O čem se mluví

Analyzing what is happening to European financial markets these days, rings in my mind that fateful phrase that my father as a child I always said: “I told you so!”

I admit, I never liked to hear me say this phrase every time I had committed some wrong and stupid. V tomto případě, však, is not a criticism, rather a warning that I wish to all readers of the blog.

In previous articles I talked about two very important aspects in the financial life of each of us. In both cases I wanted to give the solutions:

Upwards or downwards: What is better? – I have talked about the influence that emotions and feelings induced by the media have on our personal and financial choices. The solution is the personal knowledge and constructive criticism.

Currency devaluation and hyper – I spoke of the effect of currency devaluation and the competition that awaits us in the coming months. The solution is to understand the fundamental dynamics of the market as it helps to make decisions for our winning portfolio.

Today I want to address an issue more important.
What is that thing that allows us to win in stock?

The first answer I can give is dry: the VALUE.

I do not mean the noble sentiment of ‘value’ but the concept of ‘added value’ in economics is well argued by a vast literature and even that is much more measurable than people think.

In the next lines start from the value creation of firms up to the creation of the personal value of each individual. Navíc, because what is true wealth and prosperity of firms can not be used for that staff?

The value of companies is measured
I do not want to be (nor appear) in this academic article and then speak of this concept easily.

Exist in some numbers in corporate balance sheets that allow us to understand how management is doing and how the business of reacting to external economic circumstances.

First, the company is making profits?
At the end of the business can cover costs and even leave some extra? This response is important. There are many companies currently listed (excluding start-up companies, ie those born) that are not useful and even burn the shareholders’ capital.

The image below shows through the income statement you can calculate the profit by subtracting cost from revenue:

Financing of an economic nature

If the management decides to use the money to make profit for an investment that will generate more profits the following year, then introduces the “virtuous circle of investment” that leads the company to grow in value. This is the classic example of Financing your Business (process called Blue image by the number 2).

If you see good flows in the image also be able to understand why governments often in moments of economic crisis, as maneuver support decide not to tax reinvested profits on it. Hopefully this will lead to greater strengthening of the economy next year.

The picture above shows where the two companies first receive cash flows first negative and then positive. This means that she needs money to cover this time of unveiling of Finance. Second, they get the first box office (perhaps in the form of orders) and then pay the suppliers and labor costs.

Understanding that both are obliged to make a profit to stay alive in time, whichever you feel more financially sound?

Speaking of value.
Reading the examples offered above, now you understand how companies are studying what can be understood if they are creating value, or if they are destroying.

The stock market always wins then the value.

Always try and see the value that events such as momentary crisis and various market euphoria will not be more dramatic as they seem.

Before saying goodbye but I want to leave you with one thought: you think the principles outlined above for businesses also apply to individuals (or families)?

From next week I will talk about the tools needed to create the value in everyone’s life. This means adapting the principles of personal finance management of money.

It will be a challenge, we feel next week.

Ottaviani “Silný účetního pravidla, zaměřená na fiskální konsolidaci. Jsme mezi třiceti obcí v Itálii více ctnostné ”

Činily přibližně šest a půl milionu eur méně, zbytky, a aktivní v účetní závěrce za rok 2009 , který přinesl na vědomí Rada města na posledním zasedání dne 30 Červen, skóroval ‘schválení.

“Úspěšný nakládání s odpady je skutečný hospodářský výkon této správy – Řekl Marco Ottaviani, Hodnotitel rozpočtu – vzhledem k jednoznačně pozitivní nacházejí jen v několika dalších institucích, demonstrovat, jak město Marina, čtyři roky, funguje podle působení odpovědných denní sledování hotovosti a racionalizaci zdrojů a výdajů. ”

“Politicko-správní účty silná a rozhodná zaměřená na fiskální konsolidaci – Stále vedoucí hospodářské a finanční Palazzo Colonna – díky kterém je usazen a hotovostní úvěry na pokraj dell'inesigibilità a úhradu těchto dluhů čas.

Extrémní opatrností, šetrně a jistotu v hospodaření s veřejnými prostředky, příchozí i odchozí. This is the criterion that emphasizes Ottaviani, Město Marino přijaté od zřízení starosta Adriano Palozzi.

Označuje vážnost, s níž má Správa stanovila – je znát – zejména s ohledem na stabilitu uložených vládu, aby místní orgány, které se účinků, které nejsou jenom o programování a rozvojové politiky.

