5 Things All Successful Binary Options Traders Have in Common

binary options tradeBinary options trading isn’t for everyone. If you want to be a success, you’ll need to adopt some of the habits of truly successful binary options traders. Here are five such traits they all have in common.

Consistency

When most people think of successful binary options traders, they tend to imagine something more like a gambler who hits a lucky streak. These traders have a skill that allows them to hit jackpot after jackpot throughout their day.

The truth is much different, though. In fact, if you were able to spy on successful binary options traders throughout the day, you probably wouldn’t perceive when they had profited unless you could see their screens.

Our point is that success comes from small victories over and over. Sure, there will be times when you get to cash in on a particularly big wave of wins, but those shouldn’t be the only goal you have in mind when your trading day begins.

They Have a Plan

Achieving this kind of consistency begins with having a binary options trading plan in place. That’s something all successful binary options traders definitely have in common. They don’t sit in front of their computers and consider what every opportunity has to offer.

They’re like hunters who specialize in just one or two forms of prey. These traders look for signs that the trades they want are out there. Fortunately, software helps with this a lot. However, they don’t deviate from their plan just because something flashy catches their eye. This is how a binary options trading plan pays off over time.

Of course, they can modify their plan as necessary, but this doesn’t happen on a daily basis. Then it wouldn’t be a plan – just a list of preferences.

They Are Disciplined

As we just touched on, having a binary options trading plan is worthless if you can’t remain disciplined enough to stick to it. All successful binary options traders are disciplined and continue making it a priority to improve this trait.

Discipline isn’t just about sticking with a plan. Once you find one that produces consistent returns, this will become easier and easier to do. Being disciplined also allows successful traders to try new things and step outside their comfort zones, an essential step to increasing profits over time.

They Expect to Lose

If you listen to new-age advice, this kind of thinking is a death wish. People today are told to envision what they want and never expect negativity in their lives. Somehow this is supposed to provide them with everything they want and nothing they don’t.

Unfortunately, the market doesn’t care about what you believe. There’s no predicting its every movement which means that you’re going to suffer losses from trading binary options every single day.

Successful binary options traders expect this, so, when it happens, they don’t become rattled. They know that some days they’ll lose even more than usual. When that happens, they hardly react. They expect it, so it’s not a big deal. These traders develop plans around this type of forecast, which is how they profit time and time again.

They Have Hobbies

Believe it or not, the most successful binary options traders don’t spend every waking hour in front of their computers. They have friends and family and all the demands that come with both.

They also have other areas of interest. These hobbies provide necessary opportunities to get away from trading binary options and give their brain a bit of a rest.

At the same time, hobbies also give them further opportunities to learn things and improve their skills. These are important mental muscles to build which can then be used to improve your performance with binary options.

Becoming a successful at trading binary options is going to take a lot of work, but if you can adopt the traits we covered above, you’ll find it much easier and will experience increased profits much sooner.

 

For more information:

https://www.linkedin.com/company/hedgestone-group

Catching Some Rays: Top Tips for Saving for Your Next Holiday

You work hard for most of the year so those few weeks of holiday are a welcome break and an excellent opportunity to catch some rays, but the bank balance doesn’t always match your destination aspirations.

Making up the shortfall in your finances so that you can take a well-earned trip with some short-term funding from someone like Captain Cash online, is one option. There are also a number of tips and ideas you can follow in order to save some money for when the holiday date comes around.

Start with the basics

You need the grown-up equivalent of a savings jar if you are going to be able to successfully put aside some money towards your holidays.

Exercising financial prudence on a regular basis is going to help keep your bank balance in a better state over time, but the discipline of separating the money and putting it one step away from temptation, by opening a savings account , is the basic route to achieving your goals.

Think of your savings account as a savings jar and then start transferring whatever spare money that you have over to this account. Having a dedicated savings account that is there for a specific purpose like a holiday, allows you to see exactly where you are with your savings target and can often encourage you to save regularly, when you see an end product for your efforts.

Work out a household budget and see how much spare money you could afford to put aside each month, then set up a regular transfer, in just the same way as you would when paying a bill.

Get real with your finances        

Even the most financially prudent and astute people would probably be surprised at the disparity between what they think they are spending each month and what they are actually spending.

The only way that you get a true financial picture and see what you are spending and where savings can be made, is to do a comprehensive household budget.

