Using FX Trading To Make Money on the Side

The worldwide forex market boasts over £2.64 trillion in daily trading volume, making it the largest market in the world. FX entices traders of all levels due to its ease and simple format, from complete rookies to veteran traders, everyone is having a go. Around-the-clock sessions, access to significant leverage and relatively low costs make it a great prospect for earning some extra cash.

This article will take a look at 5 ways for novice traders to ensure they stay profitable and avoid going into the red.

  1. Do Your Homework
    Forex is easy to get to grips with but extremely tough to master. Learning about forex is crucial to success. While the majority of learning comes from experience, a trader should research everything possible about the markets, geopolitical and economic factors that drive currency values before diving in.It’s important that you have a basic knowledge allowing you to make informed decisions and adapt to changing market conditions.
  2. Use a Practice Account
    The vast majority of trading platforms come with a practice account, demo or simulation account. These type of accounts allow traders to place hypothetical trades without risking any real money. This allows you to get to grips with the basic format of a forex trade along with getting a feel for the software.

There are few things are as damaging to your confidence or account than throwing all your money down the drain on your first trade. Getting to grips with a practice account will save you having to fumble around when real hard cash is on the line. Multiple errors in succession can lead to devastating financial implications so practice is imperative!

  1. Start Small

Once you’ve done your homework and you’ve got to grips with a practice account, it’s time to put your money on the line. No amount of practice can ever prepare you for the real thing so it’s vital to start small when going live. It’s a completely different ball game once real money is at stake, simple decisions become much tougher as your risks now have very real consequences.

Emotions and slippage cannot be fully accounted for until you’ve started live trading. Additionally, a strategy that worked a charm when practicing can easily fall short when reallyput to the test. By starting small, a trader can evaluate his or her decisions and emotions allowing them to gain valuable real world experience without risking their whole account.

  1. Keep Good Records 
    Maintaining a trading journal is a great way to learn, both from your losses and successes. Recording dates, profits, losses, your performance and emotions can be incredibly beneficial to in the long run. Without a good journal/record traders are likely to continue making similar mistakes, minimizing their chances of being profitable and successful.
  2. Treat Trading As a Business
    It‘s essential to treat your account as a business, remembering that individual wins and losses don’t count in the short term; it’s how you perform over time that is key. As such, traders should try to avoid becoming overly emotional with either wins or losses, and take both in their stride. Like any business, trading incurs expenses, taxes, risk, losses and uncertainty, along with the fact that like a small business your account will take time to grow and mature. Planning, setting realistic goals, staying organized and learning from both success and failure will help ensure a long, successful career as a forex trader.

Conclusion

Forex trading can provide a great opportunity to create a little extra cash as long in a quick and easy format. When approached as a business, forex trading can be profitable and rewarding, stayingfocussed, organised, emotionally resilient and determined are all key to a successful career. If you’re interested in finding out more about FX trading then visit http://www.etxcapital.co.uk/ for more information.

 

 


Remortgaging Your Home – Easier Than Ever?

For the majority of people, their home loan is their greatest financial responsibility. What’s more, streamlining the biggest debt can create a huge saving. When you choose to remortgage you are shifting from one home loan offer onto the next and will be paying off your old home loan with the new one, utilizing your property as security.

Whether you are moving mortgage providers or staying with the same bank and getting a new deal, it’s still categorized as remortgaging. There are numerous reasons people decide to remortgage –  some of these include:

To Raise Cash

If your salary has grown since taking out your home loan, then you will usually have the option to take out a bigger mortgage than before. You can then utilize this opportunity to raise money, which can be used to redecorate, buy a car or fund another major purchase.

Merge Debts

On the off chance that you have a few debts and are attempting to pay them off, you can remortgage your property to help clear those debts. Mortgage financing costs are, for the most part, far less expensive than credit cards or personal loans. By remortgaging you can reduce the interest payments on any existing debts you may have. You can use an online calculator for mortgage repayments to compare interest rates with personal loan rates.

Equity Release

If the estimation of your home has risen then you may have the option to get some of its value released to spend on something else. This could be another major purchase, such as a holiday, or to reinvest in a buy to let property or a business.

Remortgaging can be advantageous for many reasons, but it’s not always the right thing to do. Like any lending, a remortgage comes with a set of risks which should be taken into consideration.

Cost of Switching

If you decide that you’d like to go with a new lender for your mortgage, there’s a chance that you’ll have to pay certain fees to your existing lender. This is usually an early repayment fee, the cost of which will vary from place to place.

There may also be set up fees involved when you transfer to the new lender. Ideally the new rate you’re being offered should more than cover these expenses, but it’s something to be aware of if you decide to change. It’s also worth checking with your current lender to see if they’re willing to match the deal you’re being offered elsewhere. They may be keen to retain your business, so it doesn’t hurt to ask.

Change in Circumstances

When you consider the average repayment term for a mortgage, it’s normal for people to experience a change in their financial circumstances. This can be positive, such as an increase in salary, or negative, such as losing employment or poor money management.

The potential for a change in circumstances is something which should always be considered before committing to a long term financial arrangement like a mortgage. Is your job secure? Are you likely to command the same salary if you move elsewhere? Do you expect to be earning significantly more money in the near future? All these questions should be asked before you commit to a new mortgage.