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5 Common Mistakes for New Stock Traders and How to Avoid Them

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Are you a novice trader that wants to make sure you’re avoiding common mistakes when you first start trading stocks?

If you’re a newbie, there’s a lot to learn when it comes to trading stocks. After all, there are many rules and regulations that the pros know that you might not. They have the experience to guide novice traders.

So, what do you need to know when starting with financial trading? How can you avoid common mistakes for new stock traders?

Keep reading for expert stock tips when starting as a novice trader. Use this advice to gain an advantage as soon as you get started.

1. Not Doing Enough Research

The best way to prevent this is to research as much as possible before investing. You can even find more information here if you need help identifying the best stock picking services.

Also, you can consider reading annual reports, reading financial news outlets, or simply researching online. Gathering as much information as possible allows traders to make an informed decision.

2. Making Overconfident Trades

This occurs when a trader places a trade based on excessive optimism and insufficient research. They assume that their stock is sure to make a return, and as a result, they are excessively aggressive in the trading market. The reality is that no trade is certain, and even experienced traders lose money.

To avoid this problem, new traders should not let their complacency or overconfidence lead to bad decisions. The best stock trading strategy for this is also to do thorough research on stock uncertainty before investing and to always have an exit plan.

3. Trading Without a Plan

Trading without a plan is a common mistake for new stock traders, and it’s essential to have one before getting started.

Your plan should include objectives, strategies, and a risk assessment. Without these elements, trades could be made in haste, which leads to losing or over-leveraging, not to mention the potential for huge losses down the road.

4. Investing Too Much Too Soon

This can lead to big losses that can sour a new trader on the whole experience and open the doors to speculation and risky trades later on. New traders need to practice restraint and start slowly with smaller investments.

By diversifying their portfolios and limiting risk they can slowly introduce themselves to the stock market and all the potential trading risks and rewards.

5. Failing to Set Limits

It is very easy to fall into the trap of letting your emotions get the better of you and chasing your losses. To avoid this, traders should set limits on their losses and use stop-loss orders before entering a trade.

This will help ensure that losses are controlled and that traders know when to bail out of a trade if it is looking like it will not pan out as expected.

Common Mistakes for New Stock Traders to Avoid

Common mistakes for new stock traders can be costly and should be avoided. Start by researching potential trades, finding your brokerage, designing a trading plan, and managing risk. With knowledge and discipline, it is possible to become a successful stock trader.

To quickly get you on the path to success, take advantage of free training opportunities to learn the basics of stock trading.

Did you find this article useful? Check out the rest of our blogs for more!

The Best Payment Methods for Crypto Casinos: A Comprehensive Comparison

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Crypto casinos are continuously growing in popularity due to a number of benefits they have to offer over traditional casinos—they are considered transparent, more secure, and even come with a slew of different payment options, which is one of the most important factors to consider when picking a casino.

Nowadays, digital payments make up 80% of all transactions, and most top-tier crypto casinos support all the popular digital payment methods. But which one is the best, you wonder?

For the most part, that simply falls under personal preference. However, if you have trouble deciding, we have created a comprehensive guide to help you pick the best payment for playing in a crypto casino.

Traditional Payment Methods for Crypto Casinos

Some of the best crypto casinos on the market operate as hybrid casinos, allowing you to deposit funds with both crypto and traditional fiat currency.

Most crypto casinos focus on cryptocurrencies, and the traditional payment section is often lacking. However, depending on the casino, you can still use the most popular traditional payment methods, such as credit and debit cards, bank transfers, and e-Wallets like PayPal and Skrill.

Credit and Debit Cards

Credit and debit cards are widely available. They are also convenient, easy to use, and also widely accepted. Undoubtedly, the most popular cards are VISA and Mastercard.

Despite all the benefits, there are several downsides to using credit and debit cards for playing in a casino, with fees being the most significant one. Namely, while most casinos don’t charge a fee for depositing via a credit or a debit card, banks treat gambling deposits as cash advance transactions and charge a cash advance fee that ranges between 3% and 5%.

