By Bruce Shaw
Forex Trading, meaning Currency Trading, is a world wide, little known market, which will become the most popular source of income for investors in the very near future. It is open for banks, rich investors and small ones alike and, depending on the sum of money they are willing to risk, the earnings demonstrate this is the best way to start getting rich.
Why choose currency trading over stock, real estate or futures trading? The currency trading advantages are speed, liquidity, commission-free transactions, increased safety, short-term trading and great earnings. Let’s study each of these advantages in other trading systems:
-Speed: Currency trading is instant due to a large amount of transactions while future trading implies a longer time to trade certain commodities, agricultural products, financial instruments and goods (contracts need to be written and signed)
-Stock traders must pay brokers a certain fee for each transaction made. The brokerage fee is available for all futures transactions, but not in the case of currency trading. In currency trading brokers earn money by studying and profiting from the difference of price between sold and bought currencies.
-Liquidity: The currency market is opened non-stop, anywhere in the world giving currency traders the chance to trade whenever they find the opportune moment and prices. This is a characteristic attributed only to currency trading.
-Safety: while other trading systems are based on speculation, on the fluctuation of price, on slippage and market gaps, currency trading is controlled with the help of built in safeguards that limit slip-ups.
-Short term trading, like currency trading, is more efficient for profit making than long term trading. Day trading does not increase speculation, risk and does not imply that the broker’s commission will reduce any profit made.
Anyone can start trading currencies. This means Currency Trading is easy therefore making money is easy! The potential profit that can be made by buying and selling currencies and with a minimum capital for investment is amazing. Currency trading techniques are available online for learning for those interested in doing so, but the best choice would be to let a broker do business for you.
Tricks and traps are everywhere for inexperienced and the best way to avoid loosing money and time is to hire a broker who knows how the currency market works and how to increase your venues. Let someone else do the trading for you!
The Currency market is very vast and it involves traders all over the world.
Therefore the market can not be monopolized, cornered in any way for a single beneficiary. There are many participants, many banks involved and currency trading is a global phenomenon. The amount of business done during a particular period of time by the Currency market is 30 times bigger than that done by the US Equity markets. The average sum of money exchanged during one day of transactions with many currencies goes over 1.6 trillion US$. The impressive numbers don’t stop here. The Currency market predictions of growth in the futures are over 2.0 trillion US$. These facts together with others (like the lack of physical location or centralization of any kind) offer the Currency trader safety.
Trading currencies allows investors to make money quick and efficient, with little risk and in a big way! So what’s keeping you from becoming a Currency trader?
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How to Keep Organized for Tax Season
By Roberto Garabell
Every year, that dreaded day, April 15, takes Americans unaware. It is not as though the date changes from year to year but many Americans find it creeps up on them and they are not ready to file their taxes. They dig through drawers, pockets and wallets, hunting around the house for the forms that arrived weeks before, and panic sets in! There is a simple way to make April 15 more bearable. It won’t mean that you don’t have to write that check but it will mean that you won’t have the extra stress of hunting for receipts and paperwork. So stop procrastinating and get organized! Follow a few easy steps to make April 15th just that little bit less stressful.
Step 1: Create the “Tax Space”
There is a LOT of paperwork for tax time and having it all in one place is a great start. Decide one place where you will put it all. Maybe put it all in a drawer, folder or large envelope.
Step 2: Gathering it all Together
Once you have created the “tax space,” the next obvious step is to fill it! That means hunting through the house to collect all the paperwork and files. Get your receipts, cancelled checks, bank statements, receipts for charitable donations, mortgage interest statements, investments statements, real estate tax statements, and whatever else you need. When tax forms, like 1099s and W-2s, come through the mail, do not leave them with the rest of the mail. Put them immediately into the “tax space.”
Step 3: Clearing the Clutter
Use your time hunting for your paperwork to clear out any old paperwork that is no longer needed. Almost everyone finds old credit card statements and receipts from previous years. Take the opportunity to clear these out and shred or recycle them. Be careful that you don’t throw anything you need away. It is a good idea to check with your lawyer or CPA before shredding!
Step 4: Categorize It
Once you are sure you have everything in one place, sit down and go through each item and categorize everything. A useful tool is for this is an accordion file with separate pockets which is really helpful for keeping paperwork in one place and categorized. Label each section to make it easy to see. Most people will find that their receipts and papers will fall into categories such as salary, medical, real estate, childcare and investments. An alternative is to label by month and keep all paperwork related to that month together. This is perfectly fine but it does mean that, at the dreaded tax time, you will have to categorize each month. Either system will work and better than not having a system at all!
Step 5: Plan Ahead for Next Year
While you are investing in one accordion file, get another one and start preparing for next year. This way, you are always ready for the current year and able to prepare for the coming year. If you get into the habit of filing receipts, statements, cancelled checks, and such as they come in, next April 15 will be a stress-free experience.
Step 6: Get Your Paperwork in Order
Before you start working on your tax return, get everything in order. This will help make the process easier.
Good Habits
It is a good idea to get into the habit of shredding bills monthly, as they are paid. That way they don’t get mixed up with your tax paperwork and it keeps clutter down to a minimum.
Ask your lawyer or CPA how long you should store old tax-related paperwork. Many recommend six years. Also, when buying equipment, it is a good idea to keep the receipt as long as you have that item. The same applies to home improvements.
Once you have gone through the above steps and survived the coming tax season, you will wonder why you did not do this before. From now on, follow these simple steps and make April 15th just that little bit less horrendous next year. You will never enjoy writing the check but at least you will know that you have maximized your deductions by keeping all your paperwork together and in order. While you may not look forward to April 15th, maybe this time it will not be quite so stressful.
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