“Naše finanční podmínky – dokonce uvádí, – uložit přísnou fiskální politiku, však, přinesl pozitivní výsledky, jak o zařazení našeho společného mezi třiceti nejlepšími výsledky v Itálii. Výsledek – lesk – Nemyslím si, že mnoho jiných blízkých vládě, v rámci strukturální deficit, se může pochlubit. ”

“V tomto scénáři – řekl starosta Adrian Palozzi – jsme se však podařilo udržet cílů, které jsme měli data. Ve prospěch naší společnosti. Mezi nimi – pokračovat – Dlouho očekávaný definice vlastnictví nemovitostí přes Monsignor Grassi, S ohledem na komunální politiku nakládání s aktivy již užitečné pro institucionální, vidí postup pro prodej nájemníků. Finanční transakce – informace – cenné zdroje, které mohou léčit situace a spory až do definice. Jako že týkající se parkoviště of Heroes ‘Náměstí, záležitost řeší s odvahou a odhodláním v prvních letech mandátu definované okamžitou platbu ve výši 5milioni společnost vykonávat pro uzavření soudního sporu, vyústil v navrácení majetku’ oblast s více než 200 nových parkovacích míst k dispozici městu brzy. Po dvaceti letech odkazů a oficiálních dokumentů.

The embarrassing scandal in an HP-chief sacked the company from an accounting point of view has led successfully by the crisis. He threatened it but the culture and the long-term success of the company. His successor faces a Herculean task

Under Mark Hurd, HP was the word “invent” missing – not only in the logo (Image: Hewlett-Packard)

Hewlett-Packard, directed by Mark Hurd, was – apart from minor exceptions – lean, agile and efficient in operating business drawn up. The company has proven repeatedly that it cut costs and improve in areas seemingly exhausted the margins still can. So that it could surprise the analysts always positive.

The resulting laminated problem: With Excel acrobatics and bean-counting can be such a huge group from successfully put through a crisis. And a few months later, still present successful balance sheets. At some point, but comes the time when the possibilities of increasing efficiency are exhausted.

Then we need strategies instead of tactics. In the medium term are asked to ideas of how to grow without acquisitions and without Sparfimmel improve the balance sheet.

Seen in the awkward stumbling of the Hurd is ultimately about ridiculously low, incorrectly booked expenses accounting for one adored by his B-movie starlet, HP even a stroke of luck. And it’s hardly surprising that, given the already large number of inconsistencies first conspiracy to overthrow Hurd by envious co-manager on the internet. But the details are ultimately irrelevant. What matters is that HP needs a new boss – and a completely different than it had before.

Problem area of research and development

For in one respect, almost all market observers and industry experts agree: Hurd, it was a master, to optimize the operation and increase efficiency. What really makes HP and formerly also part of the company’s logo – was the word “invent” – the group went under Hurd but lost not only in the logo, but also in the corporate culture.

Todd Bradley (Image: Hewlett-Packard).

A bold statement? In February Hurd has set out his views on the research and development. In short: too much overhead, inefficient processes, high costs. His approach to standardize: Processes. Whether this really in a research and development department works may be doubted: Innovation also requires controlled failure. Or as the saying goes, only one really learns from mistakes.

Short-term successes can not hide the fact that Hurd has compromised with its austerity policy and in research and development (see charts below) the long-term prospects of the Group.

Investors also saw HP’s adherence to the PC business increasingly critical – but this took Hurd to quickly produce good numbers can. The continuing efforts in the consumer market were regarded with distrust. Also could not or would not approve of all institutional investors methodology of the EDS integration, and the continued restructuring.

Ann Livermore (Image: Hewlett-Packard).

Compared to arch-rival IBM, which repelled the PC business years ago and a team of consultants had incorporated, had a half-hearted efforts at HP. A hard cut was avoided, Hurd wanted to get one without the other to give up.

Potential successors from within the ranks

Who could take over from Mark Hurd? Of the internal forces by the Wall Stret analysts currently trades above all Ann Livermore and Todd Bradley as a candidate.

