Category: Finance

The Best 9 Tricks for Successful Forex Trading

When you decide to start trading in forex the first thing to do is to ensure that you pick your favorite currency pair and start studying its behavior. Here are a few things to do to improve your chances of being successful as a forex trader –

  1. Find a reliable source of information and learn more about the various strategies to adopt in forex trading. Even the most experienced traders always have so much more to learn as the market is continuously changing.
  2. Find a suitable trading style that would work for your budget and the time you have at hand.
  3. Identify a broker you can trust. There are online trading platforms that connect you with brokers online. This can help you save a lot of time.
  4. Have a risk management strategy. Whether you make profits or not, avoiding losses should be your prime concern right from the beginning. This can be achieved by establishing a good stop loss strategy and a strong exit strategy.
  5. Stick with your budget and avoid taking any emotional decisions as a trader. Emotional mistakes are the number one cause for major losses in trading.
  6. It is alright to stick with just a handful of currencies in the beginning. People might keep asking you to diversify your portfolio. But having too many currencies to follow would require too much time. In the early stages, it is a good idea to stick with just a few currencies and thoroughly understand how the forex market works.
  7. Only pick those currencies and strategies that you can fully understand.
  8. Look for reliable social signals which can be of great help especially as a beginner. This allows you to learn from the methods of the experts.
  9. Automation of certain tasks like placing the order can be of great help. The time saved in this process can be used to strengthen your knowledge in this area.

How To Keep Your Finances Safe

There is high-risk today of a fraudster getting access to your bank account when you use your ATM card at the machine or when you swipe your credit card when you go shopping. Card frauds are not uncommon and they are happening every now and then.

The use of credit cards and digital wallets has increased and this is making our lives easier. But on top of that, these are also causing risks. It is thus important that you keep your finances safe.

A few ways that can help to keep your finances safe are listed below.

Have a system

Have a map of your finances. This should have details of all your accounts and how these are linked to each other. This will let you see how your money is moving and you do not need to bother about remembering each and every transaction that you do. You could also use some mobile apps that let you manage your finances. It lets you tack all your accounts.

This way you have an eye on what is happening with your money,

All your account should be linked to a single card

If you think that you are spending more than you can afford to then link all the accounts that you have to one card. You should also make sure that the digital wallet, as well as any apps that you use to transfer money, is linked to one card. This helps you to track your spending. This will also let you know in case of any theft.

Use all the security features

Your bank will be giving you many security features. Take advantage of these to protect your account. This is an added level of protection so that your account cannot be hacked if in wrong hands. Getting loans for loans shark is dangerous so make sure that you use the various security features to protect your account.

The Best Personal Finance Tips to Help You in 2018

Managing money is never an easy task. No matter how well versed one is in finance and in various financial instruments, when it comes to personal finance, there is always a second guessing and a bit of doubt. You are not too sure if this is what you should do right now. You have doubts about something else that might happen in the market and are not sure if you should wait or go ahead for now.

When you browse through coinchefs.com, you will see how all you can manage your finance. Money is one thing that needs to be managed and monitored closely, to ensure there are no regrets.

Here are some personal finance tips to help you in 2018

Budget

The first and foremost step is budgeting. Sit and come up with a budget for your income on a monthly basis. Include your regular expenses, loan payments, subscriptions, etc. also, include a 10% – 20% for other expenses like gifts, unexpected guests, etc. this will ensure you are always prepared for a surprise expenditure.

Once your budget is ready, you will know how much of your income is actually spent and how much is saved. If this is not what you put in the bank or invest elsewhere as savings, you need to dig deeper to know where the money is going.

Plan

Once you know how much money is left to spare as savings, plan for it. Though it can lay idle in the bank, and earn an interest; investing it outside will earn you good returns. Look for various venues to invest in and learn about them thoroughly. Analyze and decide on which will suit you the best.

You need not invest in all them right away. Invest in each of the chosen options month after month. You can even invest in just one or two of the best options and let your money grow. After a while you can start exploring other options.

Common Mistakes People Make When Paying Off Debt

One of the biggest financial issues that people are facing in the modern time is paying off their debt. It seems that over a couple of years, there has been an increase in the overall debt rate. There can be number reasons behind increased debt rate. For instance, you had to suddenly travel out of the country, you got into an accident and are left car-less, a certain medical emergency came up or you are unable to control your spending habits. Whatever the reason is, you now have to pay the debt by the end of every month.

If you want to get rid of debt, you can create trust deed. However, there are 4 common mistakes that people make when they are clearing their debt.

Avoiding these mistakes can help you get rid of your debt rather quickly.

Using Cards when you haven’t Cleared the Previous Debt

This is not a wise thing to do. People often make this mistake assuming that they will be able to pay it gradually. This isn’t going to help at all, you need to clear old debts before adding more.

Leaving your Debt until the end of the Month

If clearing your debt is on top of your list, then you should do it the moment you get the salary. Delaying it until the end of the month is never going to help you.

Not implementing a strategy

A good strategy allows you to assess your current situation and then plan accordingly. Therefore, make sure you have an effective strategy.

Paying off the Wrong debt First

When paying off your debts, you need to prioritize them in order to pay the right debt first. Paying a debt with less interest rate first is not an effective way to go about things. A debt with higher interest rate will increase the pressure in no time.