November 12, 2009
Not such good news for Oil. Oil inventories came out today with very bearish numbers. The immediate dollar reaction was bullish but not the amount I would have expected with the types of numbers that were given.
I had doubled my short Eur/USD position @ 1.500 and closed that position @ 1.4900. Original position is still open with a target to close half @ 1.4800 and then the rest @ 1.4630.
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November 9, 2009
Life insurance can be a great way to get protection for now and to plan for the future. After all, we want to make sure that our plans and loved ones are taken care of if we die. Here are some helpful facts and ways they can help you.
If you need life insurance enough to buy it, you also need to make sure you’re not underinsured. It’s important not to have too little coverage, because then you won’t get the benefits you need. If you don’t think you can afford life insurance, explore your options, because it’s often cheaper than you’d expect. However, if you can’t afford all the insurance you need right now, start with a smaller amount. You should be able to buy more at a similar price when you can afford it.
It’s true – healthy people get better rates on life insurance. You will be asked to pay a higher rate for anything that shortens your life expectancy (e.g., smoking, taking regular prescriptions, engaging in risky activities, and being overweight). Consider what small lifestyle changes you can make that will improve your health and possibly your rates.
If you’ve been putting off purchasing life insurance because you don’t want to pay the premiums, you may be doing yourself a disservice in the long run. The younger you are when you purchase life insurance, the lower your premiums will be. In addition, it’s harder to get life insurance if you have some of the conditions that come with growing older.
The end of one year or the beginning of the next is a good time to examine your insurance needs. Any life change signals the need for a review of your overall financial plan. When it comes to life insurance, you’ll want to make sure your coverage still matches the changes you’ve made. Marriage, the birth of a child, and impending retirement can all have an effect on the insurance you need and the coverage amount that’s appropriate.
Different types of life insurance have different characteristics and are intended to accomplish different things. For instance, term life insurance is generally designed to provide the maximum amount of protection for the smallest premium dollar, but only for a set period. On the other hand, cash value life insurance offers benefits for your entire life and an investment and savings component, although at a much higher premium cost. In the majority of cases, term life insurance is the better choice.
You may not realize it, but your life insurance might cost more if you pay your premium in monthly installments. Many insurance companies offer a discount if you pay your premium annually rather than monthly. Although the overall cost and benefits of the policy are more important than getting a discount, you might get a lower price by paying annually.
Many employers offer their employees group life insurance. However, this coverage is usually not enough to adequately meet your life insurance needs. More importantly, group life insurance policies from your employer are not portable, meaning that if you leave your job, you lose your life insurance coverage.
If you lie or omit information on a life insurance application, your life insurance company may be able to terminate your coverage. They may also be able to charge you for the higher premiums you should have been paying, or deny claims. For this reason, make sure to answer all questions fully. There are many different life insurance companies, and even if you don’t qualify for the best rate from one of them, you may still be able to get a good rate from another.
Life insurance usually costs progressively less per thousand dollars at higher coverage amounts (e.g., $250,000). That means doubling your coverage generally won’t double your premium. If your life insurance needs increase, be sure to explore your options. It may not cost as much as you think to buy more coverage.
November 5, 2009
If your situation calls for life insurance coverage that extends beyond your working years, it might be time to consider whether permanent life insurance would be appropriate.
A permanent policy, sometimes called cash-value or whole-life insurance, generally remains in force for the life of the insured as long as the premiums are paid. Once the policy is in force, the premiums typically remain level. This can help ensure continued protection as you age, even if your health should take a turn for the worse.
The death benefit paid to your beneficiaries is usually not subject to income taxes. It can be used to help pay estate taxes, final expenses, medical bills, and other debts without the need for your heirs to sell off valuable holdings in a time of distress.
In the early years of a permanent life insurance policy, the premiums are usually higher than the actual cost of insurance protection. The insurer invests the excess premiums, and the policy can accrue cash value. Policyholders may borrow against the accumulated cash value for any number of uses, such as supplementing retirement income, paying off a mortgage, and sending family members to college.
Access to cash value is through withdrawals or loans. Policy loans will reduce the cash value by the amount of any outstanding loan balance, plus interest.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
Will the need to provide for your loved ones in the event of your death ever really diminish? If the answer is no, then you may want to consider the lifelong protection of whole-life insurance.
November 2, 2009
If anyone is still out there that might stumble on this blog and read it, I want to let you know that I have started a new career. I am no longer the owner of a sign company but now I am an Agent with New York Life. I am proud of my new position and extremely excited at the idea of working with the top Company in this field. To clarify, YES, I am a Life Insurance (oh noooo, the horrors!!!!) agent, but I want to make sure that people understand it is more than that. I work in the 3 financial phases of life, protection, accumulation, and distribution. I do sell life insurance, but it is a tool that helps in all three. I can help people with protecting their family in the event of the death of the breadwinner, I can help a young family save money to buy a house, and I can help as people reach the retirement age with making sure they will never run out of money. My goal is to help as many people as I can. The question becomes, can I help you? Please email me @ mdgoldsborough (at) gmail (dot) com.
