How is currency trading different

Unlike the trading of stocks, futures or options, currency trading does not take place on a regulated exchange. It is not controlled by any central governing body, there are no clearing houses to guarantee the trades and there is no arbitration panel to adjudicate disputes. All members trade with each other based upon credit agreements. Essentially, business in the largest, most liquid market in the world depends on nothing more than a metaphorical handshake.

At first glance, this ad-hoc arrangement must seem bewildering to investors who are used to structured exchanges such as the NYSE or CME. However, this arrangement works exceedingly well in practice: because participants in FX must both compete and cooperate with each other, self regulation provides very effective control over the market. Furthermore, reputable retail FX dealers in the United States become members of the National Futures Association (NFA), and by doing so they agree to binding arbitration in the event of any dispute. Therefore, it is critical that any retail customer who contemplates trading currencies do so only through an NFA member firm.

FOREX. com is a registered Futures Commission Merchant (NFA ID #0339826) and a division of GAIN Capital Group. A pioneer in online foreign exchange, GAIN Capital Group provides forex trading & asset management services to institutional investors and professional money managers in over 140 countries.

Where is the commission in FOREX?

Investors who trade stocks, futures or options typically use a broker, who acts as an agent in the transaction. The broker takes the order to an exchange and attempts to execute it as per the customer's instructions. For providing this service, the broker is paid a commission when the customer buys and sells the tradable instrument.

The FX market does not have commissions. Unlike exchange-based markets, FX is a principals-only market. FX firms are dealers, not brokers. This is a critical distinction that all investors must understand. Unlike brokers, dealers assume market risk by serving as a counterparty to the investor's trade. They do not charge commission; instead, they make their money through the bid-ask spread.

In FX, the investor cannot attempt to buy on the bid or sell at the offer like in exchange-based markets. On the other hand, once the price clears the cost of the spread, there are no additional fees or commissions. Every single penny gain is pure profit to the investor. Nevertheless, the fact that traders must always overcome the bid/ask spread makes scalping much more difficult in FX.

Adds up big outcome

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Saving for retirement in the new economy

Let’s face it. Most of the financial advice out there says something like this, “If you make on average $60,000 per year…” Most of the advice is designed for baby boomers about to retire. The young generation 35 years-old and under are not going to relate when their incomes range from $25,000 to $40,000. True their income may rise someday but there is a good chance it could decrease with the onslaught of lay-offs, downsizing and cost cutting. The wages their parents earned who worked at companies like GM making a combined income of benefits and wages in the $65 per hour range are not likely to be around in the future. Many of these companies have two-tier wage systems that hire new workers somewhere around $24 per hour (benefits and wages combined). Not only are low wages going to be a problem but also lack of employment opportunities, high interest mortgages, expensive college education, lack of social security income and major cut backs in all federal spending. So what strategies should a young person making his/her way in a “tough times” economy to do?

The biggest advantage young people have is their age. Compound interest is a very powerful force that is likely to make or break a retiree. By putting away only $200 per month from the age of 30 and compounding it at 9% interest a young person could have around $500,000 by the time they are 67 years-old. Double that amount and you could be well over a million dollars. With a 401K offered by your employer it becomes very easy to save because it is pretax dollars that you don’t have to think about.

You may also choose to put your money into a Roth IRA. Generally, the money is taxed before it is put away and then you don’t have to pay taxes on it in retirement. Not a bad deal when it has compounded for 30 years. The best retirement utilizes a combination of the two. It is beneficial to put away money automatically in your 401K and set a goal of putting away $100 or $200 per month into a Roth IRA.

One may also consider reducing the cost of big expenditures and saving big money. The housing market is beginning to cool as baby boomers are leaving the market with their large incomes. It won’t be long before appreciation on houses has returned to a mediocre percent such as 3%-5%. As a young person trying to show his or her financial stuff they may want to buy the nicest houses they can get. Unfortunately that nice house also comes with a large mortgage payment. A good rule to follow is that your housing cost should not be over 25% of your household income. For example, If my wife and I make 70,000 (two young professionals at $35,000/year) than we could have a house that costs $1,400 per month. Because we are financial savvy, with a lot of energy, we bought an older house with an $800 per month mortgage payment, put our sweat equity in it, and watched its value increase 20%. Because we were under our $1,400 limit we also bought 10 acres for a nice cottage at $300 per

month. Now we are increasing our long-term assets at a cost of $1,100 per month. What happens to the savings? Well they go into our retirement account.

