Most Common Bitcoin Trading Blunders – You Must Avoid

05 February 2020

The bitcoin market is easily accessible to anyone who has a computer with an internet connection or a smartphone or tab and some starting capital. Many beginners are fascinated by the process and want to be a part of this trade but often fail to do well in this trade. It is very sad that many of the beginners do start with the trade but end up being broke due to tack of the knowledge of bitcoin trading. Here we have mentioned some of the most common bitcoin trading blunders that one must avoid while dealing with bitcoins.

Bitcoin Trading Blunders

Bitcoin

If you are new to the business of bitcoin trading, then you must surely avoid making some mistakes. Here we will discuss the pointers of which one must avoid while doing bitcoin trading.

Money:

The beginners will not have to use real money when there is already innumerable availability of paper money on different platforms. A beginner who is actually passionate about being a professional trader must first step in with a system that sets guidelines for their entries, exits and risk management.

Trading:

Freshers usually tend to trade with emotions which makes them fail to accept the loss that is created to them. The most important capability of the trader must be the fact that he/she must be able to take the loss or accept the loss to run healthily in the future. You must set a stop loss guideline and do not move if all the guidelines are violated already.

Balance:

Experienced traders tend to balance their trade which the freshers might fail at. Balancing and rebalancing of your bitcoin are important to keep a balanced portfolio for yourself. Balancing will also help you to make less loss in your bitcoin trading.

Trading Journal:

Investment and trade are very different from each other, one must first be aware of this. If you have a plan for your trade then you would consider yourself responsible for your action and the result of your action. Keep a journal to follow and make a note of all the changes that you make in your trade and you can also follow it back for future references.

Risk:

Many young ones believe that they can earn life-changing money through bitcoin trading and by the bar of which it takes a lot of risks targetting to earn that amount.

Undercapitalized:

You must know that money is the mantra. You need money to make more money. Many think that through bitcoin trading one can make money sitting in the comfort of the couch but that is a sheer lie. If making money would have been so easy then no one would have worked day and night to earn money. A trader who wants to run his entire life earning money through bitcoin must also have enough money for investment. Being undercapitalized can ruin their dream and career of earing through bitcoin trading.

Conclusion

It is a hard job to earn money and especially if it bitcoin money. Even if you know all the hacks, you must be aware of the risk management in bitcoin trading because that would be majorly the factor in this trade.

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Glenn Sandler (CPA) of G.I. Tax Service: What to Do If You Can’t Pay Your Taxes

Things happen, circumstances change, and often, people find themselves unable to pay their taxes. If you find yourself in a similar position, it is important that you understand the gravity of the situation. Continued refusal to pay your taxes could lead the IRS to take it forcibly: by garnishing your wages or putting a lien on your assets. However, according to Glenn Sandler, CPA, founder of G.I. Tax Service, there is no need to panic. If you can’t pay your taxes or you owe an amount in back taxes, you can enter into an agreement with the IRS and leverage one of their several payment options. Here is how to go about it: Ensure that you are in filing/payment compliance: To enter into an agreement with the IRS, you must ensure that all your tax returns are filed. The next step is to keep enough of your wages aside to pay off your taxes for the current year. To do this, you will need to estimate your tax returns for the year and ascertain that the wage percentage that was withheld will suffice. If you don’t know how to file tax returns or make accurate enough estimations, please contact tax professionals that will help you through the process. Review your tax returns: Check your tax returns to ensure that the balance that the IRS expects you to pay is correct. The smart play is to calculate your returns for the years you owe and the 3 years that precede it, i.e., if you owe taxes for a year, review your account for the past 4 years. By doing so, any discrepancy between your calculated returns and your tax balance (according to the IRS) can be remedied. Also, if you incurred any penalties in the past, you can try to get them reduced or removed completely. Enter an agreement with the IRS: Once you have filed your taxes and are back in compliance, and have confirmed that you owe exactly what the IRS says that you do, the next thing to do is enter an agreement with the IRS. The alternatives available include: A brief extension of the payment period. The different installment agreements (monthly payment plans with varying terms and conditions). Postponed payment (known as currently not collectible status) for people in financial hardship. An offer in compromise (OIC); a settlement option that allows taxpayers with special and extenuating circumstances to clear their debt by paying a portion of their total balance. Depending on their individual situations, taxpayers with back taxes are eligible for one of the above. Before deciding on which of them to apply for, evaluate your current assets, calculate how much you can pay per month, and consider the effect of incurring even more interest and penalties. Consult a tax professional: If you don’t know how to do any of the above, your best bet is to reach out to a tax expert at G.I. Tax Service. They can help you file your returns and ensure that you are in compliance, check your tax returns and correct any discrepancies, and apply for one of the IRS’ payments options after considering your financial circumstances. When managed smartly, tax debt does not have to be disruptive. All you have to do is secure a payment plan that works well with your income, and before you know it, the debt is all gone. Read Also: Are Payday Loans Really As Bad As People Say? 7 Simple Tips To Pay Off Your Loans Faster