Bradley came to HP in 2005 and is Vice President of Personal Systems Group, which includes PCs, notebooks and other mobile devices. Since he was CEO at Palm once already, he knows what is expected in this role of a manager. Livermore, však, is at HP since 1982 and was vice-president in 1995. It is currently before the Enterprise Systems Group.

však, external applicants should prevail no shortage, because HP has plenty of potential. This starts with your own, exceptionally broad product portfolio and go over some of the restrictive era in technological developments Hurd alerted to the excellent anchorage in the customer base, and most distributors. Also came with two 3Com and Palm, although heavily damaged, but as a collaborator for many years in the IT industry manufacturers established under the HP umbrella. The task of the new boss is not wegzurationalisieren this potential, but to use so that HP receives a new face.

The safety GeVestor.de index increases: see here on the equity ratio, which is when most companies compared to 2009 really fired up. Commerzbank is not cheap, even if the company wants to write again profits. Capital for your first 10, však, the other shares are interesting.

In particular, financial stocks have risen recently, as you see from the table. Banks start from a low level, because they herausreichen loans they in liabilities (finance all of our checking accounts, Například). This reduces the “surplus” content. Nevertheless, the increase is significant and gratifying.

GeVestor.de says: values such as the German Bank Alliance or remain after this analysis, an investment. “Favorite” this list is Hannover Re, which we have recently renewed on the recommendation list.

Studies of all firms whose equity and other balance sheet ratios, see the “equity analysis”. This you can test here for free for 30 dny – and fully evaluate.

Forex obchodování: What distinguishes a good Forex broker

The Forex market is considered the largest financial market in the world. About 1.5 trillion dollars are implemented through the daily currency trading and only this market offers the opportunity to trade 24 hours a day. Thanks to the use of levers can deal with the multiples for the capital and profits are high.

The Forex Broker

Prerequisite for participation in the foreign exchange trading is a forex broker that allows the trader only access to the Forex. But what distinguishes a good from Forex Broker? A minimum requirement should be the Bereitsstellung of real-time quotes to allow a faster and more market-oriented action. It is also useful if the Forex brokers on various analytical and charting tools available and provides especially for beginners and a free unlimited demo account.
The individual broker also differ in the minimum deposit, payable by the investor must, as is the number of tradable currency pairs. Depending on whether want to be traded with the major currencies, or with exotic foreign exchange, is playing this point an important role in the decision.
Some Forex brokers also have training programs on offer, which can be used by beginners and advanced students to develop expertise with regard to the foreign exchange. A good support, most of the ready 24 hours a day, should not be missing with a good broker too. Also of interest: the broker offers various deposit options for the account. A possible integrated real-time news system also allows to understand price movements and identify entry and exit points in time to be able to. Not infrequently react exchange rates already extremely short time after a message about economic or political events. Who is informed quickly, can react in time and adjust his trading decisions accordingly.

Minimum size of the FOREX deposits

The Forex brokers usually requires a minimum deposit for the depot. This minimum deposit size varies from broker to broker and is usually between U.S. $ 10, – and U.S. $ 50 000, – (and sometimes even larger amounts). One should also inquire in advance, what limits are possible in deposits into the account, sometimes not only exist but also the minimum amount allowed for the deposit is limited.

Trading Software

Important: you should clarify in advance whether the established trading software is installed locally (Windows / MAC / Linux) or whether a web-based access is used on the browser. Both options have their pros and cons, it might therefore be advantageous if both versions are offered in parallel. One can then, depending on the situation (eg failure of a computer) from a local web browser or software to switch back. Not a disadvantage would be if the forex broker also supports the MetaTrader software. This software is a quasi-standard in the area of professional forex trading and forex traders, for many the first choice when it comes to trading software dar.

Demo account to practice

Most forex brokers offer a demo account on the handling of the used trading software can be practiced. One should note that these approaches are often limited in time. Longer test periods or perhaps even unlimited access could be an advantage.

Maximum leverage (Leverage)

The maximum leverage indicates actual money with which they use to carry out the transactions. The charm of trading in the Forex is precisely the fact that you can move with minimal use of large sums. An example: at a leverage of 100 can be a bet of $ 100, – on the Forex currency pair in a value of U.S. $ 10,000 – act.

Margin

Margin is a guarantee to the trader to the forex trader. The broker thereby protects against losses that may otherwise How Is the trading. Should the broker e.g. a Mindestmargin of 1% is needed at a leverage of 1:100 and a trade volume of U.S. $ 10,000 – a margin of U.S. $ 100, -.

