Tuesday, October 9, 2007

How to take a loss

Brett N. Steenbarger, Ph.D.

There are quite a few books written on how to make money in the market. Some of them are even written by people who have made money as traders! What you don't see often, however, are books or articles written on how to lose money. “Cut your losers and let your winners run” is commonsensical advice, but how do you determine when a position is a loser? Interestingly, most traders I have seen don't formulate an answer to this question when they put on a position. They focus on the entry, but then don't have a clear sense of exit—especially if that exit is going to put them into the red.

One of the real culprits, I have to believe, is in the difficulty traders have in separating the reality of a losing trade from the psychological sense of feeling like a loser. At some level, many traders equate losing with being a loser. This frustrates them, depresses them, makes them anxious—in short, it interferes with their future decision-making, because their P & L is a blank check written against their self-esteem. Once a trader is self-focused and not market focused, distortions in decision-making are inevitable.

A particularly valuable section of the classic book Reminiscences of a Stock Operator describes Livermore 's approach to buying stock. He would sell a quantity and see how the stock responded. Then he would do that again and again, testing the underlying demand for the issue. When his sales could not push the market down, then he would move aggressively to the buy side and make his money.

What I loved about this methodology is that Livermore's losses were part of a grander plan. He wasn't just losing money; he was paying for information. If my maximum position size is ten contracts in the ES and I buy the highs of a range with a one-lot, expecting a breakout, I am testing the waters. While I am not potentially moving the market in the way that Livermore might have, I still have begun a test of my breakout hypothesis. I then watch carefully. How are the other averages behaving at the top ends of their range? How is the market absorbing the activity of sellers? Like any good scientist, I am gathering data to determine whether or not my hypothesis is supported.

Suppose the breakout does not materialize and the initial move above the range falls back into the range on some increased selling pressure. I take the loss on my one-lot, but then what happens from there?

The unsuccessful trader will respond with frustration: “Why do I always get caught buying the highs? I can't believe “they” ran the market against me! This market is impossible to trade.” Because of that frustration—and the associated self-focus—the unsuccessful trader does not take any information away from that trade.

In the Livermore mode, however, the successful trader will see the losing one-lot as part of a greater plan. Had the market broken nicely to the upside, he would have scaled into the long trade and likely made money. If the one-lot was a loser, he paid for the information that this is, at the very least, a range-bound market, and he might try to find a spot to reverse and go short in order to capitalize on a return to the bottom end of that range.

Look at it this way: If you put on a high probability trade and the trade fails to make you money, you have just paid for an important piece of information: The market is not behaving as it normally, historically does. If a robust piece of economic news that normally sends the dollar screaming higher fails to budge the currency and thwarts your purchase, you have just acquired a useful bit of information: There is an underlying lack of demand for dollars. That information might hold far more profit potential than the money lost in the initial trade.

I recently received a copy of an article from Futures Magazine on the retired trader Everett Klipp, who was dubbed the “Babe Ruth of the CBOT”. Klipp distinguished himself not only by his fifty-year track record of trading success on the floor, but also by his mentorship of over 100 traders. Speaking of his system of short-term trading, Klipp observed, “You have to love to lose money and hate to make money to be successful…It's against human nature what I teach and practice. You have to overcome your humanness.”

Klipp's system was quick to take profits (hence the idea of hating to make money), but even quicker to take losses (loving to lose money). Instead of viewing losses as a threat, Klipp treated them as an essential part of trading. Taking a small loss reinforces a trader's sense of discipline and control, he believed. Losses are not failures.

So here's a question I propose to all those who enter a high-probability trade: “What will tell me that my trade is wrong, and how could I use that information to subsequently profit?” If you're trading well, there are no losing trades: only trades that make money and trades that give you the information to make money later.


Brett N. Steenbarger, Ph.D. is Director of Trader Development for Kingstree Trading, LLC in Chicago and Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY. He is also an active trader and writes occasional feature articles on market psychology for a variety of publications. The author of The Psychology of Trading (Wiley; January, 2003), Dr. Steenbarger has published over 50 peer-reviewed articles and book chapters on short-term approaches to behavioral change. His new, co-edited book The Art and Science of Brief Therapy is a core curricular text in psychiatry training programs. Many of Dr. Steenbarger's articles and trading strategies are archived on his website, www.brettsteenbarger.com

http://www.straightforex.com/howtotakealoss.html

Incorporating Price Action into a Forex Trading System

Trading the Forex market has become very popular in the last few years. But how difficult is it to achieve success in the Forex trading arena? Or let me rephrase this question, how many traders achieve consistent profitable results trading the Forex market? Unfortunately very few, only 5% of traders achieve this goal. One of the main reasons of this is because Forex traders focus in the wrong information to make their trading decisions and totally forget about the most important factor: Price behavior.

Most Forex trading systems are made off technical indicators (a moving average (MA) crossover, overbought/oversold conditions in an oscillator, etc.) But what are technical indicators? They are just a series of data points plotted in a chart; these points are derived from a mathematical formula applied to the price of any given currency pair. In other words, it is a chart of price plotted in a different way that helps us see other aspects of price.

There is an important implication on this definition of technical indicators. The fact that the readings obtained from them are based on price action. Take for instance a long MA crossover signal, the price has gone up enough to make the short period MA crossover the long period MA generating a long signal. Most traders see it as “the MA crossover made the price go up,” but it happened the other way around, the MA crossover signal occurred because the price went up. Where I'm trying to get here is that at the end, price behavior dictates how an indicator will act, and this should be taken into consideration on any trading decision made.

Trading decisions based on technical indicators without taking price action into consideration will give us less accurate results. For example, again a long signal generated by a MA crossover as the market approaches an important resistance level. If the price suddenly starts to bounce back off that important level there is no point on taking this signal, price action is telling us the market doesn't want to go up. Most of the time, under this circumstances, the market will continue to fall down, disregarding the MA crossover.

Don't get us wrong here, technical indicators are a very important aspect of trading. They help us see certain conditions that are otherwise difficult to see by watching pure price action. But when it comes to pull the trigger, price action incorporation into our Forex trading system will definitely put the odds in our favor, it will generate higher probability trades.

So, how to create a perfect Forex trading system?

First of all, you need to make sure your trading system fits your trading personality; otherwise you will find it hard to follow it. Every trader has different needs and goals, thus there is no system that perfectly fits all traders. You need to make your own research on various trading styles and technical indicators until you find a concept that perfectly works for you. Make sure you know the nature of whatever technical indicator used.

