What Millionaire Traits Do You Share With The Wealthy?

By Nate Barnett

Who wants to be the next millionaire? I think all of us want to make a lot of money for a variety of reasons. Most people are unsure how to go about making a fortune and feel they will never have the opportunity to make a lot of money. However, today there are many ways to make money, particularly on the internet. Success Leaves Clues! Lets take a look at some of the most common characteristics most millionaires have.

All millionaires, with the exception of lotto winners, have mentors. Whether a millionaire has made their fortune in Real Estate, Internet or some other source; millionaires pay big bucks to stay current with their knowledge. Wouldnt you rather pay someone who has 20 years of experience in their field $50,000 to teach you what they know in 20 days? It buys you so much time if you can utilize the knowledge they teach you.

Millionaires have the amazing ability to work extremely hard. Most millionaires, according to the infamous Millionaire Next Door book, work about 55 hours a week. However, if you speak with a millionaire, they will tell you the never work a day in their lives because they enjoy the work they do. Thats key #1. Millionaires love the lifestyle they have created for themselves because they have created a business around their passion.

Another common trait the majority of millionaires share is the fact that they are very conservative in spending and aggressive investors. Most real millionaires arent flashy people who try to keep up with the Joness. They are often purchasing used cars, furniture and even clothing. They truly understand the value of the dollar.

Believe it or not, most millionaires are very conservative people. Most of them will never buy a new car or new anything. They understand the value of the dollar and dont want to waste hard earned money on things that depreciate in value. They will however be aggressive when it comes to investing in them and their business. - 23199

About the Author:

Starting your own business can be difficult unless you have the right knowledge. Learn how to make money on the internet today.

Get To Know The Hanging Man Pattern When You Learn Technical Analysis

By Chris Blanchet

For full-time investors who rely on volatility and day-to-day fluctuations in security prices, it is an understatement that they must learn technical analysis. Such analysis enables them to make appropriate changes to their positions, but not all technical analysis accommodates short-term trading. For traders who look to take advantage of quick entry and exit points, short-term patterns are their best allies.

As part of the ongoing Learn Technical Analysis Series, we will discuss a short-term pattern known as the Hanging Man. This pattern gives traders an outlook as to the short-term range of that security. And given its gloomy name, investors can immediately identify the Hanging Man as a bearish signal.

When trying to identify a Hanging Man pattern, investors need to pull up the candlestick chart for the security in question. Rookie investors who have just begun to learn technical analysis will identify this type of chart type by a day's "Real Body" which is a box made up of one horizontal line for the security's open and another horizontal line for the close, and two vertical lines that join them (or box them in). The "Shadow" is the range in which the security trades over and below the Real Body.

When it comes to the Real Body of a Hanging Man, it will need to be a "Black Body" meaning the security closed lower than it opened. The Shadow will look like a tail with preferrably no Shadow above the Real Body. The tail should also be rather long, ideally twice as long as the box of the Real Body. For investors who are just starting to learn technical analysis, the Hanging Man might look more like a square tadpole than a hanging man.

As with any pattern, people who learn technical analysis will still want to confirm signals with other indicators, including fundamental analysis.

On the open of the day following the Hanging Man pattern, investors should seek a gap down from the Real Body of the pattern. The wider the gap (the farther down it opens from the Real Body) the better. Additional confirmation can be obtained if the Real Body of the day that follows the pattern is entirely below the Real Body of the Hanging Man pattern. Since most traders who learn technical analysis will not wait two days to execute a trade based on a Hanging Man, other technical and fundamental indicators should be used to confirm or refute the pattern early.

When the overall market sentiment is overly bullish, Hanging Man patterns are often falsely created. For this reasons, investors should sit tight until the following day. If the open is higher than the Real Body of the Hanging Man, it is likely a false signal. Also, investors should never forget to take the Hanging Man's Real Body's color into account -- "green and white are a bear trap's delight!" Remember that a red or black Real Body creates a more reliable pattern.

Without question, people who learn technical analysis can use their skills as primary discovery tools for buying and selling opportunities, or as confirmation for trades. Ultimately, they will make smarter trades and enjoy the rewards. - 23199

About the Author:

Chris Blanchet has more than 16 years of experience as a Financial Advisor at one of the world's largest banks by market capitalization. To learn technical analysis free visit Online Trader Today.com where Chris writes about Technical Analysis and Options trading. Chris also maintains a debt-free blog at How To Repay Debt.com

Different Types Of Stop Loss Orders

By Ahmad Hassam

Managing risk and using systems that helps evaluate price changes is critical if a trader is to maintain a degree of profitability over time. You should understand how to select stop orders to limit your potential losses and how to let profits ride.

Managing risk should be your number one job. The descriptions of the types of stops and the pros and cons of each should help you make the right decisions for the different market conditions. Capturing as much profit as possible from winning trades should be your utmost goal.

You should know the various types of stop loss orders. You should also know where and when to place these stops. Predetermined stop loss orders help you conquer your emotions. Stops should be part of the trading system and included in your trading rules.

Set a stop objective and weigh the risk/reward ratio before entering each trade. When volatility is low, stop orders can be placed close to the entry level. However, when the volatility is high, stop orders should be placed further from the entry level.

When entering a trade make sure you know where and why to put the stop order. Initially you will form an opinion based on your gut feelings that is substantiated by a trade signal.

However, you will undoubtedly get caught in the news driven price shock events. It makes the markets highly unpredictable in the short run. These news releases create price spikes that may make an adverse move against your position.