It is amazing how many small purchases like a daily coffee on the way to work, can soon add up to a sizeable chunk of money each month. Once you have an accurate picture of your financial expenditure and have worked out how much you need for your holiday plans, you can then set about seeing how far away you are from reality and what steps you need to take to meet your goal.

Family effort

If you are planning a family holiday and will be traveling with kids, you already know just how expensive it can get, as you have to find the money for more plane tickets, hotel rooms and everything else that gets multiplied in that situation.

It is not a bad idea to try and get your children to see the importance of putting money away towards a family goal like a holiday, even if their contribution is going to be understandably small.

If they get a weekly allowance, encourage them to put away a part of that towards the holiday. Even if you don’t intend to use any of their money towards the holiday itself, kids always like the idea of having a bit of their own money to spend on vacation, plus it gives them a good lesson in the importance of saving.

Cash is king

Although technology is doing its best to turn us into a cashless society, the trouble with paying for things with your phone or waving a card at a terminal, is that it is not always that easy to keep track of your spending.

Drawing out the cash that you need for the week and then heading to the grocery store and other places, will almost certainly ensure that you don’t spend as much as you would if you were paying with a card or using your smartphone.

Those special offers and extra items don’t seem so tempting when you have to part with real cash for them rather than charge your card. Try drawing out cash for a few weeks and when it runs out for the week, so does your spending.

You will probably find that you end up spending less when you use cash, which means that if you keep that up for a few months, you will be able to put some extra towards your savings target.

If you start employing some money-saving tactics and become more disciplined with your spending, it could make all the difference to your holiday plans.

Rosie Hart is a personal finance consultant who readily hands out her top tips for saving money around the web in her articles and in online discussions.

Retire early and withdraw from your 401k without penalty.

Remember that time I wrote a post about why I hate my Roth IRA and why I would probably never contribute to it ever again.

But then, like a week later, I wrote a follow-up post saying I still hate my Roth IRA, but I’ll probably keep contributing to it for the foreseeable future.

Or how about that time, a few weeks ago, when I wrote a post about having a ton of money available to me at retirement, maybe even too much?

But then my most recent post talked about how I was going to add even more to my retirement accounts, specifically my 401k.

 

This personal finance stuff can be confusing

What might sound good one week, may not be my cup of tea the following week.

With a government pension waiting for me on my 57th birthday, and social security kicking in shortly after, I’ve always just kind of resigned to the fact that I would work in to my late 50’s.

I mean, I’ll never make a huge salary in my line of work, so the idea of retiring early seemed like a foreign concept.

 

A Changed Perpective

But after reading J Money’s recent post on Early Retirement, and poking around with the spreadsheet he made, I found myself wanting to dig deeper.

According to J’s spreadsheet, if I change nothing about our spending (or saving) habits, I’m looking at being able to retire when I’m 45 years old. Check it…

early retire

Basically, the early retirement rule of thumb is you need to have 25 times annual expenses banked before you can retire.

Since our plan is to spend about $48,000 per year, we need $1.2 million stored away before I can call it quits. As soon as I hit that number, I can work my last day with reasonable certainty that I wont have to work ever again.

So the question remains, even if I had $1.2 million invested in my 401k right now, how could I possibly access those funds without paying the an IRS mandated 10% penalty for early withdrawal?

 

Introducing the IRS 72t withdrawal program. 

Without boring you to death, the 72t program allows an individual to withdraw an “equally substantial distribution” each year without paying a penalty.

Basically, if I have $1,200,000 in my retirement accounts by the time I turn 35 years old, I could take advantage of the 72t program and withdraw $56,420 from my 401k each year without paying a penalty.

There are, of course, a few catches to the 72t program. One of the most important being that you are required to continue making withdrawals until age 59 1/2 or for five years, whichever time period is longer. So no withdrawing some years, and not withdrawing others. It’s definitely a long term commitment for those that choose to retire early.

But hey, how bad can retiring early really be? 

Another big whopper for the program, is that if you modify your series of payments in any way, the 10% early distribution penalty is retroactively imposed on all money you’ve withdrawn. Ever. Yikes! That would be a very costly mistake.

Basically, once you pick an amount to withdraw each year (in this example $56,000), you have no wiggle room to withdraw any amount other than that from your 401k.