Secondly, incorporate price action into your system. So you only take long signals if the price behavior tells you the market wants to go up, and short signals if the market gives you indication that it will go down.

Third, and most importantly, you need to have the discipline to follow your Forex trading system rigorously. Try it first on a demo account, then move on to a small account and finally when feeling comfortably and being consistent profitable apply your system in a regular account.

http://www.straightforex.com/perfect.html

Brief Description: Basics of Online Share Trading

Author: john

Online Trading?
A stock broker is a qualified and regulated professional who buys and sells shares and other securities through market makers on behalf of investors.
The increasingly popular activity of buying and selling securities over the internet, or to a lesser extent, through a broker’s proprietary software.

Stock Exchange
A stock exchange, share market or bourse is a corporation or mutual organization which provides facilities for stock brokers and traders, to trade company stocks and other securities, Shares, equity are traded in stock exchange. India has two big stock exchanges ,Bombay Stock Exchange - BSE and National Stock Exchange - NSE and few small exchanges like Jaipur Stock Exchange etc.

Stock Trading
Stock trading is done at a stock exchanges, which are places where buyers and sellers meet and decide on a price. raditionally stock trading is done through stock brokers, personally or through telephones. Stock trading is affected by supply and demand. Online stock trading is considered one of the best ways for almost anyone to get in on the market. One of the best resources out there on the internet today for the investor looking to educate him or her self about online stock trading is http://dowtrend.com and http://tradelikethepros.com. Online stock trading is all about selecting the best stock opportunities and following your buy and sell signals.Investor can trade shares through a website without any manual intervention from Stock Broker.

Stock Broker
A stock broker is a qualified and regulated professional who buys and sells shares and other securities through market makers on behalf of investors.
Only stock brokers can directly buy and sell shares in Stock Market. An investor must contact a stock broker to trade stocks. Broker charge commissions (brokerages) for their service. Brokerage is usually a percent of total amount of trade and varies from broker to broker.

Online trading has many pros. There are several wonderful reasons to invest online and consider online trading.

Benefits of Online Trading:

1. One can trade live on stock exchange irrespective of location.

2. Money saving opportunities
The amount of money you save depends primarily on the online brokerage firm that you choose. No two firms are the same. There may be different regulations, similar to bank regulations. There are minimum deposits required that must be maintained.

3. Instant online access
Orders directly send to stock exchanges rather then stock broker. This makes order execution very fast.

4. Enter online trades at anytime
You can enter online trades at anytime and from anywhere. This is very convenient if you live in a different time zone than the country you are trading in. Not to mention, it is especially fit for investors with busy schedules.

5. You are in control of your investments. No sales pitches and no hassle. You decide where to invest your money.

6. It provides almost each and every information which is required to a trader on a single screen including stock market charts, live data, alerts, stock market news etc.

Article Publish by: www.investmentbankingcentral.com

Article Tags: Ipo, Money And Banking, Infinite Banking, Free Insurance Quote, Insurance Ratings, What Is Investment Banking Technique, Affordable Individual Health Insurance, Corporate Finance Articles Resources, Brokerage Firms Insurance Brokerage, Banking Investments

Article Source: http://www.articlesbase.com/investing-articles/brief-description-basics-of-online-share-trading-228618.html

About the Author:

John Parker working on this site www.investmentbankingcentral.com. My job is to provide latest information, news regarding what is investment banking technique, affordable individual health insurance, corporate finance articles resources, brokerage firms insurance brokerage, banking investments, money and banking, infinite banking, free insurance quote, insurance ratings, ipo india, Investment Banking Salaries, investment firms, top investment banking firms, Venture Capital India, venture capital firms, Venture Capital Companies, Corporate banking, Venture Capital Funds, venture capital india by
publishing the articles.

Forex Scalping – Day Trading the Smaller Moves for Big Gains

Author: Kelly Price

The forex scalper who day traders does not look to make big profits per trade he seeks a lot of small profits over time that mount up and yield huge FX Profits overtime. Let’s look at forex scalping in more detail.

More novice traders try forex scalping than any other method and there is a huge industry on the net, which sells courses and forex day trading systems, to help them achieve their dreams.

Unfortunately, that’s all they are dreams - because Forex scalping simply has never worked and cannot work.

It simply guarantees you will get wiped out.

Why?

Its obvious and common sense. Millions of traders each day, trade trillions of dollars and to say that you can work out what this huge mass of traders will do in just a few hours, is laughable.

ALL Short term price moves are random.

Volatility can and does take prices anywhere in daily time frames and support and resistance levels are not valid - you can’t get the odds on your side and you will lose.

So Why Do So Many People Do it?

Well it’s a good story and the majority of forex scalping systems are sold with one aim in mind:

To make money the vendor is much to sensible to trade it himself – he makes his money appealing to greed and selling it to a naive buyer, who then losses.

The vendor pockets the profit and the buyer gets a hard lesson in the market he wont forget.

But I Have seen track records that make money!

Sure, you have – but check the disclaimer and you will see the words - "hypothetical" and "simulated".

Now this means that the track record was done in hindsight and simulated - KNOWING the closing prices!

How hard is that? A child, or anyone who can read and write can do that!

The problem with forex scalping comes when you have to trade it not knowing the closing prices, then the reality hits – a swift wipe-out of equity.

If you really want to prove this for yourself ask a vendor this simple question:

Can I please see YOUR track record of real time profits over 2 years or more?

Go ahead and try it and see what they say.

You won’t get one, or if you do, let me know - I have been asking this question for 25 years and never got one.

Forex day trading is a good story like little Harry Potter, the one the thing they have in common is their both made up.

So if you want to win and make money at forex trading, forget forex day trading and forex scalping and get the odds on your side.

This means, trading valid data and getting the odds on your side.

Try forex swing trading or long term trend following – both can work and you will be trading with the odds.

If you want to win at forex trading, then you need to do your homework and at least try methods that trade the odds, with forex scalping you could flip a coin and have as much chance of success.

Finally, maybe I am being a bit hard on scalpers and day traders if you find the elusive track record that makes money longer term, send it to me wonder what the odds are of that not happening?

