Kai Mistry

Get started in currency trading

December 12, 2011 By Kai Mistry

Consistently successful currency trading isn’t easy – no matter what anyone tells you or whatever system they offer. If they had the winning formula do you really think they’d be writing books about it or organising tutorials all around the country? Of course not, they’d be trading for themselves and making millions doing it like George Soros or some other billionaire trader.

Having said all that, it is very possible to make bucket loads of cash by foreign currency dealing. But it’s also possible to lose it.

And you may be able to learn a lot from the experts. It’s just important to always bear in mind that there is no magic formula.

To be successful takes careful strategy, hard work, self-discipline and a little luck. Your success or failure tends to mirror your personality. Some real swashbucklers make or lose – or both – very spectacularly in this, the world’s single biggest trading market – whilst other steady players make equally steady progress by being a little more careful.

So it pays to always listen to the person you can trust more than anyone else to try not to make mistakes – namely, yourself. It’s also important to know your own weaknesses and to go in with an investing partner who will question your judgement calls.

The best way to get started is undoubtedly to trade 100% safely by opening a demo account only for a while – and then to try out different trading strategies and techniques until you’re completely au-fait with the terminology and the level of trading complexity you’re happy with.

In doing so, try your best to fool yourself into believing your demo account is actually real cash. There’s no substitute for real world experience, but if you practice long and hard enough, it may at least begin to feel like it.

Happy trading.

This article was written by David – a keen financial blogger. He often tries his hand at currency trading in his spare time and enjoys keeping up to date with the latest news.

Tidy Desk, Tidy Mind

December 6, 2011 By Kai Mistry

To the casual observer one office desk looks much like another, but take a closer look and you can tell a lot about the occupant of the workspace by the way they keep their belongings. If you are looking for a promotion, some positive attention from your boss or simply trying to keep on top of your workload then it might be worth paying attention to the messages you could be giving out and making sure your office is tidy at work.

An abundance of family photographs for example could say one of two things: they are the reason you are here and working hard, or perhaps that your mind is elsewhere and you would rather be with your family than at work. A pile of soft toys peeping at you around your computer screen will probably give the impression that you are not taking your work seriously and are on the immature side. Distracting desk toys might say that you are bored and a complete mess hiding the desk itself just simply says I am not in control and cannot cope with my job! If one of these negative vibes sounds familiar then set your office shredder to the shredder confetti cut setting and deal with that backlog of unwanted paperwork double quick. A tidy desk reflects a tidy mind so concentrate on regaining control as soon as you can.

UK shredders are some of the best models in the world so put yours to good use by destroying sensitive documents and outdated files. Filing is a tedious but important way to keep track of your business dealings so catch up over the festive season whilst the phones are not ringing and start the New Year with an empty in-tray. Give a great impression by tidying your workspace up and feel better about being there too – everybody wins!

Filed Under: Business Hints & Tips Tagged With: rexel uk, shredder confetti cut, uk shredders

Diversify or die

November 23, 2011 By Kai Mistry

You’ll often hear it said in investment circles that you need to “diversify or die”. It isn’t always true, but it’s a sound strategy for any business. Let me explain…

If you’re hell-bent on trying to get rich quick, then diversification probably isn’t your best strategy.

It’s like betting on horses in a race. If you really want to gamble, you pick one that you think has a great outside chance and you gamble everything you can afford to – and the beast either wins and you’re living in clover or (far more likely…) it doesn’t and you’ve slid down the snake back to square one!

If you really want solid, continued success, though – you need to diversify. One trick ponies can go out of business all too quickly, whereas businesses with more than one string to their bow that are constantly adapting to change – can survive for the long term. It’s rather like a car; it runs best when all four cylinders are firing well, but it can limp along quite happily on two in a pinch.

There are examples when this may not be the case. If you’re in the business of supplying an absolute staple that simply can’t go out of demand, then it’s perfectly legitimate to concentrate on supplying it as well and as cost effectively as possible. If you’re running a supermarket or a water supply company or something similar, you may not need diversification. But even then you may face a complete “Black Swan” event that wipes you out overnight – or comes close to it.

