Forex: The Only True Global Market

Trading, whether it is stocks, commodities, or derivatives
(like futures and options) can be a very lucrative business
to be in.

With the decision to become a trader, you must also choose
what type of market you will focus on and what instruments
you will trade. Will it be shares of publicly traded
companies, commodity future contracts like oil and gold, or
currencies.

Most of the financial markets that exist in the world today
are within the framework of a central exchange, and for
that reason they are limited in their scope and daily
trading volume. Every market except one, which is the
foreign exchange currency market.

The foreign exchange (forex) market has no central
exchange, and instead it exists only as a highly
interconnected web of bank servers and individual brokers.
The 'over the counter' type of trading tends to be much
larger in scope than trading centered around a central
exchange (such as the NYSE), and for the reason the forex
market is hands down the largest financial market in the
world with daily volume surpassing $2 Trillion USD.

The forex market is the only true global market that
exists, as it is not based in one specific country and
instead is created by the perpetual buying and selling of
banks and financial institutions in every major city, 24
hours per day.

Unlike traditional exchange-based markets which have set
times that they are open and closed, the forex market
literally follows the span of daylight around the planet.

When you are a forex trader you need to be familiar with
the term 'global trading day.' The global trading day
begins with the London market open hours (about 3AM New
York time) and continues across all the major cities and
time zones.

There are three distinct times throughout the global
trading day when there is the most trading activity (and
consequently the most liquidity). These times are based
around the open-hours of the three major cities in the
world where the largest volume of forex activity takes
place: London, New York, and Tokyo.

So what does this mean for you, the trader? Because the
forex is a global market and there are no set open and
closed times, it is possible to trade at any time during
the day (except on weekends).

It also means that due to the level of daily trading
volume, this market is very liquid and it is virtually
impossible to get 'stuck' with an open position.

Because of these lucrative trading features, many firms and
brokers have sprung up to cater to the large demand of
forex market access. Many of these companies offer highly
advanced trading platforms that feature very low commission
trading and seamless market entry/exit.

All in all, forex trading is by far one of the coolest ways
around to make money today, since all you really need is a
broadband-enabled laptop and a funded trading account to
make money from anywhere in the world.

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Get more free education and ebooks about the forex market
at http://TheForexSurfer.com/ebooks , and also learn about
a highly profitable trading strategy called Forex Surfing.
http://TheForexSurfer.com

Debt Consolidation Key Reason For Applying For Personal Loan

An increasing number of people are applying for a personal
loan as a means of consolidating their previous debts, an
industry expert has declared.

According to Robin Amlot, senior editor of Moneyextra, more
Britons are now looking towards a personal loan to help
them quickly meet a number of commitments on their
spending, such as credit cards and overdue utility bills -
thus leaving them with more disposable income at the end of
every month. Pointing to various surveys commissioned over
recent months in addition to anecdotal evidence, Mr Amlot
asserted that consolidating debts is now the “key
reason” for taking out a personal loan.

He said: “Two key factors about taking out an
unsecured personal loan as a way of consolidating your
debts is that you are fixing your interest rate - so you
know what you’ll be paying each month - and you are
fixing a date in the future at which you will have cleared
the debt.”

However, the Moneyextra editor warned prospective borrowers
considering make an application for such a loan to use the
money that they receive wisely and to avoid getting further
into the red. “Using a personal loan in this way as a
financial management tool makes a great deal of sense but
only if you are then disciplined enough not to run up
further debt on your credit card(s) and overdraft in
addition to the loan you are now paying down,” Mr
Amlot asserted.

In addition, he pointed out that a number of Britons are
taking steps to reduce pressure on their spending as the
effect of the recent credit crunch begins to impact
“directly” upon those consumers who are already
overstretched financially. He stated that in the run-up to
Christmas it is unlikely that the country will
“collectively be going further into debt to
spend”. Mr Amlot suggested that a number of people
are “actively” trying to reduce the amount of
money they owe or transfer their borrowing to a cheaper
basis, with a debt consolidation loan one possible way of
reducing lending commitments. The editor also asserted that
borrowers are finding it more difficult to take on further
debt, whether this is through a secured loan, credit card
or overdraft, while high street retailers have expressed
concern that they will face a tough Christmas this year due
to a shortfall in consumer spending.

