What Is The Principle Reason That Forex Traders Fail?

Some traders are without doubt, their own worst enemy. There really are not that many reasons why forex traders fail. However, one of the main reasons that forex traders fail is overtrading. Overtrading can be understood as trading either too often, or with positions which are too large for the trader or the trading account. Here I will briefly cover the first.

Forex Signals

Trading too frequently

The reasons behind this could be unrealistic trading goals, a simple addiction to the market, or the psychological mindset that “the next one will be the winner”.

Let’s consider unrealistic expectations. Setting yourself attainable, realistic goals in trading, will go a huge way to relieving the psychological pressure that you can otherwise place on yourself and which can result in poor decision making. Never view trading as a way to get rich quick, because it most certainly isn’t! A patient and consistent approach, whereby controlled losses and profits are expected can avoid desperation and anxiety taking hold, which can then lead to chasing the market. This concept of chasing the market, is something that institutional traders will never do and is something that can run your trading account to 0 very quickly.

When you trade too frequently, the chances are you aren’t looking at the trade set up properly, you are not doing sufficient analysis and you are not following your strategy. In these circumstances it could be a good idea to reset your mindset. Returning to a demo account for a period of time to reset your mindset could be very useful in these circumstances.

Trading positions that are too large –

One of the main advantages of trading forex is that it is traded on leverage. This means that you can trade much larger positions with just a fraction of the value of the trade in your account. However, what you don’t want to do, is over leverage yourself. This could result in your positions being closed out for you on a lack of funds to support the trade. The key is to have sufficient funds in your account and then not too risk all of these on one large trade. Having smaller trades, which risk a smaller portion of the total amount available on your account, will go a long way towards improving the chances of running a profitable account, whilst also easing in a big the psychological pressures of trading.

Think about this scenario. You have one big trade on your account. If this trade moves against you will lose a substantial proportion of the funds in your account. The chances are your will behave in a very emotional way towards this trade. On the other hand, you are running a trade, which if goes against you the losses account for just a small portion of what you have a available in the account. Should this trade go against you, the chances are you will be relaxed enough to still stick to your trading plan.

So, this brings us to the million-dollar question of what size should my trade be? A general rule of thumb is that beginners should look to risk no more than 1% of the capital in the account per trade. But just keep in mind that trade size is not the only way to limit risk – stop loss orders can also be used, but the same rule applies – risk just 1% of the capital in the account. Risking more than this when you are new to trading makes you much more likely to run heavy losses. Having sufficient funds in your account actually makes you much more likely to have a winning account.

When you are choosing a forex broker, it is useful choose a broker that offers you a demo account in addition to a live account and a comprehensive educational programme so that you understand concepts and calculations needed to trade. Vantage FX is an award winning Australian broker which offers its clients an unlimited demo trading account. This means that you can return to the same demo time and time again, should you need to tweak your mindset or your strategy. Furthermore, they over their clients an excellent educational package including free webinars, so you have all the knowledge necessary to start trading.

Top Tips on How Can Increase Your Earning Sources

‘A penny saved is a penny earned’. This quote rightly taps on the importance of savings. To break it down, it simply means money which is saved holds equivalence with money earned. A penny saved today will expand your financial resource tomorrow.
Best ways to grow money short term are numerous and routine. They come under saving money without investing. Hence options and tips to protect your money are going to be classified under – How to make your money grow without investment and by channeling them under right investment options. To erect a formidable financial backing, it is essential to invest smartly, for instance in less risky and tax saving investments.
Increase Your Earning Sources

Growing your money without introducing them in the pipes of investment –

In this section the need for developing the habit of savings and inculcating them in your lifestyle is stressed.
It is a simple understanding; your expenses are going to be regulated according to your lifestyle and attitude. These are personal traits which differ from person to person.
Hence, to build a sound financial health the below mentioned attributes must be considered stringently and must be adopted as well.

  • Dread the Debt

Accumulating debts block your flow of money and thereby your savings as well. Some people have a ‘marsh’ kind of attitude towards borrowing debts. They keep on borrowing new debts to fend off their old debts. This habit will definitely tug you deep inside the marsh and affect your financial standing adversely.

  • Set an Emergency Fund aside

Ideally at least three months’ worth of routine expenses coverable amount must be saved aside for basic requirements like rent, school fee etc. Helps you stay prepared and composed in case of any financial emergency. Especially for salaried individuals who can allocate a specific amount every month.

  • Devising Financial Goals

Setting up monetary goals like fund for an overseas vacation, or for further education, or for a wedding affair etc helps you save money better. The reason is you fixate a motivation in form of that goal.

