Secrets to increasing your trading profit

Many new traders believe that trading makes you rich overnight. According to a senior financial analyst at Wilkins Finance, it takes years of experience and a seasoned trading eye to make profits worth talking about. Having said that, what are the secrets to increasing your trading profit?

Be consistent in the way you trade

Make it your personal mission to execute each trade with consistency in mind, and don’t centre yourself on the dollars. In the event that you execute a profitable trade that you’ve inquired about, tried and tested a few times, benefits will start coming your way soon. When you centre yourself on precise execution of a trade, you create consistency as you are doing precisely the same without fail. In the event that your trade brings profit to the table, consistency is critical.

One very big mistake that traders make is losing hope when their deals go south. Trading is about learning the tricks of the trade. As the trading industry keeps changing, tricks and secrets to success also change, but the most important ones stick. It is found that once the profit starts rolling in, one tends to get greedy and make trades without checking and double checking one’s facts first.

Investing time and money is best

When you make a trade, you need to have done enough research to know that it is the right decision. As no one can forever be right, you will lose one or two times before you can correct your trading plan. Many traders think that it is all about the money. Yes, the money factor is important but you need to take time into account as well. It is essential that you actively trade for a few hours every day but when you are done, you can’t just close your trading platform and call it a day. This is where investing your time comes in. You need to invest the rest of your free time in doing research, talking to fellow traders and working on improving your trading strategy.

Increase your trading profit by increasing secondary income

Have you ever heard of the term you need money to make money? Yes, in order to trade successfully, you need to have the cash flow to push into your investments. A great way of investing in a secondary trading income is that of dividend stocks. Dividend stocks enable you to have a steady monthly or quarterly income that you can use to build the profit margin of your trading venture. Remember not to cash out all your savings to trade but rather make an investment with money that grows.

If you feel that dividend stocks are not for you, you can start a part-time business to help fuel your trading venture. Freelancing is a great way of adding extra income to your trading and if done correctly, can benefit your trading profit substantially.

Adding the three secrets into one boiling pot
Once you have a handle on each of the above-mentioned secrets to increasing trading profit, put them all together in one boiling pot and keep stirring. You need to remember that in the trading industry, you first need to execute one step with precision before going onto the next one. Having said that, take the first secret to success, make sure you adhere to it in its full potential while trading and then move onto the next step. Once you have them all under your belt, you can use them together to form the perfect trading plan.

Seasoned traders will be the first to tell you to not follow the crowd unless you can see their profit burning a hole in their pockets. With the above-mentioned secrets to increasing your trading profit, you can be sure to not follow the crowd but rather lead the crowd. If you are passionate about trading and want to make a success, you should be prepared to rise above the rest and make an example of the trades you make, the way you make those trades and the secrets you use to get there.

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3 Sure-Fire Ways to Destroy Your Financial Health

Here on Ultimate Money Blog, we focus on strategies, tactics and tools to help you strengthen your financial health. And so, you might be taken aback by the title of this blog — and perhaps wonder if we’ve lost our minds, or if we’ve been hacked by credit card companies and the like who want you to spend, spend, and spend some more (and then borrow money for further spending).

Well, don’t worry: we haven’t lost our minds, and we haven’t been hacked. Rather, we know that sometimes in life highlighting what we shouldn’t do is more effective — and more memorable — than highlighting what we should. Yes, this is kind of a pessimistic way of looking at things. But occasionally it’s necessary — and this is one of those times.

And so, in a clearly tongue-in-cheek manner (read: don’t do any of these things, and don’t let anyone you care about do them either), here are three sure-fire ways to destroy your financial health:

Regularly Making the Minimum Payment

Minimum payment” should be deleted from your vocabulary. In fact, it’s a wonder why consumer-advocacy groups or the government hasn’t stepped in and outlawed this phrase. Why? Because the minimum payment isn’t the minimum payment. Rather, it’s the minimum debt payment.

Of course, “minimum debt payment” doesn’t sound nearly as pleasant as “minimum payment,” which explains why credit card companies use it: it gives people a false sense of comfort and security that they’re staying even, when in truth they’re sinking deeper into debt.

Now, this doesn’t mean that you shouldn’t pay the minimum amount when there is no other option. Obviously, that’s better than not paying anything at all! But always remember: it’s not a minimum payment. It’s a minimum debt payment. And if that kind of bugs you, then good! You want it to. That will motivate you to pay off the balance as quickly as possible.

Keeping Up with the Joneses

Advertisers have long since known that the simplest and cheapest way to get people to buy more stuff isn’t to sell it to them directly: it’s to make them covet their friends (and indeed, their enemies) possessions.

