Are you aware of these 5 forex trading secrets?

Are you thinking of starting Forex trading but are unsure about it? It is quite common for a person who is just beginning to trade Forex online to seek out information that will help them advance and assist them develop their trading strategy. A number of websites lure novices into believing that Forex trading is both easy and simple and extremely lucrative from the get go. Another misconception being that one does not need much knowledge and isn’t liable to risks.

It takes a lot of trial and error, practice and experience to become an accomplished trader. Here are a few forex trading secrets you might not have known.

1. Be Realistic
When you begin trading in forex you need to be prepared to trade during high volatility periods. You need to be prepared to make mistakes and learn from them. Curb your enthusiasm when calculating your profits. Obviously, you want to profit from your trading, but you need to be realistic about your goals. Profits amounting to 5% or below is a practical estimation. Being realistic is an essential component of currency trading.

2. Trust judiciously
Be conscious of the fact that not every licence comes with the same kind of security and trust. You need to make sure that if you were to run into trouble with your broker, you could submit a complaint and request your money to be reimbursed.

3. Do not trust dealing desks
In the presence of an intermediary between the trader and the market, there is sure to be a conflict of interests. Traders look for brokers so they might be supplied with the most competitive spreads in order to make trading cheaper. But refrain from doing so, because these brokers who supply dealing desk execution will provide you with inferior pricing. Also they might restrict your orders from opening or closure.

4. Chart Clearance
Once you begin to operate in the Forex market, you might be tempted to add unnecessary indicators and assign some kind of meaning to each. But the most pragmatic approach to currency trading is to keep your chart clear which means that every indicator on your chart should be there for a very clear and important purpose.

5. Justify your trades
A trade that has been based on popular belief rather than on the vision and strategy of the trader will not yield positive results. As a trader, you need to develop a strategy after analyzing the market. The opening and closing of orders should be a clinical process devoid of emotions.

Focus on calculating and analyzing what you are doing and have a clear understanding of your chart. The removal of the activities that are redundant is a key element of being a successful trader.

What are the advantages of applying for a fixed deposit in 2018?

Fixed deposits have been consistently popular through ages and economic demographics.  There have been updates recently in Section 80C of the Income Tax Act. They have cemented the significant financial advantages that one receives by investing in a fixed deposit. Here is an in-depth look at the different advantages of investing in fixed deposits in 2018.

1. Guaranteed returns
The only investment option that guarantees high returns irrespective of fluctuations in the stock market is a fixed deposit. With high rates of interest that remain fixed throughout the tenure period, fixed deposits are not prone to any risk. Instead of keeping your funds dormant in a savings account where it will incur a very low interest, invest in a fixed deposit to gain a substantial amount of interest.

2. Easy Access
In the case of an unforeseen financial crisis such as a medical emergency or any other urgent obligation that you need to take care of, you can use your FD as collateral for a loan. There are provisions that will allow you to apply for a loan that is up to 60-70% of the amount in the fixed deposit.

3. Flexibility of tenure.
You can choose the duration of your tenure when it comes to investing in a fixed deposit. Tenures for fixed deposits can range from 1-5 years and also extend up to 10 years. It is advisable to opt for a short term fixed deposit to avail the returns that will beat unexpected inflations.

4. Flexibility of Plan
There are primarily two types of fixed deposit plans - Cumulative and non-cumulative fixed deposit plans. They both have their unique advantages and cater to different investors. Cumulative fixed deposits provide returns after the end of tenure, making them ideal for the investors who wish to build a retirement corpus. Whereas non-cumulative fixed deposits provide returns on a monthly or quarterly basis which is in turn ideal for those who want to use those returns to fund their expenses. Choose a plan that is best suited to your needs.

5. Tax Benefits
According to the latest budget, senior citizens can now avail of more deductions on the earnings from the interest incurred from fixed deposits. Prior to the budget of 2018, interests were tax- free for earnings up to Rs. 10,000. This limit has now been raised to Rs. 50,000.

Being risk-free, tax efficient with extremely high interest rates and flexibility, makes fixed deposits smart investment options for people across age groups and financial strata.

NEFT: Is it the best money transfer medium today?

With demonetization, an age of digital transactions has been ushered in. There are a wide number of options available that can be used to transfer funds online. But, the number of these options can sometimes be a little overwhelming.

One of the most popular mediums of money transfer is NEFT payment. Here is a comprehensive guide to NEFT which helps explains why it is so widely used and appreciated.

What is NEFT?

