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Monthly Archives: February 2018

Disciplined Trading

Methodology

The 1st step is to find a systematic rule-based approach to trading the markets that has been proven to work, either by computerised backtests or manual testing. This is extremely important because without a validated strategy you will not be able to build confidence in it and will likely just end up losing money and increasing stress.

Make sure you stay away from strategies that do not have clearly defined rules you can program into a computer, the rules should be simple and not require interpretation otherwise the results will be inconsistent. This step must be completed properly, if you do not then the string of losses you will likely experience will make it very difficult to continue following the strategy and you’ll either stop trading or jump to the next strategy and repeat the losing process.

Confidence

The 2nd step is to gain confidence with the strategy by understanding how it works, why does it make money? Really understand the backtest results, know the type of markets it works in best, then either paper-trade it or trade it with a small position size for a while to get a feel for how it behaves.

This process can take some time so don’t rush it. Also, don’t assume you can trade it just because you know the rules and have read the backtest report; there is a large difference between knowing something and doing it, so while you may think you can handle the performance characteristics of the system it can be an entirely different scenario once you’re risking your own money with it.

Discipline

The 3rd step is to gain discipline by following the strategy religiously. This is very important because not following the rules will erode your confidence and invalidate the results.

Make sure you resist the temptation to constantly ‘tweak’ the strategy rules, especially based on the results of a small number of trades. All strategies have winning periods and losing periods and the results are not defined by any one trade, rather you need to apply the strategy over a large number of trades to let the edge work in your favour.

ATM Safety

Protect your ATM card as if it were cash. Report lost or stolen cards immediately.

Safeguard your Personal Identification Number (PIN). Don’t give your number to anyone; don’t write your PIN on your card, avoid using numbers that are easily identified (birth date, etc.).

Try to use ATMs with which you are familiar. Choose well-lit, well-placed ATMs where you feel comfortable. If you need to use an ATM late at night, ask a friend to accompany you.

Before approaching the ATM, scan the surrounding area. Avoid the ATM altogether if it is too dark to see, isolated or looks unsafe. If there are bystanders loitering in the area, go to another machine or come back later.

Be prepared to conduct your business as soon as you reach the machine. Have your ATM card ready in your hand. Do not dig through a purse, bag or wallet in front of an ATM or while you are in line. Secure your money immediately after the transaction. Count your money later, not at the ATM.

Use your body to shield the screen and keypad before entering your PIN. Make sure other individuals in line stay a reasonable distance from you while you’re performing your transaction.

Do not allow anyone to distract you while you are at the ATM. Be cautious if strangers approach you or try talking to you – even if your card is stuck or you’re having trouble with your transaction. If someone takes interest in your transaction, leave the area and report the suspicious behavior to the police.

Never leave your receipt in the ATM. Discarded ATM receipts are a primary source of identity theft and account fraud. Shred receipts before discarding them.

If you are using the ATM at night make sure there is nothing compromising your personal safety like overgrown bushes or poor lighting.

Be wary of an ATM scam called “skimming, where thieves attach electronic devices to the ATM that are designed to capture your card information and PIN. If an ATM card reader appears unusual compared to other ATMs, use another ATM.

Basic Tricks For Choosing Bank

Credentials

The credentials and reputation of the institution should also factor into the decision. Larger banks are generally a reliable choice due to FDIC deposit insurance. Check with the Federal Deposit Insurance Corporation to find out if a business is insured under this coverage.

Think about Physical Convenience

Physical convenience can be a key consideration in this decision. You might opt for a location that’s convenient from your place or work or your residence. Consider extended hours offered by some institutions if you work alternative shifts and you cannot visit during regular business hours. Online services can help with many types of transactions, offering services such as bill payment, automated deposits, and access to balance information. Find out about the location of ATMs you can use for no or low fee transactions. Some banks are national companies, providing customers with access to service and accounts from virtually anywhere in the country. Other businesses are local, providing no ability to travel and visit brick-and-mortar branches.

Explore Fees and Service

Every bank has a unique structure for fees and services. You will need to contact any institution you consider to find out these important details. Ask about account fees, minimum balances, ATM fees, overdraft protection, and overdraft fees. Find out how the they handle international travel to see if you will be able to get assistance with foreign currencies. Some businesses offer more services than others, some involving additional fees and some not.

Consider Personalized Service

Choosing a national company can afford you many conveniences. However, it’s important to realize that you may sacrifice some personalized service with this decision. A variety of services from a national business may be fine for many consumers. If you prefer a more personalized touch with a hometown brick-and-mortar branch, you may be happier with a local entity. Anyone with a busy lifestyle and a variety of financial activities such as IRAs, loans, credit cards, and online bill payments may be better suited to a large, national company. People with simpler lifestyles might opt for a local business instead.

Prepare a Bill of Sale Properly

A bill of sale form is used to transfer the ownership from a seller to a buyer. The four main bill of sale forms are for: auto, boat, personal property and business.

The Internet made all these forms readily available at a reasonable price.

In five minutes or less, the user can prepare a bill of sale as follows:

  1. Purchase the form and download the form.
  2. Open the downloaded form and print.
  3. Use a pen; fill in the blanks by following the instructions.
  4. Done.

The common pitfalls and their repercussions:

  1. Using a free form download from the Internet. Such forms almost always contain errors and are incomplete.
  2. Using a handwritten bill of sale. Such forms almost always contain errors and are incomplete.
  3. Failing to detail and describe what is being sold. It is important to have what is being sold detailed and described.

Avoiding the three pitfalls listed above can help both the seller and buyer avoid both headaches and expenses down the road. The following are few common examples:

In the event the buyer is unsatisfied with their purchase as they may deem that what they received was not as described. A proper bill of sale including the condition of the item being sold thus resolving such issues.

Using an improper form that does not detail important information. This causes that buyer issues down the road when attempting to resell what was bought. As an incomplete form may lack a vehicle VIN number or boat identification Hull number.

The seller also needs to protect themselves as exemplified here. When selling a car, it is important to include the “Odometer Disclosure Statement”. This provides the seller legal protection in case the buyer alters the odometer in the future when reselling to obtain a better price. In such a case, it is impossible to ascertain who changed the odometer reading. The seller by using a proper form protect themselves from dealing with such possibilities.