But for most of us, diversification is sound business practice. As David Lichtenstein’s Lightstone Group has proved in its diversified approach to real estate – it works well over time. The company is unique in the industry, seeking superior risk-adjusted returns through careful portfolio diversification. In fact, it owns one of the most diversified real estate portfolios in the entire industry.

Diversification is a proven strategy for success. It also helps you sleep well at night!

Filed Under: Business Hints & Tips Tagged With: business advice, business strategy, David Lichtenstein, top business tips

Never Mix Business with Pleasure

November 11, 2011 By Kai Mistry

It is an age-old saying but nevertheless it is still pertinent in today’s business environment. Blurring the lines between professional and personal relationships is always a tricky thing to do, and where possible it should often be avoided. One of the decisions to take very seriously is whether or not to go into business with a friend or family member in the first place, as this can sometimes lead to difficult outcomes.

If this is a situation which sounds familiar then don’t run screaming from the scenario until you have thought it through from every angle. Some of the most successful companies out there are run by husband and wife teams, best friends or extended family groups. Who hasn’t heard of a company called ‘So-and-so & Sons’? A family business can be an amazing way to keep generations close.

The best way to ensure that all parties are entering into an agreement with their eyes open is to make sure you have general agreement on all the fundamentals of the venture. I am not talking about lengthy arguments around which brand of confetti cut shredder to purchase for the office, but vital discussions on the overall vision for the business. One of the key points to discuss is always the exit strategy, and many people forget to do this: when are you planning on retiring/selling or winding up? Everyone needs to be on the same page with this one or there could be trouble ahead.

Paper shredders will be the least of your worries if that happens so make sure the parameters within which you are operating are fully defined before you embark on the adventure of running your own company. As with many things in life, preparation is key so get it right and you can all reap the rewards for years to come

Filed Under: Starting A Business Tagged With: business advice, business tips, paper shredders, starting a business

Exiting a business successfully

November 9, 2011 By Kai Mistry

There’s a surfeit of advice out here for anyone thinking about starting up a small business – and the types of financial help that are available.

But what happens if someone wants to do the exact opposite? How do you free yourself from a business that isn’t going well or that you’ve simply had enough of for one reason or another?

For some people, exiting a business is simply part of the overall business cycle. It’s important to remember that the process of winding up a business up is just as important as starting it in the first place. Any company director failing to act in a timely and proper manner when a business is in financial trouble could face prosecution and/or the need to make unwelcome and unexpected personal financial contribution to a company’s losses.

The Department for Business, Innovation and Skills provides further advice on how to correctly wind up a business, as does Business Link, the government’s online resource for businesses of all sizes.

The reasons for deciding to exit a business are, of course, the main starting point. If the company is financially sound, but you’ve simply decided to call it a day, then your accountant will provide the best advice. The company’s creditors will have to be paid and any other outstanding debt, plus any income tax, capital gains tax and corporation tax due. The rest then goes to the owners of course.

But if the business is to be terminated due to financial difficulty, then there are a number of options and your solicitor and accountancy firm are the logical first ports of call.

Winding up happens to a company (not an individual). In this process, a company is dissolved and ceases to exist. If the business is insolvent, then not all its creditors will be paid in full. A winding up is carried out by a liquidator.

Bankruptcy, on the other hand, can happen to an individual or a partnership (in the latter case – all partners are made bankrupt).

Receivership occurs when an administrative receiver is put into a company to secure its assets (and often to continue trading). Creditors then petition the court for receivership and the receiver is appointed by the courts.

Administration occurs when an administrator is put into a company in difficulty – to run it and to try to save it if possible and, if not, to try and achieve the best possible result for the company’s creditors.

Only a licensed insolvency practitioner can be appointed as a liquidator, administrative receiver or administrator.