How to grow your money through investments?

Once you successfully inculcate the habit of saving, you can start thinking about channeling your money in the right options. There are innumerable income tax savings to lock your money in. The most important factors while choosing an investment are: –

  • Reviews
  • Risk
  • Return

For a first timer, you must surely seek advice from experts and people who are have their heads in the current economic and financial scenario. Gather reviews from different sources about various tax saving investments with satisfactory returns.
Initially one must always opt for low risk bearing investments which remain stable even in a volatile economic environment. One must not be a daredevil at the fresher’s phase and blow away all the preciously-saved money. So, choose wisely.
And the most important factor is returns. The purpose of exposing your hard-earned money is to gain more than the invested amount. Thus, pick decent-yielding and tax saving investments.
Government of India keeps on introducing various schemes and plans to encourage people to invest and increase the circulation of money in the economy. It helps in avoiding the stagnancy of money and dead investments.
Thus, below are some of the tax saving investments which can generate decent income as well as reduce your tax burden.

  • The National Pension Scheme – By investing in NPS you are surely going to secure your after-retirement life. Apart from that NPS allows you to claim deduction under section 80C as well.
  • National Savings Certificate – Introduced by the Indian Government, NSC is like fixed deposits. They are safer than FDs since they are invested in a Government’s scheme. They allow you deduction from your gross total income u/s 80C. However, the interest earned is lesser than the interest earned on FDs and they are taxable too.
  • ELSS – Equity Linked Savings Scheme mutual funds is one of the popular tax saving investments. They bear higher risk although, but they yield higher returns as well. It is deductible under section 80C
  • Insurance plans are also among tax saving investments. Life insurance policies and health insurance plans are deductible u/s 80C and 80D respectively.

Conclusion-

Before buying a financial product or investment plan, it is necessary to know about its tax structure. But do not buy a financial product just to save tax. If you buy a pure investment or tax saving plan, the tax restrictions will be no problem as the sum assured is a high multiple of annual premium paid. When you mix your investment and insurance, this when the problems come into picture. Purchasing a life insurance plan needs a long term commitment to pay annual premium. If you have purchased a wrong product, termination of such insurance plan will lead to unintended tax situations.
This article has been written by Financegab team who are the personal financial advisor & bloggers.

How You Can Use Technology to Improve Your Car Insurance?

Advances in technology are making almost every aspect of our lives easier than they were before. You can do all your banking online, watch your favorite television shows anytime you want, and order groceries to be delivered right to your door. It might not be something you think about often, but technology can also change the way you approach your car insurance.
How You Can Use Technology to Improve Your Car Insurance
If you’re concerned about the amount you’re paying for your insurance coverage, new technology could be the key to unlocking a greater discount on your premium. Many insurers are now offering Usage-Based Insurance (UBI) plans, which ask drivers to install a telematics device to their vehicles to track their driving habits. These devices can record information about your acceleration, braking and distance driven, and then relay that data to your insurance provider so they can get a clear picture of your driving habits. In return, you could be eligible for a lower premium. Many companies offer a discount just for signing up for UBI, and up to 30 percent in savings when it’s time for renewal. In addition, studies have shown that UBI can change your driving habits for the better.
Of course, providing this type of information to a large company could raise some privacy concerns, so the Financial Services Commission of Ontario lays out the rules that protect drivers who sign up for UBI. Based on these guidelines, any information collected by your insurance company cannot be shared with a third party without your express consent. In addition, the information cannot be used to increase your premium, only to set a discount, review rating criteria, detect and prevent fraud, and manage claims. That being said, data from your telematics device could be used as evidence against you in a claim if it reveals that you were speeding or braking suddenly before an accident.
If you are concerned about making a claim to your insurance company, a dash cam is another way that you can use technology to your advantage. Dash cams can record yourjourney and events going on when your vehcile is parked. This means that your dash cam can provide footage of a car that hit you or catch the license plate of a vehicle unlawfully leaving the scene in the event that you need proof to submit a claim.Like UBI, dash cam footage only works in your favour if you do not have any fault in a collision. Otherwise, you’re dash cam could prove a case against you.
Each year before its time to renew your insurance, you should be comparing quotes between providers. A lot can change in year – both with premiums and your life situation – so the great deal you got last year might not be your best option anymore. Luckily, technology also makes it easy for you to compare car insurance quotes online. When you’re doing your research this year, consider how UBI could lower your premium, and ask your chosen insurer if having a dash cam would be beneficial in the claims processes.