Article Tags: Forex Trading, Currency Trading, Forex Day Trading, Forex Scalping, Forex Scalping For Beginners

Article Source: http://www.articlesbase.com/investing-articles/forex-scalping-day-trading-the-smaller-moves-for-big-gains-229607.html

About the Author:

NEW! FREE 2 x CRITICAL TRADER PDFS - NEWSLETTERS - TRADING ALERTS + MORE

On all aspects of becoming a profitable trader including: Free critical trader PDFS, and more FREE Forex Education visit our website at:
http://www.learncurrencytradingonline.com/index.html

Managing Money Online

Author: andy tao

You’re bank will more than likely have internet banking, this is a great tool which will allow you to sort and manage all of your finances out from a computer connected to the internet. Make sure you sign up as soon as possible to have the ease of paying all your bills from the comfort of your own home, you will never need to wait in those nasty bank cues waiting to see an advisor again as we all know how annoying they can be.

Having access to your bank online will give you many great benefits such as being able to check your bank balance without leaving your house, not only that but you can search previous statements and print them off so that you have a hard copy. It gives you full control of funds leaving your bank as you can set up or manage any direct debits you have set up on your account. It will display how much they are for and when the last and next date they are due to come out.

All you need to get started is a bank account with a company that support internet banking, go to their website and sign up for it if you haven’t got a username and password. Once you have filled in your details you will be given a username and a password, you often have to set a secret question to ensure maximum safety. Not many people trust online banking but the banking website has up to date firewalls and other security measures to keep your details private and out of the hands of other people.

If you forget your login, you often can find it out by filling in your sort code, account number, date of birth and certain digits from your security number which you set up with the bank when you originally set the account up. This will then give you access to your online banking interface. Make sure that you never leave any sensitive details lying around giving people the chance to access your account as they could withdraw your money or make payments from the interface and you would not be able to claim any of it back unless you can prove it wasn’t you that spent the money.

As long as you careful with your details you will be fine, you can always apply for online statements only which will reduce the chance of someone getting hold of your details.

Article Tags: Finance, Money, Banking, Firewall, Bank Account, Online Banking, Hostgator, Direct Debit, Security Number

Article Source: http://www.articlesbase.com/finance-articles/managing-money-online-228367.html

About the Author:

Andy Tao
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AI: Alpha and Index Funds

Author: Bill Byrnes

A current theme among Wall Street wealth managers is for individual investors to have index funds as their core holdings and to focus the remainder of their assets in high alpha investments, which will produce returns not correlated with the market.

A quick digression for those of you who aren't familiar with alpha and beta. In traditional finance, return not correlated with a broad market index, such as the S& P 500, is referred to as alpha.

The return which is correlated to the market is beta. An index fund should have the same return (positive or negative) as the index it mimics. (One of the controversies surrounding some ETFs is their performance has not tracked their underlying index.)

The theory behind Alpha and Index Funds is multi fold: 1. the major indices are a good place for an investor to be, both from a risk and return perspective; 2. you can't outperform the major indices, so don't waste your time; 3. find those investment niches with high alphas to increase your return and reduce the overall risk in your portfolio.

Even if you don't subscribe to this theory, you might find it an interesting exercise to review the alphas -- every investment has one -- of your current holdings. They will tell you something about the correlation and diversification of your portfolio.

Where to focus your alpha energy? Investments in real estate, commodities, and energy are less correlated with the stock market (although I've never thought commodities were suitable for individual investors).

The Wall Street pros also recommend stock fund mangers who have unique strategies and can demonstrate a high alpha relative to the market (and, of course, positive relative performance).

Ask your investment adviser for suggestions. The alphas for individual mutual funds (and individual stocks) are available from some brokers and online premium services.

Alpha and index fund investing makes a great deal of sense. You know what to expect in terms of risk and return when you invest in an index fund.

Having a portion of your portfolio in index funds leaves you free to concentrate your investment time and energy (think alpha waves) on those investments which can make a difference.

Picking high alpha investments, which by their nature are less correlated with the stock market, should reduce the risk/volatility of your portfolio and, depending upon the investment, provide above market returns.

Article Tags: Stock Market, Mutual Fund, Index Fund Investing, Alpha Investment

Article Source: http://www.articlesbase.com/finance-articles/ai-alpha-and-index-funds-229421.html

About the Author:

Bill Byrnes is co-founder of MUTUALdecision, top mutual fundsa, providing investors with data on the top mutual funds, and author of the MUTUALdecision Blog. He's been CEO, chairman and served on the board of directors of several public and private companies. He holds MBA and JD degrees and is a Chartered Financial Analyst with over 30 years experience in the investment industry.

Saturday, October 6, 2007

Forex Leverage: A Double-Edged Sword

One of the reasons why so many people are attracted to trading forex compared to other financial instruments is that with forex, you can usually get much higher leverage than you would with stocks. While many traders have heard of the word leverage, few have a clue about what leverage is, how leverage works, and how leverage can directly impact their bottom line. (To learn more, see How does leverage work in the forex market?)

What is leverage?
Leverage involves borrowing a certain amount of the money needed to invest in something. In the case of forex, that money is usually borrowed from a broker. Forex trading does offer high leverage in the sense that for an initial margin requirement, a trader can build up - and control - a huge amount of money.

To calculate margin-based leverage, divide the total transaction value by the amount of margin you are required to put up. (For more insight, check out Margin Trading.)

Margin-Based Leverage =
Total Value of Transaction
Margin Required

For example, if you are required to deposit 1% of the total transaction value as margin and you intend to trade one standard lot of USD/CHF which is equivalent to US$100,000, the margin required would be US$1,000. Thus, your margin-based leverage will be 100:1 (100,000/1,000). For a margin requirement of just 0.25%, the margin-based leverage will be 400:1, using the same formula.

Margin-Based Leverage Expressed as Ratio Margin Required of Total Transaction Value
400:1 0.25%
200:1 0.50%
100:1 1.00%
50:1 2.00%

However, margin-based leverage does not necessarily affect one's risks. Whether a trader is required to put up 1% or 2% of the transaction value as margin may not influence his or her profits or losses. This is because investor can always attribute more than the required margin for any position. What you need to look at is the real leverage, not margin-based leverage.

To calculate the real leverage you are currently using, simply divide the total face value of your open positions by your trading capital.


Real Leverage =
Total Value of Transaction
Total Trading Capital

For example, if you have $10,000 in your account, and you open a $100,000 position (which is equivalent to one standard lot), you will be trading with a 10 times leverage on your account (100,000/10,000). If you trade two standard lots, which is worth $200,000 in face value with $10,000 in your account, then your leverage on the account is 20 times (200,000/10,000).