If you want to learn more about the 72t rule you can do so here

Some other things worth noting 

So far I’ve only been talking about withdrawals from my 401k, but as you all know, I’ve also been an avid contributor to my Roth IRA and most recently, a taxable investment account.

Having my retirement portfolio diversified across a number of avenues sweetens the pot. With the 72t rule and my example above, I was only allowed to take out $56,000 a year.

No more, no less. 

But what if I have Girl Ninja and I decide to buy a new car, or pay for Baby Ninja’s first year of college, or a potential future daughter’s wedding. Where is the money for those types of things going to come from?

My Roth IRA. Duh.

I’ll be able to use my Roth as a means to buffer any abnormal spending requirements. Because, as I’m sure you already know, Roth contributions can be withdrawn at any time.

Or in other words, I’d have about $75,000 of tax-free/penalty-free money accessible to me at any given time by my 35th birthday.

 

But wait there’s more. 

As you might recall from my post on Home Equity Lines of Credit, Girl Ninja and I have decided to stop keeping so much darn cash in the bank and begin throwing all our discretionary income in to our taxable investment account.

That’s right. Screw our savings account!

As our taxable investment account continues to grow, I can take advantage of all sorts of tax loop holes to to minimize my tax obligation on withdrawals, possibly even completely eliminating taxes altogether. Tax loss harvesting anyone? Or how about dividend investing? The loop hole list goes on and on.

Don’t believe it’s possible?

You’re wrong. Check out this inspirational blog post from a couple that paid NO TAXES in 2013.

 

It’s time you start drinking the kool-aid!

Like I said before, I’d always assumed early retirement was for two types of people.

Either the mega wealthy for obvious reasons.

Or

People like Mr Money Mustache, who live such a frugal lifestyle that they spend less than $25,000 per year. (editor’s note: Nothing wrong with the frugal and resourceful lifestyle, I personally am just not as interested in giving up my vehicle, moving to a cheaper cost of living area, growing my own food outback, etc. I’m lazy in that respect and am willing to pay the premium for it I suppose.)

Now that I’m digging deeper and getting in to some of the nitty gritty aspects of personal finance, my eyes are open to a whole new way of thinking. While I might not be retiring at 35 like the examples above, I could see 45, or maybe even 40 being a real possibility. And I don’t know about you, but that sounds a heck of a lot better than retiring at 57 like I’d always planned on.

 

P.S. I’m aware the future will obviously have some expensive seasons ahead (multiple children in high school, potential house projects, big family vacations, etc), but we will also have seasons of reduced expenses or greater income(paying off our mortgage, kids moving out and becoming self-sufficient, Girl Ninja going back to work, pension, social security, etc). 

Get Rid Of Debt And Start From Scratch

Are you the type of person who was never properly weaned off their parents’ credit cards? Have you racked high figures on four, five, possibly even six credit cards to keep up with your luxurious lifestyle, but now all of a sudden are stuck paying for them all by yourself because you finally stepped into the adult world? Welcome. You aren’t alone by any means. Your situation isn’t even all that uncommon, if we’re being honest about how today’s society works. If this described your situation down to the teeth, know that your path to getting all of your debt consolidated starts with just one simple mouse click to www.fasttrackdebtrelief.com

Fast Track Debt Relief is a company that aims to bring together debtors who owe up to $100,000 and dedicated debt experts who can greatly help. Not only can these professionals offer general debt help, they can work with credit card companies, bill collectors, banks, and other bothersome entities on your behalf to lower and consolidate your payments. The experts at Fast Track Debt Relief have a good track record — if you look at the list of debts they’ve settled provided on their website, you see that every single customer that hired them paid, at most, 40% of the debt they owed. That’s a guaranteed 60% off, and that’s just the minimum! Upon inspection, you’ll see that some of them only paid 15 to 20 percent of what they owed!

To get your financial life back in order, you must get rid of your debt as soon as possible. Don’t hesitate to hire a professional to help you work your away around the intricacies of the debt world, where creditors can easily forward your commitment to annoying collectors known for harassing individuals. Don’t be a victim of debt, nip it in the bud as soon as possible! And when you do, you’ll be able to start your debt free living lifestyle and be able to build the life you want!

Buying Property: Is This the Best Investment for You?