Bank Transfers

Bank transfers are one of the oldest and most reliable transfer methods. By using a bank transfer, you are sending money directly from your bank account to the casino’s account. Because of that, each wire transfer is protected by banks’ security systems, making bank transfers one of the most secure payment methods around.

Unfortunately, there are many pitfalls as to why casino players tend to avoid wire transfers.

First things first, you need to have a bank account, and on top of that, you also have to share your bank information with the casino. Secondly, even though most casinos accept bank transfers, many banks do not process payments to online casinos.

The biggest disadvantage of bank transfers is the transaction speed—it can take anywhere between three to five workdays to process a wire transfer. In some cases, it can take even longer, especially if you are making an international transfer.

Additionally, wire transfers usually come with substantial fees, and you may expect to pay up to $50 for making a bank transfer. The exact amount varies from one bank to another, so it’s always a good idea to check the details beforehand.

E-Wallets

E-Wallets are quite similar to credit or debit card payments. In addition to being convenient and easy to use, e-Wallets are secure since the e-Wallet provider takes care of all the security and is the only party you have to share your information with.

In addition, e-Wallet deposits are usually instant. However, keep in mind that it may take up to a few hours or even longer to complete a withdrawal request, which mostly depends on the provider you decide to use—some of the most popular e-Wallets include PayPal, Skrill, Ecopayz, and Neteller.

The biggest downside to using e-Wallets is fees.

For example, Skrill charges up to a 5% fee when simply adding funds to your Skrill account. On the other hand, PayPal charges $3 to $5 per transaction, plus a percentage-based fee for withdrawing money to your PayPal account, and the story is similar whenever there is a currency conversion involved.

Crypto Payment Methods for Online Casinos

Crypto casinos are surging in popularity, and the main reason for it is crypto payments. As the name suggests, crypto casinos focus on cryptocurrency payments, and the best crypto casinos out there allow you to make deposits and withdrawals with dozens of different tokens.

Some of the most popular tokens for crypto gambling are:

    • Bitcoin
    • Ethereum
    • Litecoin
    • Bitcoin Cash
    • Ripple

Crypto transactions are considered more secure than traditional transactions. Every crypto transaction occurs on the blockchain, which is virtually impervious to hacker attacks. Additionally, instead of using sensitive information and personal data, you only need a wallet address to complete a crypto transaction.

Because of that, most crypto casinos allow you to register using only an email. However, keep in mind that many top-tier crypto casinos are licensed, so you will be subject to a KYC check once you submit a withdrawal request, especially if it’s a large sum of $3,000 or more.

Transaction speed is another aspect that makes cryptocurrency payments more appealing. In addition to virtually instant deposit times, withdrawal requests take minutes. Of course, the exact time depends on the speed of the network and the coin you use.

For example, it can take up to a few hours to complete a Bitcoin withdrawal request. On the other hand, coins like Ethereum take around 5 minutes on average since Ethereum has a faster block time than Bitcoin. 

Finally, crypto payments have much lower fees than traditional payments, which is why many players prefer them over traditional methods. Most crypto casinos charge only a minimal flat fee to process crypto payments, which is usually a traditional fee used to reward miners and incentivize mining.

The fee mainly depends on the coin you decide to use. For example, the average transaction fee for Bitcoin is around $1.47. While Ethereum is a tad more expensive at $6.26 per transaction, the average cost for Bitcoin Cash transactions is only $0.0045, while Litecoin is $0.016.

Factors to Consider When Choosing a Payment Method for Crypto Casinos

As mentioned earlier, the best payment method is mostly a matter of preference. However, there are still several factors you should consider when choosing a payment method for playing in a crypto casino, such as:

  • Transaction fees. Make sure to check whether the payment method charges a flat fee or a percentage-based one.
  • Processing times. Depositing cash into your casino account is usually instantaneous, but withdrawing cash can take anywhere from a few minutes to several work days, based on the method you choose.
  • Security. Most payment methods involve high levels of security to protect your information. However, cryptocurrencies excel in this field because every transaction relies on blockchain technology and requires no personal information.
  • Accessibility. Is the payment method available in your country? Can you access it through an app, and how easy is it to make payments? More importantly, how many other crypto casinos support the same payment method?
  • Exchange rates. In addition to transaction fees, exchange rates can quickly rack up the cost of every transaction. Make sure that the payment method you are using has excellent conversion rates, especially if you’re converting funds from one currency to another.