This also means that the margin-based leverage is equal to the maximum real leverage a trader can use. And since most traders do not use their entire accounts as margin for each of their trades, their real leverage tends to differ from their margin-based leverage.

Leverage in Forex Trading
In trading, we monitor the currency movements in pips, which is the smallest change in currency price, and that could be in the second or fourth decimal place of a price, depending on the currency pair. However, these movements are really just fractions of a cent. For example, when a currency pair like the GBP/USD moves 100 pips from 1.9500 to 1.9600, that is just a $0.01 move of the exchange rate.

This is why currency transactions must be carried out in big amounts, allowing these minute price movements to be translated into decent profits when magnified through the use of leverage. When you deal with a large amount like $100,000, small changes in the price of the currency can result in significant profits or losses.

When trading forex, you are given the freedom and the flexibility to select your real leverage amount based on your trading style, personality and money management preferences.

Risk of Excessive Real Leverage
Real leverage has the potential to enlarge your profits or losses by the same magnitude. The greater the amount of leverage on capital you apply, the higher the risk that you will assume. Note that this risk is not necessarily related to margin-based leverage although it can influence if a trader is not careful.

Let's illustrate this point with an example (See Figure 1).

Both Trader A and Trader B have a trading capital of US$10,000, and they trade with a broker that requires a 1% margin deposit. After doing some analysis, both of them agree that USD/JPY is hitting a top and should fall in value. Therefore, both of them short the USD/JPY at 120.

Trader A chooses to apply 50 times real leverage on this trade by shorting US$500,000 worth of USD/JPY (50 x $10,000) based on his $10,000 trading capital. Because USD/JPY stands at 120, one pip of USD/JPY for one standard lot is worth approximately US$8.30, so one pip of USD/JPY for five standard lots is worth approximately US$41.50. If USD/JPY rises to 121, Trader A will lose 100 pips on this trade, which is equivalent to a loss of US$4,150. This single loss will represent a whopping 41.5% of his total trading capital.


Year after year, key players in the Forex market make a killing by picking the right currencies – now it’s your turn. Access industry gurus Boris and Kathy’s exclusive FREE report, The Five Things That Move the Currency Market – And How to Profit From Them, right now!


Trader B is a more careful trader and decides to apply five times real leverage on this trade by shorting US$50,000 worth of USD/JPY (5 x $10,000) based on his $10,000 trading capital. That $50,000 worth of USD/JPY equals to just one-half of 1 standard lot. If USD/JPY rises to 121, Trader B will lose 100 pips on this trade, which is equivalent to a loss of $415. This single loss represents 4.15% of his total trading capital.

Refer to the chart below to see how the trading accounts of these two traders compare after the 100-pip loss.

- Trader A Trader B
Trading Capital $10,000 $10,000
Real Leverage Used 50 times 5 times
Total Value of Transaction $500,000 $50,000
In the Case of a 100-Pip Loss -$4,150 -$415
% Loss of Trading Capital 41.5% 4.15%
% of Trading Capital Remaining 58.5% 95.8%
Figure 1: All figures in U.S. dollars

Excessive Leverage Can Kill
With a smaller amount of real leverage applied on each trade, you can afford to give your trade more breathing space by setting a wider but reasonable stop and avoiding risking too much of your money. A highly leveraged trade can quickly deplete your trading account if it goes against you as you will rack up greater losses due to bigger lot sizes. Keep in mind that leverage is totally flexible and customizable to each trader's needs. Having an aim of trading profitably is not about making your millions by the end of this month or this year.

For more on trading this market, see the Forex Market tutorial.
By Grace Cheng, See Grace's Forex blog at www.gracecheng.com,
Access Investopedia's Forex Advisor FREE Report - The 5 Things That Move The Currency Market

Grace Cheng is a forex trader, creator of the PowerFX Course and author of "7 Winning Strategies for Trading Forex" (2007, Harriman House). This revealing book explains how traders can use various market conditions to their advantage by tailoring a strategy to suit each one. The book is a perfect complement to the PowerFX Course. The PowerFX Course, designed for both new and current traders, teaches tools and trading approaches that combine technicals, fundamentals and the psychology of trading forex. It also includes Grace's proprietary tips and tricks. Grace's works have been published in The Trader's Journal, Technical Analysis of Stocks & Commodities, Smart Investor and other leading trading/investment publications.

Visit her popular forex blog at www.GraceCheng.com.

Win at Forex Trading – the Major Problem you Must Confront to Enjoy Success

Author: Kelly Price

There is one problem that most forex traders fail to come to terms with and lose and its operating in an unstructured environment – this is the major underlying reason traders lose, so lets it explain it and its significance in more detail.

In normal society we confirm to rules and laws they govern our lives and those of our fellow citizens, were used to them and we conform to them.

When a forex trader trades, he has to operate in an unstructured environment and create his own rules to live and survive by.

This sounds easy enough to achieve, however nothing could be further from the truth – it’s very hard and most traders simply can’t achieve it.

Let’s take a closer look at the problems associated with operating in an unstructured environment.

1. Taking Responsibility For Your Actions.

This means taking charge of your destiny and most people simply cannot accept this responsibility.

They want the comfort of having someone to hold their hand and blame if thinks go wrong.

Problem is if you don’t accept responsibility, you won’t win - no one else will make you rich in Forex trading, you’re all on your own.

2. You Have To Create a Set of Rules to Survive

The market which you confront is all powerful, it moves as and when it wants – it’s always right and you can only be wrong .

Again, this causes major psychological problems for traders – we all hate being wrong, but in this instance you have to accept the market is right ALL the time, if you don’t you will run loses and the market will destroy you.

Most traders get frustrated and break their rules, or create a new set as they lose and end up chasing their tail. If you create rules you must have the discipline to apply them and most traders simply lack the mindset to do this.

3. The Work Ethic Does Not Apply

Most people try and overcome losses with a higher work rate.

After all the more you put in the more you get out. They assume if they acquire more knowledge or trade more often, their profitability will increase but the markets won’t reward effort.

You get your reward for being RIGHT and that’s it in forex trading, not the effort you put in.

4. Forex Traders Need To Be Anti Social!

We don’t mean you have to be rude to anyone - but you need to keep yourself to yourself and stay away from the pack and its opinions when trading forex.

