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Saturday, July 18, 2009

The Virtues on How to Become a Millionaire

By Mitchell Derosa

They say patience is a virtue, and there's no time this is more true than when you are setting out to increase your personal wealth. More money for the sake of having more money is monotonous; instead, honest work and new pursuits lead to the best kind of wealth.

Variety is the spice of life, and doing any one thing repeatedly makes life quite boring. When your days and nights are consumed with get rich quick schemes, there's no time left to enjoy the things in life that really matter -- the things that don't require a million dollars to benefit from. There's no shame in wanting to increase your net worth, but there is a right way and a wrong way to go about it. Money is meant to symbolize the value of your work in the lives of other people, and that's what it does mean when you find ways to earn money by adding value to others' lives.

No one becomes a millionaire by snapping their fingers; it requires dedication, time, and patience. In order to make your first million, you'll need sound financial advice and a strong work ethic, and you need to pursue honest and sensical means of increasing wealth. If it sounds too good to be true, it likely is, and then you'll have wasted energies you could have invested elsewhere.

The case is often times that the world's hardest workers are often the poorest. Working hard is only one part of the millionaire's formula; to make a good deal of money, you have to work smart. Let us put it in this kind of perspective: To be a millionaire, you need to take on a job that puts you in a office at the top floor, rather than of sweeping the front lobby on the bottom floor.

There are some lucky people who make it big quickly through a lucky streak at the casino or an inheritance. However, getting a big sum of money overnight is not as satisfying as it may sound. Because you didn't work hard for it, the same dollar will not be worth as much to you as it would otherwise. You'll be more apt to spend it frivolously instead of on important things. Remember, a one-time financial win makes no promises of future financial rewards, while hard work and dedication are more likely to lead to a recurring revenue stream. It takes most people many years -- decades, even -- to reach their financial goals, but that makes them all the more worthwhile. You must plan for the long-term.

Another way to become a millionaire is a hard, patient work. It takes quite a long time before you get your first million, and there's a good opportunity you may not been able to make it, most of all with the way the economy is doing these days. One important thing to remember is not to give up; there are lots of millionaires in the world today, and there are no excuses why you should not be one of them. If you plan to be wealthy, you should be wealthy in from the virtues that make money: persistence, perseverance and patience. Always put in mind to focus and concentrate on your goals. You will surely run into a few road corners well into your way for your first million to appear beyond any of your good expectations. With the right financial decisions and hard work and perseverance, that million could be surely be yours. - 23218

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Forex Trade Basics

By Bart Icles

Foreign Exchange, Forex, or just plain FX are the names used to describe the trading of the currencies of the countries around the world. By far, the Forex Market is the largest trading market compared to stock or futures trading market and other investment portfolios. Majority of Forex trading is based on speculation done by individual and institutional speculators which is roughly about 85% of the market, with the remaining 15% of trading for goods and services. Forex trade transactions amount to more than USD 1 - 3 trillion on average in a daily basis.

The main purpose of the Forex market is to help facilitate the trade and investment of various investors of the world by providing the means to exchange one currency to another.

Forex market business is termed as an OTC (over the counter) market, and is facilitated by "interbank" marketing such as email, fax, or phone. For a trade to be consummated there has to be two parties directly involved by way of telephone or electronic networks. Forex Trading is not conducted by a central exchange, nor by one ruling central body but through the many trading centers spread across the world. These are in Sydney, Tokyo, London, Frankfurt, and New York. With a trading system so designed, the Forex market is able to operate non-stop in all days of the weeks except Sundays.

In essence, a currency trade is when there is the simultaneous buying and selling of one currency to another currency - usually for one that it is paired against. This currency combination is termed as a cross, e.g. the EURO/USD, or the GB/Japanese Yen. Currencies that are most commonly traded as known as the "majors" like the EURO/USD, USD/JPY, USD/CHF, and the GBP/USD. The USD is currently ranked as the top traded currency in the world, followed closely behind by the Euro, Japanese Yen, Pound Sterling, Swiss Franc, Australian dollar, Canadian dollar, Swedish Krona, and so on.

Some common yet important Forex trading terms to remember are the spreads and Pips. Spreads means the difference between the price of a currency that any trader can sell at (Bid) and the price a currency can be bought at (Ask). A Pip is the smallest increment by which a cross price changes. In Forex trading a trader may often encounter a 3 Pip spread when trading majors. This spread is seen when comparing the bid and ask price of a paired currency. An example would be: EUR/USD quote is with a bid price of 0. 9876 with an ask price of 0.9879 = USD 0.0003 or 3 pips. - 23218

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Start With The Hanging Man Pattern When You Learn Technical Analysis

By Chris Blanchet

For full-time investors who rely on volatility and day-to-day fluctuations in security prices, it is an understatement that they must learn technical analysis. Such analysis enables them to make appropriate changes to their positions, but not all technical analysis accommodates short-term trading. For traders who look to take advantage of quick entry and exit points, short-term patterns are their best allies.

As part of the ongoing Learn Technical Analysis Series, we will discuss a short-term pattern known as the Hanging Man. This pattern gives traders an outlook as to the short-term range of that security. And given its gloomy name, investors can immediately identify the Hanging Man as a bearish signal.

When looking for a Hanging Man, investors will need to study the security's candlestick chart. For those who have just started to learn technical analysis, the candlestick consists of horizontal lines for the open and close, and a vertical line for the day's range. The open and close lines are squared off, forming the "Real Body" and if the range traded above the open or below close, that part forms the tail, or "Shadow."

