Money Blue Book» General

Day trading: Do you have what it takes?

MBB_writer — Wed, 25 Aug 2010 16:29:18 +0000

This is a guest post from Marc Pearlman.

When people ask me if they could be successful at day trading, my first response is, “Do you know what day trading is?”

Most people don’t. You might think day trading is about finding the best online brokerage, grabbing a stack of financial reports, arming yourself with financial blogs and news and then diving in.

What many would-be day traders don’t realize is that success doesn’t come from the uncanny ability to analyze balance sheets and fundamentals like Warren Buffett. And even if you have the ability to interpret charts and price action–the primary skill for day trading–this is secondary to having the strict discipline of adhering to specific rules and guidelines.

Without these rules in place, day trading is like a child playing with a chainsaw.

I’m not judging the merits of day trading. I know both very successful day traders and those who blew themselves up financially with day trading. (For what it’s worth, I know many more of the latter variety.) But if you’re going to succeed at this kind of investing, you’d better understand what it takes.

What it takes to succeed

Here are observations from my experience as both a professional trader and money manager about what it takes to succeed at day trading:

Hard work. Brains don’t hurt, but day trading is a skill, and that skill needs to be developed by treating this as a business. A lot of people day trade as a side avocation or hobby, maybe because it seems like an easy road to riches. Don’t fall for that mentality. I’ve known people with a gambling mentality who have been drawn to trading, only to be chewed up because they treated the markets as a casino and not a business.
Discipline. Do you ever see the same people wandering around your gym who have no noticeable changes in their appearance from a year ago? It’s from lack of discipline and goal-setting. Trading is no different. People jump from strategy to strategy, or worse, have no strategy at all. The importance of discipline to day trading can’t be overstated. You may think you have discipline, but the true litmus test is your results.
A keen grasp of probabilities. The best baseball players–the ones who get paid the most–hit the ball around three times for every 10 at-bats. A guy who hits it four times for every 10 at-bats is the best in the business. Put another way, even the best baseball players in the world achieve an undesirable result most of the times they get up to bat. Great traders are the same. Making money through day trading doesn’t mean you make the right call most of the time. The key is to lose a little when you are wrong (which is often) and make a lot when you are right.
Letting go of the need to be right. Some people would rather be right than make money (or would rather be right than be happy, but that’s another blog post!). This personality trait makes for lousy day traders. In day trading, you will be wrong more than you are right, but that is not failure, it’s probability.

Defining your day trading personality

On a recent episode of “America’s Got Talent” (I admit it, I somehow got hooked on a summer reality TV show) judge Piers Morgan told one performer that he did not know how to define his act and asked the performer how he would define himself. The entertainer looked completely bewildered, and it’s no surprise that his act fell flat.

Ask 100 people to define their “investment personality,” and you’re going to get 90 blank stares. Lacking a clear description of your investment personality–are you a trader, gambler, investor or saver?–is a common error, one that can make or break your results.

In the broadest sense, everyone’s financial goal in investing is to make money. But that’s not enough. You have to find a strategy and set of rules that you’ll stick to and will keep you from an expensive labyrinth of mistakes.

Spending some time doing a little self-discovery can yield a strategy that is more in sync with your personality type, which may help reduce some of the emotional impulses that often lead people astray.

Still think you have what it takes to be a successful day trader? You’re the only one who can really know. But if you lack any of the key traits or a strong investment personality, don’t be surprised if you’re in for a long grind–or a financial meltdown.

Marc Pearlman is the author of the Positive Money Mindset and host of the popular radio show Your Money Matters! For more about Marc, visit marcpearlman.com or www.Yourmoneymattersradio.com.

Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Marc Pearlman, Representative. Your Money Matters! radio show and the Securities America companies are unaffiliated.

Source URL: Day trading: Do you have what it takes?

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Investing tips for today: Q&A with money expert Saly Glassman

MBB_writer — Mon, 09 Aug 2010 23:13:38 +0000

by Barbara Marquand

In the wake of the financial meltdown, top money expert Saly Glassman says investors need to take responsibility of their finances and get their investments back on track. Glassman, ranked the nation’s No. 1 woman financial advisor by Barron’s, is author of “It’s About More Than the Money: Investment Wisdom for Building a Better Life” (FT Press: 2010).