The Most Common Mistakes When Shopping For Life Insurance and How to Avoid Them

If you’re like me( or most people for that matter), it’s not that uncommon for you to say  to yourself “if I only knew then what I know now, I would have done things differently”. Well, this is your opportunity to  avoid some of  most common mistakes people  make buying life  insurance.
life insurance
Here’s your chance to be “in the know”, and avoid the 5 most common mistakes people make buying life insurance.
Follow the rules laid out in this article  and you will be in better shape than 90% of all life insurance consumers.

1. Lying to Agent about Medical /Driving History

While it may seem like an innocent slip of the mind to not mention a prescription, hospitalization, or most often, a smoking habit, the consequences can be significant.
The first consequence is most likely that you won’t get away with it. The insurance carriers can access your medical records, prescription history, and even your driving record.
So lying to the agent only gets you an bad quote that has almost no chance of becoming an offer.
​Being misquoted is just the start of what can go wrong when you are intentionally misleading.
Because different insurance companies have different underwriting rules for each condition (some are willing to make offers where others will not)​, it’s vital for an independent agent to know the true conditions he or she is working with.
​If this sounds like an insurance agent whining about having his time wasted, you are partly right. However, the more serious result is to the applicant seeking coverage. ​
This is because, if an application is sent to a carrier that is a bad fit based on bad information (once the truth comes out) it may get graded substandard or even turned down.
A turn down or declination from one carrier can hurt a future application with another company that likely, would have accepted you.
The info gathered by the first company will be handed over to the to the Medical Information Bureau (MIB), this information (and maybe a note about a deceptive application) will be available to all insurers for 7 years.
Lastly, even if you get away with lying on your application and the company contests the benefit payment in court on the basis of a deceptive application, your heirs  may find themselves in a position of having the benefit reduced to the premium payments you made plus interest. ​
Ultimately , the risks outweigh the potential gains.
Key Takeaways

  • Misleading an agent will only get you a better quote not a better offer.
  • Insurance carriers have access to your medical, prescription and driving history.
  • Carriers may context payment of a benefit due to material fraud on the application.

2. Choosing Permanent Insurance for a Temporary Need.

The fight  between proponents of Term v. Permanent  insurance continues to rage. Unlike most partisans, I think there is a place for both. However, the two kinds of insurance are designed to serve very different situations.
If you are looking to protect against a  a declining obligation (like a home mortgage) term insurance is the appropriate solution. It is also a far less costly answer  for the term it is needed.
Very often, people looking for for life insurance are “sold” cash value insurance at the cost of insuring a real need. While there are several advantages to permanent insurance that make it a useful and appropriate retirement planning tool, it should never compete for  dollars with insurance that covers a need.
When structured to do so,  cash value insurance is designed as a living benefit savings tool with the minimal death benefit necessary to keep it legally designated as insurance. This can be a very useful financial tool, but it is never appropriate as true “insurance”.
Most rules have an exception or two, the exception here is Guaranteed Universal Life (GUL) .  GUL is hybrid permanent insurance that doesn’t gain cash value and is priced between traditional whole life and term insurance. ​
When people use permanent insurance for temporary needs, generally they either cut corners on the benefit amount they need to cover true needs or they overextend themselves, and wind up walking away from the big cash value policy.
Life insurance buyers should should look at these two products separate and not in competition with each other. Cover the insurable need first and then consider if cash value life insurance is an useful arrow in your financial toolbox.
Key Takeaways

  • Pure insurance is meant to insure a need.
  • Non GUL permanent insurance should be structured for cash value not insurance need.
  • Permanent cash value life insurance and term life insurance should not compete with each other for dollars.​

3. Relying on Life Insurance Provided Through Employer

Having affordable life insurance through your employer is a great benefit. However, it should thought of as extra coverage , rather than yourmain life insurance. The reason is simply that at some point you will very likely change jobs.
After changing employers, you may not be offered life insurance at the new employer,and not be able to keep the insurance from the previous employer.
Most  all group life insurance policies offer a conversion to permanent insurance for the individual leaving the employer. However, the terms are usually so expensive  that no one takes up the offer.
So, in the worst case scenario, you leave your job after an economic downturn, are forced to take a position without group life insurance, and then find that your health won’t allow for inexpensive individual underwriting. So, you’d be forced to either pay far more than you had been paying or go without life insurance for your loved ones.
This situation came about often during the Great recession of 2007-2010. It would have have been avoided had folks not looked at their employer sponsored insurance as primary but rather “bonus”.
Many  people in their thirties can get term life insurance that will last until retirement for the cost of a large pizza….and not have tobe concerned that the combination of a job change and age will make replacement unavailable.
Key Takeaways

  • Employer sponsored life insurance should be thought of as “extra” and not primary life insurance.
  • Employer sponsored life insurance does not transfer affordably to departing individuals.
  • Healthy people in their early thirties can get life insurance that last until retirement for the price of a pizza.