The purpose of occupational pension funds is to safeguard long-term standard of living of the insured benefits through individual savings. This basic principle of the second pillar is increasingly threatened by the interests of the private sector. Given the social security system, policyholders are hardly able to defend their interests directly. a ‘then permitted the question of who can expect support and who not?

Whether it’s funny money, ie money that will be available only in a more or less distant future, according to the individual insured, makes the issue even more complex. The very fact that today most of the decisions on retirement assets are taken by government and politics, makes sure that many feel powerless, completely giving up any personal commitment. No doubt today the various actors within the second pillar can far better to impose their own interests than the one true user of the system, or insured persons. It must therefore question: Who actually protect the interests of policyholders?

The main purpose of the insured: a process of optimum saving

The second pillar is based on the structure of the individual process of saving during the active phase so as to result, at retirement, a retirement possibly higher. The resulting mandate for pension funds is therefore to invest the funds under management so that the long period is the highest returns. Discussions around the dispersions, the excessive costs and fees for consultancy show how the execution of this mandate, there is a wide margin. The question that arises is: what policyholders can expect from the various players in the system? The situation is as follows:

• The pension fund must invest so that the long period is the best performance possible. Given the recent financial market crisis that seems very difficult but, unlike for example insurance, employee benefits is oriented to the long period and is, in reality, little compared to events that can happen immediately. Many of its parameters, such as the increase in life ol’inflazione can not be changed. Through the pursuit of the objective, namely to achieve optimal results savings, pension funds should focus on factors that are influenced directly. They should then investrire especially as property values and actions. After defining the investment strategy it must be maintained consistently during both good years and in those most difficult. A look at the past shows that this strategy has allowed to realize the most value added and there is no real reason according to which the future must be different. The advantage of the obligatory lies in their power to stabilize fluctuations in value. The returns they can achieve in the long run will always be lower than equities. Continuous adaptation of the investment strategy so unstable parameters such as degree of coverage, the cycle of grants or even to comment on the investments of the Sunday press are misleading and do not correspond in any way the interests of policyholders.

• The consultants of social security institutions often influence the investment strategy. They are absolutely not interested in strong changes in shareholders because they are more responsible. They therefore tend, in principle, to recommend an investment strategy that allows to realize a minimum return of assets with minimum fluctuations. In the interest of the insured would, však, to maximize returns.

• Regulators (legislative, supervisory and other authorities) do not operate in favor of policyholders. The gradual imperceptible reduction in the second pillar in recent years is a direct result due to excessive regulation and the frustration of the earnings potential imposed by the state. The regulation requires pension funds more and more tasks unrelated to security and sets certain parameters limiting and counterproductive. Employee benefits requires a long-term vision. The evaluation according to the principles of liquids in particular for partial settlement is opposed to this principle.

• Under the policy catches the eye intense lobbying carried out by insurance companies, foreign as the systemic aspect to the Occupational and clearly pursues their interests above the shareholders. You can not infer from perceptions that their influence on the process of taking public opinion is even more important than for example the farmers’ associations or the pharmaceutical lobby.

• From the unions might be expected that a policy meets the interests of policyholders. They, like other representatives of the left have trouble with pension funds as an emanation of capitalism. Redistributing the style AHV paying them better than a process of individual savings.

• The collective foundations of large insurance companies offer their policyholders, as a rule, only a minimum interest rate, while any profits from interests converge directly into the pockets of their shareholders. The interests of individual members of boards of trustees and consultants are only very rarely to the interests of insured persons.

• Foundations collective autonomous or semi-autonomous or corporate pension funds are independent and not have to pay profits to third parties. This way they can plan long term and often are able to pursue strategies with greater investment risks. Comparisons have shown that in past collective independent foundations, as a rule, have offered a better return on retirement assets. Corporate pension funds, based on their economic mandate are often more prone to risk, not least because the employer is more involved with the management. Again history shows that the employer meets its responsibilities in case of difficulty of the pension fund.

Today are as independent collective foundations and corporate pension funds to protect the best interests of policyholders. They show responsibility towards them and allow policyholders to participate directly in any profits. It would be desirable, especially in defense of the insured, they will join more for better lobbying.