Earlier this year, Susan Hannums, savings manager at AWD
Chase de Vere, reported that more people are set to borrow
money, through avenues such as secured loans and credit and
store cards, in an attempt to help fund spending as the
festive season approaches. The rising popularity of
applying for a loan at this time of year was partially
attested to the rising cost of seasonal gifts and food.
However, she asserted that as mortgage costs are set to
increase, due to the Bank of England’s series of base
rate rises over the last year and a half, more homeowners
could see themselves struggling financially in the run-up
to Christmas. Ms Hannums also pointed out that the new year
often sees a vast number of Britons develop difficulties in
managing their money, with the taking out of a debt
consolidation loan one possible way of alleviating such
pressures.

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Abbi Rouse writes for All About Loans where visitors can
apply online for cheap loans. We also specialise in bad
credit loans, and debt consolidation. Vist Today:
http://www.allaboutloans.co.uk

Credit Card Competition Means More Offers for Consumers

If you’re on the lookout for a new credit card, it
doesn’t take long to get bombarded with options.
Plastic abounds, and the companies behind the credit cards
want your signature. While so many credit card offers can
make your head spin, there is actually good news in it for
you. The steep competition among credit card companies like
Discover, Visa and MasterCard equals better offers for you,
the consumer. By sorting through your options, you can find
the right credit card to sign up for. Here’s what to
pay attention to as you hunt for a credit card.

New Offers for Customers

Companies are continuing to revamp their cards and benefit
plans to entice more consumers. Earlier this year, Discover
did just that with some of its top credit cards. One of
these is the Discover Open Road Card (which used to be
named the Discover Gas Card). The new version offers 5%
cash back on gas and car maintenance purchases. It also
includes up to 1% cash back on other purchases. Discover
also changed the Discover Miles Card, which is now known as
the Miles by Discover Card. One of this card’s
features is travel without any restrictions. Cardholders
can book tickets through any airline, without the hassle of
blackout dates or advanced bookings.

Additional Perks to Look For

Besides these changes, companies are offering other
benefits to catch the consumer’s eye. Following are
some other perks to think about as you look for a new
credit card:

- No annual fee. With so many cards to choose from, it is
very likely that you can find one with no annual fee. If an
annual fee does come with a card you want, check into the
other benefits. Make sure that they outweigh the yearly
cost before signing up.

- Balance transfers. Do you have a high balance hanging
over you on a current credit card? Some credit cards offer
0% interest on balance transfers for an initial period of
time. This feature could help you reduce debt, as long as
you pay off the amount before the regular interest rate
kicks in.

- Rewards options. Many cards come with a rewards program.
While this is a common feature, the benefits you actually
receive from it can vary drastically. If you want cash
back, be sure to read through the program details
carefully. Some cards only give you a small percentage of
cash back (such as 0.25%) until you have made a certain
amount of purchases.

Also, remember that many rewards programs include a higher
interest rate. If you pay off the balance each month, you
will not be affected by the interest rate. And the rewards,
whether they are travel-related, gas rebates, or cash back,
can add up fast.

Credit cards have come a long way since they were first
issued. Today’s tough competition means that you can
get many attractive features in a credit card. By sifting
through the options, you can find the best deal for your
situation. Whether you want cash back, a low interest rate,
or balance transfer options, there’s a card out there
for you. When you apply for the card, you begin the journey
toward a better credit situation and valuable rewards.

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To Choose a Credit Card click the following link:
http://www.credit-card-surplus.com . Ed Vegliante runs
http://www.credit-card-surplus.com , a directory helping
consumers to compare and apply for credit cards.