NEFT or National Electronic Fund Transfer is a mode of money transfer in which funds are moved from one bank account to another. It is based on a system of deferred settlement, meaning it is transferred in batches. Presently, it occurs in twelve batches from the hours of 8 AM to 7 PM.

Although there are no restrictions on the amount of money that can be transferred in one transaction, individual banks have set upper limits.

Process
1. Firstly, the bank branch that you have your account in needs to be NEFT enabled. Secondly, your bank account ought to be net-banking enabled. This will equip you with a unique login ID and password and also sync your cellphone number to your bank.

2. When making the transfer, you will be asked for the bank details of the person to whom you wish to transfer the funds to. Details will include the name of the person, his/her bank account number and the 11 digit alpha-numeric IFS code.

3. Choose the “Transfer Funds” option and transfer the money after entering the OTP (one time password) that you will receive on your phone.

4. The transfer of funds will take place when the next batch of settlement is scheduled.

Cost/Charges

Depending on the amount of money that has been transferred, the bank may charge a nominal amount ranging from Rs.2.50 to Rs. 25.

Advantages of NEFT

1. Efficient and Secure
NEFT payments are highly efficient and allow for quick transfer of funds from one bank account to another.  It is an extremely secure method with neglibible chances of error, because the only thing you would be expected to do is to enter the correct information.

2. Cost Efficient
NEFT payments cost next to nothing. It is much more cost efficient than other fund transfer mediums like money orders and demand drafts.

3. Reliable
Payments made through NEFT are monitored and regulated by the Reserve Bank of India. This makes it extremely accurate and completely risk-free.

The ease, accuracy and cost-effective nature of NEFT payments lends itself well to personal transactions as well as transactions between business entities. Thus, NEFT is one of the best ways to conduct a financial transaction in India without having to pay a hefty fee and with assured efficiency and security.

Did you know: Credit Cards no longer need signatures?

“Sign on the dotted line.” Bet you aren’t going to hear those words much in the future. With payment technology advancing with leaps and bounds, some of the best credit cards in India have made the necessity of a signature obsolete. They employ some of the most cutting edge technology. This includes pin and chip readers, biometrics and multi-factor authentication. These make credit card transactions more secure than a signature ever could. Signatures, after all can be forged, biometrics and magnetic chips can not.

The requirement for a signature had gradually been diminishing, especially when it came to small purchases. In order to provide a secure and smooth payment experience, the payment industry has evolved and introduced this new method of transaction. Here are some of the biggest advantages of this change.

1. More Secure
The best credit cards in India these days come with a small metallic chips. They are called EMW chips. Far superior to the magnetic strips in earlier credit cards, it has a unique code which is specific to the purchase that has been made. This safeguards you from any possible fraud. With the help of biometrics, it protects you from theft and any discrepancy in your expenses.

2. Convenience
Convenience plays a major role in the fast pace of modern day life. As a customer, you want your shopping and payment experience to be as hassle-free as possible. With the advent of signature-less credit cards, the checkout process is much smoother and quicker. Every time you purchase merchandise, the experience is consistent and efficient. It also decreases the costs linked to storing signatures safely.

3. Time efficient
Standing in line while you sign for your purchases and then have them run a check on it is time-consuming and inefficient. Not to mention that it leaves a lot of room for human error. A simple biometric identification is completely hassle-free and saves a lot of time. And for the millennial generation, time is the most valuable currency.

The removal of the signature requirement from credit card transactions is a step forward in the security and evolution of digital payments. Drastic changes have occurred in consumer habits and its relation to technology. And the best credit cards in India tried to make the payment process as straightforward and effortless as possible for the customers. The convenience and security promised by this change is set to take India a step forward in the direction of a cashless economy.

How to pay your utility bill with this internet banking app?

Paying the bills every month is something that most people dread, but have to do nonetheless. When you think about bills, you automatically feel that you would have to sit down with lots of receipts and mark them off as you pay them. However, with the advancement of technology, you no longer need to follow such a hectic method of bill payment.
Internet banking allows you to clear off any outstanding bills from the comforts of your own home. Moreover, the introduction of internet banking apps into the smartphones has further simplified the bill payment procedure. Here is a look at how you can pay off your utility bill through such an app.

Step 1: Downloading the app and registering
Download the banking app to your smartphone and tablet. These apps are usually available in the Google Play Store for Android users and the App store for iOS users. Once the app has been downloaded, log into it with your internet banking details and the details of your bank account. Do not fret over it, there is no chance of the confidential data getting leaked.