Written by David, who enjoys imparting his financial advice on others. You’ll often find him blogging about everything from quick payday loans to high-interest savings accounts.

Filed Under: Business Hints & Tips Tagged With: business advice, business tips, leaving a business

How To Save Money On Your Home Insurance Policy

October 21, 2011 By Kai Mistry

With Christmas rapidly approaching (yes, it may well be October, but don’t let that fool you; the majority of city centres in the UK have had their lights up for at least a fortnight now and the mince pie aisles are steadily being stocked up in the major supermarkets), now is the time to take a look at your personal finances and see where you can make savings in order to ensure the 25th of December doesn’t leave a gaping hole in your pocket for the first few months of 2012.

We all know about the importance of saving money on our electricity bills, turning down the heating when we can, and shopping around to find the cheapest deal, but not as many British consumers seem to be quite as aware of how to save some precious cash on their home insurance quotes.

Luckily, it isn’t as tricky as you may think to save a few pennies on your home insurance policy. Simply follow these straightforward tips and you’ll be on the road to financial freedom as the winter months progress before you know it.

Firstly, if you’re looking for both buildings and contents insurance, make sure you buy them as a joint policy from the same company. You’re likely to make significant savings this way.

Secondly, think outside the box in terms of saving money on your premium. Make your home as secure as possible; join a Neighbourhood Watch scheme, install a visible burglar alarm, consider fitting bars on your windows if you live on the ground floor of a flat in a slightly dodgy area, and fit fully approved locks. Fire risk can also be reduced significantly by fitting smoke alarms and testing the batteries regularly.

Thirdly, always shop around before making a purchase, but ensure you’re comparing like for like policies as this isn’t always immediately clear. Check what deals specific companies are offering as many will offer significant discounts for purchasing online or for buying buildings and home contents insurance together at the same time.

Lastly, remember that the fewer claims you make, the lower your future premium, so think twice before making a claim when you don’t absolutely have to.

Filed Under: Finance

Tips For Saving On Insurance

October 21, 2011 By Kai Mistry

When it comes to saving money on your home insurance policy, the obvious rules always apply: shop around before picking a policy, buy online instead of over the phone, ensure that you’re looking at like for like quotes, cut down on your risk of burglary and fire damage, and purchase both building and contents insurance together (if indeed you need both forms of cover).

However, there are some slightly less well-known tips that could save you bundles of cash.

Firstly, make sure you bear in mind that paying monthly for your policy, although no doubt appearing to be the most tempting option for many cash-strapped homeowners, can massively increase the overall annual price of your home insurance quote. Many home insurance companies charge extortionate levels of interest if you opt to pay monthly compared to the upfront cost of paying in full. If you simply can’t afford the one-off payment, consider paying for the policy using a 0% for purchases credit card.

Secondly, make sure you don’t over-value the cost of your valuables. The age-old advice has always been not to underestimate the worth of your contents and this still applies, but you should also take care not to confuse sentimental value with financial value. Walk around your home from room to room and work out an accurate, impartial figure for your contents. If there are certain items of real worth in your home, consider taking out insurance for valuables.

Thirdly, before shopping around for a new quote, ask your existing provider if they’ll offer a discount for a renewal on your policy. Most companies will be so desperate to hold on to your custom that they offer a tempting discount that might just knock a significant sum off the total price of your policy.

If you also make sure that you start the process of shopping around or considering renewal with the same company in good time before your existing quote expires, you’ll be perfectly placed to save a few pounds on your next insurance quote.

Filed Under: Finance

The basics of starting a business

October 6, 2011 By Kai Mistry

With the effects of the recession continuing to rear their ugly heads, more and more people are looking for new ways to make money and starting their own business is just one option.

If you’re keen to start afresh, perhaps after being made redundant during the economic downturn, there are a number of things you need to consider when you get started.

First of all, you’ll obviously need to decide what you’d like your business to be, then you’ll need a name and to choose the structure it’ll have – will you be in charge? How many employees will you have?

