The Financial Blogger - Making 6 Figures Income, Working 4 Days a Week

Time 2020-07-18 19:03:14

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Trading forex isn’t a game, but it’s surprising how much you can learn about currency markets using monopoly money.Signing up for a demo account with a leading forex broker allows you to do just that. You can pass go and try trading in a live environment straightaway using £10,000 in virtual funds. This key feature of forex brokerage trading services lets novice traders get a feel for what they can expect when real money is on the line.What’s great about this option is the freedom to gamble with virtual cash in order to refine your trading skills and prepare for the day when you put your own capital at risk.Starting out with £10k will give you enough funds to sustain a valuable trial period. If you’re new to the game and don’t have much prior experience, you can learn the ropes by test driving the demo accounts services and capabilities, most of which reflect what you ll have access to later when you go live.Forex demo accounts use actual market data to reflect what happens on a real trading account. Forex brokerages offer them as a way to attract prospective new customers, by helping them understand how currency markets work. Potential customers also get to see how the broker’s platform performs, and the range of services available.Having spent some time making virtual trades on the demo account, you can start to adopt specific trading approaches like day trading and see how they do. You can also begin to build a trading strategy that reflects your goals.The key to making that virtual £10,000 investment payoff is to trade as though the money was real, responding to the actual market conditions and adopting a trader mind-set.To open a forex demo account and set the £10,000 funding amount, follow these steps:1- Make a shortlist of forex brokers to try.There’s no shortage of forex brokers to choose from, and any Google search will give you pages of options. Do some research to work out which ones have the highest satisfaction ratings. Select one or two to try out first.2- Use the tutorials and other educational tools.The internet is chock a block with introductory forex courses and DIY guides. The information a demo account broker provides tends to be of high quality and will be geared to their platform’s features and benefits, and they’re free – so it makes sense to take advantage of them.3- Configure your account settings. You’ll want to configure your demo account just as you would do with a live account. To keep it real and trade as though actual cash were on the line, restricting yourself to specific pairs, and ensuring each position has stops and other risk management tools turned on.Eventually, you ll be ready to make the leap to live trading and test your skills against the market. To help mark when that day should be, it’s a good idea to set benchmarks. That might mean completing your first 50 trades, reaching 15 per cent of the demo account virtual funds balance, or hitting a full month of profitable trading.When we think about the most well-knownuse-case for the cryptocurrency and blockchain space we tend to think aboutthings such as cross-border international payments. However, by far the largestuse-case for the cryptocurrency space right now is: trading. We all rememberBitcoin’s monumental rise to the $20,000 mark, and this was fuelled by theincreasing numbers of traders and volume sizes. Bitcoin’s volatility is greatfor traders, because it creates trading opportunities that can result in bigreturns. Navigating the cryptocurrency market first begins with have a solidstrategy in place. Here are a few trading strategies that you could be using togain an edge in the market. The first trading strategy on this list isfundamental analysis. This strategy is used very often in traditional marketssuch as stocks and bonds. The idea behind fundamental analysis is to findcompanies/assets that are undervalued by the market. This is often reflected inthe price of the asset with it trading at a lower price point compared to othercompanies/assets. A trader using fundamental analysis would look to take a longposition when an asset is undervalued and then make gains on price appreciationas the market recognises the value of the asset.Traders will use a number of metrics to helpthem determine the underlying value of an asset. For example, when finding theunderlying value of a company’s stock, the following metrics are often used:Fundamental analysis and metrics cannot beused in the context of cryptocurrency given the fact that cryptocurrencies suchas Bitcoin are a fundamentally different asset class. For example, Bitcoin andEthereum are not companies that generate cashflow. Despite this however, thereare metrics that are being used in the space to help in determining the valueof various cryptocurrencies. For example, the following metrics can be used:Network Value to Transactions RatioCrypto-asset value propositionQuality of the teamThe swing trading strategy is well-known and has its origins from the traditional markets of stocks and commodities trading. Swing trading looks to generate returns off the upward or downward price swings of an asset. This strategy is particularly great for the crypto market given its volatility. It’s not unusual to see the price of Bitcoin swing upward or downward by over 20% in the space of a few hours. To use this strategy properly, a trader will need to be able to accurately call when an upward or downward swing is in play, which can be tricky. Swing trading is best executed using an automated set-up. Crypto bots and signal groups (e.g. Binance signals) are good starting points in better executing the swing trading