Remember 95% of forex traders lose!

We find this uncomfortable.

After all, were pack animals and since stone age times we have sought comfort and belonging with others of our species. When we go against the majority opinion, we feel uncomfortable, as were simply not used to it.

Operating in the forex markets is far harder than many people think and most traders are simply unprepared for the mental problems that it confronts them with.

You will hear often that it is mindset more than method that contributes to success in the markets and its true.

If you have ever wondered why traders find it so hard to trade with discipline, this article may have helped you see why and given you an insight into what you need to do to achieve currency trading success।


Article Source: http://www.articlesbase.com/investing-articles/win-at-forex-trading-the-major-problem-you-must-confront-to-enjoy-success-226574.html
About the Author:

NEW! FREE 2 x CRITICAL TRADER PDFS - NEWSLETTERS - TRADING ALERTS + MORE

On all aspects of becoming a profitable trader including: Free critical trader PDFS, and more FREE Forex Education visit our website at:
http://www.learncurrencytradingonline.com/index.html

Forecasting Forex With Fundamental Analysis an Introduction

Author: Monica Hendrix

If you are forecasting forex with fundamental analysis you are effectively looking at the supply and demand situation and trying to judge which way prices go. Forex prices respond to the long term fundamentals but you need to avoid the errors most traders make to succeed.

What is Forex Fundamental analysis?

Studies all the facts in relation to the supply and demand situation of the currency and these are numerous and include:

Political factors

Interest rate outlook

Economic health of the economy

Government economic policy

And more make up the supply and demand picture

These are the facts and all traders see them but they draw different conclusions from what they see - this is the problem for any Forex trader and a problem for the trader following fundamentals.

A simple equation for market movement is:

Economic Fundamentals + Human perception = market movement

It is a fact that the markets do reflect the forex fundamentals but traders are emotional so they will push prices to far either up or down.

It’s a fact that markets tend to collapse when the fundamentals are most bullish and rally when they are most bearish. So you really need to follow investor psychology as well if you want to succeed.

News Is Discounted Instantly

Today we live in a world where the supply and demand fundamentals are available to all at the click of a mouse and they immediately show up in price action, so if you try and trade a news story, its been discounted and your playing catch up.

The news also relfects the greed and fear of the participants and can be misleading. Will Rodgers once said:

" I only believe what I read in the papers"

He was joking but the maount of people who take what the news says witout questioning its logic is huge.

For most traders trying to trade the fundamentals is impossible, as prices move too quickly and investor psychology constantly wrong foots them, as prices move opposite to the fundamentals, because investor psychology is emotionally driven.

Save Time and See the Whole Picture

The easiest way to trade is via technical analysis and forex charts.

You have the forex fundamentals covered as forex technical analysis simply assumes they show up in price action straightway and in today’s world of lightening fast communications, this is truer than ever before.

Furthermore, you get to see graphically how investors perceive them – this is very important and gives the overall picture.

A trader using forex charts does not try and work out where prices may go, he sees where they are and acts on the reality as he sees it.

This method is less time consuming, keeps your emotions out of trading and lets you trade on the reality of price.

A Surprising Forex Fact

Forex fundamental analysis is hard for most traders and although news is faster, better and more numerous than ever before a simple fact will illustrate why it won’t help you:

The ratio of winning traders is still 5% and it was at this level 50 years ago - despite all the advances in fundamental forecasting.

A Better Way to Win

It won’t make you a better trader or help you make money it will simply consume your time and see you lose. Trade via forex charts and you will see the whole picture and be able to spot profitable trading opportunities and act upon them and enjoy currency trading success.

Forex fundamental analysis is hard and technical analysis for most traders is the better option।

Article Source: http://www.articlesbase.com/investing-articles/forecasting-forex-with-fundamental-analysis-an-introduction-226577.html
About the Author:

NEW! FREE 2 x CRITICAL TRADER PDFS - NEWSLETTERS - TRADING ALERTS + MORE

On all aspects of becoming a profitable trader including: Free critical trader PDFS, and more FREE Forex Education visit our website at:
http://www.learncurrencytradingonline.com/index.html

Friday, October 5, 2007

How to Get Affordable Life Insurance That Will Meet your Needs

Author: Joe Stewart

Life insurance is one of those monthly expenses where you somtimes scratch your head and ask yourself "is this really necessary"? Well, the best way to get an answer to that question is to not ask yourself, ask your wife and kids or whatever loved ones that you are responsible for or care about. The reason that I say this is because these are the people that are going to be affected by whether you are insured or not. To suddenly have the breadwinner of the home gone with or without notice can instantly change everyone's lives and, in some cases, instantly place them into poverty. Don't you think that your loved ones would have a hard enough time coping with your loss without having to deal with financial stress, not to mention your burial expenses?

If you don't already have life insurance you need to get a policy immediately. The most affordable life insurance that you can buy is called "Term Life Insurance". You can buy a policy for a specific period of time, such as ten or twenty years or whatever your needs may be.

Before you buy your life insurance you need to determine approximately how much your loved ones will need to survive in your absence. You don't want to change their lives any more than you absolutely have to. If you have children you'll need to provide enough coverage for them until the youngest child is through college. This is something that you'd be better served by sitting down with an insurance agent in order to determine exactly how मुच
Article Source: http://www.articlesbase.com/finance-articles/how-to-get-affordable-life-insurance-that-will-meet-your-needs-227517.html

About the Author:
Stop! Learn More About Cheap Life Insurance Options And Even Get Free Term Life Insurance Quotes Right Now At TheLifeInsuranceGuys.com or by clicking on Affordable Life Insurance

Joe Stewart Is A Former Life & Health Agent That Now Works Independently.

Investing In Gold Bullion Is Easy Now


Author: Dave Jackson

Right now you're probably thinking that gold bullion investing is something best left to the pros. Yes, the majority of traders making noise are professional investors. But there are some easy ways to get into the bullion market, and gold could be a good investment for you.

Of all things to invest in, gold is probably one of the most liquid investments. And much unlike many of the other commodities, it is literally traded 24 hours a day everywhere in the world. This means you can buy and sell gold in about any country.

Mom always said to not put all your eggs in one basket, and this is why gold should form the foundation in your overall investment portfolio. If you have only paper in your portfolio, know that gold tends to move in the opposite direction of paper investments.

