As we turn into the New Year it’s a good time to make changes and take action – if you are trader who is not doing well or a potential trader then these 2 tips will help you make money fast not just in 2008 but at anytime and they should be a cornerstone of your forex education.The first point I want to make needs serious thought 95% of traders lose money not because they can’t learn forex trading (anyone can) but because they believe certain myths and commonly accepted wisdoms that are wrong.The tips below are not conventional but don’t let that worry you the bulk of traders don’t make money so being in the minority is good so here are your 3 tips1. Be Patient Trade LessMany traders think the more they trade the more they will win but this is simply not true in forex trading in fact the opposite is true – the more you trade the greater the chances are you will lose.You don’t get paid for the effort or amount of trades you make – you get paid for being RIGHT that’s it. I know traders who trade every day and make nothing and others who trade a few times a year and make over 100% annualized gains!The majority of novice traders believe the day trade and make money myth and that’s all it is a myth. Day traders don’t make money period.If you don’t believe me, try and find a real track record on a day trading system and you will be looking for ever. You have to catch the big high odds moves and they can ONLY be spotted by looking at longer term data and data within a day is meaningless.If you like the buzz of trading you will lose – if you are patient and wait for high odds trades you will win.2. DiversificationYou will have heard it countless times diversify; don’t put all your eggs in one basket etc. On a small account of $1,000 or less you don’t have enough to diversify and make big gains at the same time.All diversification does is dilute gains – wait for the big moves and load them up with as much as you can afford.3. Take Bigger RisksYou will hear many give you the advice of only risking a maximum of 2% on a trade – well on 1,000.00 that’s $20 you won’t make much doing that!Wait for the good trades and load them and risk up to 20% on a small account.You can only diversify and risk less per trade if you have enough cash and that’s $10,000 + if you don’t you need to risk more – period!4. Have CourageLearn to accept big gains!Hang on you may say all traders can do that because that’s why their trading currencies.They are – but they don’t understand accepting a big gain is harder than taking a loss.Why?Because as soon as a trader sees a profit he wants to take it and the bigger it becomes the harder the temptation is to resist. As open equity swings keep eating his open profit it becomes too much and he snatches a mediocre or minor gain.What happens next? The trade goes on to make 10,000 20,000 or more and he’s not in.If you want to make money you need to have courage and accept that open equity will eat into your profits and have confidence to hold for a bigger longer term gain.If you want to make more money from your forex trading and you are starting off with a small account make the above part of your forex education and you will see your profits increase dramatically.
Web entrepreneurs are quite often excited about starting their next new ventures. They look for opportunities which would be quick to launch and break-even. One such option is an online gaming website. Though gaming websites have been in existence for more than twenty years or even more, launching a gaming website in the new Internet era has become much simpler. Let us see how.Turnkey casino service providers can help to set-up an online gaming business for gaming operators. They offer services which include acquiring a Gaming license, hosting the gaming server, ensuring redundant operation, Firewalls, Deposit processors and even helping operators to set-up their office. The list does not end here but we have highlighted some of the important ones. There are different licensing models which are offered by the service providers. While we are not going to elaborate much on the various models but the White Label model is a great way to start an online gaming business. The investment required for setting up an online gaming business is much less than what it used to be years earlier. Thanks to technology the cost of setting up a white label gambling business can be as less as $10, 000. With so many opportunities it is just natural that many web entrepreneurs are jumping to the gaming bandwagon and tasting success very fast. With the entire back-end operations of running the online gaming business taken care by the turnkey service provide, all that gaming portal operators need to do is to market their business. With a few hundred active players it is possible to generate decent revenue and make a profit.As a first step towards setting up an online poker or online casino business, a due diligence is required which will help to decide on whether an online poker, online casino or a sports betting portal would make business sense. The next steps can be in the following sequencea) Firming up the investment plans
b) Getting connected with the turnkey gaming resource provider
c) Deciding on the base location. This is critical because in many countries which include the US, online gaming is not within the laws. However in some countries like Argentina the Government encourages online gaming.
d) While the service provider goes on with the back-office set-up, firming up the marketing and promotional strategies will help to get a head-start once the portal is ready to Go-Live.
e) Launching the Portal
f) Counting the Dollars.Well the last step is very much a part of the sequence of events when a gaming portal becomes popular. With investments coming down and a reduced ‘time to launch’ online casino and sports betting is becoming a preferred investment destination of web entrepreneurs. Larger players in the gaming industry have already made millions of dollars from this industry. It is time for others to grab a pie of this market. Turnkey gaming service providers have provided the missing link between smaller web entrepreneurs and their desire to take a plunge into the online gaming industry.