Summary

Crypto payment methods are better in virtually every aspect compared to traditional payment methods, which is why they are a go-to option for a growing number of casino players. Crypto transactions are more secure, lightning-fast, and come with lower fees.

Moreover, the best crypto casinos out there accept payments in dozens of different tokens, so you shouldn’t have any issues finding and making deposits with a token that suits you the most.

The most important part to remember is that you should always gamble responsibly—take breaks from gambling, don’t chase your losses, and never gamble with any money you cannot afford to lose.

 

Here’s How to Counteroffer and Win When Negotiating Your Salary

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How to Counter Offer Salary

Receiving a job offer is exciting, but it also leads to one of the more daunting parts of the hiring process: salary negotiations. If the initial number presented by the company doesn’t meet your needs, having a strategy for managing the counteroffer is essential. If you’re not sure where to begin, here’s a look at how to counter offer a salary and win.

How to Counteroffer a Salary and Win

1. Ask for Time

Before you respond to a salary offer, request a reasonable amount of time to consider it. Start by thanking the hiring manager for their consideration thus far, allowing you to start on a positive and gracious note. Then, ask if there is a deadline for a decision. In some cases, the hiring manager will let you know how long the company can wait. If they don’t have a set timeline, request two business days to respond.

Generally, two business days are enough to prepare a counteroffer. Plus, the request isn’t so long as to make it seem like you’re trying to string the company along.

If the hiring manager expects a decision in less time, that doesn’t mean you can’t make a strong counteroffer. However, anything less than 24 hours could indicate the business is trying to rush you, potentially making it harder to handle any research before beginning negotiations. While that’s not inherently a red flag, do make a note of whether the hiring manager is putting a lot of pressure on you and keep it in mind during future conversations.

2. Know Your Value

Figuring out a fair salary to present as a counteroffer generally requires some research. You’ll want to spend time learning about the average compensation for similar positions in your area. Additionally, you’ll need to factor in the value of the skills and experience you bring to the table.

Typically, you’ll want to use several resources to determine what pay rate is appropriate, as each one may be accessing data from different sources. Additionally, make sure your research is location specific, as compensation can vary from state to state or even city to city.

The goal here is to identify a figure that feels competitive to you but also leaves space for the company to counter your offer. Often, the easiest way is to identify a salary range that seems appropriate. Then, you can present a number that’s on the higher end, giving the company room to negotiate down while still remaining in your target range.

3. Examine the Offer

After finishing your research, take a close look at the initial job offer provided by the hiring manager. Along with the salary information, make sure to review the benefits, perks, and bonuses listed. In some cases, a lower pay rate is offset by benefits, perks, or bonus structures that exceed what’s found with competitors. As a result, you need to factor in the value of them when determining whether your potential salary counteroffer is fair.

Additionally, benefits and perks are points you can potentially negotiate, too. Knowing that option is available is helpful if a company doesn’t have much room to negotiate regarding pay rates but can make adjustments to other parts of the offer. For example, you may be able to request more paid time off in lieu of an increased salary.

Knowing that’s an option allows you to see where your counteroffer can potentially go if you encounter resistance during the discussion. That way, you don’t feel stuck either accepting the offer as-is or walking away. Instead, you can pivot, focusing on other points that provide you with value.

4. Prepare Several Paths

Once your research is complete and you’ve reviewed the benefits package, it’s time to prepare for several different paths. First, you’ll design your initial salary counteroffer, as that’s likely what you’ll present first. After that, consider other points you’d potentially negotiate and what you’d request, giving you additional pathways to a fair offer if a higher pay rate isn’t an option.

Essentially, this process is about being prepared for any response the hiring manager may give. That helps keep the conversation rolling while leaving you confident and collected along the way.

5. Present Facts

When you present your counteroffer, remain focused on the facts. After highlighting your ongoing interest in the role, tell the hiring manager the salary you think is fair and provide some details regarding why you came to that conclusion. For example, you can cite your salary research as the basis for your counteroffer.