We recently chatted with her about today’s hot personal money management issues, from coping with losses to investing independently with discount brokers.

MoneyBlueBook.com: What’s your advice for investors coping with losses?

Saly Glassman: The best way to deal with a loss is to step back and make an unemotional evaluation of what happened. By looking with more objectivity at the situation, you can analyze what role you played in contributing to that loss. Were you overextended with your borrowing? Did you have unrealistic expectations with that return? Did you not save enough? Did you not do enough research on the kind of investments you were buying and the person who was advising you? Ask yourself, “What role did I play in the loss that I incurred?”

If you say, “It’s everybody else’s fault,” where does that take you? How can you be part of the solution if you had nothing to do with the problem?

MBB: What are the biggest mistakes investors have made in the last two years?

Glassman: Common mistakes are having inappropriate expectations, not saving enough money, investing with friends and thinking your situation will be different, overleveraging, living the consequences of someone else’s choices, getting attached to things and not truly examining the value of what you have.

People struggle with decisions concerning the right thing now versus the right thing later. A younger person may think, “I’m young, and I have many more years to work, so I don’t need to put money away in my 401(k). And besides, I’m going to inherit money from my parents.”

But what if your parents were overleveraged, and what if they lose some of their assets? Or what if you or someone you love gets sick, or something dramatic changes, and you don’t have any savings to fall back on?

MBB: What do you say to people who do all the right things and still lose?

Glassman: It’s not a realistic expectation to think, “If I do all these things right, then I will have a 100 percent escape route for whatever I’m trying to avoid.” What is realistic is to say, “All I can do is my best, every day, in the way that’s important to me. If I can do that, I will increase the probability of achieving my goals, and minimize the things that will go against me.”

MBB: Why did you write the book?

Glassman: I felt there had to be some sort of acknowledgment of the pain and suffering investors have gone through in the last few years, and there hasn’t been enough of that from Wall Street. In addition, there needed to be steps taken to repair relations between the financial community and investors. There has to be a better level of trust and understanding, and the elimination of the sort of adversarial positioning that’s built up over the years.

The title, “It’s About More Than Money,” is meant to help investors understand there is a much bigger picture in life, well beyond your money. I wanted investors and advisors to see that models for proper investing can be replicated in other areas of your life, like losing weight or being happier and being fulfilled.

MBB: What’s missing from the average investor’s strategy?

Glassman: There are products, investments and action. But there is no strategy. That’s what’s missing.

MBB: What do you do differently since the economic downturn?

Glassman: I think this economic downturn has solidified my point of view and made me even more confident in my principles. The downturn has been an enormous gift because it has given me the opportunity to rethink my relationships. I’ve learned to appreciate everything I have.

MBB: What’s the next bubble?

Glassman: An obvious bubble is [U.S.] Treasuries, and I think gold is some kind of a bubble. If you’re properly diversified you don’t have to be so preoccupied by bubbles. An investment bubble becomes problematic when you lose track of the percentage of your portfolio that it should represent. When the “bubbling asset” gets over-weighted, it should be minimized. You should never find yourself a victim of a bubble. If you have, it’s because you’ve been overextended in that asset class, and maybe even a little greedy.

MBB: What’s the next hot investment?

Glassman: What’s hot is you. It’s not about products. You don’t have to worry about finding what’s hot. If you’re properly diversified and you have a long-term strategy–and some piece of your strategy heats up–you’re going to experience it.

The irony of that is I’ll be calling you to trim that position when it’s doing very, very well. And you’ll say to me, “I can’t believe you’re telling me to do that, because this is where I’m making all the money.” Exactly, that’s why you need to leave. Conversely, when something is undervalued and you are underweighted in it, you need to increase your position.

MBB: What’s your advice for do-it-yourself investors using discount brokers?

Glassman: Investing independently does not have to mean going it alone! You can make a long-term plan for yourself that incorporates your highest priorities in your life. Then, break those into smaller components and rank them in importance. Check these rankings with a trusted friend or advisor. Your goals should include short- and long-term objectives.