It really stands out as a diversifier. With your stocks, bonds and cash, gold can help offset fluctuations in the market. There are a lot of financial advisers that recommend having 5 to 10 percent of gold in their portfolio.

A real good way to get into the gold bullion market is by investing in the American Eagle. This coin is the only bullion coin whose weight, content, and purity are backed by the United States government. Think of the confidence you can have buying them.

American Eagle gold coins require no assaying and they can be converted to cash at any moment. Simple to keep track of, American Eagles are tied to the spot gold price, plus a small premium to cover mintage and distribution.

Many have used American Eagle gold bullion coin in their Individual Retirement Accounts or other tax-advantaged plans। It just makes good sense to at least consider looking into the American Eagle. If you thought that investing in gold was too hard or too tricky, read our reports to see why now is the very best time to invest.

Article Source: http://www.articlesbase.com/finance-articles/investing-in-gold-bullion-is-easy-now-227392.html

About the Author:
Dave Jackson details gold investing at his site Investing in Gold. His tips regarding 24k gold jewelry are timely in today's market.

Wednesday, October 3, 2007

Forex Trading – Using Greed and Fear to your Advantage for Huge Profits


Author: Kelly Price
To succeed at forex trading you need to understand greed and fear and why it makes most traders lose. Learn to sell greed and buy fear and you can catch some great high return, low risk trades - while the majority lose.

First let’s start with a simple equation which in forex trading gives us price

Fundamentals + Investor Psychology = Price

Let’s look at this simple equation in more detail

In forex trading prices move in line with the long term fundamentals over time – that’s why you see currencies trend for months or years, as they ultimately reflect the underlying health of the economy.

You can’t trade these though in isolation.

Why?

Because humans ultimately determine the price of anything and decide the price and they don’t act logically, their dominated by their emotions. In bull markets when greed dominates, they push prices too far to the upside. Conversely, when prices are falling fear, means that prices get pushed to far to the downside.

When a market has been pushed to far up or down by these emotions, the price eventually recoils beck to be in line with the longer term fundamentals.

FACT:

Most markets collapse when they are most bullish and rally when their most bearish – this is a reaction to traders pushing prices too far.

These price spikes are easy to see on a forex chart.

Short term price spikes never last long and if you learn to trade them, you can make money from other trader’s greed and fear.

It’s not enough to spot a market ruled by greed and fear and sell or buy IT - you need to find out when the turning point is coming, this is the hard part!

The key here is to look at price momentum and support and resistance.

Firstly, watch for prices to form a top or bottom in some shape or form, then watch momentum oscillators to time your entry.

If you are unfamiliar with using momentum, you need to make it an essential part of your forex education.

Three good oscilators to start with are:

The stochastic, the average directional movement and relative strength index.

All of these gauge the momentum of price when they wane at important resistance or support levels from over-bought readings a turning point is near.

The trick is to wait for CONFIRMATION.

Don’t guess a top or bottom, wait for resistance or support to form and a change in price momentum and then its time to execute your trading signal.

The beauty of looking at a forex chart is that it takes into advantage the fundamentals (it simply assumes that in today’s world of instant communications they show up in price action instantly) - but more importantly it shows you the reality of how investors perceive the price. You therefore see:

The truth – the price as it is and act on the reality.

No hoping guessing or listening to opinions – you see the facts and can take advantage of them, to buy or sell, with great odds and profit potential.

Many traders like to listen to the news or opinions - but if you do you will join the losing majority.

Forex charts will keep you detached and focused on the reality of price so you can take a step back and see things clearly with no emotions involved.

This may sound simple and it is.

You just need to keep your emotions out of your trading and watch price action – if you learn to do this and stand alone you will win.

At turning points, the more traders who disagree with you the better – only the minority of traders (who make the big profits catch them) so you’re in good company। If you want to win big at forex trading learn to stand alone – buy fear and sell greed and you can pile up some huge profits.


Article Source: http://www.articlesbase.com/investing-articles/forex-trading-using-greed-and-fear-to-your-advantage-for-huge-profits-225536.html

About the Author:

NEW! FREE 2 x CRITICAL TRADER PDFS - NEWSLETTERS - TRADING ALERS + MORE

On all aspects of becoming a profitable trader including: Free critical trader PDFS, and more FREE Forex Education visit our website at:
http://www.learncurrencytradingonline.com

Rewrite your Success Story With Accounting Outsourcing

Author: Michelle Barkley

With the introduction of internet and related information technology applications, executing tasks have become easy for many business owners and their employees. In fact, a company’s financial status is determined by its accounts. Due to the lack of time, many enterprises are hiring firms that provide accounting outsourcing. As it offers a wide range of strategies that optimizes various resources for clients' business needs.

Financial department is any company’s back bone that plays a major role in making or breaking a company. Though dealing with numbers is not a child’s play and also demands a great deal of time and concentration. Yet it is an essential part of any business as the growth depends on it majorly. The added numbers of the profit earned or expense incurred are primary aspect of any successful business. Accounting outsourcing therefore plays a significant role in the development of any small or large business organization. However, maintaining huge records of numbers is not an easy task and that is the reason many companies are turning towards certified accountants to deal with their financial records. Accounting outsourcing however, enables the accountants to maintain and manage regular accounts on everyday basis. In fact, it helps the owner as well as employee of the company on the financial standing of their business on any given day.

Moreover, accounting outsourcing offers a wide range of strategies that incorporate a simple, practical, and collaborative and resource optimization approach for clients' various needs. These strategies are structured and developed in a way that they capture the strengths and advantages of core competence of the business at various levels. With the increase in competition and multitasking, many companies are hiring accounting outsourcing services to enhance their businesses in every possible way. Since, accounting outsourcing can play a key role in churning out more profits and simultaneously keeps a tab on the incurring expenses on a daily basis. In fact, accounting outsourcing also helps in reducing time and manpower and at the same time controls the financial loss incurred on the firm due to many reasons. With the increase in its popularity and successful results more and more companies are hiring accounting outsourcing. Now it has become even easier to maintain accounts, thanks to the services offered by accounting outsourcing firms.

In fact, many software vendors are offering accounting outsourcing solutions that enables various firms and organizations to get the expertise of the accountants, who are well acquainted with it and can maintain data by using the client’s preferred software। Moreover, accounting outsourcing additionally helps in keeping a record of every transaction properly। It also prepares accounts with great accuracy while maintaining confidentiality of the data involved. The financial consultancy and accounting reports provided by the firm makes the task easier as it carefully weigh the financial status of the company before deciding on further strategies and plans. The accounting details help a business owner to find out the current financial trend and also pinpoint areas of profit or loss. In this way a company can decide on certain aspects of the expenditure that generate losses and increase investment in profit making divisions.