Once upon a time, if you were going to achieve the “American Dream” you’d need to be a homeowner. However, recent studies have indicated that many are starting to believe that owning property isn’t the best financial investment with 43% of participants in a study believing this to be the case. Furthermore, nearly 50% felt that financial success could be achieved just as easily by those renting property as those who owned it.

So, is owning property a good long-term investment? Or, are people given more financial flexibility and just as much security if they rent a property?

Long-term Investments in Property

As mentioned previously, many Americans now believe that strong long-term investments aren’t achieved through housing. A leading expert on housing in the U.S., Robert Shiller, found that from 1890 to 1990, there was almost no change in the real inflation-corrected prices of houses.

Evidently, these statistics go against the reasons why people will purchase property to invest, as most will believe that buying property will provide them with a financial gain in the future when they come to sell it. With decreasing housing prices witnessed during the early stages of this century and in the 20th century, the instability of housing prices doesn’t seem to be at the forefront of everyone’s mind.

While housing does stay in line with inflation (historically speaking), there are a vast amount of changeable factors that can have a negative effect, including changes in style preferences, technological advancements and changes in amenities.

Higher returns over time are far more likely to come from the stock market than property investments and are perhaps a more clear-cut answer for those looking to invest. Places like Money Morning offer advice on where the best investments can be made, helping to protect money from inflation. Nevertheless, many would still argue that housing offers security and a sense of pride when investing in this.

The Financial Security of Renters

Even though attitudes are changing towards buying homes and renting, it is still clear that being a homeowner is more likely to be a better financial decision than renting. A report conducted in 2013 found that a higher net worth was generated by those households who had a low- and moderate-income, compared to their equivalents who rented property.

While the study didn’t provide conclusive evidence that homeownership is the right avenue to take, it did show that over three years, those with mortgages increased their net worth by $20,000 compared to those renting who achieved $15,000.

Many do argue that renting should increase wealth faster but research always tends to find that homeowners have this advantage instead.

Should You Invest in Property?

Homeownership isn’t for everyone and it may not be the right decision for you. To start with, you’ll need to find a large payment that you’ll have to make upfront, which will affect your liquid assets for quite some time. And, mortgages can vary so you’ll need to look into the rates, fees and payment schedules of these before proceeding. Also, take into consideration where you’re looking at property because some areas will provide greater benefits for renters than homeowners, and vice versa.

Should you be thinking about investing in property to rent out to others, there are also a number of financial considerations you’ll need to make here. Like a dividend-paying utility stock, rental income will provide you with steady payment amounts each month, where any price appreciation you achieve will be a welcome addition. However, unlike buying a low-cost index fund, you’ll have to consider the additional work of having to deal with tenants and maintaining the property.

You’ll need to establish whether you can take on this extra work and whether you’re prepared to deal with tenant calls out-of-hours and what you would do if a tenant stopped paying their rent. Make sure you’re aware of what ongoing maintenance costs you may have as well as the initial costs of renovations. If all of these aspects aren’t taken into consideration at the start of your investment, it could severely impact the returns you receive.

In summary; if you’re looking to buy a property to get your first step on the property ladder or you want to make some investments for the future, carefully consider what options are available to you. Analyze what return on investment you can realistically expect and calculate this against other avenues, such as investing in stocks. Doing your homework first will enable you to make an informed decision that provides you with the right financial investment for you.

Jade Gould is a consultant who works with individuals and selected small businesses. Keen to share his knowledge and always ready to offer his opinion he really enjoys writing articles and seeing his words help others.

 

Take Care Of Your Car Early And Often To Save Money

When you buy a new car, it smells brand new and sparkles on the outside, but it won’t stay that way for long until you take special care of your vehicle. You need to wash, clean, and polish regularly to keep your car in top shape. And the more time you spend on it, the better your car will look. But it takes time and effort! Personally, I didn’t take good enough care of my car, and after 3 years, it’s got some water spots and the interior could use a good cleaning. It won’t be cheap, and I would have saved money had I taken care of it properly from day one instead of waiting years to get serious about keeping it clean.

This is doubly true when it comes to regular maintenance. Whether it’s normal oil changes and air filter replacements, tire rotations, or more serious issues like brake replacement, the better you take care of your car, the cheaper it will be in the long run. Take it from someone who knows! You can get all the products you need to take care of your car from AutoZone, from cleaning supplies and replacement parts, to tools and accessories to give your car some personality. Just don’t get those headlight eyelashes, please! With their excellent customer service, you can be sure that you’ll get the right advice on products to keep your car looking as good as the day you drove it off the lot.