Your savings plan should continue regardless of your immediate needs. For example, you may need a new washing machine, but you also have been dreaming about a trip to a beach resort. In addition, you have committed to putting tax-deferred contributions to your 401(k) plan. You may be able to negotiate on price, availability, convenience, etc. on products and vacations. Your future quality of life, however, has to be considered with the greatest attention to the big picture.

Eventually, as you accumulate more assets, you may see the beneficial advice of an investment professional to guide you with more complex choices.

MBB: How does your perspective differ from that of television financial personalities, such as Suze Orman?

Glassman: When I advise a client, my compensation is tied to investment performance; I experience personally the consequences of my recommendations. That creates a rather immediate and vivid perspective.

It’s like the difference between watching a movie and acting in a movie. You may not be less credible in watching the movie, but when you’re acting and living the movie, it’s real experience. It’s vivid and immediate. It’s a strong incentive to be accurate when taking care of your clients.

Barbara Marquand is a business writer with more than 20 years reporting experience for newspapers, magazines and Web sites. She writes frequently about personal finance issues.

Source URL: Investing tips for today: Q&A with money expert Saly Glassman

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Overcoming Spending Anxiety: When Financial Planning for Retirement Isn’t Enough

MBB_writer — Wed, 14 Jul 2010 16:00:28 +0000

This is a guest post from Marc Pearlman.

Back in the early to mid-1990s I made my living by sitting in front of computer monitor with green and red glowing pixels that flashed stock and commodity prices. I was an off-the-floor stock and commodity trader, and in my world, green and red meant everything. Green meant I was making money, and red meant I would be drawing out of my savings to pay for monthly expenses.

Fortunately for me, I was given some sage advice from a wealthy mentor of mine who was about 25 years my senior and knew of an obstacle that I was likely to encounter. I still remember his wise words: “Kid, make sure you put money into an account you can draw from when times are lean–and expect some lean times. It’s part of the game.”

Even though I heeded his advice, there was one thing I didn’t account for: the feeling I’d have when trekking to the bank to withdraw those savings. While I had been diligently depositing money in my high yield savings account specifically to be drawn on when needed, the mental anguish of seeing my balance decrease–sometimes month after month–was one of the biggest challenges I had to overcome as a trader.

From Retirement Saving to Retirement Spending: Getting Past the Anxiety

Fast-forward 16 years: now I manage other people’s money for a living. I’m on the phone with a client in his mid-60s who recently retired. He asks me if taking $10,000 out of one of his accounts to purchase a timeshare is going to throw his retirement savings into a flat spin.

I remark that he could buy ten such timeshares without making much of a dent in his financial resources. But thinking back to those down months from my trader days, I quickly add, “I think I understand where your mind is and what you may be feeling. The retirement transition is a little bit like buying an umbrella and then worrying it will get wet when it rains.”

Learning how to develop the retirement spending mindset is a major challenge for many retirees. There’s already a lot of change when you retire: a shift in routine, of people you spend time with on a daily basis, maybe even a new home in a new city.

Add to the mix a wrenching shift in habit from saving for 35 or 40 years (or more) to actually spending down the funds carefully grown in that retirement account–no wonder it’s a jolt. Seeing that balance drop month after month, even if you’ve planned for it, is profoundly unsettling.

Another issue is that many people who enter retirement now have access to the most money in a lump sum that they’ve ever had in their lives. This alone can bring a suite of emotions, from fear and paralysis to greed.

You may have gone over financial variables in retirement planning over and over through the years–average lifespan, rates of return, annual income needs, and so on–but nobody prepared you for these particular mental adjustments.