5 Tips For Transport & Logistics Business Owners Before Investing In Insurance

You need to make sure that you have considered how you will buy insurance before you get started managing your company. Most people who run a large business like this think that they just need to get insurance for their vehicles, but you should be a bit more clever with the insurance that you buy. There are some steps below that will make your life much easier, and each of those steps will be easy to follow because you only need to have a look at what your options are when talking to an agent. Let the agent guide you and realize that you have a lot of things that actually need an insurance policy. Insure The Vehicles First When you work with a company such as Connect Business Insurance, you will still insure the vehicles first. You need to have insurance if you plan to send the vehicles on the road. You need to get the vehicles valued and insured properly so that they can be replaced on their own. A lot of companies just own the trucks, and you are hauling someone else’s trailer. Even if you own your trailers, they get their own insurance when you have the policies written up. Insure The Trailers You can insure the trailers with no trouble because they have their own value in and of themselves. When you do not own the trailers, your partner needs to insure their own trailers. They will cover the loss of the trailer in the event of an accident, and you can move on to other types of insurance that will actually pay to replace the items that are in the trailers. Property Loss Insurance You can get property loss insurance that will pay for the loss of anything that was in the trailers in the first place. When you are getting a policy like this, you need to get a general replacement value that could be used for anything that you are hauling. All you need to do is keep track of the things that are in your trailers because that will help you file the claims in the future. You also need to remember that you must have these manifests ready for any insurance claim if the partner is paying for the loss of property. Profit Loss You can take out business insurance that will be used to pay for lost profits. When you need to shut your business or stop using trailers or trucks, you can use insurance to pay for lost profits. This is how a business can afford to stop working when it has an emergency. You also need to remember that these policies have different values based on how much you think a lost day of work is worth. Let the agent value your workday for you so that there is no confusion. Use The Agent Often You should use an agent in all cases because that is the only person who can properly value your policy, write the policy, and offer customer care. Read Also: How To Choose The Best Auto Insurance Company? Have You Paid Enough Attention To Liability Insurance When Launching Your HHA Business?

Discovering And Recovering From Identify Theft

Identify Theft is not a big problem if you have the right gadget with you. It is a real problem that affects millions of Americans every year. And, the number of victims keeps growing. According to Javelin Strategy And Research, over 16 million cases of identity theft were reported in 2017 resulting in over $16 billion in stolen money. Different Ways You Can Identify Theft For Your Betterment There are multiple ways you can identify theft for your betterment. Make things easier for yourself to enjoy the day. Work out the plans that can help you to achieve your goals. Identity Theft Explained: Stated by a credit repair company in San Antonio, when your personal and sometimes sensitive information is stolen from you and then used to open accounts in your name, you become a victim of identity theft. Stolen information includes your name, social security number, credit card numbers, bank account information, and other financial data. Your information can be taken via discarded mail, email scams, attacks on financial institution databases, or through any other company that stores a list of sensitive consumer data, for that matter. