. One should be used for analysis and the other used for trade executions.

- A broadband internet modem, preferable a 4G network if your country has started to operate on this band.

- A source of uninterrupted power supply if you live in a country where power outages are frequent.

- A smartphone or tablet device with a memory of at least 2G RAM or even higher if possible to increase the speed of your processor. Of course the broker’s trading application should be downloaded and setup on the device.

- A news service.

- Charting software

- Indicators

A trading strategy which works

If you’re interested in trading binary options be a smart trader and compare winning signals and providers

por etnpool

Nov 8,2020

Forex Trading Analysis, Systems and Platforms – Teach Yourself Forex

Patterns often repeat themselves, and a good technical trader will be able to learn from history and their own experiences. In some ways, they are making an educated guess about the price movement.

They make these educated guesses by method of technical indicators, Forex trading tools that offer suggestions or insight about market trends. There are a great number of these indicators and range in variety. There is no real consensus about which indicator is best, so technical Forex analysis is ultimately decided by individual traders (their preferences and their strategies).

Nevertheless, there are some very common technical indicators, such as the Relative Strength Index (RSI) or the Moving Average Convergence Divergence (MACD).

A technical trader uses these methods to determine buy and sell points on the chart, and keep a close watch on any opportunities that may arise. Many also use Expert Advisors (EA) in order to help make these orders when the buy and sell points are reached. This can make the process more efficient.

Fundamental:

A fundamental trader focuses on finding the true intrinsic value of a currency or stock. When using fundamental Forex analysis, a trader is considering a variety of factors that can offer insight into the true value of what is being traded. These factors include: the economic, financial, qualitative and quantitative reasons for what an objects value is.

For example, if a country A’s unemployment levels were rising, this may be taken as a sign that the economy is worsening. Country B on the other hand had an increase in its GDP, this may be taken as a sign that the economy was improving and investors would wish to buy into the market.

If that were the case, the currency level would be expected to fall as demand for that currency would decrease compared to country B’s currency. This would be a basic breakdown of how a fundamental trader makes their decisions.

Ultimately, the goal for a fundamental analysis trader is to calculate an estimated true value for a security/currency, then to open a position based on that decision. Many consider this to be an opposite method to technical analysis.

Sentiment:

Although price movement should theoretically reflect the market information available, this is not true in practice. Traders often form their own opinions on the market and can also base their decisions on those opinions (regardless of whether that opinion is founded on technical or fundamental analysis).

As such, due to these opinions, the market is also affected and can move based on these thoughts and views. This is what creates the ‘sentiment’ of the market.

Therefore, a sentiment trader bases their decisions on what they feel is the current ‘sentiment’ of the market. There is no set method to do so and is often left up to an individual to make their own decisions based on their feelings. Methods to gain insight into the current climate of a market’s sentiment may be: reading news, watching the news, studying the political and economic climates of the world, talking to people and thinking about how events may affect all these factors.

Ultimately, there is no right method. The best traders use Technical, Fundamental and Sentiment Analyses and incorporates them into their own personal strategies.

Forex Trading Systems:

A trading system in Forex is a set of specific rules, parameters and guidelines that determine a trader’s entry/exit points which are known as signals. These signals are often marked on a trading chart and are the points at which trades are opened (often automatically).

A trader chooses their own trading system, which include a number of methods. Some popular systems are moving averages, stochastic, oscillators and relative strength.

Some popular trading platforms have a number of these kinds of ‘indicators’ or can be downloaded and installed to help a trader with their personal strategy. Traders using trading systems tend to spend most of their time managing and mitigating risk.

There are a number of advantages that a trader can enjoy from using Forex trading systems. Firstly, it removes emotion from the trades. Secondly, it can save time and increase efficiency. Finally, it’s easier to let an automated system perform the trades for you (especially for beginner traders).

Despite the advantages, there are some drawbacks to consider when using trading systems for Forex. Number one, some trading systems are quite complex and difficult to understand or use properly. Number two, a trader needs to be able to make realistic assumptions in order to properly utilise systems (ie. they are required to make impartial, educated decisions).

Finally, development of a personal trading system can be difficult and time-consuming.

Forex Trading Platforms:

There are a number of trading platforms available on the market today. Some brokers even have their own proprietary trading platforms (developed by themselves).

When selecting a trading platform, there are a number factors to consider. Firstly, what features are offered through the platform by your Forex broker? Even if the trading platform can offer a service, doesn’t mean that your Forex broker is offering the service.

Secondly, the design and layout of how the trading platform should be considered. Is the layout intuitive and suitable for your preference (ie. the Graphical User Interface, GUI)? Furthermore, can you efficiently and easily navigate throughout the features and platform windows? Often familiarity with a platform will come with time, but testing and getting an initial impression of an interface can be important in the decision.

Finally, the cost of the platform may be considered. Many platforms are offered free by brokers. However there are some designed platforms with extra features that are offered at a price (or have a requirement to fulfil). Ultimately, testing out demo accounts with a number of trading platforms would be the optimal way of deciding which platform is right for you.

por etnpool

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