With all the different types of maintenance and upkeep you just read about, it might be a bit overwhelming to think about how much this is going to cost you. After all, you just spent tens of thousands of dollars on the car itself, who wants to spend more just to keep it looking good? Well, there’s good news for you! Groupon has some great AutoZone coupons that can help defray the cost of all these products.

This is true not only for AutoZone but for also hundreds of other retailers. So anytime you’re thinking about going shopping, head on over and see if you’re favorite retailer has a coupon. You never know, you could end up saving a lot of money by taking an extra minute to search before you buy.

With your car, the more time you put into a car early on, the more you’ll save in the long-run. The same is true when trying to save money on something you’re going to by anyway: spend a few minutes searching for a coupon and you’ll save money with minimal effort!

Should we be Using Mobile Banking?

Our smartphones have revolutionized the way we live our lives. They have become integral to communication, to organization, and now to banking. Mobile banking applications are becoming increasingly popular and are slowly but surely overtaking more conventional means of making financial transactions.

Acknowledging the fact that convenience is a key selling point, most major commercial bank offer the capacity to send money and make deposits using a mobile app. Bank of America has stated that more of their customers use their mobile banking platform than their online banking service and the technology is improving daily. Mobile phones can now even be used as contactless credit cards using near-field communication (NFC) technology. This means that PIN numbers and debit cards might one day become a thing of the past.

All of this advancement sounds incredible, yet there are often downsides to every innovation. So how do the benefits of mobile phone banking stack up against these drawbacks? And are we increasingly becoming reliant on technology that we don’t even fully understand?

Mobile banking is easy to set up

Getting started with mobile banking is easy and straightforward for those familiar with technology and mobile apps. With just a few swipes of your finger, you can get your mobile banking set up and running. You simply use your existing internet banking details and then everything is available to you at the touch of a button. The majority of banks even offer a customer service line that you can contact at any hour of the day.

Mobile banking saves a lot of time

There is no denying that mobile banking saves a considerable amount of time. Gone are the days when we used to waste what seemed like hours lining up to be served by a cashier at the bank. With mobile banking, you can check account balances, send and receive payments, schedule transactions, and transfer money at a moment’s notice from any location.

Mobile banking is unarguably convenient

Last year, research from the US Federal Reserve revealed that 87% of US adults own a mobile phone, and 71% of these mobile phones are internet-enabled smartphones. This was a 10% increase from 2014. This same research showed that 39% of adults with mobile phones used them for banking. This data demonstrates both the growing reliance on mobile phone technology and the increasing willingness of people to use mobile banking due to how conveniently it works in their modern lives.

People are wary of security risks

One major concern surrounding mobile banking is that of security. Smartphones are such a large part of our lives that we often forget how new the technology is and how badly things could go wrong if security was breached. There are risks with any banking method you choose, but there are steps that you can put in place to minimize the likelihood of fraud.

Ensure that you have malware software on your smartphone and always certify that the banking app you pick is authentic and not created by fraudsters. Ensure that your phone’s locking mechanism is active and that it requires a PIN, passcode, or fingerprint to open. Set up your phone to lock automatically after a set time. Update your mobile banking app whenever a new version becomes available. All of this should make it more difficult for hackers to reverse-engineer viruses or to find weak points in security. Out-of-date banking applications are much more vulnerable to attacks. Having said this, in many ways mobile banking beat out traditional security measures such as PIN codes and signatures. It is much easier to fake someone’s signature than to steal their phone.

Beware of impulse overspending

With enthusiasm and innovative new mobile technology comes the temptation to spend especially when access to our own money is so easy. Regardless of how inviting it might be to take to the internet and spoil yourself with an impulse buy, it is best to reign in this behavior. New research shows how mobile banking apps are causing young people (aged 18 to 34) to be far too willing to embrace compulsive spending with the impulse spending of this age group being double that of those aged 55 and over.

 

Reckless spending and lack of control can easily send you down a debt spiral. If this occurs, consult an expert in debt management. These professionals have access to innovative insolvency software, which can help track your incomings and outgoings and calculate payment plans, thereby getting you back on sturdy financial ground.