The importance of tax losses and lower values of the members of the situation in light of the innovations introduced by the 2008

Framework after the entry into force of Decree No. 344/2003
The distinction between financial instruments constituting financial assets and financial instruments constitute current assets identified in the letters c), d) and e) of paragraph 1 of Article 85 of Tuir, is contained in the following third paragraph, který – before its amendment by ‘Article 1, paragraph 58, letter b) of Law 244/2007 – provided that, for the purposes of income tax, those values were not financial assets if they were not registered as such in the budget.
As a result of regulatory change, the general rule is that the goods referred to in letters c), d) and e) are financial assets if they are entered as such in the budget.
In short, what takes sole relevant for tax purposes is the mere formal criterion of inclusion in the budget as financial assets.

Non-deductibility of tax losses and lower values for shares and financial instruments similar to shares
With the entry into force of IRES in 2004, the general prohibition occurred – under the combined provisions of Articles 110, paragraph 1, letter d), 101, paragraph 2, a 94, paragraph 4, of Tuir – to include losses and lower values with significant tax on investments and financial instruments similar to shares, which represent financial assets or not, was partly offset by the provision – which in conjunction with Article 101, paragraph 2, a 94, paragraph 4, TUIR – the importance of tax losses recorded on bonds and similar securities which are financial assets and values of children enrolled on bonds and similar securities that are not financial assets.
No significant fiscal assumes the fact that taxpayers are subject to international accounting standards or not.

Tax deductibility of capital losses on bonds and other securities included in series or in mass
Under Article 101, paragraph 2, “for the valuation of assets listed in Article 85, paragraph 1, letter e), which are financial assets, the provisions of Article 94, but for the securities traded in Italian regulated markets and foreign capital losses are deductible to an extent not exceeding the difference between the tax value and recognized as determined by the price average for the last six months. ”
In turn, paragraph 4 of Article 94 of Tuir provides that the determination of the minimum value under Article 92, paragraph 5, shall be made in securities not traded on regulated markets, according to Article 9, paragraph 4 C), which provides that the normal value is determined by comparing the normal value of securities with similar characteristics traded on Italian regulated markets or foreign, failing that, under other elements can be determined objectively.
For the purposes of the exact identification of the goods being valued, Article 85, paragraph 1, letter e), refers to bonds and other securities in different series or mass

by the shares of equity, whether or not represented by certificates, the capital of companies and institutions mentioned in Article 73
financial instruments similar to actions under Article 44, issued by companies and institutions mentioned in Article 73.
It is not necessary that the bonds and other securities in series or mass fall between goods whose trade is the direct business activities.

From what has been said it follows that losses on bonds and other securities included in series or in mass become significant tax.
It also refers to Article 110, paragraph 1, letter c) of Tuir on capital gains on assets stated in Article 85, paragraph 1, letter e), which become significant tax. však, for goods which are financial assets, capital gains included not a component of income for the excess capital losses deducted.

Tax deductibility of child entries for bonds and other securities in series or in mass
For the evaluation of bonds and similar securities, which are not financial assets, paragraph 1 of Article 94 refers to the evaluation criteria in Article 92, except as provided in paragraphs.
Paragraph 4 of Article 94 states that the determination of the minimum value, under Article 92, paragraph 5, must be:

for securities traded on regulated markets, according to prices on the last day of the year or in accordance with the arithmetic average of prices recorded last month (does not apply in any case Article 109, paragraph 4, b) second period, repealed with effect from 1 Leden 2008)
for other securities, in accordance with Article 9, paragraph 4, letter c), which provides that the normal value is determined by comparing the normal value of securities with similar characteristics traded on Italian regulated markets or foreign, failing that, by other elements can be determined objectively.
The lower values entered on bonds and similar securities in series or in mass become significant tax.

Na závěr, the combined effect of the aforementioned Articles 85, 92, 94, 101 a 110 of Tuir, it follows that the criterion for the minimum value of bonds and similar securities which are financial assets differs from the method used to calculate the minimum value bonds and similar securities which are not only financial assets for securities traded on Italian regulated markets or foreign, by changing the reference time period (six months and last month).

Tax deductibility of child values and losses on financial instruments not listed similar actions
According to the letter) of the second paragraph of Article 44 of Tuir, are considered similar actions, securities and financial instruments whose remuneration is made “entirely” from participation in the economic performance of the issuing company or other companies belonging to the same group or the deal in relation to which the securities and financial instruments are issued.
Conversely, the 9th paragraph letter a) of Article 109 of Tuir provides non-deductible from business income of any kind of payment due on securities, financial instruments, however denominated, under Article 44, for share of it which directly or indirectly involve the participation to the economic performance of the issuing company or other companies within the same group or the deal in relation to which the securities were issued.

