What do candlesticks tell us about Forex

We have seen a gradual improvement in the Forex market because it easy is a profitable market. You should think why new people enter the Forex market but then again, why don’t new people succeed in the market? We can also witness a gradual increase in the number of people who are interested in price analysis. This has changed the viewpoint of investment in the community. We can prove this statement by giving examples such as, there are different types of charts to summarize the technical price but among them, the most effective one is the candlestick chart. Because these charts are more informative, bullish and bearish markets can be traded using the candlesticks. The Singaporean traders are skilled in handling the candlesticks because they have they have the experience. Now, let us read.

Before we go into the details you need to know that candlestick trading is often known as price action trading. Price action trading is often considered the most reliable and simple trading system in the world. But this where the most retail traders make mistake. They blindly follow the price action pattern and take a huge risk in each trade. But you need to understand the fact that no system is perfect. You will always have to face some losing trades even though you know all the details about your trading system. So make sure that you are not risking too much of your account capital in live trading the market.

The fundamentals

Fundamentals of candlesticks are very easy to understand but day traders fail to notice the variations of representation in each interval. We can divide the patterns of candlestick into two such as doji and bullish engulfing. So these two patterns are different from each other. Doji symbolizes that pattern has drained and also it cannot be continued further. But instead of it, we can use bullish engulfing as it is the new trend in the Forex market and also has the possibility to reach to the next level in the market. This is an important concept as we are able to use the tools to assess the available tendencies. However, in Forex trading nothing becomes easier unless you try to make it easy. Also when proceeding with the technical analysis we should be very clear on supply and demand because they play a major role in these situations. When the demand increases at the current level the price tends to decrease. So, as naïve traders, you should be very attentive regarding the technical analysis.

Characteristics of trend

When we study about trading we should make sure to know that trends have a uniqueness that is it trend has its own trends. We can observe many similar features in market trends. At last, this will end to the drained point. But we can find a solution for this problem by using the candlestick which will give us the information about the trending moves we take. The traders who have a greater capability of finding these aspects in trading they will have a good point in their mind as to buy things for a low cost and to sell for a higher price. The traders who know these points will experience the quick change in the supply and demand more than the other traders. In this instance, traders can bear the risks and problems in the Forex market.

One of the uses

Also, candlesticks can be used to confirm the situations where the assist is changed to the opposite of it. But it is also common that there are instances where we can experience ups and downs in trading, but the most important note we must know is how to tolerate those ups and down, especially in trading. These types of events can cost us a lot, but candlesticks can become a friend us as it helps us to understand the market.

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Turn Your 2018 Money Resolutions Into Reality

It all starts with a dash of imagination…

Vividly envisioning where you are headed improves the likelihood of meeting your financial resolutions. Allocate at least a few minutes of your day to contemplate on your past experiences as well as your current standing. Afterwards, visualize the financial situation that you desire to experience in the future. Some people may find satisfaction in their year-round travels. While, you may find serenity through altruism. The mere act of visualization will motivate you to reach the goals that you set.

Plan to start small…

Like anything in life, you must have strategic plans. Money resolutions such as paying off debt or building retirement savings are not always easy! This is why you must commit to small things first. Commit yourself to a “small” task that you will accomplish for the rest of the year. Consider writing down every dollar that you spend. For the adjustment period, you can write down each transaction in a notebook or in a journal. Awareness is increased through the mentally exhausting act of writing. It is exhausting in a sense that it activates different parts of the brain. The enhanced brain activity improves your attention and memory.

As the act becomes second nature, you can turn to electronic devices for help. Find an efficient budgeting app or a software to track your transactions. Keep a record. This will help you spot the weaknesses and strengths of your budget. Please adjust accordingly.

Image Credits: pixabay.com

Divide and conquer…

Absorbing the essence of all your financial resolutions is overwhelming! Try dividing a single goal into bite-sized pieces instead. Focus your efforts on a goal before moving on to the next. Observe your progress by ticking off the “resolutions” that you have accomplished.

Remember to be as concrete as possible when identifying your financial resolutions. You may state something along the lines of avoiding credit cards for a month. Or, you may pay an additional of S$50 to your credit card debts. Aim to minimize your debt in a shorter span of time.