strategy.Another feature in the cryptocurrency marketis the fact that there is often differences in the price of cryptocurrenciessuch as Bitcoin across cryptocurrency exchanges in the market. For example, theprice of Bitcoin might be trading at $10,000 on Binance and $10,100 on BitMEX.The idea behind arbitrage trading is to profit off the price differentials thatexist between various cryptocurrency exchanges. You will need to be fast inorder to execute this strategy effectively, so an automated set-up might beuseful when using this strategy. Being atrader in the crypto market is exciting, given the huge number of opportunitiesthat exist for traders. Having a solid trading strategy will set you on theright path to consistently and reliably generate returns when trading. Thesestrategies are just a few that you can get started with, but it’s important tofind a strategy that works well for your own trading style. If you liked this articles, you might want to sign for my FULL RSS FEEDS. Then, you will get my daily post to your email and can read it at any time. To subscribe CLICK HERE Comments: 0 Read MoreNo matter how diligent you might bewhen it comes to your finances, the risk of an unexpected bill is ever-presentin the background. Perhaps you moved home many years ago and there was an errorwhen settling a cable account but you’ve not received the correspondence. Ormaybe you’ve been hit by an unexpected need to replace an essential item, suchas a phone or a laptop, following accidental damage that cannot be repaired.Whatever the root cause of yournew-found unexpected bill, it’s vital that you respond to it and make sure itdoesn’t morph into a more pressing concern. But how can you do that if youhaven’t planned for the expense? This article will share some top tips on howto help tackle a financial curveball as it comes your way. The simplest way to open up more cashis to reduce the amount that you’re currently spending. In some cases,this might be simple yet painful. If you now spend a significant amount of cashon eating out or picking up lunch while on the go, for example, you couldconsider cutting out this luxury and replacing it by taking a meal from home.You could then put the cash you will save towards paying off an unexpectedbill.Depending on your circumstances,however, this could require a more creative approach. If you are already in asituation where your outgoings are extensive, but your income is tight, it mayfeel like there is no room to deal with an unexpected bill. If you can, it maybe worth considering some frugality tips – such as batch cooking meals,splitting dishwasher tablets into two or three to make them last longer, orturning off the heating during colder spells and wearing more clothes instead.Measures like that can seem extreme at first, but often they are what is neededto help tide you over when an unexpected expense occurs. Depending on the nature of the bill,it may well be that you can get extra time to pay it off. It’s certainly worthcalling up the institution in question if you can and asking them to considergiving you a payment holiday or at least developing a payment plan that canhelp both parties. After all: it’s in their interests to ensure that customerspay up eventually, and if they have room in their cash flow to allow for this,then they might well permit it. There are no guarantees, but it’s worth tryingjust in case. In some cases, it makes more sense tolook for the money you need to save by working with what you’ve got. Andthat’s especially true if you’re currently in work and have a paycheck landingin your bank account every week, fortnight or month. Depending on where youwork, there might be no obligation for your employer to provide you with a payrise. But there’s rarely anything to lose by occasionally and politely askingfor a raise – and if they say yes, it could well solve your worries about theunexpected new outgoing. Some people also look into makingmoney online, too. It can be a helpful way of raising income if your usual jobdoes not offer much in the way of salary progression, and it can be doneflexibly around childcare and other commitments. If you have skills in finance,say, you could look into online trading – although be sure to learn from experienced traders by taking some courses. Alternatively, those withmarketing skills could look into flexible work like content creation orcopywriting. Whatever you can do, there is likely to be some flexible work thatsuits you available online – and as a temporary stopgap to deal with that peskynew outgoing, it could make all the difference between financially surviving orgoing under. Overall, there are many differentoptions available for somebody who needs to contend with a bill they did notexpect. As well as asking your creditor to extend your repayment terms, it’salso possible to focus either on cutting your current spending or increasingyour current income. Not all methods work for all people, though – so it’simportant to carefully assess your options and ensure that you choose a mode ofmoney management that works for you and for the nature of the unexpected billyou have to pay. If you liked this articles, you might want to sign for my FULL RSS FEEDS. Then, you will get my daily post to your email and can read it at any time. To subscribe CLICK HERE Comments: 0 Read MorePeople work for decades to pay off theirmortgages, so it’s no wonder that when people finally reach that milestone lastpayment, they ask “what next?” So, what do you do when you’ve paid offyour mortgage and suddenly you have extra disposable income? Well, it’s a nicesituation to be in, and here are some options you might want to consider. When you take out a mortgage, the end goalis to pay it off and end up owning your own home