Would it be legal for the US Govt to outlaw banks and paper money? Replacing it with digital money on RFID?
Basically Ban paper money after a certain date. Money can be exchanged to digital money before a certain date. They could inject you with a chip and add the money to your federal money account. Each person and each business gets 1 account, no private banks and all money exchanged goes over federal computers. If you didn’t get the chip, you could not buy/sell things. All Newborns would be injected at birth. Would a law like this be constitutional?
Realistically, paper money is already obsolete. The majority of transactions are just numbers pushed around computers, not paper currency and coins trading hands. No need to completely obsolete it, and by not doing so it keeps up the illusion that the paper and coins matter.
What is the simplest forex trading strategy which applicable for beginner?
Forex market is complicated but still challenging to get cash from there. It’s about how to trade in this market for long term.
If you’re a potential investment player who’d like to make it big in the business and financial world, then you go for forex trading. The FOREX, also known as the foreign exchange market is one of the largest financial markets in the world with and estimate of $1.5 trillion turn-overs every day. Here are a few strategies on how to make it big in the forex market.
Strategy One: Know your market. The best way to get advantage, earn profit and minimize losses is to familiarize yourself with the market and how the whole system works. In the forex market, the players are usually commercial banks, central banks and firms involved in foreign trade, investment funds, broker companies and other private individuals with large capital. With the speed and high liquidity of asset, most companies engage in this business than in any other trading venture. Transactions are done in a jiffy; there are no membership fees and there is always the allure and promise of big, big profit.
Trading is done in pairs. The most commonly traded currencies are usually the US Dollar, Japanese Yen, Euro, British Pound, Canadian Dollar, Australian Dollar and the Swiss Franc. The more commonly traded currency pairs are the US Dollar and the Japanese Yen, the Euro and the US Dollar, the Swiss Franc and the US Dollar. In Forex trading, everything is speculative and virtual. There is no actual product being sold or bought. The activity mostly consists of computed entries made on the value of one currency against another. Say for example, you can buy Euros with US Dollar, hoping that the Euro will increase it value. Once its value rises, you can sell the Euro again, thus earning you profit.
Strategy Two: Learn the language. There are three concepts you need to know in the currency market. Pips refer to the increase of one hundredth of a percent of the value of the currency pair you are trading. Usually each pip has a value of $10 or $1. Volume is the quantity or amount of money being traded at one particular time in the market. Buying is the acquisition of a particular currency. A trader buys with the hopes that the price of the currency will increase. Selling is putting a currency up for grabs in the market because of a potential or possibility of a decrease in its value. There are also two techniques of analysis usually used in this business – the fundamental and the technical analysis. Technical analysis is usually used by small and medium players. Here, the primary point of analysis revolves on the price. Fundamental analysis, on the other hand, is used by bigger companies and players with higher capital as it involves looking at the other factors affecting the value of a particular currency. In this type of analysis, the player also looks at the situation of the country, particularly issues like political stability, inflation rate, unemployment rate, and tax policies as these are seen to have an effect on the currency’s value.
Strategy Three: Develop a sound trading strategy. Your trading strategy would depend on what kind of trader you are. The basic thing with developing a trading strategy is to identify what kind of forex trader you are. A good trading strategy should lessen, if not, eliminate losses. Plan also the size of your transactions. It is better to conduct many different trades than one huge transaction. Not only does it develop discipline, but it also lessens any possible loss as only a fraction of the capital is affected. Part of a trading strategy is developing the values of discipline and proper money management.
Strategy Four: Practice. Try paper trading, a great way to practice your skills, see how the market works and get acquainted with the software and tools being used. There are online brokers who allow free paper trades, which allows practice and experience before doing it with real money.
Strategy Five: Choose the right forex dealer. Make sure that they are regulated by the law. Take not of dealers with investment schemes that give out too-good-to-be-true-just-false-hopes promises. Look at investment offers before getting started.
Forex trading may seem easy and manageable. But the emotional stress, the demands and challenges of being a forex trader requires more than just the knowledge of the market. It requires more than just a keen and sensible head for business. It’s all about a gameplan, a strategy.
Is there a website that allows you to PRACTICE stock trading WITHOUT using real money?
Anybody know of a site that let’s you trade real stocks but without using money so you can learn before jumping into it?
Either that or any programs out there that fit this description?
Investigate the different investments you have available to you. Make THE BEST investment you can: Invest in yourself – your own education. Once you have that knowledge, no one can ever take it away.
In the beginning “newbie” traders & investors DO NOT INVEST any money. It probably won’t be long when you’ll feel you’re ready to invest your hard-earned money. Before taking that step, you really should do research about what you are investing in.
You should LEARN HOW:
A] the stock market works. B] to invest in many, many various ways. C] to properly trade
D] Properly manage the money in your trading account.