How to Combat Retirement Spending Anxiety

The upshot is that these feelings are normal, and there are strategies you can use to ease yourself into retired life:

Set up a “retirement bucket.” This strategy simulates the consistency of earning a steady income. With your “retirement bucket,” you spill some money into a separate deposit account that you access for regular expenses. You might accomplish this with a scheduled transfer on the first of each month from a high-interest online savings account to a linked checking account, for instance. The retirement bucket method provides stability, creates a natural budgeting mechanism, and shields you from the dread of treating your retirement funds as an ATM.
Test-drive retirement. You may have long imagined what life you’ll lead in retirement, but the truth is, you won’t know until you get there. You might find yourself drawn to different activities than you expected and budgeted for. This is the “human factor” of retirement planning that no computer model can simulate. For example, I have clients who eat out more frequently now that they are retired because they have more free time to socialize. By all means, estimate your fixed expenses before retirement, but get into the swing of retired life for a few months before locking into a budget.
Set a deadline. That said, don’t let fear of handling a large sum of money (especially in uncertain economic times) lead you put off budgeting forever. If making big decisions about retirement spending frightens you, let yourself have a few months to just get used to your new life. But set a precise date in the future to revisit decisions, or several milestones spaced out if you prefer–something to make sure that you take some thoughtful action in a timely manner.
Blow your money–but just a little. Some new retirees have the opposite reaction to financial anxiety–they convince themselves that they deserve new cars, designer shopping sprees, and luxury vacations. Deserved they may be, but these large purchases come at a great cost if done on an impulse. If you’re worried you may be the type to come back from the Porsche dealership with a big case of buyer’s remorse, try this: take a very small percentage of your retirement money and go blow it on something frivolous. It could be that you just needed to get that impulse purchasing out of your system, and this way you can satisfy that impulse without doing yourself some major financial damage.

Above all, I encourage new retirees to view money as a tool. When we make financial decisions out of emotion, we often satiate an emotional need at the expense of good financial judgment. Unless you can identify the emotion driving that financial judgment and adjust accordingly, all that careful number crunching, planning, and forecasting from your working years can become meaningless.

Marc Pearlman is the author of the Positive Money Mindset and host of the popular radio show Your Money Matters! For more about Marc, visit marcpearlman.com or www.Yourmoneymattersradio.com.

Source URL: Overcoming Spending Anxiety: When Financial Planning for Retirement Isn’t Enough

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New Credit Card Statement Format

MBB_writer — Tue, 13 Jul 2010 20:47:05 +0000

Usually when I open my credit card statements, my eye goes right to the line that tells me how much I made during the past month in cash back and credit card rewards points. Recently, though, something else caught my eye when I opened my monthly statement: the brand-spanking-new statement format mandated by the Federal Reserve.

As of July 1, credit card issuers were required to conform with new rules approved by the Federal Reserve Board to protect consumers from what many have seen as unfair (or at least unclear) practices by the card issuers.

The new statement does a lot of things right–it’s now abundantly clear, for example, just how long it’ll take you to pay off even a small balance if you just send in the minimum payment required (and how much interest you’ll rack up in the process). Closing one of the classic traps of card usage that have ensnared many, the new statements must tell cardholders up-front just how much their credit card rates will jump and how much the late fee will be if you’re late with your payment. And interest fees and fee charges of all types are now labeled clearly–you’ll be able to see at a glance whether that zero percent balance transfer transaction was correctly implemented.

FiveCentNickel.com has a nifty infographic with mouseover highlights of the new changes:

Credit Card Statement Changes from Five Cent Nickel

Source URL: New Credit Card Statement Format

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Money Blue Book Weekend Roundup – 6

Raymond — Sat, 28 Jun 2008 18:44:15 +0000

Since it’s a lazy weekend afternoon for me, here are some finance and frugality reading material I thought you all might enjoy. There are so many exceptional new and old personal finance bloggers on the web today. I would like to share some of their blogging work with my readers here. During the last few weeks I also participated in numerous blog carnivals that I am finally getting around to linking back to. Yes I know, I can be a big procrastinator sometimes (I suck). Here they are:

Personal Finance Blogger Friends:

Mrs Micah answers a few Personal Finance and Non Finance Related Questions
The Digerati Life talks about How To Keep Your Wedding Costs Under Control
My Money Blog talks about How To Maximize Your Business Mileage Tax Deduction
Might Bargain Hunter talks about Why Frugality Is Less Sexy Than Debt Reduction
Being Frugal answers questions about How To Eat Healthy On A Budget

Carnival of Personal Finance:

Money Under 30 featured Warren Buffettâ€™s Single Most Important Piece of Advice For Stock Market Investors

Carnival Of Debt Reduction:

Blunt Money featured Pay Off Credit Card Debt With Low Interest Balance Transfers