The goal here is to ensure you’re backing up your requests with solid data. That not only helps you remove emotion from the equation, but it also makes your case more compelling overall. As a result, you may have a higher chance of getting a pay rate that leaves you satisfied.

6. Listen

After you present your initial counteroffer, it’s time to listen. How the hiring manager responds can help you determine where you may need to focus your energies next. Plus, using active listening skills ensures that you don’t miss a critical point.

Again, it’s critical to set emotions aside while the hiring manager speaks. By concentrating on the details they’re sharing, you’ll have a better chance of continuing the conversation in a positive manner.

7. Compromise

After the hiring manager shares their perspective, it’s time to find a compromise that leaves everyone feeling satisfied. For example, you can attempt to balance off a lower salary with improvements in the benefits package, as mentioned above. Just make sure that you remain fact-focused throughout, using data or highlighting your value to show why you’re making various requests.

Additionally, you want to listen carefully to any input from the hiring manager. Not only will that help you determine with points of the offer are negotiable and which aren’t, but it can also give you a lot of insights into the hiring manager’s mindset, the company’s culture, and more. At times, that information is incredibly revealing and may even show that a job you thought was a great fit isn’t necessarily the match it seemed to be on the surface.

8. Make a Decision

Once the negotiations show that there’s no more room for adjustment, it’s time to make a decision. Ideally, you’ll have found some middle ground between the initial offer and your first counter offer. If that’s the case, request the new offer in writing, and review it to ensure it matches what was covered in the discussion before signing.

If you and the hiring manager aren’t able to find a happy medium, then it’s time to determine if the job is genuinely right for you. In some cases, the negotiation process can reveal culture issues or other challenges that could make the position a poor fit. At times, it may simply demonstrate that the company either can’t afford reasonable compensation or isn’t willing to try. If that happens, then walking away may actually be a win, as it lets you focus your efforts on other opportunities that can pay you what you’re worth.

Do you have any other tips that can help someone figure out how to counter offer a salary successfully? Have you tried any of the recommended strategies above and want to tell others about your experience? Share your thoughts in the comments below.

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How Technology Is Enhancing Sports Betting 

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Success in betting depends on your strategy. You have to gather accurate information about your preferred match and analyze it in order to make a winning bet. In the past, getting essential data for betting was quite challenging. Bettors wasted valuable time sourcing and evaluating the information manually. With this approach, the margin of error was high and most gamblers ended up making the wrong bets.

However, things have greatly changed now that many players are using technology for analyzing and predicting how the outcome of any event is likely to be. Unlike before, the probability of success in sports betting has increased tremendously. In this article, we will look into the ways technology is enhancing the sports betting industry. [Read more…]

What the Solar Manufacturing Process Actually Looks Like in Practice

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A survey back in 2022 shows that 69% of American adults favor prioritizing the development of renewable energy sources. In the same study, about 67% think the US should combine fossil fuels and renewable energy like solar.

If you’re one of these forward-thinking people, you might be wondering what goes into the solar manufacturing process. Why would someone invest in that technology? Where does this technology come from?

You don’t have to wonder anymore! We’re here to bust some of the myths that may still be in your head while showing you how the process works. [Read more…]

Just Lost Your Job? Here’s 10 Things Not to Do With Your Severance Pay

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Severance Pay

In some cases, companies offer severance pay to laid-off employees. If you’re someone receiving severance pay or want to ensure you’re prepared should a layoff and severance pay come later, it’s wise to have a plan for the money. Otherwise, it may not last as long as you’d expect. As you create a strategy, here are ten things not to do with your severance pay.

1. Big Purchases

Generally, you shouldn’t use severance pay for a big purchase. Primarily, that’s because the money is meant to substitute for your income until you find a new opportunity.

Unless the big purchase is essential for living, such as replacing a broken down refrigerator that isn’t repairable with a reasonably-priced model, it’s better not to treat the cash as a windfall that you can use for luxuries. That attitude can cause you to splurge far more often than you may realize, causing your severance pay to run out fast.