Step 2: Get to know the app
It is important that you get comfortable with the app prior to making payments or undertaking any transactions. The best way to go about it is to explore the different options available in the app. This will allow you to appreciate exactly what you can and cannot do with the internet banking app.

Step 3: Choose the online bill payment option
Once you are familiar with the app, proceed to the bill payment option. Here you will be allowed to pay any and all kind of bills that you may have. You will need the bank details of the beneficiary, if you want to use the internet banking to clear your bills. This bill clearance does not cost you and is much simpler for you to keep track off, since all of the receipts are digital.

Step 4: Automatic bill payment
Certain utility bill amounts may be the same each month. For instance, the house rent or the cost for your television’s cable package does not vary unless you change them yourself. This is why you can set up a system through which these bills will be paid automatically by the banking app at a specified date each month. This will further simplify the bill payment process, as you would not have to remember paying these bills every time.

It is quite simple to take advantage of the bill payment options offered by internet banking apps, which is why you should embrace this new mode of payment immediately.

Mobile Banking: What are the different payments you can make?

Mobile banking is similar to internet banking and the only difference lies in the fact that one is customized for smartphones, while the normal net banking is for computers and laptops. The sudden rise in popularity of the banking apps is due to the simplicity that such programs offer. You can use the mobile banking apps to make a variety of payments ranging from utilities to credit card bills.

Here is a look at all of the payments that you can make using the mobile banking apps.

1. Utilities
Utilities refer to the payments that you need to make each month for services that you use. For instance, most people pay electricity bills, phone bills and cable bills each month. You may have to pay other bills as well. At any rate, keeping track of all these payments can become a hectic procedure.

However, with the mobile banking apps, you are allowed the opportunity to make all of these payments in a hassle free manner. You will not have to keep a record of the payments separately, as the receipts for the same transaction would be stored digitally in your app’s account.

2. Credit card bills
Using the mobile banking app to pay credit card bills can also be advantageous. Firstly, the bill can be paid off in a hassle free manner without the need of writing out a cheque. Secondly, taking advantage of the mobile banking app and using it to pay credit card bill can also get you discounts on the bill amount. This is subjective and the same offer may not be present for all banks.

3. EMI payments     
In the case that you have taken a loan, you would need to repay the same over a few months or years. You have to pay a fixed EMI every month. Since this is a fixed monthly payment, you can take advantage of the automated payment options found in most banking apps. With this option enabled, the app will automatically pay the beneficiary with the EMI amount on a specified date every month.
This will save you the trouble of having to remember making the EMI payments each month and reduce the risk of defaulting on your payments.

Essentially, you can make any payments necessary using the mobile banking system. It will make payments simpler and hassle-free. Even though you may be intimidated by the new procedure, it is simple to learn and adapt to. So, just try it out.

Banking app: Take Advantage of these features

Banking apps have become essential in today’s world. Not only do they provide a new mode of transaction and banking, but also provides added benefits. Most banks have an app for smartphones, through which customers can make payments, keep an eye on expenses, take loans or even invest in mutual funds.

Here is a look at some of the features of such apps, which you would not get from other sectors of banking.

1. Transaction from smartphone
Almost every person in the world has a smartphone these days. People keep their phones with them almost all the time and are the most accessible form of technology. This is why a banking app makes sense. Customers can sign into the app and conduct transactions from within, even if they do not have access to their computers. Similarly, people can check their accounts and expenditures on the go, which can be quite helpful in certain situations.

2. Bill payments
Mobile banking apps offer you an opportunity to clear your bills and utilities online. Bill payments every month can be hassle and difficult to keep track of. You may have to pay bills for electricity, your phone, laundry, and many others every month, and it is only natural for you to forget which ones you have already paid and which ones are still left to be cleared.

For bill payment, banking apps can be pretty useful. Not only can you track the payments made, but you can also set reminders and alerts on the app. These reminders will notify you when you are due for your payment, thus lowering the chance of defaulting on a payment.

3. Discounts and offers
Many companies offer attractive discounts to customers who opt for an online mode of payment. This is mainly because companies also prefer to keep transactions cash free. So, when you opt for an online banking app and make payments using the same, you can look forward to some exciting and impressive offers.

4. Advice regarding finance
A banking app can provide you with additional knowledge regarding the different aspect of finance. This will help you with investment and overall management of wealth. Apart from the helpful suggestions, the apps will also offer options for investment. Usually, you will be able to invest in mutual funds from within the app itself.

A mobile banking app is essential in today’s world and gives you an edge when it comes to financial matters.