NHS Pension Changes April 2008 - What You Need To Know

As you are probably aware, the New NHS Pension Scheme goes
live from April 1st 2008.

This scheme is automatic for new members from that date,
and a major change here is that the normal retirement age
is 65, not 60.

However, the existing scheme also changes in some key areas
for those of you who opt to stay as you are.

We concentrate here on these changes as most of our clients
are in their 40's and 50's and are almost certain to remain
in the current scheme. You will automatically become
members of the updated existing scheme from April 1st next
year.

So how are you going to be affected?

Well, there are quite a few changes, so lets start with the
bad news! The flat 6% cost will now be tiered, depending on
your earnings:

Up to £19,165 6%

Up to £63,416 6.5%

Up to £99,999 7.5%

£100,000 plus 8.5%

As you can see, if you earn more you pay more. If your NHS
income is, say, £90,000, you are currently paying
£5,400. From April it will be £6,020, although
this is gross and you get tax relief on these figures
(meaning as a higher rate taxpayer you would pay
£3,612 on the latter figure).

The good news is that you will retain the normal retirement
age of 60, or age 55 in certain special cases such as
Mental Health Officers.

Other key changes are:

The earnings cap for hospital based individuals is being
abolished. So, although higher earners will be paying more
as above, you will benefit from a real pension increase if
your NHS earnings are above £112,800 pa. (e.g. if you
have a merit award).

The General Dental Practitioner earnings cap is also being
removed - circa £110,000. So for those of you earning
more than this figure, from 2008 you will benefit from
increases to your pension.

Also for this group, and also for General Medical
Practitioners, your pensionable earnings revaluation on
dynamisation will now be determined by the retail price
index plus 1.5%, rather than the increases in each
practitioner profession.

A key change for benefits to partners on death have also
been announced. Qualifying partners now include someone you
have nominated who you have an exclusive and long-term
committed relationship with for at least two years and who
is financially dependant or inter-dependant. In addition,
if such a partner were to remarry or cohabit, they keep
their survivor pension (a huge benefit).

It should be mentioned here that the ill health retirement
rules are being reviewed seperately, and this review is due
to report early next year. As these are very important
benefits, we will update you when there is more news.

Buying extra pension benefits has also got new rules, one
of them bringing the NHS scheme in line with the overall 'A
DAY' pension changes that were introduced in April 2006.
This means you can contribute as much as you earn.
Secondly, the option of Added Years is being removed
entirely - existing contacts will be honoured - (you need
to have your application in by the end of March 2008 if you
wish to use this route). The replacement is called 'buying
additional pension, with a maximum of £5,000 per
annum.

At retirement, you can take your pension and lump sum as
usual, but there is an option to commute some of the
pension to give more lump sum. As this lump sum is tax
free, it may well prove popular. For example, for someone
with around 36 years service and an NHS income of
£100,000 pa:

Typical pension/lump sum - £45,500/£136,500

Option pension/lump sum - £36,500/£244,000

Finally, you can now work on to age 75. Please apply early
to avoid the rush :)

We have not covered all the various changes here. Make sure
you are aware of how these changes affect your benefits.

The Financial Tips Bottom Line:

As the NHS Pension Scheme is the foundation for many
dentists and doctors, ensure you are up to date with these
changes, and understand what they mean to you.

You will receive information packs from the NHS Pension
Agency with your pay advice in due course.

ACTION POINT

For full details of the changes go to:

www.nhspa.gov.uk/site/nhs/index.htm

For the pension/lump sum calculator go to:

www.nhspa.gov.uk/site/nhs/Pensions_Contribution.html

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Ray Prince is an Independent Financial Planner with
Rutherford Wilkinson plc, and helps UK Resident Doctors and
Dentists get the best deals on mortgages, protection and
investments, as well as helping them achieve their
financial objectives. Just visit
http://www.medicaldentalfs.com to get your free retirement
planning guide. Rutherford Wilkinson plc is authorised and
regulated by the Financial Services Authority.