It is always a good idea to change your strategy based on what the market is doing. This is true no matter how much experience you have in the market.
Bob is the average trader that learned this lesson the hard way. He came into the market during one of the biggest bulls markets ever. He also decided to trade call options because of their huge growth possibilities. After a couple months of paper trading he perfected his system.
Bob now opened an account with $10,000 to trade this new system. Over the course of 2 years he turned this $10,000 into $90,000. Everything is going great, the money is rolling in every month and he feel like the worlds best trader. Then the market crashes. When the market changes his bullish calls buying system no longer works. He was reluctant to change because his system that worked in the past has to work now. But because things are different now he fails to make money.
In fact after 1 year Bob has lost $70,000 trading. He is discouraged that his perfect system failed and pulls his money out thinking if he does he can at least say he came out ahead.
The mistake that Bob made was in thinking that because his system worked in a bulls market it would work in a bears market. It took him losing $70,000 of his previous profit to figure out that wasnt so.
What he should have done was sit on the sidelines and paper trade when the markets changed. If his system still worked on paper maybe he could try betting some real money too. Because his system didnt work he could have tried to develop a bearish system.
That is a common mistake all traders have. The market is always changing and you should be too. It is better to be a cautious trader then a trader who lost all their money.
Vacation Scams to Watch For: Money Changing Scam
Here at iGlobe Travel we are very glad to offer you this article so that we can help you with making your vacation plans for this year. We hope that you have a wonderful trip this year and with all the wonderful vacation destinations out there, we want to caution you to be alert as there as a lot of potential scams out there. Here at iGlobe Travel, we are doing our part to help educate travelers about potential travel scams and hope you find this information helpful.
Many scam artists will take advantage of the fact you are not completely familiar with the currency they use in the country you are visiting. A common version is known as the “slow count”. In busy tourist hotspots dishonest cashiers will count your change out very slowly using confusing phrases or speaking rapidly to confuse you and will short change you. Also, often times confused and hurried tourist will sometimes just grab their change and take off only to find out later that they were cheated.
Whenever you do receive change always be sure to count it before leaving the premises. Also, try to avoid using large bills particularly with taxi drivers who are notorious for changing it for a counterfeit bill and then handing it back to you stating they cannot make change.
Also, as soon as you arrive at your travel destination, be sure to exchange your currency to that of the local economy. You may notice people on the street or in the airport offering excellent conversion rates, better than the hotel or local bureau. But this isn’t the time to bargain hunt. Often these black market exchanges will leave you with a pile of fake money or a bunch of newspaper wedged between two actual pieces of money.
How do you avoid falling victim? Learn what the currency in the city you’re visiting looks like. Count your change carefully. Exchange money at authorized centers only. Pay with small bills.
iGlobe Travel is happy to provide this information and if you have any questions feel free to visit our website by going to .