Carnival of Money Hacks:

My Investing Blog featured 0% Balance Transfer Credit Cards

Carnival Of Money Stories:

The Dividend Guy featured Do Credit Cards and Stocks Make Up Your Emergency Fund?
Bible Money Matters featured Citi Thank You Credit Card Rewards

Carnival of Twenty Something Finances:

Poorer Than You featured College Students and Student Credit Cards

Carnival Of Tips:

Tip Diva featured Free Citibank promotion Codes

Festival of Frugality:

Out of Debt Again featured Dealing With A Car Breakdown and Paying Rip Off Repair Shop Prices
Money Ning featured I Purposely Drive In Heavy Rain To Get A Free Car Wash
No Debt Plan featured Find Ebay Bargains With Typos and Spelling Mistakes
Funny About Money featured Paid Online Surveys (Editor’s Pick)
Financial Blogger featured How To Apply For Instant Approval Credit Cards
Four Pillars featured The Best Airline Miles Credit Cards

Finance Fiesta:

Master Your Card featured How Long Does A Bankruptcy Filing Stay On Your Credit Report?

Source URL: Money Blue Book Weekend Roundup – 6

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Money Blue Book Weekend Roundup – 5

Raymond — Sat, 10 May 2008 20:19:49 +0000

Here are select blog carnivals and blog festivals I participated in over the last few weeks. Apologies for the delay in getting these out (extra curricular duties have been occupying most of my free time). Other than my own article submissions, there are definitively a lot of good finance and frugality articles in the mix worth reading as well. I’ve listed the website links where the carnivals were hosted and the articles I’ve mine that were submitted. At least one was selected as an Editor’s Pick. Take a look!

Carnival of Personal Finance

Alpha Consumer featured How To Make Money From Balance Transfer Credit Cards
Lazy Man and Money featured Arguments For And Against Using Multiple Reward Credit Cards
The Happy Rock featured Using Form 1040X To Correct A Tax Mistake or Error
Gather Little By Little featured The 6 Best Credit Cards According to CNN Money

Carnival Of Debt Reduction

Broke Grad Student featured How To Get A Free Fico Credit Score

Carnival Of Money Stories

Free From Broke featured Get Free Extended Service Warranty By Purchasing With A Credit Card

Festival of Frugality

Sound Money Matters featured One Great Potential Benefit Of Higher Gas Prices – Less Traffic! (Editor’s pick)
Rather Be Shopping featured Always Pay By Credit Card To Protect Against Airline Travel Bankruptcy

Source URL: Money Blue Book Weekend Roundup – 5

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Money Blue Book Weekend Roundup – 4

Raymond — Sun, 13 Apr 2008 03:50:51 +0000

The last few weeks I participated in several editions of the Carnival of Personal Finance that I would like to mention here. I wish to thank the carnival hosts for organizing and compiling articles to share with readers. I know hosting the carnival is time consuming and I wish to give these personal finance bloggers some recognition:

Money Ning featured my article on Traditional and Roth IRA Contribution Limits and Income Phase Outs.

Stock Trading To Go featured my article on Paying Income Tax On Ebay Sales.

Being Frugal featured my article on Late Night Infomercials Selling Get Rich Scams.

Four Pillars featured my article on Answers To Common Tax Rebate Questions.

I also participated in the Carnival of Taxes and appreciate the inclusion of my submission:

Don’t Mess With Taxes included my article on Adjusted Gross Income and Modified Adjusted Gross Income.

Finally, I wish to thank April Fool’s prankster Flexo for organizing the Festival of Frugality and including my submission:

Consumerism Commentary included my article on How To Repair Your Car With Used Auto Junkyard Parts.

Source URL: Money Blue Book Weekend Roundup – 4

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Money Blue Book Weekend Roundup – 3

Raymond — Sun, 09 Mar 2008 04:00:30 +0000

This week I participated in the Carnival of Personal Finance at The BagLady where my article about choosing the right Roth IRA broker was included.

Here are a few other personal finance and frugality articles around the blogosphere that I enjoyed reading this week. Please have a look:

Paid Twice – shares the unfortunate mindset that she used to have that led to her string of “dumb purchases”.