4. Not Using an Independent Agent

The use of an independent Agent is an issue that I touch on all the time. While it may be a bit self serving , it is also the unquestionable truth.
Because insurance companies have different risk appetites, the only way to get the most competitive deal is to be able to access to nearly all of them.
If you have a  “captive” agent ( an agent who  works for one company and has a financial reason to send all business to that company) represents a carrier who is severe in rating a health condition you have, you are in a bad spot.
Whereas, an independent agent/broker would send your application to the company who looks most  favorably at your condition, the captive will be forced to send the application to his carrier…and charge you for the service.
While some “captives” have a limited ability to use an outside brokerage, the truth is that the financial imperatives to write business with the “home” carrier often trump this option.
Key Takeaways

  • Because different insurance carriers have different appetites for certain risks, access to more carriers will result in better pricing.
  • So called “captive” agents have a financial incentive to send all applications to their home company.
  • Only independent brokers have the freedom to offer the best deal at all times.

5. Not Taking the Exam Seriously

This is an easy one, but it gets fouled up more than you’d believe.
The paramedical exam that is a routine part of fully underwritten policies iis very straight forward. That is, blood draw, urine sample, weight from a portable scale and Blood Pressure (occasionally EKG). It is most often done in 20 minutes and you are back to your day.
Blood and urine samples provide a  snapshot in time, so you cannot do a lot to improve things in a brief period of time. However, you can do surely hurt them for the “snapshot” taken.
The common culprits are:

  • Working Out
  • Excessive Alcohol
  • Fried Foods
  • Drinking Coffee
  • Lack of Sleep

​While living “clean” will not help much in the short run , avoiding these thing for a couple of days is a good policy.
….And a Bonus Mistake to Avoid
It may seem contradictory that this article  spends a lot of time on the subject of avoiding mistakes and saving money, and then says don’t be too cheap.
If you are confused, I understand. Let me explain.
​While I’m a firm believer in getting the best deal, the best deal may not always be about the absolute lowest cost. The truth is, defining the best deal depends on what you really need and what you get.
Simply put, policies are not all apples to apples comparisons. As mentioned earlier, life insurance companies view different risks differently. ​So unless you know your underrating grade with a particular company the pricing is not precise.
There are other considerations that affect pricing that may entice you to pay slightly more than the absolute lowest price. These include:

  • Financial Ratings of the Carrier ​- Does the Moody’s or AM Best rating of the company matter to you? Are you willing to pay more for a higher rating?
  • No Medical Exam Option- Some companies offer policies with no exam. Is avoiding needles,urine samples, and possible unknown results worth a few dollars a month? ​
  • Riders/Conversion Options- Is the right to get more insurance without re-qualifying later of value to you? How about the right to convert a term policy to a permanent policy at a later date withno exam?

​If these issues are important to you, then the definition of “best deal” changes from simply the least expensive. These are issues that can be addressed by an independent agent with access to multiple carriers.
Key Takeaways

  • The “best deal’ takes more into account than simply cost.
  • It may be worth paying slightly more if there is no exam or there is a strong permanent conversion product.
  • Only independent brokers have the freedom to offer the best deal at all times.

Conclusion

If you follow the advice laid out here you will be in better shape than nearly everyone else in the life insurance market. For help in deciding exactly what you want with regard to amounts, term, exam, rider & conversion options, you will always have the most options with an independent agent.
James Tobin, CFP is the founder of the Life Insurance Help Desk. In addition to providing expertise on life insurance matters, he teaches ESL and is a news junkie. Mr. Tobin reside with his wife in Norwalk, CT

Should You Invest In Cryptocurrency? Here's How to Do It the Right Way

A high number of people assume that investing in cryptocurrencies is no longer an attractive option and there is a bubble about to burst. It might be true some of the top coins of the moment will dive in the coming months.
Waiting in the wings though are several coins which have been developed to put right the problems that are associated with Bitcoin, Ethereum,and the other early front-runners.
When you look at the increases of the significant coins have made over the past twelve months should you trust something that can rise in value by that higher margin?
It would have been better to invest one or two years ago, or even five years ago when things were just starting. If that had been the case as many people did you could be sat on the beach somewhere with no need to read this article.
Invest In Cryptocurrency
There is still so much potential in all the other coins which are coming to the crypto marketplace even Litecoin has not yet reached its full potential.
Before anyone begins investing in crypto of any description, they have to be aware that they can be highly volatile and in the near future anything can happen. To a certain degree they are unregulated,and with this hanging, over theirhead, there is a small chance that they could be outlawed, the is why you need a financial back up plan.
There is also the chance that an exchange where you have funds gets hacked and yours along with every other investor’s cryptocurrency gets stolen, or if you lose your wallet key.

