Incorporation Services Online

By Bruce Shaw

 Being successful! Does that have anything to do with choosing a market to trade? I would maintain that it does. One of the “Secrets To Success” is to choose something that fits…You. After all, if one of your goals is to achieve a certain income level or net worth figure there are a multitude of ways that someone has been successful with, but probably only a few, that might be “right” for you. This applies just as much to the financial markets as it does elsewhere.

If you’re reading this article, probably one of your endeavors is or will be some type of activity in the financial markets. Now which of the markets are “right” for you, meaning the best fit for your circumstances and your goals? Addressing this question will be far more profitable then trading the first market you happen to come into contact with. I’ll help in this process by discussing some of the relevant features of the Forex or cash Foreign Exchange market.

One of the first Forex concepts to note is that the currency you are trading is a representation of a nation’s economy. Why is this important? Because it’s notable that national economies don’t perceptibly change in a day or even a month. Contrast this with individual stocks, commodities or futures that are easily affected by daily news or even weather events. Thus the price moves of the major currencies take place against a broader backdrop than the before mentioned markets. This is expressed in the tendency of currencies to show strongly trending behavior in contrast to staying in tight trading ranges. Many will realize that tight trading ranges are some of the most difficult trading conditions while the “trend is your friend” because it is easier to profitably trade by hitching a ride. Trending markets also lend themselves to rules based technical trading systems. Do you prefer to have your trading choices laid out in advance, or do you “shoot from the hip”?

Are you planning to trade as a business or significant avocation? Do you plan to be active on a full or part time basis? If part time, are you otherwise occupied during regular business or market hours? Did you know that Forex trades 24 hours a day, six days a week? This makes sense if you realize that the Forex markets are serving the needs of nations and traders in every time zone. To facilitate this, most trading is done with online trading platforms that are considered to make an Over The Counter (OTC) market. Do your plans call for flexible or outside of regular hours scheduling?

How much capital would you like to allocate to your chosen trading activity? Someone whose trading is part time and viewed as a hobby may have a different amount of trading capital available than someone whose plan is to structure their trading as a business activity. Regarding capital requirements, the Forex market can accommodate almost any trading plan. This is possible because there are two trading unit sizes available. The full size lot is 100,000 currency units and may be controlled by a 1% or 1,000 unit margin. There is also a “mini” size lot of 10,000 currency units that may be controlled by a .5% or 50 unit margin. Dollar based traders can put the dollar sign ahead of the above figures for illustration. To translate this to trading account requirements; a “mini” account can be started for as little as $300.00 US.

The above discussion of just a few facets of the Forex market is hoped to stimulate thoughtful consideration of the best trading situation for…You, and will continue as a series of articles to consider relevant features of the Forex markets.

To Be Continued…

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How Up-to-Date Is Your Homeowners Insurance?

By Barton Simmons

 Nobody likes to consider the ramifications of a worst case scenario, least of all the financial consequence. However, did you know that if a major storm (of the likes we experienced in the UK in the late 1980s) struck the UK today, almost one-half of all homes in the UK would have inadequate home buildings insurance to cover the cost of repairs!

Valuation of your home buildings insurance - is it being done correctly?

Before you consider the value of your home, ask yourself a quick couple of questions:

- what is the principal reason why you have home buildings insurance?

- who assess the value of your home buildings insurance?

In most cases, the answer to the first question is you need to have home buildings insurance because it is a requirement under your mortgage agreement. The answer to your second question is also likely to be your home mortgage provider, because they feel they know the value of your home better than you do. So, what’s the problem? Well, the problem is, each year your home mortgage is going down, but hopefully the value of your home is going up. As your insurance is principally to cover your outstanding mortgage, a disparity - between the value of your home and the outstanding mortgage amount - will rapidly arise. Therefore, it is vital that you keep control of valuing your home for home buildings insurance purposes and always ensure that the insurance relates to the actual value of your home, not the outstanding mortgage amount.

Improvements to your home - are they being included?

Likely as not, over time you are going to do some building work to your home. Maybe you’ll add an extension. Put in a greenhouse. Add a conservatory. Etc. The question is - are all of these add-ons being included in the additional value they bring to your home, or are you only continuing to insure the main part of the home that was part of the original policy?

Increased costs - have you factored these in?

Nearly every insurance policy comes with an excess amount. Essentially what this means is that you have to pay a threshold amount before you can claim against the insurance company. Fine, let’s take an example: say you bought your home in 1980 and set the threshold amount at 500. Would you get more or less in materials and labour today if you were still maintaining an excess sum of 500? Answer, far less and you’d be claiming on your insurance far sooner, which in turn means your premiums are likely to be higher.

As you can see then, home buildings insurance is not as simple as guessing what you think the value of your home is. It takes certain precision and year-on-year upkeep if you want to make sure you’ll be sufficiently insured should the unfortunate worst case scenario occur.

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