“Newbie” investors & traders ALWAYS make mistakes. In fact, throughout a person’s trading, he/she makes mistakes.
In the beginning, you READ & LEARN about the market & how it works: Read “Investing for Dummies” As you read & do research about the investments you are interested in, sometimes you’ll come across a financial or investment term you never heard before.
Http://investopedia.com is a free site. It’s recognized by Y! A as a “Featured Knowledge Partner”.
You can usually find excellent, easy-to-understand definitions of many financial & investment terms by going to Investopedia’s dictionary.
It also has a free, paper trading platform. You can set up a virtual account & almost trade as though you were trading with real money.
Http://finance.yahoo.com is also recognized by Y! A as a “Featured Knowledge Partner”
THIS IS NOT SPAM: I DO NOT know this man. I am not associated w/ him in any way. I know of him & the wonderful book he wrote. You should invest in a copy of
“The Richest Man in Babylon” by George S. Classon. You can get the book on http://amazon.com
Its easy to read & follow. You can write in it & make notes in it. Simply read five  pages of this book – or any book – each and every day.
OR You can leave it on the shelf, on a table or on the floor & let it collect dust.
Thanks for asking your Q! I enjoyed answering it!
Yes, that is my real last name!
How do I get started on trading online?
I’m not new to investing, I have done risky stuff as well as some mutual funds. Since I understand tech. analysis and have practiced it (for fun not with real money) for many years, I can tell I do know something about trading.
How would I go about starting doing it online with $13,000 and little experience? Should I trade stocks, forex or something else?
Is there a way to start slow and grow? Mistakes to avoid?
Thanx to everybody.
As usual “Common Sense” has given good sound advice, while “David” is totally off the wall – It’s almost impossible for any trader to use Sharebuilders, Kramer is a nightmare,
Let me add my suggestions for you
To be a trader you must first learn how to invest. You must know the products and the markets in which they trade and more importantly you must know the rules that govern those products and markets. So you must know what you’re doing, why you’re doing it, and how to do it. You should start by reading “Investing for Dummies” by Eric Tyson.
Then here’s a list of books you should consider, at least read half of them
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea
How to Trade in Stocks, Jesse Livermore
Millionaire Traders, Lein & Schlosberg
One Up on Wall Street by Peter Lynch
Reminiscences of a Stock Operator, Edwin Lefevre
The Disciplined Trader, Mark Douglas
Trader Vic-Methods of a Wall Street Master, Victor Sperandeo
Trader Vic II-Principles of Professional Speculation, Victor Sperandeo
Trading for a Living, by Alexander Elder
Trading in the Zone, Mark Douglas
And when you think you want to trade, try some paper trading to test your skills without spending you money http://simulatorinvestopedia.com/ http://www.moneyworks4me.com/
Before you enter your first order you need to address four major policies and have very strong discipline to follow them
1 – You need a written sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself. Always use stops either to protect you on the down side or to lock in profits on the up side. Never trade on emotions, when emotions get involved walk away. Don’t try to out-smart the market, you’ll loose but if you always take what the market is willing to give you, you’ll be successful. Other words, you don’t trade against the trend since the market is always right. And NEVER trade on emotions, once you let emotions in your trades you will loose
2 – A written money management program is essential. Remember never invest 100% of your capital into any one security and never have 100% of your capital invested. Never go into a trade without knowing when and where you are going to get out of it. Never let a loss on a trade get greater than 8%-10%, always take you loss and walk away – don’t loose more than you need to and don’t be afraid to take the loss. Remember you never can get hurt taking a profit. Never average down, but you can average up.
3 – You must have sufficient trading/investment capital. Use your own money, there’s no need to go into debt so that you can trade and/or invest. Margin can be used but only with restraints, never let the account wall below 45% equity. Unless you fully understand margins you should not use it.
4 – A full and complete understanding of the rules & regulations of the industry. If your going to play in the game be sure you know the rules of the game and always follow them.
Unless you are willing to study and follow the above you will never make it as a trader. To be successful as a trader it takes work and constant study of the markets and the products traded in those markets, there is no easy way.
What are some good ideas for my research paper?
I have to do a research paper for my English class and we have to pick an “admirable” person in history who has a lot of information to research. Any ideas for my topic?
There needs to be A LOT of info on them. Like books and magazine articles.
I am always a believer in someone who may be a little unknown or have a bad shadow…
Wanna impress the teacher, do former President Richard Nixon.
Alright, maybe his ethics toward the end of his Presidency weren’t so good, but do you know what he did? He expanded the space program, began detente (nuclear peace) talks with the Soviet Union, he OPENED THE TRADING DOOR WITH CHINA!!!!!!!!!!!!, he ended the Vietnam War, and he strenghtened the American economy.
Honestly, he was probably one of the greatest, and underestimated presidents in history.
If you don;t wanna do that, do Nelson Mandela (former South African president and apartheid sufferer).
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