The Reasoning behind Investing in Cryptos and Why not.

There are three reasons anyone should invest in a cryptocurrency these are as follows:

  • You wish to hedge your bets against the fall of the dollar
  • You support the social role that cryptocurrencies will play
  • You understand the technology and like the concept

The reasons not to invest are:

  • The FOMO effect – the Fear of Missing Out

How to choose Which Cryptocurrencies to Build Your Portfolio

BTC was seen as the only crypto to invest in, and to a certain extent, LTC was recognized as the next big coin. To a certain extent, some of your investment should be in Bitcoins as most other currencies are traded against this. For this reason alone for the near future, it is not going to vanish or should not lose all its value.
As this coin has lost some of its dominant standing in the market, other coins are creeping up in the rankings and taking market share. To build a good portfolio of altcoins is the hard part.
The first way to see the value of a coin is to check its market capital. This should only be used as a guideline that the currency is healthy and not as a basis to make an investment.
When choosing any coin, you need to see the value they bring to businesses and end users. Also the problems they are aiming to solve. A few things to check when doing your homework are as follows:

  • A transparent technical vision
  • And active development team
  • A lively and vibrant community

Cryptocurrencies and How to Buy Them

The first thing you need to find is “Where can I buy cryptocurrency” that deal in the coins you have decided to invest in. Not all exchanges trade in smaller altcoins.
Secondly, you need a secure way of storing them which would be your wallet. A cold storage wallet is highly advised as then you can keep everything safe offline.
An exchange in your home country is highly advised as you have some recall if things go wrong.
Once you have a wallet and have signed up to an exchange where you are able to purchase your coins from (you should already have a BTC account which is funded), you have to decide the best time to invest.
If a coin is crashing, you should wait until it bottoms out. Catching anything that is falling can be costly.
A little advice here would be not to compare a cryptocurrency bubble with a conventionalbubble.
If a coin is up 10 to 20 percent, this is common for daily activity. A bubble might come witha coin being up 100% yet over the past we have seen figures of 1000% being the bubble point. All this is hypothetical as no one knows until it pops.
Second advice is to observe. You should never buy at the sign of a dip as these are often followed by another. You should also not rush to buy any coin at the thought it could explode. You have to do your homework before you decide.
It is the same when deciding to sell. Don’t sell too early as you think the price will crash, you are after all investing for the long term.

Storing Your Altcoins

As mentioned you need a wallet for your coins, yet if you invest in many you might not have a choice but to leave them on the exchange. Times are changing,and it all depends on the altcoins you invest in for where you can store them.

Which Coins to Invest in and Why?

When looking which cryptocurrency to invest in the first to check is NEO. This coin is known as the Chinese-Ethereum which brings a new algorithm.
This algorithm changes the proof of work/stake and uses the Delegated Byzantine Fault Tolerance algorithm which works by consensus. It can also work across multiple Blockchains and brings decentralized storage as a service on the network.
Second up is the pick of the pack. Skycoin will transform the internet and bring Net Neutrality back to the users from the hands of the ISP’s. This it is able to do when it works with its mesh network (Skywire) that is powered by dedicated nodes.
These are the equivalent of the mining rigs for conventional coins. SKY has no mining so transactions can be performed in seconds rather than creating a backlog on the network and the Blockchain.
Although it is still to enter the mainstream, it will bring a new internet and change how we connect and use the internet it also brings some of the highest security for the coin and also for the users who use the Skywire network.
Lastly is Cardano which is not a new coin. It is open sourced like many other coins and based on the Blockchain. It was also created by the co-founder of ETH.
This coin brings smart contracts in a much-enhanced form and a new proof of stake method. It also aims to bring more functionality to end users.
It can be a good investment, yet it still follows in the footsteps of the current leaders rather than introducing something new like Skywire and the coin very closely linked to it.

7 Steps for Creating a Financial Backup Plan

Life never runs out of surprises, be it good or bad. That’s why you need to have a financial backup plan that will help you weather any storm.
You may be the most disciplined person when it comes to sticking to a budget and saving a portion of your income every month, but unexpected events may occur that can render you in financial ruins, especially if you don’t have a plan B.
Creating a Financial Backup Plan
Here are the steps you need to take to create a financial backup plan that will prepare you for the future.