Moolanomy - provides a very practical list of 40 Alternative Income Ideas and Resources. Most are common-sensical, but those type of money making ideas are usually the easiest and quickest to implement for the average person.

Cash Money Life – is offering a nice compilation eBook for download based on the pooled online written work of a number of personal finance bloggers. The book contains useful financial commentary, categorized according to different stages in life.

The Simple Dollar – is running a popular Ask Me Anything segment in which you can ask Trent the PF blogger any question imaginable. Some of the question comments are personal finance based, while others are just plain philosophical or goofy. I submitted a few questions in the comment section but I highly doubt he’ll respond to mine – I asked a few pretty controversial ones.

Free Money Finance – is refereeing a March Madness style matchup of personal finance articles. I didn’t submit an entry but you can still go vote for your favorite articles.

Clever Dude – shares his decision making process in regards to a recent decision of whether he should quit his full time job to take a lucrative independent contractor position. He ultimately chose to stay with the more stable gig, at least until a more suitable opportunity came along. Unlike him, I chose the contract lifestyle and enjoy the flexibility it currently affords me.

Source URL: Money Blue Book Weekend Roundup – 3

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Money Blue Book Weekend Roundup – 2

Raymond — Mon, 18 Feb 2008 04:50:14 +0000

Let’s take a walk around the the personal finance blogosphere. Here are a few blog posts that I found interesting and worth reading during the last few weeks. Feel free to check them out:

Frugal For Life shares a tragic story involving love and finance with gold diggers C.C. and Bill.
Money Smart Life shares a few tips about finding deals during the shopping off season.
Single Guy Money hands over the arduous task of ironing his shirt and pants to his female friend in a modern day example of bartering. Personally, I think he should stick with buying only wrinkle free clothing like I do.
Mrs. Micah shares her thoughts on living in the ghetto. I can relate to her ghetto housing experiences as I used to live in Baltimore City a while back as a student. Drug dealers, trauma helicopters, and gang members were common sights.
Mighty Bargain Hunter talks about the ramifications of when bargain hunting zeal treads into addiction territory. I knew I was personally pushing the envelope a bit when I would order things online to save a measly 50 cents.
I’m a big fan of using reward credit cards to maximize purchasing power, but The Digerati Life reveals a list of common ways that people can get themselves into credit card trouble.
Wise Bread is trying to promote their new personal finance forum and is literally giving away $20 Amazon gift certificates each day to those who participate in the new Wise Bread forums. So far I’ve already won two of them!
Money Ning has too much money and is giving his wealth away to appease the masses. Either that, or he intends to actually make a profit from his accumulation of wedding gifts.
Lazy Man and Money is starting a new profile series on celebrities and their money. Oddly, of all the celebrities out there, his first series post will be about Sarah Michelle Gellar.
Millionaire Mommy Next Door talks about how she chooses to live the good life, rather than the goods life.
Five Cent Nickel muses about the disappearance of traveler’s checks. I didn’t even think people used them anymore but I guess at least a few older people still occasionally buy them before they travel. I personally stick with reward credit cards exclusively nowadays.

Source URL: Money Blue Book Weekend Roundup – 2

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Money Blue Book Weekend Roundup – 1

Raymond — Sun, 27 Jan 2008 04:32:16 +0000

Drum roll please…presenting my very first edition of Money Blue Book’s Weekend Roundup, where I showcase some of the interesting personal finance blog articles I’ve come across during the week and days before. I always appreciate frequent commentators so I will try to make an extra effort to share some of the interesting tips they have to offer. I encourage readers to browse around the blogosphere. There’s a lot of good financial, frugality, and investment advice out there!

One of my favorite personal finance bloggers, My Money Blog, shares some short, easy to understand insights into what the planned federal economic stimulus package will mean for you and I.

If you’re addicted to coffee and think the new Starbucks unlimited refill $1 coffee is a great deal, the Mighty Bargain Hunter will show you why an inexpensive habit is still a habit that deserves to be kicked.

Money Ning shares how his valiant fiance saved them money by speaking up and standing for what’s right regarding a botched wedding fee. He’s a lucky man.