As this blog continues to evolve, I will be posting still about trading and what I am doing in the markets, but mixed in here will be little financial tidbits that I hope will be of some use to my readers as they plan their financial futures.
As for my trading, it has taken a break due to the rigorous training program NYL has me going through, but it will pick up soon. I did however take advantage of the Divergence on the E/U and rode it down for a bit…I still have a short in and will add to it as it moves against me.
September 16, 2009
My Divergence Charts and why I think the SP500 and the Eur/Usd are just about at the top of their respective rallies. I am putting a lot on the line – my credibility (which isn’t much to begin with) and most importantly, the money I have invested by others in my abilities. I am heavy short on E/U and not ashamed to say it, I have a mental stop loss and plenty in reserves to cover, but the market has not performed like it usually does…even in whipsaw markets it’s more predictable. This bull train is moving fast and really has no reason to continue except the path of least resistance…
Money flows are waiting for a pull back, but investors are anxious to get in and are afraid to miss the boat…hence the tiny pull-backs/consolidation and then large moves up.
Below are my charts to semi-backup my idea…
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September 11, 2009
I took a break from blogging for a few weeks due to a family emergency. It wasn’t so much an emergency, but more so a tragedy.
My grandfather Cornelius Spencer Goldsborough, Jr at 84 years old passed away on Saturday Morning, August 8th, 2009.
He was a Man of God, a husband, a father, a grandfather, a great-grandfather, a Marine, and a proud American. He gave as though he had unlimited resources on a fixed income and when he couldn’t give money he gave his time, always with a smile. My Grandfather has a special place in my heart and has had an impact on my life that is unexplainable. I’ll go on with my life but I fear that I’ll forget the things he taught me or I’ll forget that smile and wave from the end of the driveway after his trademarked, “Bye now”. I don’t want to forget, I will never forget.
His Joy in life was the family he had, both relatives and friends. Seeing him with my nieces and nephews; that smile on his face, the happiness in his eyes, and the satisfaction, knowing what a wonderful family he started and raised.
Nothing will ever be the same, no family get-together will be complete with out him. But I am so happy to have a great family to share in the memories with me and my wife Kim. From all of this I have learned that life is to short to hold grudges, to not enjoy each others company to the fullest. Love much and be loved, embrace those around you because you never know if you’ll have another chance on this earth. Last but not least, explore your purpose here, investigate God and Jesus Christ, they can fill any void in your life, and fill it with overflowing abundence.
I love you pop-pop and I’ll see you soon. (Grandmom says hi too and she misses and loves you.)
Now…back to your regularly schedule program…”Press your luck!”
September 10, 2009
This is the ice breaker post…it’s been so long since I’ve had a post, I think I may have forgotten how to do it.
I am back and working on a bunch of fun things…see you soon.
August 9, 2009
Thank you to all who are reading this, I know I haven’t posted in a while. I am taking a few weeks off from blogging due to a family emergency. I will return at the latest by the end of August. As for last week, I hit my numbers, but not until Friday when the divergence on the Daily paid off.
Have a few great weeks, I’ll talk to you all soon.
July 28, 2009
Two words or phrases that are 1. rarely talked about and 2. hard to feel in this business. I, fortunately, feel very in-sync and as a result I am gaining confidence with my trading. What is the cause of this you may ask??
Consistency.
Since my declaration in “A Quick Note…” on July 12th, I have implemented just about every one of those points and stuck to them with a military like discipline. As I feel myself straying, I will go back and re-read it. I suggest you make your own plan, or copy mine if you like…stick to it, find out what works and what doesn’t and slowly watch your system change into a profitable tool.
Consistency isn’t just from profit, you have to develop consistency in your losses too. When your system starts to be consistently in the red, then redevelop your system, don’t jump from idea to idea, but break it down and FIX the problem. Keep that consistency IN your plan and in FOLLOWING your plan.
For the past two weeks I have been able to meet my weekly goals by Thursday (which is great, I HATE trading on Fridays) and this week I have meet my goal this morning. I am going to keep trading this week, but I am cutting my normal trade sizes in half to decrease the probability of giving it all back. Everything from here on forward is extra, so I am not worried about killing it and risking what I have gained.
One thing or phrase that I have developed and helped my trading is this, “Know what the crowd is doing, don’t blindly do what the crowd is doing…” To aid me, I watch CNBC, I said I WATCH – I really don’t listen to much because most of them on there are bumbling idiots (I’d like to see a portfolio that they have managed). Most of the time I look to take the opposite position of what they recommend, it’s that bad. This has helped me stay In-Sync with the world’s markets and understanding the correlations between them.
In-sync, Confident, and Consistent. Three pieces to this seemingly 10000 piece puzzle.
July 24, 2009
On my Dashboard I can see I lot of new visitors from the James16 Private thread. I’m not sure who posted my blog link, but thank you. And thanks to all the traders visiting, I hope you find something useful. Leave a note in the comments section if you feel inclined, or follow me on twitter.
Happy trading to all and I’ll see you around the block!