Parting thoughts…

Use affirmations to remind yourself that being responsible for your finances will impact your personal life and that of your family’s. Valuing your hard work starts with making few financial alternations.

Sources: 1 &2

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How To Escape The Trap Of Buyer’s Remorse

Words cannot describe how overwhelming the retail prices have been due to the Christmas and Year-end promotions. I bought a quality Kat Von D lipstick for S$13.20 (i.e., original price was S$32). That price is equivalent to the lipsticks found at the drugstore! It was insanely cheap. I did not regret this purchase! In fact, I shared the coveted information to my friends.

Despite my shopping highs, I had my lows. I bought a S$39 hand cream by accident. How can I be so dumbfounded? Well, I saw this product on a sale rack that was mislabeled. Fortunately, I was able to replace the item with several items within the price tag. I resolved the unwanted tension I felt inside. Said unwanted tension is called buyer’s remorse.

Buyer’s remorse (i.e., the feeling of regret after purchasing something) happens to the best of us. We are psychologically wired to focus on desire. This is why it is best to avoid the shopper’s trap. Consider these tips:

Image Credits: pixabay.com

#1: COME PREPARED

Upon entering the glittering halls of Sephora, my sister posed a firm question. “What do you want to buy?”, she said. She believes that it is important to have an item in mind before entering a store. She is certainly right! I walked out with a single item from my favorite brand – Nudestix.

To prevent the common pitfall of impulse purchase, you must do your research prior to shopping. Look through the online reviews as well as the opinion of your peers. Married couples may employ a general rule of purchase. For instance, items over S$100 should be discussed. This rule will help you spend within your means.

#2: SET A BUDGET

Last night, my mother and I went to the nearby grocery to buy toiletries. I did not bring any cash and she brought S$15. I was fine with that as we only needed a pack of facial tissue and two toothbrushes. However, she was repeatedly attracted with other items such as the broom and the wet wipes. Having limited cash helped us to identify the unnecessary items in our cart.

It goes without saying that a realistic budget can help you avoid the unwanted sting of buyer’s remorse. Steer away from the tempting plastic cards! Bringing a fixed amount of cash is a surefire way to strictly follow through your budget. The fixed amount relies on what you are willing to spend on that day. It is best to spend the money that you already have.

#3: WALK AWAY

One of the hardest things to do is to walk away from a seemingly tempting offer. Retailers rule you with posters that highlight limited offers and flash sales. These so-called bargains support impulsive buying behaviors. To save your wallet, just walk away! If you are not willing to purchase an item on its full price, you are better off without it.

Remove yourself from the pressure zone by asking the store to hold the item for at least 24 hours. If there is still a need to get it, go back for it. The passing time in between gives you a chance to rethink the value of your purchase.

Sources: 1,2, &3

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The Ultimate Guide To Making Extra Income

The start of 2018 sparks new opportunities for growth and prosperity. As we usher in a new year, you must not box yourself to the usual 9 to 5 jobs. Your potential to earn extra income is beyond the conventional choices. Contemplate on these creative ideas:

1. Gone are the days when employers rely on the physical presence of their assistants. Virtual assistants (VA) help ease the workload of business owners through remote support. Become a home-based VA by applying at upwork.com.

2. If you are a skilled driver who seeks an income-generating activity, look into the responsibilities of an Uber or a Grab driver. Your spare time can be spent in this flexible working environment.

3. My father wanted to sell his complete golf set, but he does not know where to start. I decided to post his listing on Craigslist. To his surprise, his inbox blew like wildfire. Selling your items online is a great way to earn income on the side. Be careful during personal meet-ups.

Image Credits: pixabay.com

4. For people who are utterly fond of domestic animals, it is a good idea to consider dog walking or pet sitting. Positions like these enable you to mix business with pleasure. You can either stay at the client’s home or take care of the pet in specific times of the day.

5. One of the easiest ways to make money as a tertiary student is to rent your textbooks to the next batch of students. Embody the process of online rental companies by providing a minimum number of rental days at fixed rates. You may sell the reference books too!