Don’t fall for this trap, because keeping up with the Joneses is another guaranteed way to sink deeper and deeper in debt. And to make things even worse, you won’t enjoy your purchase for long, because it wasn’t motivated by an authentic desire for something better. You simply wanted to stop feeling bad because someone had something that you didn’t. Within weeks — or maybe days — of needlessly buying a new smartphone, a new pair of shoes, or maybe even a new car or new hours, you’ll stop feeling euphoric, and start feeling envious: because there’s always something else out there that you don’t have. This doesn’t mean that you shouldn’t treat yourself to new stuff (provided, of course, that you can afford it!). But if you do, then ensure that it’s something you truly want. Play by your own rules — not theirs.

Not Having a Budget

If you want to have chronically bad financial health that lasts forever, then your path is simple: constantly spend more than you have.

Fortunately, avoiding this road to ruin is also simple. Put together a realistic budget based on your income (all sources) and expenses. There are plenty of apps to help you with this, and many of them are free. Don’t assume that you’re saving money when you aren’t.

A Final Word

If you’re already deep in debt and the above advice won’t help you escape, then don’t panic. You have options, which may include filing for bankruptcy protection. To learn more about this possibility and see if it’s the right move for your long-term financial health, speak with a bankruptcy attorney at the Law Office of Charles Huber.

 

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6 Reasons why you need to start investing in cryptocurrency

“There is quite a great hype about the cryptocurrency world and whether investors should bury their capital in this volatile market,” confirms Mark Taylor, a senior crypto expert at Olsson Capital. If you have ever doubted the world of digital money, the following 7 reasons to invest in cryptocurrency will surely make you see things more clearly.

It brings money back to the people using it

As there are about 1250 different types of cryptocurrency available across the world, there is no middleman to cut the profits you make. Transactions that occur in the digital currency world are recorded in a public ledger and the middleman is cut out by making every transaction a peer-to-peer act. To make it even better, manipulation of these ledgers are impossible, thus no fraud can occur.

The era of digital currencies is here to stay

Many digital currencies have seen quite a few volatile dips and managed to rise to success once again. Cryptocurrencies continue to grow and there is no way of stopping it – it has been set free into the world and will continue to thrive. The more a certain cryptocurrency grows, the more secure an investor feels about investing his or her hard-earned capital.

ICO’s offer high returns on your investments

An initial coin offering (ICO) is made to investors and they enjoy very high returns. It is important to know that not all ICO’s are successful so you need to do your homework as to which ICO you are going to choose to invest in. Cryptocurrencies like Ethereum, Altcoin and Bitcoin have increased significantly in value, thus investors tend to choose cryptocurrencies that are well-known and hold a lot of promise toward the future. Remember though, when investing in different types of cryptocurrencies, your chances of making a profit is much higher than sticking it out with just one currency.

Some regulations offer more security

China made its ban on ICO’s known a while ago and the entire world was shocked to see regulations creeping up on the cryptocurrencies that were supposed to be untouchable by the government. Some of the regulations put in place, however, are done in such a way to offer the investor more security about investing huge amounts of money. If proper control is implemented over ICO’s, it will be easier to spot the scams among them.

The technology of cryptocurrencies are always improving

For many people, the concept of cryptocurrencies, investing in it and understanding it is simply impossible. Digital currencies are forever developing and experts are constantly finding new ways to make the trading and buying of currencies easier and more user-friendly. While many of the currencies are almost only used by expert traders, soon, the average trader and all other people will understand the world of digital money as development around the currencies happen every day.

The revolution of digital currencies

Many developed countries have already accepted Bitcoin as a legal way of payment. ATM’s and other means of transferring Bitcoin are already in motion and make the lives of Bitcoin users much easier. In many cases, Bitcoin payments are the top preferred method of paying for items. It even surpasses the preferred way of paying via plastic or cash!  As the rush for cryptocurrency can be seen as a type of “gold-rush” the more people using cryptocurrencies will make the currency more popular, more volatile and therefore, more revolutionised.

A lot of investors think that it is too late to jump on the cryptocurrency train. But, as mentioned, the digital currency world keeps developing and new ways of making these currencies usable are being tried and tested every day. If you are an investor that feels that you want to invest in cryptocurrency but are hesitant, you need to take the leap of faith. Although the market is highly volatile, over a period of time, it is evident that crypto money is going to fly off the charts within the following couple of years and by that time, a wide variety of new and innovative ways will be found to make investing in cryptocurrency the best investment choice ever.

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