e-Business blog

Never invest money in a real Forex account before you practice on a Forex Demo account!

• Spend at least two month practicing with demo trading. Think about this: 90 percent of beginners are unable to succeed in the real money market simply due to lack of experience, knowledge and discipline. The remaining 10 percent of successful traders had been developing and forming their skills on demo accounts for years before starting their work on the real market.

Go with the trend!

• Bear in mind that trend is your friend. Trade with the trend in order to maximize your chances of success. Trading against the trend will not “kill” a trader, but will surely demand more attention, nerves and sharp skills to reach the trading goals you’ve set.

Always pay attention to the time frame wider than the one you’ve chosen to trade in.

• It gives the bigger picture of market price movements and, as a result, allows to clearly define the trend. For instance, when trading in 15 minute time frame, examine the 1 hour chart; trading hourly would require getting a picture of daily and weekly price movements.

Never risk more than 2-3 percent of the total trading account.

• One significant difference between a successful and an unsuccessful trader is that the former is skilled enough in order to survive in unfavorable conditions on the market, while an unsuccessful trader will blow up his account after 5 or 10 unprofitable trades in the row.

Put emotions aside. Trade calmly.

• Do not try to take vengeance after losing the trade. Don’t be greedy by adding lots of positions when winning. Overreaction blocks your ability to think clearly and in consequence will cost you some money. Overtrading can disrupt your money management and drastically increase trading risks.

Opportunities for thieves to discover information about you are countless. Identity thieves are smart; you have to be smarter.

Destroy all sensitive documents

• There are several countermeasures you can take in order to help prevent identity theft. After getting through your mail, cleaning your desk at home or work, or cleaning out your car - do not simply throw your personal things into the dumpster. Receipts, utility bills, bank statements, loan statements and credit card offers and statements must be completely destroyed before you throw them away. Consider buying a paper shredder and shred everything you are throwing away to eliminate the possibility of someone finding out information.

Check the signature on the receipt

• Some time ago people believed it would be difficult to use another person’s credit card. After all, you must sign your name when buying something with a credit card, right? You should protect your credit cards in the same way that you protect your cash. Merchants hardly ever check that the signature on the back of a credit card matches the signature that is signed on a receipt when something is purchased.

Inform your creditor about the stolen card

• If you have lost your credit card, or it has been stolen, immediately inform your creditor about the situation. The credit card company will temporarily freeze the account in order to prevent any purchases from going through. Additionally, they can trace the place where somebody has tried to use your card. This will be helpful in the efforts to find the thief.

Read your bank statements carefully

• The most important countermeasure you can take on a daily basis is to read your credit card statements and bank statements right after getting them. Search for any purchases that you did not make, and contact the credit card company as soon as you find something suspicious. If identity theft is caught early enough, it can frequently be stopped before it gets out of control.