Stop orders are placed to protect against losses. These orders can also be placed to enter positions. Stop orders that you place online if the market trades at a certain price, then the order is triggered and become a market order to be filled in by the next best price available.

Buy stops are placed above the current market price and sell stops are placed below the current market price. Protective stops are used to offset a position and to protect against losses and against accrued profits.

Stops can be placed on a dollar amount per position. If you want to risk only $250 per $100,000 standard lot position then your stop loss will be placed 25 pips from your entry point. You can set a daily dollar amount on the loss limit.

You can also use a certain percent of your overall account size as your stop loss. Traders use 2-5% of the overall account size as their stop loss. If your trading account size is $10,000, this comes out to be $200-$500.

Swing traders can use the automatic trailing stop. This makes the decision making process fully automated. Many traders tend to turn winners into losers as they get in the let it ride mindset. The trailing stop reduces the chance to let trades ride. - 23199

About the Author:

Mr. Ahmad Hassam has done Masters from Harvard University. He is interested in day trading stocks and forex. Develop your own Forex Trading System. Learn Forex Trading .

Six Things To Do Before Buying Your First Home

By Doc Schmyz

Getting into your first house is a scary deal for most of us. terms we dont understand, contracts written in legalese that we cant figure out...and lets not even talk about financing guidlines. Some people wont buy a home just out of the fear of the unknown.

Usually, your home will be the biggest purchase you will ever make. And if it is your first time, this purchase is even more intimidating because you are taking full responsibility upon yourself. You should try and take advantage of the wealth of home buying information and programs out there.

Do some research and be fully informed before beginning your search for a home. Here are the six steps you should take before buying:

1) Before you start your house search, think carefully about what it will be like to be a homeowner. For most people, home ownership is an integral part of the American dream and the advantages (tax benefits, sense of home, financial investment) far out weigh any drawbacks.

2) Know your credit score from the start. If you have any bad credit issues, and we all do, be preparred to explain them. If your credit score is really low then you may want to use a credit repair company.

3) Finances. the dreaded down payment is a huge road block for most first time home buyers. However, there are many diffrent types of loan programs out there for little, and in some cases of strong credit, no money down. Your lender/mortgage broker should be able to help you find for the program you best qualify for.

4) Have your mortgage broker pre-approve you..NOT pre-qualify you. a pre-approval is actually a great out line of what you can spend on the house as well as the intrest rate you will be looking at. The best part is that you have much more leverage when actually shopping. It tells the seller you are already several steps closer to getting them a check from your bank then someone who is "just looking."

5) While meeting with your mortgage broker or banker, have them look into any down payment assistance programs that may be available. They should have an idea of what would be available to you. There are many programs out there run by counties and cities and other governmental agencies. The trick is to know about them, first, and then to see if you qualify for them.

6) First-time home buyer classes. Many lenders and Realtors offer home buyer education classes. They are usually a few hours long and will educate you through the process of buying a home. From applying for a loan, working with a Realtor, making an offer, going to escrow (closing), and various other responsibilities associated with owning your own home.

These six steps will help you on your path to owning a home. Just remember to ask LOTS of questions. Talk to friends and family who are home owners and see who they trust. Buying a home doesnt have to be scary as long as you understand what your getting into. - 23199

About the Author:

Doc Schmyz has done real estate deals all over the US and Canada. His website shares Real estate investing information for all over the US. Find Real estate investing information by state

The Right Forex Education Really Pays Off

By Salinas Willis

Currency trading can be a lot of fun and can make you a lot of money if you know what you are doing. Trading currencies is not only a nice alternative to stock investing, but it seems to be easier to learn and getting involved in. However, before your get into the forex market, you should seek out the best training possible.

Quality training is essential for anyone looking to get into the forex markets. Without the right training, you could blindly lose your money. You may have heard stories of everyday people making tons of money doing trades on the Internet.

While their stories may excite and inspire you, there's another side to he coin that you have not heard. Most often before they start becoming successful, they learn all they can about the forex market. Once they are confident, they start off by doing small trades and build from there.

Currency trading can be described as an activity in which people from different countries trade on the value of money. Each country's currency has a different monetary value on the world market. As these values are influenced by world economics, the exchange rate also changes. If you are a trader, these differences can either make you money or cause you to lose money.

You can get a great education in forex in one of several ways. The Internet is a great place to start. There are many websites that offer free training courses and information to help you learn the basics. Should you decide you want more advanced level training, they give you the option to upgrade to paid membership status.

Visit your local bookstore and ask the sales representative for references to learning forex. A good book should cover all the basics as well as some great starting strategies. College classes also provide a great foundation for learning the currency markets. In most cases the instructors are experienced traders themselves and can provide you wit a wealth of insight.

A comprehensive forex education should center on the basic principles of investing into world currencies and cover real investment strategies as well. There's a lot to learn. This means you will have to learn how the markets work, the tools that traders use such as charting and reading signals, and most importantly, how to enter and exit a trade successfully. This is the key to managing risks and predicting possible gains.

A solid training system will also teach you how to open and manage a basic trading account so you can get some hands on experience. Don't worry, you won't be trading with real money because the accounts you will be trading in are demo accounts. By using a demo account you will gain experience and confidence you need to succeed before you enter a live account. Always remember, you can be successful at forex trading with the right training. - 23199

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Hope you enjoyed the learning forex article. Please see learning forex for more information.