For identifying the Hanging Man, traders who are just starting to learn technical analysis want the Real Body to be black, something that is created by a lower close. As well, the Shadow will preferably exist only below the Real Body. In fact, the Shadow, which will look more like a tail to a square body, should be at least twice as long as the Real Body.

As noted in previous parts of this series, any technical pattern or indicator, including the Hanging Man, should never be used in isolation. Investors who properly learn technical analysis should always confirm the signals they discover.

On the open of the day following the Hanging Man pattern, investors should seek a gap down from the Real Body of the pattern. The wider the gap (the farther down it opens from the Real Body) the better. Additional confirmation can be obtained if the Real Body of the day that follows the pattern is entirely below the Real Body of the Hanging Man pattern. Since most traders who learn technical analysis will not wait two days to execute a trade based on a Hanging Man, other technical and fundamental indicators should be used to confirm or refute the pattern early.

When the overall market sentiment is overly bullish, Hanging Man patterns are often falsely created. For this reasons, investors should sit tight until the following day. If the open is higher than the Real Body of the Hanging Man, it is likely a false signal. Also, investors should never forget to take the Hanging Man's Real Body's color into account -- "green and white are a bear trap's delight!" Remember that a red or black Real Body creates a more reliable pattern.

Without question, people who learn technical analysis can use their skills as primary discovery tools for buying and selling opportunities, or as confirmation for trades. Ultimately, they will make smarter trades and enjoy the rewards. - 23218

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Learn Technical Analysis Starting With The Ascending Continuation Triangle

By Chris Blanchet

While another Classic Pattern has already been discussed in our Learn Technical Analysis Free series, we should also be introduced to the Ascending Continuation Triangle pattern rather early. This Classic Pattern will take shape when two high levels of a trading range are connected by a horizontal line (indicating a resistance level) and a rising line that are joined by two higher lows of that same range (please visit the site for a visual).

The importance of the Ascending Continuation Triangle as it relates to investors who want to learn technical analysis is that it is a bullish signal. Typically, it is a short-term pattern that forms between one and three months. This allows for quick gains and also for lesser losses if the pattern was false.

When starting to learn technical analysis, it is usually a little more difficult to have the patience needed to confirm such a pattern. However, here are a few tips to consider as the pattern starts to take shape.

Volume

This is considered one of the most important factors when confirming this pattern. What investors need to see is that volume diminishes as the pattern takes shape and then spikes at breakout (pattern confirmation). Conversely, if there is no spike at breakout, then the pattern is considered less reliable or even false.

Moving Average

When prices are close to or touch the 200-day moving average, the pattern is considered to have greater reliability.

Duration

Duration also needs to considered, something many investors who have just started to learn technical analysis tend to forget. Break-out will happen when the price penetrates the upper horizontal line (e.g. the resistance line), but this occurrence should happen long before the pattern reaches the apex, or right-side tip of the triangle. Generally speaking, this break-out should occur between three-quarters to two-thirds of the way along upper line.

As far as providing a fundamental explanation for why this pattern occurs, investors should consider a company or a institutional investor who wants to offload a large quantity of stock at a pre-determined price level. As the stock price reaches such a level, buyers will draw on the large supply and will consequently push the price down, forming something of a resistance level. However, as prices bounce back and the supply is depleted, the price will shoot through the previous resistance levels to new highs. This is exactly what we like to see when we start to learn technical analysis -- the perfect end to a classic pattern. - 23218

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Finding A Development In Costa Rica

By Randy Berg

With more people wanting to buy property in Costa Rica, developers are geared up to meet the challenge and provide sufficient homes. Finding a development in Costa Rica has to be done methodically so that you find exactly what you are looking for. There are several ways to go about this search and you will have to do some research and homework on it. First and foremost you have to have a definite idea of what you want. For this you can start with an online search but it is always good to visit the place and see the final results for yourself.

Whatever your personal preference for finding a development in Costa Rica maybe, you can find a lot of variety in this nation which offers you the coastal areas with the sea for a view, the mountain areas with their rain forest covered slopes and even places which are close to volcanoes. Whatever it is, that appeals to you when you are looking for your home, is available in this country.

Hunting blindly on your own for finding a development in Costa Rica may not be a good idea as it could take you ages to find a suitable place. Instead taking the assistance of a real estate agent will get you a lot more of results and you can save time and patience by doing this. Real estate agents know about all the new developments in the area and can also help you to stick to your budget.

Life is inexpensive in Costa Rica when compared to other nations and this is what attracts a lot of people to move here. However, this is not the only benefit as foreigners find this nation a warm and friendly place where they can find immediate acceptance. Finding a development in Costa Rica is permitted for foreigners where they are given equal rights like the locals and have no problem in being alien to this nation.

Real estate agents can also suggest good attorney who know about property deals. While finding a development in Costa Rica you could also have a look at homes which are being resold by the owners. The areas where people have been residing over a period will have all the amenities in place and you will be moving into a fully developed area. You can also ask around with neighbors and find out how it is to live in this area.

On the other hand if you are finding a development in Costa Rica which is going to cost you a lot less, then it is better to look for one which is still in the initial stages of development. Often the places which are still selling out their initial plots do so at a cheaper rate in order to attract more buyers.

If you are finding a development in Costa Rica which is still upcoming and affordable and has plans for a lot of benefits, then the best way to go about this is to do an online search, meet developers and also go through real estate agents. - 23218

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