  • Track your Current Expenses

Before anything else, it’s important for you to know how much you need on a daily or monthly basis. Evaluate your current and future financial situation.
How much do you currently spend every month? Separate your expenses into categories to easily visualize which ones you can trim down to lessen your expenses. This will also help you determine the amount you need each month versus the amount you want to spend including leisure activities.

  • Predict Future Expenses

If you have children, the amount you’re spending now will not be the same in the coming years. You may need more or less depending on the age of your child, so predict expenses for the future to know if your current income is sufficient to accommodate your family’s future needs.
Future additional expenses may include your child’s education, wedding expenses, or if you plan to give them a car. If your child will soon go off on their own and you don’t need to pay for the expenses mentioned above, then you may need less in the future, giving you more money to place in your retirement fund.

  • Consider the Possible Scenarios

Let’s say your plan A is to retire at the age of 60, with all your children and loved ones independent of your financial support. You’ve calculated your financial situation, and you know that when that year comes, you will have enough to get you through the rest of your life.
However, you need to take into consideration that unexpected events such as natural disasters, accidents, severe illness in the family, job loss, economic slowdown, lawsuits, divorce, and other tragedies can occur and render you in financial ruins when you’re unprepared.
Are you insured? Do you have a retirement fund and an emergency fund to help you cope with such events? Is it enough? Write down the backup plan for each situation.
Once you’ve tracked your expenses properly and outlined your family’s future expenses; you know how much you and your family need every month. Calculate how long you can survive with your emergency fund should a disaster occur.

  • Get Insured and Understand your Insurance Policy

If you’re not insured yet, then it’s time to start looking for an insurance plan that will cover your particular needs. Make sure you have an insurance plan that can cover you, your family, your vehicles, your properties, and your health.
Memorize the important details in your insurance policy. Ensure that your family members know who to call when an emergency arises, and you need to claim your insurance.

  • Evaluate your Current Financial Situation

Audit yourself and make an inventory of your possessions. What assets do you have? How much is your net worth? Look through your closet and assess your valuables—from real estate properties, cars, jewelry, designer items, and other valuable items that can be resold. Organize them and keep a list of your assets.
This will be helpful for you especially if you think that if a tragedy occurs, your emergency fund will not be enough. Should that happen, you know exactly which item to sell to a friend or an online pawning site. You may be surprised by how much you can get from your jewelry or designer handbags.

  • Complete the Paperwork

Getting all the paperwork in order may be a tedious task, but it’s something you shouldn’t put off, especially if you have dependents counting on you.
Make sure that should anything happen to you, your family members know where the documents are. This includes your will, property deeds or titles, insurance policies, bank books, and the like. Consult with an attorney or a professional if you find it too daunting.

  • Practice Good Financial Habits

Achieving financial independence takes a lot of discipline, and bad financial habits will not help you build an emergency and retirement fund.
Good financial habits you need to develop may include saving a portion of your salary, living within your means, avoiding unnecessary expenses, and tracking your expenses.
When you practice good financial habits, you can develop the financial discipline that will largely contribute to your financial success in the long run.
Every person has their own goals and dreams in life, with individual financial plans and strategies. Nonetheless, it’s important for everyone to know and understand their financial situation to be able to create appropriate financial plans.
While your ultimate dream is your plan A, you should also make sure that you have a plan B (and maybe even a plan C) so that you’re prepared for anything.
Break your bad financial habits now and ensure that you have a backup plan that won’t leave you in financial ruin.