6. Offering tutorial services in a subject that you are skilled with is another way to earn as a tertiary student. You can either help them with their research papers or with their important exams. The possibilities rely on your available set of skills and knowledge.

7. Lastly, you may become an effortless mystery shopper. Mystery Shoppers are paid by the company’s marketing department to report about their experiences as they try the said company’s products, eat at their restaurants, or buy their goods.

Image Credits: pixabay.com

If you accepted a “mystery shopping” job, you will be paid for your time as well as be reimbursed for anything you bought.

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False Alert: Here’s How You Can Spot Fake Financial News

You do not need to wear Sherlock’s deerstalker hat to filter out the falsehoods from the facts!

#1: IS IT LEGIT?

I have to admit, one can easily get lost in the vast Silicon Valley. A humble image search may lead to random personality quizzes. More so, it may lead to a seemingly familiar website that spreads factitious news. Do not rely on the credibility of the sharer (i.e., refers to your friend who shared the “news” on social media) alone! Assessing whether the website is legitimate or not is the first step to spotting a fake headline.

Notice its face value. If the article reeks of typographical and grammatical errors then, approach with caution. If the author’s prior works does not seem fact-based then, approach with caution. The article’s graphics may look impressive, but it does not necessarily add to the website’s credibility. Consider clicking the website’s “About Us” tab or browse through the readers’ comments below the article.

#2: THE HEART OF SOCIAL MEDIA

The rise of websites like Twitter and Facebook created a digital landscape for an unprecedented number of online articles. Its potency was highlighted as fake news became a modern epidemic. Facebook defines fake news as articles that “set out to deceive, contain objectively provable falsehoods, and pretend to be from a legitimate news site”. A single nation cannot control its overwhelming global prevelance.

For starters, getting your news primarily from social media platforms entails reading articles that usually skip fact-checks. Social media websites allow individuals and businesses to campaign paid advertisements and make them seem like genuine stories. Some websites are even decorated with “fake news” bots. It is dangerous when you are regularly fed with fake financial news to suit your online behaviors. Steer away from these stories and focus on accurate financial websites or news outlets such as MoneySENSE.

#3: CAN YOU DEFINE IT?

Let us get our vocabulary straight – first things first. Contrary to popular belief, fake news are not restricted to impolite or inconvenient themes. Nor is it limited to the scrutiny of a financial professional or a financial theory. Fake news have in-depth layers. As I previously mentioned, Facebook defines fake news as deceiving articles that contain false information. Many are published to target the ignorant masses to generate “virality”.

Image Credits: pixabay.com

Image Credits: pixabay.com

You see, this type of news rely on your impulsive decision to click. Just because something has optimized shareability does not mean that it is credible. There are some viral money articles that are worth missing out!

#4: THE LACK OF DATA

Viral articles usually elicit strong emotions from its readers. Whether they are sobbing or empowered, people are fond of sharing stories that leave a lasting impact. Despite carrying an inspiring rags-to-riches investor story, do not instantly treat an article as your stock guide. Just because a charismatic person says that a certain stock is booming does not mean that it is!

Fake news lack tangible data. Artistic infographics or tables may distract you from the truth that the article is utterly baseless and purely objective. So, remember that savvy investors examine the data rather than the opinion. Opinions may be harmful when the person you are interacting with is promoting a stock for his or her ulterior motive. Safeguard your financial well-being by checking for the facts.

#5: DID YOU FACT-CHECK?

Group SMS used to be all the rage back in the day! It refers to establishing a collection of contacts that you will constantly communicate with. When I was in secondary school there was an individual who hid in the persona of “gossip girl”. He or she used to send messages containing unpleasant events that attack a particular set of students. It was saddened to see how rumors spread like wildfire! Lies often spread farther and faster than the truth – according to a report.

Image Credits: pixabay.com

Image Credits: pixabay.com

Applying the same ideal to fake news highlights how facts go viral less often than falsehoods. This is why readers must adapt the habit of fact-checking. Start by digging through the attached links then, check the article’s primary resources. Dial up your skepticism when links and references do not add up.

Sources: 1, 2, 3 & 4

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