In light of that regulatory system, the tax regime applicable to securities stems from choices made by taxpayers.
Opravdu, it is sufficient that the conditions governing the financial instrument providing for the remuneration is not “totally” from shared economic performance in order to escape from the participation exemption regime governed by Article 87 of Tuir.

The specific tax regime applicable then the forecast will depend on whether or not the conditions of issue, the risk of loss, even partial, the contribution, provided that specifically requested by the letter c) of the second paragraph of Article 44 of Tuir, for assimilation financial instrument to bonds:

for failure prediction of this risk, the financial instrument will be similar to bonds and, proto, the resulting income will be subject to tax under Article 26, first paragraph, of Presidential Decree 600/1973 and Legislative Decree 239/1996
if estimates of risk, the financial instrument will be similar to atypical securities and the resulting income will be subject to tax under Article 5 of Decree 512/1983, converted into Law 649/1983.
však, if the underwriter of the securities carries on a business, will apply the general principle – enshrined in Article 81 of Tuir – absorption in the business income of all income regardless of its source. The competition will involve the training of business income of the said remuneration, subject to the application of withholding taxes under tax.

That said, check what happens if the company issues a hybrid financial instrument – that is similar actions or similar obligations, and therefore similar to atypical securities – and then bear operating losses, which go to zero intake made.
Since financial instrument “hybrid”, the question arises whether the same constitutes a capital contribution to society, ie a sort of “unusual contribution”, or reciprocal relationship is not participatory.
The consequences arising from the civil side tax classification are relevant.

If you were to configure a non-participating reciprocal relationship, the loss suffered by the company will be translated into pro-rata to the chief underwriter of the security, by reducing the company’s debt to the subscriber and the simultaneous detection of a windfall profits tax.
Conversely, where it constitutes a contribution to society, there is a real double deduction of the same losses: the first time in the company that has suffered a second time and head to the subscriber financial instrument, which undergoes an impairment of the same.

Kromě toho, the fact that the loss of value of hybrid financial instrument may be relevant in the assessment of tax of the same at the end of the fiscal year, in this case the “write-down of hybrid financial instruments” (1).
Traceability of hybrid financial instruments under Article 85, first paragraph, letter e) of Tuir involves the applicability in toto to these financial instruments of the existing tax law obligations and similar securities, discussed above.

How to obtain independent financial advice?
First and ’should be stressed that the independence and’ yes’ a pre-requisite of a true professional performance, but alone does not guarantee its’ jurisdiction it ‘correct.

There are financial advisors who are not independent but are competent and correct, tak ‘as there are independent financial advisers who are not sufficiently prepared and have no qualms in calling parcels that have no relation with the effective provision of services. It ‘important to stress this because’ the choice of a professional and ‘a very delicate operation that must be done carefully. Doing so may be extremely disappointed.

To date (after the succession of various laws and pending the implementation of an EU directive that is being enacted) anyone can ‘be defined independent investment advisor. Like any other consultant (image consultant, information technology, Marketing, atd.. atd.. Etc..), The independent investment and ‘a person undertaking the work (under Articles 2229 and following of the Civil Code) and makes provision of an intellectual nature. In legal terms, is said to have an obligation of means and not results. This means that the seller can not ‘be denied the result of his advice.

Even for this, a ‘essential that maximum attention be given to the choice of which professional to analyze your financial assets. The ADUC is pursuing several initiatives to ensure that ‘this figure may play a role in security for users such as doctor or accountant.
We are working also to build a network of independent financial planners throughout Italy that could provide an initial financial assistance given to avoid the pitfalls that the financial system creates continuously.

At present, a ‘the consultant should make a lot of questions before you choose one that makes your case. a ‘lunge must inquire about the type of professional service which is’ able to perform and the cost thereof. It ‘also important to ask about his training. Where is the professional who claims to have? In Italy, there are schools that are registered investment advisors or financial planners.