However, if you’re talking about a genuine essential, you could potentially make a big purchase as long as you plan accordingly. Determine if you can reasonably survive on what remains until you find a job. If the answer is yes and you’re willing to stick to a strict budget moving forward, then the purchase is potentially supportable.

2. Small Splurges

In some cases, people feel like they deserve small splurges when they’re going through an emotionally challenging situation like a layoff. They view the purchases as a pick-me-up, hoping it will improve their mood.

The issue is that small splurges can often add up fast. For example, while paying $5, $7, or more for a coffee at a café may seem like no big deal on the surface, if you do it every day for weeks on end, that represents a lot of money.

If you do want to give yourself the occasional treat, work it into your budget. For example, you could allocate $10 per week for spontaneous splurges. Then, pull out the $10 in cash and only use that money for the small luxury purchase. Once that cash is gone, no more splurges until you get the next $10 the following week.

3. Lend the Money

Some people receive their severance pay as a lump sum, and it can be a large amount of money in some cases. As a result, people may believe it creates an opportunity to assist their nearest and dearest, particularly if the person they know is struggling financially.

However, lending the money comes with the risk of not getting paid back. As a result, if the person who borrows it doesn’t handle their side of the arrangement, you might find yourself falling short during a time when you don’t have other income.

Ultimately, lending money to loved ones is always risky, but it’s particularly dangerous during times of personal uncertainty. Since that’s the case, it’s better to avoid this entirely.

4. Risky Investments

When your regular source of income disappears, and you aren’t sure when you’ll get a new job, investing the cash might seem like a smart move. However, all investing comes with risk, and not all opportunities are created equal. There’s always a chance that an investment isn’t going to pan out, causing you to lose significant amounts of money.

Since financial distress can increase your odds of considering risky investments, as those may seem like they have the most growth potential, your chance of losses is high. As a result, it’s usually best to avoid investing your severance pay in hopes of quick growth, as you could suddenly find yourself without a source of income.

5. Ignore Taxes

Many people don’t realize that severance pay is taxable. Additionally, even though an employer usually withholds some of the money for taxes, it may be insufficient, depending on what’s listed on your W-4.

Additionally, the entire amount is taxable in the year you receive it. As a result, lump sums could mean owing more in taxes during one year than you’d expect. That’s particularly true if you’re shifted into the next tax bracket up.

If you’re receiving severance pay, understand that it’s taxed the same as normal income. Review your withholdings, determine if enough was set aside, and consider saving some of the severance pay to cover any tax shortfalls should they occur.

6. Calling It Spending Money

Generally, severance pay is a short-term income replacement. However, calling it “spending money” can cause you to adopt a potentially dangerous mindset. It may lead you to believe that spending every dollar is okay, even if that means not having an emergency fund to cover the unexpected.

While it’s true that using severance to cover expenses is fine, it’s also wise to save some for potential emergencies. At times, that may mean adjusting your budget and spending habits to live on less, at least until you find a new job to replace your income. But it’s an adjustment worth making, as it can ensure that you’re not in a tough spot if something unanticipated occurs.

7. Keep Your Old Budget

Even if your severance pay provides you with the same amount of income you had previously for several months, that doesn’t mean you should keep your old budget. Instead, it’s best to find areas where you can cut back. That way, if you don’t secure a new position before the period your severance pay covers ends, you still have some money available.

Ideally, you want to scale back as much as possible while still ensuring all of your obligations are met. Remember, any sacrifices you’re making are likely short-term, as you can move toward your old budget once you’re working again if the income amount is similar. Plus, if you end up in a job that pays less, you’ll have a potentially workable budget already in place, which could give you peace of mind.

8. Skip Health Insurance

When you’re laid off, you usually have the option to continue your health insurance. That’s because of the Consolidated Omnibus Budget Reconciliation Act (COBRA), which outlines requirements for employers to have pathways for terminated employees to keep their coverage for up to 18 months.

COBRA insurance will cost more out of pocket in many cases, as the employer doesn’t have to pay a portion of the premiums. However, declining health insurance puts you at risk. Any medical needs you have before you get a new job with medical coverage will have to be paid out-of-pocket, and that’s potentially far more costly than covering the higher premium. As a result, it’s better to take a close look at this option instead of assuming that skipping it is the right move.