A favorite personal finance blogger of mine, Mrs. Micah discusses practical and realistic ways to view your tax rebate check. She’s right – it’s not really a windfall since the money was yours all along. The government was just holding onto it for you interest-free.

If you’re into investing in China and the Asian stock market boom as I am, then check out Sun’s Financial Diary as he writes about ways to short the recent Chinese bear market. He always has some great investment ideas.

The Honest Dollar honestly discusses what the recent 75 basis point rate drop by the Federal Reserve means to regular folks like you and I in the short and long term.

Source URL: Money Blue Book Weekend Roundup – 1

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Review – Trading Eminis With Trading Concepts Inc.

Raymond — Fri, 19 Oct 2007 16:00:55 +0000

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For those curious or willing to take on the challenge of learning a new investment methodology, Trading Concepts Inc offers a home study package on how to trade Emini futures.

Eminis are electronically traded futures that are much smaller than existing futures contracts traded on the Chicago Mercantile Exchange. The claimed advantages to trading Emini contracts include greater liquidity and flexibility. The most popular Eminis are those that track popular stock indexes such as the S&P 500 or the Nasdaq 100.

The home study Emini Trading System course provides a wide assortment of preparatory material, including a 250+ page comprehensive manual, 4 professionally shot video tapes (50+ page manual), 3 hours of professionally recorded audio cd’s (50+ page manual), unlimited phone/e-mail consultation, free unlimited access into the members area, and a free day of market training.

It Does Take Personal Effort and There Are Risks

Trading Concepts Inc. claims that the average student will take roughly one to two months provided they are prepared to spend between five and eight study hours on the course a week, to learn and actually begin using and profiting from Emini trading.

The company’s website does acknowledge that while futures and options trading offer potentially significant rewards, day trading does involve high risks and you can lose a lot of money. As always, please do very thorough research, and be careful.

Source URL: Review – Trading Eminis With Trading Concepts Inc.

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7 Random Things About Me

Raymond — Thu, 11 Oct 2007 11:00:45 +0000

Okay, it’s time I joined the personal finance blogging community. I’ve been writing and posting quietly to myself like a hermit in my cave and I think it’s time I shared more about myself.

I’ve been tagged by Pinyo at Moolanomy to reveal 7 random things about myself. I’m not sure what people would want to know about me so I decided to include a wide assortment.

I have a bachelor’s in finance and a J.D. degree – This means I’m an attorney with a business background. My current full time job is only partially related to the legal field however.
I look very young – I am in my late 20’s but can easily pass for a college student. I’m not joking. I get still get carded sometimes.
I’m a big Redskins and Wizards fan – Got to support the local teams. My Skins are looking good this year!
I used to be a huge computer gamer – I started with computer role playing games and graduated into Starcraft. I still have fond memories of playing until the wee morning hours and somehow still making it to class.
I own a parrot – I’ve had my parrot for many years now since college (yes he talks and whistles). I remember sneaking his cage into the dorms during college and pulling it off for a whole school year. I wasn’t busted until the last week of school. Good times.
I play the drums – I used to play the drums in my church’s praise band until recently. I’ve taken a few months off but might return in the future.
I’m a runner – I ran cross country during high school and I still run today. I’ve ran half marathons before but haven’t attempted to challenge myself by running a full 26 mile marathon yet. I plan on doing that one day.

That’s about it for now!

Um…I looked around and I think nearly everyone has already been tagged at least once. Please let me know if you haven’t so I can tag you. Like a hot potato, I’ve got to pass it on!

Source URL: 7 Random Things About Me

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Carnival of Everything Finance

Raymond — Thu, 06 Sep 2007 04:01:22 +0000

Well it looks like the Carnival of Everything Finance is up and they included our article on The Best Reward Credit Cards.

A carnival is a type of blog event where different blogs get together to share and post articles on a particular topic. Usually there is one blog that will organize and host the event by aggregating the submitted articles and publishing them on his or her blog. As the host blog changes, the carnival will travel and appear on a different blog each time.

This was my first article submitted to a carnival but I hope to participate even more in the future. I encourage you to visit the host sites to learn more about various interesting finance related topics.

Source URL: Carnival of Everything Finance

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