outright. After you’ve madeyour last payment you’ve achieved this goal, and you deserve to celebrate. Each month you’ll have an extra chunk ofcash staying in your bank account, so use it to do the activities that youenjoy. Take the odd holiday, visit friends and family, hit the golf course,whatever it is you love, take the time to enjoy it. We work extremely hard for large chunks ofour lives, and one of the bills that’s always there is our mortgage, so when youfinally pay that off, it’s a cause for celebration. Paying off your mortgage gives you a lot ofextra flexibility, and you can use it to enhance the lives of those around you.There are so many ways in which you can use your money, but few are asrewarding as helping the ones most dear to you. Why not make the extra money you have atyour disposal work harder for you by investing it?There are lots of different ways in which toinvest your money, so make sure you’re seeking the help of professionals andfollowing a well-set-out strategy. Crypto is a very popular option these days,but like with any investment, there’s risk involved, so make sure you’refollowing the best bitmex signals. Not all savings options are the same.Interest rates are low at the moment, but that doesn’t mean there aren’t betteroptions out there. Make sure you shop around to find thesavings account that offers you the convenience and interest rate you need. Ifyou can get an interest rate over 1% rather than the average 0.06% it’s goingto make a massive difference. There are better options out there for yoursavings account, you’ve just got to look around and find them. Paying off your mortgage gives you sucheconomic freedom. One of, if not your biggest monthly expense has gone, andthis gives you many options. Embrace that freedom and design your lifehow you want it. If that means scaling back your work, then scale back yourwork; if that means working even harder to achieve your next goal, then dothat. today’s uncertain financial times, many people are looking for ways to growtheir money. There are numerous investment opportunities ranging from all typesof stocks, bonds and mutual funds to unique and even obscure vehicles. It alldepends on how much you want to invest, how comfortable you are with risk andwhat your anticipated outcomes are.One of the surest bets to growing your moneyfor the future is by investing in a retirement plan. For example, a 401K plan allows you to defermoney from your paycheck into a 401(k) account and invest it. The idea is thatthe value of the stocks and bonds you invest in will increase in value over theyears you spend working.Prior to the COVID-19 pandemic, investing in a401K was common practice among many American employees, but now millions ofAmerican workers have had to file for unemployment benefits for variousreasons. Today, many people who havelost their jobs are finding themselves in desperate need of cash flow, and someare turning to their savings or 401K accounts just to stay financially afloat. While it may be tempting to take money out ofyour retirement plan, you should probably think twice before accessing yourfunds, or you could trigger a host of unintended financial consequences.Financialstrategist J.P. Maroney, Founder and CEO of Harbor City Capital Corp., reviews that the currenthealth crisis has actually made it easier to take out a 401K loan, with factorslike the economic downturn and new government legislation in the CARES act allcontributing to the ease of withdrawal.Maroney’s company, Harbor City Capital, aglobal alternative investment group specializing in buying, building andmonetizing digital assets, is always reviewing ways to help keep investorsachieve safe, high yield returns in this and every other environment. Maroney urges people to consider these things before dipping into theirretirement savings. Althoughtimes are tough and some people don t have a choice, Maroney says taking moneyout of their retirement savings should be a last resort.“People have got to dowhatever they have to be able to survive and I would look first to otherthings. Do you have anything that you could liquidate quickly? Maybe there’s avehicle,” JP Maroney suggests.One of the reasons it’sprobably not a good idea to withdraw early from your 401K is because there is ahefty tax penalty if you take money out before the age of 59 ½. In fact, you will need to pay a 10% early withdrawal penalty, in addition toincome tax, on the distribution. If you have to dip intoyour retirement account, make sure you know how much and which bills you needto pay immediately. Don’t use the funds on discretionary spending.Even if you are going through arough financial period, it is best to find other ways to access cash rather thanwithdraw from your 401K. Perhaps youcould look into refinancing your home mortgage, take out a loan or borrow moneyfrom family. If these are not viableoptions, consider only taking out the exact amount you’ll need to coverexpenses. If you must take money from yourretirement plan, only cash out the amount you will need to cover the emergencyand keep the rest invested.Making a financial decision thatcan affect your future and is not always straightforward can be worrisome. Review your options, first. Compare the urgency of your current situationwith the ability to achieve your long term savings goals. You may want to seek the services of a financialadvisor who can help you go over your available options, like boosting yourincome in other areas or taking on a side job to cover any immediate expenses. Whatever the reasons may be forwanting to withdraw from your 401K plan early, it pays to be prepared andeducated yourself for the financial consequences that could result from yourdecision.

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