Another important issue is funding. Banks are far less reluctant to lend money nowadays, so you’ll need to have a watertight business plan to make them feel your company is worth investing in.

There’s a fair amount of risk involved in starting your own business and you really do need to bear this in mind when you decide to take the plunge.

Once you’re up and running, you’ll need to think about how to market your services. Increasingly, people are trying to market their business online – using PPC and SEO techniques, as well as email marketing and social media channels.

When you’ve decided on what’s best for you – it could be a combination of various different ones – you’re in the right position to advertise your services and hopefully get a sales boost as a result.

Data protection is an important issue for you to bear in mind when you’re starting a new business.

The best way to ensure you adhere to all of the rules and regulations in place is to have a shredder in your workplace. Office shredders can be really helpful, because they allow you to dispose of all your important data and information in a safe and easy manner. You’ll even be able to recycle it – a great thing if you’re trying to keep down the carbon footprint of your new enterprise.

Filed Under: Starting A Business Tagged With: data protection, starting a business

Online Business For a Techno Dummy

September 27, 2011 By Kai Mistry

Does this sound like something you might say: I am really good at my job, I know I am! But I have absolutely no idea what to do if my PC stops working – for that matter if my printer stops working. My phone is a fancy model but I only use the basics and I can just about record my favourite shows on TV but get stuck if the DVD player won’t play properly. Familiar story? You are officially a techno dummy! Now you may not care, I know I don’t, but sooner or later if you want to run an online business you are going to have to face your fears.

If you are great in business as long as you have an IT desk to call and a technical support at your disposal then that is a good start for working for yourself, however once you strike out on your own then that support network disappears. The key area where this could affect your potential earnings is of course your email and web set up as continuous and professional communication with your customers is vital. It’s also essential that you have good antivirus software installed because you will need to send files back and forth between and not following good security practices can harm your business and your reputation. Many vendors, such as Kaspersky antivirus, offer free trials, so read some reviews and try different versions to make sure you get the best deal before you spend a fortune.

Once that is taken care of, a professional website is the next step. Before you panic about setting up a website you need to do your homework: read hosting reviews and research which providers are out there and what they can do for you.

Webhosting reviews are a great source of information about the kind of website you do and don’t want. If it feels like there is too much information to digest then focus on who your competitors are using and look at the reviews of those services first. Alternatively, pick a website which you think looks similar to the set up you require and if you are happy with the functionality then research their provider. If all else fails find a techno whiz who knows what they are looking at and ask for some help – and don’t feel bad, you will have skills they don’t have and maybe you can return the favour one day.

Filed Under: Starting A Business Tagged With: antivirus software, data protection, online business, webhosting

Data protection is key concern for businesses

September 19, 2011 By Kai Mistry

Businesses around the world, regardless of their shape and size, have an obligation to look after other people’s data when they’re in charge of it.

With internet use now so widespread throughout the globe, it’s easier than ever before for data protection to be infringed by others. Initially, many companies start out with physical data, before they move it online over time.

The key thing is, when you’re transferring things over to the internet, what do you do with the physical information you hold on clients and customers? It’s vital to get rid of all the data once it’s held safely online and the best way to do this is using a shredder.

Paper shredders are extremely useful gadgets in a business, as they allow you to slice down information so it’s no longer comprehensive, therefore making it safe to dispose of.

In the UK, the Information Commissioner’s Office is responsible for keeping companies in check when it comes to data protection. If any business handles personal information about anyone, it must legally protect that information and if caught not doing so, it could be subjected to a hefty fine.

The last thing you want when starting out a business in the current economic climate is to be fined or prosecuted for something preventable. Bearing this in mind then, it’s vital to have the right equipment in your office to help you dispose of valuable and important data in the correct manner.

Even if you still want to keep a paper copy of some things, there is bound to be plenty of data you do not need any more and all of that needs to be shredded so it cannot be used by anyone else at any point.

Filed Under: Business Hints & Tips Tagged With: data protection, shredder