Article Source: http://www.articlesbase.com/finance-articles/rewrite-your-success-story-with-accounting-outsourcing-225431.html

About the Author:
Michelle Barkley is a CPA who advises people on tax preparation and tax calculation.She specializes in bookkeeping outsourcing,Tax return preparation,back office outsourcing and Outsourced Accounting.To know more about Accounting outsourcing services, accounting outsourcing and to use the services visit www.ifrworld.com.





Learn to Say No, so you Can Say Yes to your Dreams!


Author: Diana Long

You've seen the movie, The Secret, you've made a Vision Board, you are self-correcting self-limiting thoughts. You are doing lots of the "right" things to achieve those big goals of yours.

But wait... things aren't exactly going the way you would like them to. You are up to your eyeballs with personal and work commitments. You feel stressed and overworked!

Maybe your business and your personal life are in a slump, even though your are trying harder than ever to juggle everything, trying to make everything work out. In a past survey I conducted, I asked people what their top challenge was with time management. Hands down, the biggest challenge people face is how to prioritize! It seems that in the age of excess, we have an absolute abundance of opportunities, choices and decisions to make everyday.

Our To-Do lists begin to resemble an unraveling, never ending Scroll of Actions to be taken. It's making my palms sweat, just by talking about this! In the meantime, it can appear that the BIG GOAL, THE BIG DREAM, continues to be pushed to the back burner because, darn it, there's just not enough time to do everything. Sound familiar? Good News! There is a solution to this time management dilemma. It's called the "Art of Prioritization". It's critical to your success (both personally and professionally) that you know and act on your priorities.

1. The way to do this is to select your "Big Goal (I'd limit the number of Big Goals to 1 Personal Goal and 1 Business Goal) What do you want to achieve in the next 90 days?

2. Do a Weekly Check-In. (My clients receive their own Weekly Success Worksheet every week, so they stay clear, on track and are accountable to their big goal) (Once a week, I do my Weekly Success Check-In sitting outside by the pool) Determine what you want to accomplish this week related to your 90 Day Goal. Take those actions and immediately plug them into your calendar for the upcoming week.

3. Stay true to yourself and your BIG GOALS by doing what you need to do in the upcoming week. When other "things" come up you MUST ask yourself, "Does doing this move me closer to my desired goal?" You've got to do some "tough love" with yourself. It's easy to get distracted and get interrupted everyday with things that just aren't that important.

Be strong.

Be accountable.

Say NO so that you can say YES! to your Goals and Dreams!

Article Source: http://www.articlesbase.com/self-improvement-articles/learn-to-say-no-so-you-can-say-yes-to-your-dreams-224462.html

About the Author:Success Coach and Speaker, Diana Long, is the President of the Life Design Institute. Diana can help you transform your dreams into reality and give you the shortcuts to success. Visit www.DianaLong.com to receive your Free Success Packet today!

Site Rubix, Home Page - Hype, or Scam?

Author: Avery Jenison

There are at least, a few hundred articles about Site Rubix, the new website builder, that is just short of being, the second coming of Bill Gates.

I have scanned a lot of articles, that Google has indexed about this new website builder.

There is a lot of buzz, a smack of rumor and more than a dash of hype. The hype, I can understand. Where would marketing be today, without hype?

Last summer, my two young sons, set up a Kool-Aid stand on our street, with a sign that read, "25 cents A Glass." They hadn't sold but one glass of it, and that was to Mrs. Keener, next door. My boys were ready to have, a "going out of business, sale".

I suggested they pitch the product. Give it some "hype". Let everyone know, it was the best Kool-Aid in town!

Four hours later, after I got back home, my sons were ready to kill me. They had done what I suggested, then jacked up the price to, two bucks a glass. They hadn't sold anymore, got laughed at by everyone, and held me responsible. I don't think my kids understood the different between a hype and a scam.

Out here, the hype surrounds us. Get their attention, by creating an honest desire learn more about it.

Out here, scams are always associated with a company, or concern that has no reputation, so they don't believe, they have anything to lose by taking your money and running with it.

This is some information I received, from Site Rubix homepage, minus the hype.

Site Rubix is a website builder anyone can use, without knowing any html, or having website development skills.

Create sites that are professional looking websites. A money saver, a time saver. Make your sites in under 10 minutes, in a "drag and drop" environment, with simple site management.

Kyle & Carson the owners of, "The Wealthy Affiliates" , an online, affiliate marketing University, are the Site Rubix owners. Over one hundred thousand dollars and more than a year of development went into this project.

Site Rubix will be launched online, Oct. 9th, in just a few short days. I have a feeling, shortly thereafter, this new website builder will effect all of us that do our business online; one way, or another.

You can learn everything about this new site builder, at the Site Rubix Official Homepage.

Article Source: http://www.articlesbase.com/online-business-articles/site-rubix-home-page-hype-or-scam-224218.html

About the Author:Avery Jenison is a Affiliate Marketer, internet content provider and freelance journalist.

Some Advice For HYIP Beginners

By Andris Kronghornz

This article describes hyip - investment programs. It is intended for those who are the beginners in such business. I think, a beginner can gather some rules and advice that can help not to lose but earn some money by participating in such projects.
First of all, you should decide: whether this method of earning money appeals to you? First of all, answer the following questions, and then make your own decision.
I do not advise you to start participating in this business if the following character traits are inherent to you:

1. You are afraid to risk your money. It is necessary to note, that absolutely reliable hyip projects do not exist. Any commercial or state bank offers low profitability of an investment with high reliability. On the contrary, hyip offers high liquidity, but often many of them have a short term of existence.

2. You should realize that hyip projects cannot make a profit from anything. You should deposit necessarily some minimum of money to receive profit. It is well-known, that it is impossible to receive something from anything. If you do not have necessary minimum (as a rule, it's over 100-1000$) you should earn and deposit them first.

3. Are you very emotional? Are you nervous? In this case, hyip business is not for you. Moreover, if you are capable to unforeseen rash acts, is very dangerous to participate in hyip projects. In the first case you'll suffer from sleeplessness, in the second - an opportunity to lose quickly all the money.