Of course one of the best ways of saving money is diverting your expenses into investments. Basically, “You don’t buy what you don’t need!” Go to discount grocery stores, take cheap vacations within driving distance, buy good quality clothes at discount prices, and stick to a solid budget. It is much easier to save money than it is to make more. Keep in mind that even though you don’t look as wealthy as your friends you are probably much wealthier financially. Trust me; no one gets out of college making a hundred thousand dollars a year. Therefore, don’t try and make your self look like it.

Battle of the riches good vs. evil. which side is money on

Why Become Wealthy? Believe it or not, I’ve actually been asked this question by a student of mine! She totally did not get why anyone would want to be wealthy. After asking her to define what it was to be wealthy for the class I quickly became aware that she had a mental block to becoming wealthy. To her, “Rich” people acquired their secure financial state by abusing and crushing those around them to gain more and more money.

With that sort of paradigm floating around in her head, is it any wonder that this woman had problems saving money? She was in continual battle with herself! She knew she needed money, but anytime she had too high a savings account she would “splurge” on some item and blow out her stash of cash so that she was back to living paycheck to paycheck. Ouch! How painful is that?

To my sadness, this student is not alone in her assessment of “rich” people. Throughout my travels, classes and seminars I find that roughly 45% of the people who are having problems with money have to deal with this issue first before anything else can happen! No, it is not your credit card debt that is the problem, at least that isn’t the core issue with your financial scarcity.

The issue is much more basic then credit card debt. You have not given yourself permission to become wealthy because you haven’t answered these questions for yourself:

1. Do you see money as good or evil?

2. Do you want to have more cash because you can use it to buy things that you or people in your life need or want?

3. Are you afraid of having too much money because the only people who seem to have lots of it are the folks who have done something bad to get it?

These are some of the first questions you need to ask yourself. If you see money as a necessary “evil,” your ability to find and save money, let alone use it wisely, will be colored by your negative view of what it can do. Money is not evil. Money is only a tool, like a hammer. You can use that hammer the right way, to build a house for someone who needs one. Or you can use it the wrong way, to smack someone on the head. Either way, the hammer has no choice in how it is used. Good or bad, right or wrong, the choice along with credit or blame, belongs solely to the person who wields it.

The same is true for money. Money is a useful tool, a medium of exchange that allows you to buy stuff you want. Money spends, regardless of how you get it. The bucks from your paycheck buy just as much as the cash you get from part-time employment, or the coins you picked up in the parking lot. The sales clerk and the shop owner don’t care where you got the money; it spends. The only “good” or “bad” in money is what you bring to it.

If you think that money is “evil,” take a minute to ask yourself some questions.

1. “Why do I believe that money is evil?”

2. “Is my view colored by how my parents handled cash?”

3. “Do my friends have money, and do they use it well?”

Write your answers down on a piece of paper, and then read them aloud to yourself. Why? Because as long as you believe that money is “bad” you will not be able to make or keep much of it. It is very important that you understand the battle in your brain as you go about changing your thoughts on money. If you want to keep money flowing in your life and working for you, then define for yourself what type of wealthy person you want to be.

Once you have a clear picture of the type of person you envision yourself to be and how you will handle money, then you can move toward creating it in your personal life. All it takes is a bit of introspection and reworking your internal definitions on what it means to be wealthy.

Handling credit card debt

When you find yourself in the midst of credit card debt, you may wonder if there is any way to pay off your balances without accruing so much interest and becoming trapped in what seems an inescapable cycle. If you can go online, visit the America Express website at americanexpress. com to see what they have to say about credit card debt consolidation. The American Express credit card offers a six month period without credit card interest. This means that if you transfer your balances from your Visa, MasterCard, or Discover cards, you will not accrue any interest on these balances. You only receive one statement and deal with one company for all your cards.

Benefits

Credit card debt consolidation lowers your monthly payments, which means that you will be paying out less each month than you have been. This is great news for those people with high monthly bills. You will have more access to cash and be able to apply that money either to the principle of our debt or to other needs.

The American Express credit card would be the only card you carry. So you would receive only one statement each month. If you are paying forty dollars on three credit cards right now, then you pay a total of one hundred and twenty dollars each month. A lot of that money goes to pay off the interest you are accruing on each card. So the principle balance keeps growing. When you transfer your balances to American Express, you are only responsible for the one payment each month. If this payment were forty dollars, for example, you would have freed up eighty dollars. Using this eighty dollars to pay on the American Express bill and therefore on the principle balances of your other cards is advisable, but not necessary.