How can you Trust Forex Signals

Naturally, as humans, we like to achieve optimal results with minimal effort. This also rings true when trading forex. If there are any ways of achieving good or better trading results with little effort and preferably little expense, then we naturally tend to lean towards these options. Particularly if these options mean that we can avoid making costly mistakes ourselves.
Forex signals potentially provide just that. A good forex signal provider can provide you with sound information enabling you to make profitable trades with little effort. However, these can come at a cost.
Forex Signals
The majority of novice traders, and may be not so novice, traders will usually look for signal provider through a google search, which are free or very cheap. They will be reluctant to pay for an expensive, premium service, especially if they don’t quite understand it. However, as with most things in t he world you get what you pay for. Good, free services are extremely difficult to find for anything and that includes forex signals. The important point here is that even if the signal is free, the trading that you do on the back on that signal could is more likely to more a losing trade and therefore cost you money.
The other point to keep in mind regarding costs, is at the other end of the spectrum. If you slash out too much on trading signals and your trading costs are very large, then even if your trades are winning trades, they may not cover your trading costs.
Rather than searching on google for free forex signal providers, a better approach would be to go on forums. Once you have identified a provider, which comes highly recommended, with a good six months of evidence, approach the provider for a free trial period. Most reputable forex signal providers will be willing for you to test the product before committing.
Finally, whilst signals can be extremely useful you shouldn’t rely on them at the expenses of learning yourself. Trading forex is hard work and there are no shortcuts. There is nothing wrong with using forex signals in your trading strategy, however these should be secondary to your own analysis.
Trading Forex is not easy. Some brokers such as Vantage FX provide a good educational programme for traders to learn through. This includes webinars, seminars and online resources. Learning to trade is a long process which requires patience, however with the help of a supportive broker you can turn yourself into a profitable trader.

Funding For Your Business – What Can You Do?

It doesn’t matter what sector you are in, how much experience you have or how good your idea is, creating a successful business is exciting but it’s also a huge amount of hard work. The potential rewards can be great, however it’s a mammoth task. So, what can you do to increase your chances of success? Getting started is not easy. You have to plan, plan and plan, not to mention have enough cash to get the ball rolling. Cash is king and if you don’t have a healthy flow throughout your business, it will only end in trouble. Keeping cash is essentially important, as it is the lifeblood of any business; ensuring that you plan and save can keep you out of trouble. In terms of creating funding and aiding cash flow, there are some very effective tactics you can put into place to ease things along.
Whether you’re starting a new business or are already running one, having a reliable trustworthy accountant can be hugely beneficial for the business. They can offer advice on what sort of organisation your business needs to be (a sole trader, partnership or limited company) and provide good advice about taxation. Accountants can also relieve some of the workload on a business especially if you are a relatively new entity. Your accountant can also do all the necessary bookkeeping for certain records and tell you the correct places where your company needs to be registered. This can allow business owners to focus on their usual job and day to day running of the business.
Funding For Your Business
There are plenty of funding options available. Here are top ways to fund your business.

Self-Funding, Friends and Family

One of the more common practices for starting a new business is self-funding. Dipping into long term personal savings, or selling assets to raise funds is what a lot of new business owners do. A lot of business save for years, working on a tight budget to put enough into a fund for their dream job.
An alternative, is finding equity from either friends or family. This can work well in some ways, as you are borrowing money from a trustworthy reliable source who you have a positive relationship with. However, with so many businesses ultimately failing, it can be a huge risk involving people close to you.
The loss of this capital can be devastating to friends or family, who in some cases could even be relying on you financially for results. If you are to involve friends or family, it’s essential to make them aware of the possible risks and any possible losses.

Angel Investors

These are usually business entrepreneurs, willing to take risks and invest money into new businesses. Angel investors have more recently begun forming groups, so they can spread the risks of their investments as well as to gather more resources and research. Most angel investors need a lot of persuading and the hard part sometimes can just be getting sat down in front of them. There can also be more pressure through this form of investment than others. Angel investors are always looking to see where they can get their money back, they are always looking for a get out if things go wrong. This form of investments also means that as a business owner, you would have to give up part of your company. Sacrificing any part of a business is always difficult and although you can gain a significant investment, in the long run you could end up losing more.

Partnerships

Having a partner can not only be a brilliant source of funding for a business, it can also be hugely helpful with the running of the business. A partner can aid you with planning, budgeting accounting and the day to day aspects of the business, however, sometimes it can be hard for new owners to relinquish control. Partnerships can be hard to maintain though, as the initial business owner, compromising on your own ideas can be difficult and can lead you down a different path, which you believe might not be right for the business. Strategic partners can help aid your business by passing on eventual work. If they are in the same sector and run a mutually beneficial business, you can make recommendations for one another and effectively feed each other business.

Invoice Financing

For B2B businesses invoice financing is a fantastic option, but unfortunately not enough businesses know about it, or know that it can be available to new start-ups. Invoice financing effectively allows you to raise finance based on the value of your invoices. If your funds are low, but you have lots of unpaid invoices that your waiting on, a factoring company can advance a percentage of the invoices. This can give you those extra funds which you might need to boost your cash flow further.
During the process of factoring, the factoring company effectively manages your ledger and collects your outstanding invoices for you. They will take their fees, before returning you any residual balance. One of the biggest benefits of factoring, is not only the additional funds that come your way, but also the time it can give business owners. Instead of collecting invoices from late paying clients, you can focus on other aspects of the business.