Each investment advisor, like any professional, has its special setting. There ‘who has a better focus’ attention tied to the movements of financial markets in the belief that one can anticipate, and there ‘most lenders’ attention to the design of capital (minimizing risks and costs and maximizing chance ‘to reach the financial targets in any market condition), in the belief that it is completely impossible and harmful groped to anticipate market movements.
The second, and call themselves financial planners are the professionals category to which the writer belongs.
Obecně, ‘well wary advisers who believe they can know when it’ s time to enter or exit the market or to choose which single title, if only for the additional risk involved follow their advice.
A good financial planner takes care to do a lot of questions about assets and personnel reviews. It ‘must beware the consultants who are not very accurate analysis of the client’s situation before making any suggestions on financial investments. The analysis of the client’s situation must necessarily require at least a couple of hours for most situations

Herein lies the crux of the matter.

Private traders operating in the Forex, do not have access to some of the institutional market in which they operate. Small traders who work directly with brokers, who act as market makers for their own customers.
In this case a very proud liquidity of Forex, is not an intrinsic feature of the market, but the artificially generated by the operator, who took the commitment to make each transaction with conditions set at the time.
It’s like if it were not swimming in the ocean, you wallow in a small aquarium in the sea.
This is not a consideration to leave in the background.
When in a trade with the loss of the future, the profit? A counterparty, it is often not known.
When trading action with the advantage, who lost? A counterparty, it is often not known.
And when we do trade with forex brokers also Market Maker?
Exact Match: Market Maker Broker gains and losses from our trading .*
We try to think the worst.
Brokers are market makers in bad faith, Pak, would be very happy as a client of the trader who loses consistently, and therefore, does not cover, to collect profits from the losses they sound.
And here comes the second point: there is a possibility that the broker intentionally going to lose customers?
The answer is YES.
A Broker in bad faith can distort prices, defeated by their clients trade.
This is facilitated by the fact that because the Forex market is not regulated, there is a quote as un’ufficialità futures or equities, there are only quoted on the main market which is taken as a reference.
Broker with ill will provide a trading platform to customers, and thus knew all the time, position, and especially every STOP LOSS orders placed by them.
Suffice it then artificially causing the price increase is packed with art, to blow up the stops of the customer, and then collect, in addition to spread, the profit generated from the losses.

Paranoid delusions?
I would not say.

Always supported my consderazioni with the facts.
One of the best forex platform that is common among children is Metatrader Forex Brokers, intuitive platform, appealing to both beginners always need every time they approach a new Broker.
MetaTrader is a platform created by MetaQuotes, and consists of various modules that provide unique functions and backoffice frontoffice important activities of the Forex Brokers.
Among these modules, as an additional option, there is only an addon designed to be appropriate for certain customers who choose a strategy to stop the hunt, or change the quotation marks, just to carry out fraudulent behavior mentioned earlier.
I discovered the existence of this form, read the posts on this forum and then consideration on this blog.
It is actually used or not, there is no question that interests me, I am only concerned about the existence of potential risks, which I think is very high, given the absence of special rules to protect the end user.
I really do not mean that Forex trading is a fegatura always. Citing read comments, I agree to affirm that “This is not a market, a provider of ITS ..”

After this enlightenment “” Therefore go and find a solution that can reduce this risk.
And I found it, and very simple, almost to the “Maximum Catalan ‘(People of the Night):

Only working in institutional markets.

Yes, because it also allows for “small” traders, with certain limits.
I mentioned earlier that the Forex is an OTC market, and therefore without the physical location of the center, as if, in the extreme analysis, Forex does not physically exist.
This is not a market that has a geographic location defintia as the MTA, which idem, CME, and so forth.
Forex is a set of circuits that are interconnected between banks in which banks and large institutions need to operate in the currency markets, they find themselves.
Tento “inter bank” is specifically called “trh” or the American market “ECN (Electronic Communication Networks).
And the great thing is that you can (with difficulty) to access the circuit without training institution, avoiding the Broker Market Maker.
You can then swim, not in an aquarium, at least on the lake or inland sea.
Market profits is that they are granting access and providing infrastructure is MARKETR MAKER store, and are therefore not interested in operating results that will have an individual actor.
European Markets European examples SwissFx maintained by Dukascopy, the circuit operated by LondonFx, including hotspots, while the American market can mention Currenex or EFX.
In Europe, a fact that looks unusual, there is no organized market. Samozřejmě, we have great food, best art cities, but how to finance …..
And also there is another “catch” access to these markets are subject to the minimum amount of equity, where the account is not opened. Například, to access SwissFx need at least 50 000 euros.
Kromě toho, access to these platforms usually provide a platform that is truly “basic” (order placing no-frills, basic graphics or even none), because it assumes that users already have their own IT infrastructure.