Your credit card debt will disappear a lot faster if it is not accruing interest and growing in size each month. With the American Express card, the credit card interest is suspended for six months, offering you a grace period in which to catch up with your bills. You will also receive no interest on any other credit card purchases you make in the initial interest free time period.

In addition, by transferring your debt to an American Express credit card, you will get a better interest rate. The basic American Express credit card offers an interest rate of 4.99% on your balance transfers. This low rate takes effect after the six month trial period ends. It also lasts for the life of the card, meaning that it is a fixed credit card interest rate.

Drawbacks

There are some drawbacks to transferring credit card debt onto one card with an interest free trial period. You must remember that the interest will go up after the trial period is up. Be prepared to pay on the interest you accrue and have your debt disappear at a slower rate once the interest sets in. For purchases, your interest rate will continue to climb if you are late with payments or go over your credit limit.

Venice the floating city

For a millennium, Venice has provided inspiration for artists and writers. This coveted city is made up of 118 islands linked by 453 bridges. Each corner of town exhibits individual architectural magnificence, the city combining as one to form a spectacular theatrical stage set.

Beautiful churches adorn the banks of the Grand Canal as she snakes her way through the city. This main artery is at the centre of a myriad of canals running throughout the town.

The lifeblood of Venice is its tourism, a magnet for over 12 million visitors a year. Catering for this influx of visitors, the cities population of 70,000 people continue their daily lives, working the bars, cafes and restaurants.

Despite all this however, it seems that Venice is slowly sinking at the rate of approximately 2 inches every century. Terrible floods in 1966 caused much doom mongering and many people feared that Venice was about to be taken off the map.

The threat to remove funding for vital restoration projects gave serious cause for concern and prompted an urgent response to save the city. It was feared imminent flooding could completely destroy the city; preventative measures were high priority.

The efforts of the past two decades have had considerable success. Reduced pollution, shipping and the restoration of natural sandbanks have all contributed to the cause.

The first settlers of Venice were those fleeing the Barbarians around 400 AD. To create solid foundations for their buildings they drove timber into the mud and began creating a community for their people.

The city's emblem, the winged lion, derived from Saint Mark the Evangelist. The first significant church of Venice was built in the ninth century to house the relics of Saint Mark, and his emblem was soon adopted.

Venice’s trade brought great wealth and prosperity to the city and for many centuries it continued to grow. The city thrived on its colonies and invested its riches wisely. Churches and palaces became commonplace, as were museums to house many newly acquired works of art.

For the past couple of centuries however, the obvious lack of development space meant the city found it difficult to advance further. Wars with Turkey were a drain on the resources and so Venice was content to consolidate.

Despite this, Venice does not rest on its laurels. Every visit offers something new, a fresh experience to take home. Each region of the city has an individual charm, giving the sense there is always something special around each corner.

Digital camera care

After spending money on a quality digital camera, it is important to take the time to maintain it properly. Your camera will last much longer if you take preventative measures to keep it in the best condition.

The most important, and delicate, component of your digital camera is the camera lens. This serves as your window to the world, and once scratched it will require professional intervention to fix. For this reason, it is imperative that you protect the lens. First of all, when you are not taking photos your lens cap should always be on to keep the lens clean. Do not touch the lens directly with your finger. The oils left behind by your skin will be difficult to remove, making the view blurry at best. If your lens should get dusty or dirty, use a cleaner and cloth made specifically for cleaning camera lenses.

The body of your camera should also be kept clean and free of debris. Keep the camera in a case or pouch when not in use. If it should get dirty, wipe it down with a soft dry cloth. If you camera has an LCD panel, it is acceptable to breath lightly on it to add slight bit of moisture before wiping it down with a soft cloth.

Digital cameras should be kept dry. Most cameras are not waterproof, and should not be in situations where they could be submerged in liquid or even splashed. If your camera should get wet, it is a good idea to turn it off, remove the battery, and remove the memory card. Leave the camera out to air dry for one to two days. At that time if the camera is not functioning properly you will need to contact a professional repair company or the manufacturer for advice.

In general, your camera will do best if stored in mild, dry conditions. Extreme temperatures can be damaging so try not to leave your camera in your car or any super sunny locations. Another good idea is to save the silica gel packets that come with many purchases to prevent moisture damage, and place them in the drawer or container where your camera is stored. If you plan to store your camera for a long period of time without use, you should first remove the battery from the camera. This precaution will prevent damage in case the battery should leak.

Finally, if you are planning to take photos in a location where you believe there will be a higher risk of damage from water or soil or other conditions purchase a disposable camera and leave your digital at home. Better safe than sorry.