9. Let Debts Get Behind

After a layoff, it’s potentially tempting to look for ways to put any required debt payments on pause until you have a new position. Many lenders do have programs that make that possible, but some do come with financial risk. For example, forbearance can let you skip some payments, but interest may continue to accrue on your remaining balance. As a result, your debt could grow surprisingly quickly depending on the terms.

With some lenders, you might have to pay make-up payments once the pause ends. In this case, you could find yourself owing several payments all at once, and that could throw your future budget way off balance or might increase your risk of default.

While it’s fine to use the various programs if you genuinely can’t keep up with your debts, it’s better to continue with payments if you’re able. That ensures you don’t accidentally accrue more debt through interest or find yourself in a bind later.

10. Not Getting Financial Advice

In some cases, using your severance pay seems simple. After all, you can generally treat it like income, using it to cover expenses and save for an emergency.

However, if you aren’t sure whether you’ll get a new job quickly or if the pay in a different position would at least match your last one, getting financial advice from a professional isn’t a bad idea. They can help you come up with a plan to stretch your severance pay to ensure it lasts as long as possible, giving you more wiggle room if finding a new opportunity proves more difficult than you initially expected.

Is there anything else that you think people should avoid doing with their severance pay? Do you have any tips that can help someone properly manage their severance pay? Share your thoughts in the comments below.

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Actions That Lead to People Paying Higher Costs

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Many people want to be able to learn how to make their finances do whatever they want them to do. This means that you’re working hard and keeping an eye open for ways in which you can save and make sound financial decisions. That said, there are actions that can lead to you paying higher costs over time. This may make your hard work end up being in vain since you won’t be able to keep a hold of your finances in the best possible way. Have a look below to see some of these actions so that you can stop them in their tracks and maximize your finances.

Breaking the Law

The first thing that may see you losing a chunk of your finances is breaking the law. Rules and regulations exist for a reason, and this is to ensure that everything is done with order. They also help make sure that citizens stay safe from various things that could go wrong if care isn’t taken. This is why breaking the law calls for jail terms and fines.

Something like DUI may be one of the more serious instances of breaking the law as a driver. On top of placing fellow road users at risk, DUI also puts the driver under the influence at serious risk of fatality. This is why when you’re caught and charged for DUI, you’ll typically have to pay massive fines on top of other consequences. According to the Law Office of Jason Skala, LLC, the nighttime hours when alcohol-impaired driving takes its toll around 9:00 p.m. to 3:00 a.m. the most often in 2018. Regardless of the day or hour, it’s never worth it to engage in such a risky activity.

Vehicle Issues

Another action that may cause you to pay a good sum of money that you may have saved is letting vehicle issues pile up. One of these is letting your vehicle go for a long time without service and thus predisposing it to the risk of unexpected breakdowns. This makes it important for you to keep up with your car’s recommended service schedule.

Another troublesome and expensive car issue is parking, which you may not even know costs you good money. According to INRIX, searching for a parking spot in the United States costs motorists $73 billion on average every single year in terms of wasted time and fuel. This is clearly enough money to motivate you to search for a long-lasting solution, such as moving to a place that’s closer to your place of work so that you don’t have to deal with the issues associated with commuting.

Health and Medical Matters

The final action that might lead to you paying higher costs is delaying dealing with health issues and medical matters. This could see the issue get worse and call for more money to fix than it would have called for if you addressed it early enough. This is not even considering the fact that it may get more painful and uncomfortable to have to endure.

You also need to go to the doctor for regular health checkups in order to make sure that there are no issues waiting to act up. According to Care Station Medical Group, you should visit a doctor at least once every year. Try your best to keep up with this and you may save money in terms of health costs for you and your family.

Keep an eye on these actions to lower the chances of having to pay higher costs. When you do, you may find it easy to live a more fulfilling life that doesn’t leave you with unnecessary expenses. This is one of the best ways to maintain control of your finances and live a happy yet cost-effective life.