Bank Loan

Bank loans are perhaps the most traditional and well-known form of business funding. Banks have maintained that they are willing to loan, however, they have tightened up their criteria. If you have a viable business plan, with a solid idea and plenty of potential there’s no reason you shouldn’t be able to get a bank loan. Even if your business is going through a bit of trouble cash flow wise and you have had to pay a large cost, if the bank recognises that the business can work, you can still get funding via a loan. However, it’s not always the most viable solution to an emergency problem.
If you are unfamiliar with the process, applying for a bank loan can be a stressful procedure. It requires a lot of admin work and planning. If your business is experiencing difficulties during this time it can make the application even more stressful. Most banks usually require two years’ worth of company accounts. If you are a new start up and unable to supply these accounts, banks will normally require security against your assets.

Commercial Finance Broker

If you are unsure about the best methods to raise funds, then just like with asset financing, a commercial finance broker could be the best way forward. If you require a bank loan, or need invoice financing, they can find the most viable option for you. If your idea is brilliant, but you’re not totally confident when it comes to finances, a broker can give you that boost when it comes to securing money for the business. In a similar fashion, if you are looking for an investor or partner (rather than borrow money) to grow your business a broker can often help find a suitable investor.

Who Is Responsible For An Injured Worker In NSW And How To Mitigate The Risks?

All employers have a broad range of responsibilities towards their employees. The most important ones include ensuring the safety of the workers while at work. It is their job to ensure that workplaces accidents don’t happen by eliminating any such hazards that might result in one.
According to statistics reported by Safe Work Australia, 182 workers lost their lives after being injured at the workplace in 2016. Though the number might not seem much, thousands of reported and sometimes unreported workplace injuries occur every year, leaving both the worker and the employer at loss. Employers have to pay worker compensation whereas the employee or worker suffers in terms of lost time and physical discomfort for several months following the injury.
injured worker

Are workplace injuries always the employer’s fault?

Workplace accidents happen all the time. As long s the injury happens in the course of an employee conducting their normal and expected work activities, the employer is likely to be held responsible. Sometimes accidents occur due to worker’s negligence despite being warned or informed about the nature of the work. In some cases it may not be 100% clear whether  the injury caused is 100%  the fault of the employer. In NSW, where there is an air of uncertainty as to who is 100% responsible, it is worth consulting with  worker compensation lawyers in NSW.
Regardless an employee can always put forward a claim for approval, and if an employer fails to follow through and process the claim in a timely manner, they can face legal liabilities and pay fines. Even if the accident occurred because of the worker’s fault, the employer will still have to pay the medical bills since they occurred on the working premise during working hours.

Workplace Injury Hazards

Talking of hazards, it is pivotal that we take note of the most common workplace hazards that result in an injury or illness. This will help us understand the risks involved and how these can be prevented in the next section of this article.

  • Infectious diseases and biological hazards: This category involves virus like the Hendra virus and conditions like legionella.
  • Exposure to harmful chemical substances: This includes coming in contact with hazardous chemicals, asbestos and dangerous goods etc.
  • Manual task hazards: Manual task hazards includes injuries due to manual labour that exceeds beyond one’s ability to carry
  • Physical hazards: This can include injuries caused due to confined spaces, equipment failure, electrical faults etc.
  • Environmental hazards: This involves injuries caused by excessive noise, poor lighting, uneven flooring, extreme cold or heat, poor air quality etc.

How to Mitigate the Risks?

Most of the injuries aforementioned can be prevented if the employers take the following risks and ensure that all the rules and regulations regarding safety at work are followed by all workers. Risks can be managed easily if:

  1. The hazards are identified immediately and reported. For instance, if a worker notices any electrical hazards, they should immediately inform the management and have electrical cable floor covers placed for safety. Thus, the chances of electrocutions and power outage can be minimized.
  2. Control measures are introduced. Control measures include the introduction of meaningful safety gears and information related to injury prevention. Such controls can be initiated during seminars and training sessions where workers are advice on how to use technology to its best use without injuring themselves, how they should always put on their safety gear first when working in risky environments and how they should immediately report any discrepancies without delay etc.
  3. Controls are reviewed. The only way one can evaluate the effect of the controls put into practice is by reviewing the change it brings. Have the new controls resulted in fewer injuries at work? Has it made the worker more productive etc?

A more detailed elaboration of the liabilities an employer can face due to workplace accidents is available in the Equal Opportunity Act 2010. What responsibilities lie on the employers concerning the provisions of safe and fair working conditions is available in a documented form in the Occupational Health and Safety Act 2004.