Archive for the ‘Resources’ Category

Traveling Budgets and the Currency Exchange

Tuesday, November 10th, 2009

When is the best time to exchange money for a trip?

Everyone has a different opinion when it comes to exchanging money. Some travelers believe that waiting until you arrive at your destination airport is the most efficient way to exchange money, but in today’s volatile global market that strategy can be expensive. The currency market is in a constant state of change, so a good rate today could turn into a budget breaker tomorrow. Most trips out of the country are planned in advance and travel budgets are usually a top priority in that planning process, so it makes sense to know how much your currency exchanges will cost you. A last minute large amount exchange at an arrival airport could cost an extra $150 for every $1000 you exchange if the dollar has weakened by 1500 points over the last few days.

The best way to exchange money is to exchange small amounts of money while you are planning the trip. When you average your exchanges you know exactly how much each exchange costs, so your budget is more realistic. Averaging protects you from a major shift in currency value, which can occur at any time with some trading pairs. Exchanging money before you leave your own country is a strategy that will make your travel budget work when you arrive in your host country.

Where should I exchange money?

Some travelers rely on credit cards when they travel not realizing that credit card companies use an exchange rate that includes their profit plus they add a surcharge to every travel purchase, so you never know how much you are spending until you get a statement. Banks add a fee to every currency exchange and the rate some banks use may not be a real time rate, which can cost you more than necessary. Airport currency merchants may have hidden fees in their posted rates, which add additional cost to the trip. The best way to exchange money is to use an averaging system in the planning process and get advice from a reliable currency trader who watches the market hourly. Forex trading can be complicated to the layman so a professional trader can help you make exchanges without extra fees, hidden surcharges or bogus rates.

Other travel points

It is a good idea to find out if your host country has cash limitations. If you are carrying more cash than the country allows it can be confiscated at a customs checkpoint. Always carry cash in a money belt or hidden pocket which is secure and out of sight. Carry a small amount of cash for incidentals in a purse or a wallet and hotel safes and other security measures should be used when you arrive at your destination. Common sense is always your best security tool when it is used.

The experts at ForexTraders.com provided this article to help you understand the importance of a strategy when trading currencies before traveling abroad. If you need more information about forex trading, forex brokers or margin trading and leverage accounts, please visit our website.

Saw a good trading education site today

Wednesday, November 12th, 2008

The following is a paid review:

David Waring says he put his site together in order to “act as a kind of filter for good free trading information” – the idea is to keep the site free in order to get more traffic since finance traffic can turn into money.

So to review the free finance information site, InformedTrades.com, I figured I’d take a look at the free information and see what we can learn from it.

The first thing I noticed were the articles linked to on the site. It was the one November 12th post I saw. Waring says that he plans to give us the more important articles, the ones that can help traders most. What I didn’t see right away was an explanation for why each article was chosen. In other words, what is the trader reading this article for? Why is this one considered important by the site editor?

As I scrolled down to the Nov. 11th posts however I noticed that there were 6 posts from November 11th. That means there’s a lot for me to review. Here I noticed that some articles were explained by the site editor.

This one impressed me. When I clicked on it to link it directly here I noticed a neat feature of the site – every blog entry is also a message board topic. So not only does Waring give us his take on China’s $586 Billion stimulus package; he also gives us a chance to ask questions. And of course, as he promised, he links to several more articles on the topic.

In the end, this is a great site for people who want to learn about trading. Don’t expect him to hold your hand. It’s not one of those sites that promises you some good stock picks like Motley Fool (man I hate how those guys market their service). It’s a site that gives you information, the site editor’s take on the information, and a chance to talk about the information. That’s pretty good.

Site about blue chip stock options and other information

Thursday, May 10th, 2007

I’m not an options expert, but I did find an interesting options site for you. Foe example if you look at this page on blue chip stock options, you’ll see they recommend day traders look to the OEX, an index fund designed for day trading the top 100 blue chips at once.

If you’re like me, you’re not sure what to do with this information but if you have time to invest (unlike me) that website does offer “option training education through our stock option trading system.”

The online trading homepage explains a bit more. You can get some free information via email and if you register with them they send you “a complete Pre-Market Alert that provides the trader with all the tools and resources they need to make smart financial option decisions” every trading day.

The sample Pre-Market Alert does contain some technical language so this service seems more appropriate for educated investors who know the jargon. This makes sense since day trading in general is for investors who have been around long enough to talk about pivot points, average true ranges, signal count strength, etc.

Personally I’ll stick to my regular system, which isn’t technical or creative. I buy index funds, including ETFs and trade online with Ameritrade or directly with Vanguard. I’ve never tried options and I’ve never day traded so options day trading is too big a leap for me.

OEX Options does offer a 15 day free trial, but I couldn’t find any more about the “option training education” – perhaps you’re supposed to learn by trial and error (or by reading the reports and recording what you would have done if you had real money at stake).

Still, the site is interesting if you’re ready to experiment and learn. If you have the time to invest why wouldn’t you fo for a free trial. You don’t have to put real money down to see if you can make this system work.

Google Finance Beta is launched

Wednesday, March 22nd, 2006

Google Finance Beta is launched. I ahven’t tried it yet, mostly because it doesn’t look as informative as Yahoo finance (less information, no stock screener that I can see, etc.). Has anyone given it a try?

Learn about Forex, Currency Trading, & Currency Exchange Markets

Wednesday, June 29th, 2005

Forex is the single largest financial market. Each day over a trillion dollars worth of currency changes hands. With that sum of money exchanging hands there is significant opportunity in currency markets, especially considering that you can leverage your Forex purchase power by a factor of 20.

With the ever increasing US debt, trade imbalances, the possible fall of the Euro, the pending Chinese Yuan revaluation, US Dollar fluctuations related to Greenspan and company changing interest rates, and global oil shortages there are large swings in global currency values.

Read Forex 101 if you want to learn more about how you can take advantage of the opportunities in FX markets.

Stock market investment blog anniversary

Saturday, January 22nd, 2005

Jan. 12, 2004 marked the first stock market investment blog entry. Naturally, I started with zero readers.

Now, one year later, this blog averages 250 unique visitors a day! Thank you!

They say practice makes perfect, and I believe I’ve come a long way since my early blog entries. I’ll try to keep writing more relvant and more interesting interesting articles about stock market investing as long as people keep reading!

Get a FreeWeek of Analysis from Elliott Wave International

Sunday, October 31st, 2004

Starting Wednesday November 3rd at 5pm EST, you can get one free week of forecasts from Elliott Wave International.

Elliott Wave International claims to be the world’s largest independent supplier of technical analysis. For over 25 years they have supplied individual and institutional investors with objective forecasts of the world’s largest markets.

During their FreeWeek event, you get complete access to three forecasting services: Monthly Futures Junctures, Daily Futures Junctures and Robert Prechter’s Elliott Wave Theorist. Get access to their FreeWeek by clicking here.

Stock market blog review

Sunday, October 24th, 2004

Random Roger’s Big Picture is a blog written by someone who really knows his stuff. I like the way Roger Nusbaum thinks: for example he looked at the Swiss markets to see if it offered a chance to diversify for US investors. He also looked at investment ideas in Switzerland.

I think that Roger’s insights offer investors a lot of interesting reading, so check out Random Roger’s Big Picture.

Start a business

Wednesday, October 13th, 2004

Resources about starting your own business:

UK Franchise Opportunity – Join the number one franchise opportunity in the UK and Ireland. Now expanding into Europe, starting with Holland in the Netherlands. Start-up costs little. Apply now for your free information pack.