4. You like to blame others for your mistakes.
If, once a failure occurs, you blame everyone (be it an administrator, a friend, a boss, the government, God, weather, coincidence etc) except yourself, you should stay away from HYIP. Keep in mind that YOU are the only one being responsible for the decisions you are making, and the entire fault in case of a failure is yours. If you have lost money in HYIP – you are the only one who is to blame for your unpredictability and greed, having taken over your common sense. Remember that no one was pulling you on a lace and you have voluntarily given your money to a scammer.

5. I strongly advise you not to participate in hyip projects, if cheating is inherent in your character. There are too many dishonest persons in this business besides you.

HYIP – is for you, if:

1. HYIP is the best way of earning money for you, if the realized risk - congenital feature of your character. You should understand, that risk is a noble business. You should be ready to risk anywhere and anywhen to subdue top or to lose all. You’ve got a well-developed intuition and common sense.

2. For a successful promotion in hyip business you should have a good intuition and skill of precise analysis. Your experience and intuition should be a basis of your decisions. Your experience and opinion should have priority over the opinion of hyip forums participants etc. You and only you make a decision whether participate or not participate in this or that project.

3. You should be capable of taking experience from the latest mistakes.

Hyip is not intended for those who recedes after the first defeat. Hyip - a choice of strong people, able to make conclusions from their mistakes.

HYIP : first steps.

This part of the article is an array of advices for those people, who meet the requirements stated above and decide to take part in hyip business.
How to begin. You should take some knowledge before participation in hyip. You can get this knowledge by reading news on different forums, opinions of well-known people and professionals of this business. It is well-known, that's learning from mistakes of others is better than from your own. You should start only after your own close research of hyip business world.

Starting capital. A lot of hyip programs have too small start invest capital about $1-5. You should clearly understand that such a small sum of money can’t be the foundation of real business. You’d better buy a beer for yourself than participate in hyip business with such money. You should start your learning with at least $100, expanding this amount till $1000, if you want to succeed. And you should remember that amount of your investments and possible loosing of them should not be fatally dangerous for you.

A variety of investments. Do not invest all of your money in any unique invest-project. You should have contributions in at least ten various projects, you'll have an opportunity to succeed. You should clearly understand, that always there is a high risk of half of these funds to be closed.

You should ensure the safety of your accounts if do not want to be plundered by hackers of various kinds, swindlers, etc. Do not forget to update anti-virus software and firewall programs on your machine. Only you can protect yourself from a robbery by hackers.

Life expectancy of hyip projects.
Any investment program chosen by you should be preliminary researched by you. You should estimate the time of its existence and starting your work on the project. You should know, that any of such investment projects has a certain term of life. The overwhelming majority of projects are financial pyramids, also known as ponzies. They pay you from the deposits of new investors for a period of time while new investments are larger than the total amount of payouts. If you try to participate in an old program, you will face a huge risk of getting in the bottom of such financial pyramid.

Stages of development. Any program has a certain life of expectancy. This life can be divided into some periods conditionally:

1. The opening of the program. This is the most successful time for investment. The program receives big investments, investors receive their interest and demand withdrawal quite seldom. Bankruptcy at this stage can be caused by admin's insincerity. He can decide and disappear with the money instead of continuing the work of the project. Such state of events can be determined by researching statistics of the program. Such project is a bankrupt if in statistics the huge quantity of investments in the beginning of the work of the project is specified. Also the project can become incapacitated, because a huge amount of money was spent on advertising campaign and website design.

2. The period of stability. It is the period of the most fruitful existence of the project, when the program develops, deposits grow, and the small quantity of withdrawals of money is made.

3. The end of existence. This stage comes, when the amount of inquiries about withdrawal reaches the sizes of the common capital of the project. Admin closes the project, leaving difference of investments and the withdrawn incomes to itself.

4. Sometimes project continues its existence. It is possible in that case if it's really the productive investment project or a commercial deceit by means of advertising. This stage is a logic end of activity of the project. You should o withdraw the money at this stage if it is still possible.

5. Extraordinary events.It may take place if the website of the project is attacked by hackers. The most probable consequence of this accident is complete bankruptcy of the project.

Types of hyip projects.

1. Short-term ponzies
It is a kind of programs promising up to 200% daily payment. Usually term of life of such programs is no longer than one or two weeks. It is very dangerous to invest in such projects, which are like “roulette." I strongly recommend not to participate in such programs.

2. Medium-term ponzies
Term of life of such programs may change from about two weeks to two months. They pay around 5-7 percent a day. This is the most dangerous kind of projects.

3. Long-term ponzies
It's the best way for your investments. The real period of existing of such programs is about five months, and some of the most successful can live till half a year. Their payments are about from 2-3 percent a day. So, you have a high possibility of returning your investments in a two-month term and earn some profit.
4. Extra-long term projects.

This type of projects can work a very long period of time, a whole year. They promise less than 25 % monthly. Nevertheless, it is a very dangerous kind of projects. You should put concerning the big deposit to receive the essential income in this case. The risk in this project is very high, so, participation in such projects is not your best way to earn the money.
Private programs.

When you start to participate in investment projects, you'll hear about so called private projects. Their admins admit that new members can participate in such programs only by the special invitation. It is not a VIP project as you think. It's a simple advertising attempt to get more investments from its old members. The unique feature of such projects is their quite high life expectancy. You should be very careful with such projects. Programs of such kind have too high possibility to be closed soon.

You should keep in mind that HYIP world has a lot fake programs. You should rely on your own experience and experience of professional investors. Pay attention to messages on hyip forums. It is important to monitor the admin's speeches - it is not very difficult to tell the truth from lie. For example, admin, most likely, say lies speaking about the use of investments on FOREX, because an overwhelming majority of such projects are only financial pyramids.

HYIP is an uneasy business, and administrators often escape with the invested money. You should clearly understand that there is no way to get back your loosed money. You should always remember it! You should know that there is no mechanism to control Internet payments. Rules of all HYIP projects say that the administrator is not responsible for your money and you are depositing them voluntarily. Practically it is impossible to start lawsuit against a dishonest admin of hyip project, but it's impossible to return your money. Even charges on police investigation will exceed the sum of your deposit. HYIP projects do not submit to any laws.
If you have decided to participate in HYIP business - I sincerely wish you good luck and be rich!

Written by Investor-Info.biz Admin December 22 2006 Investor-Info.biz. All rights reserved!

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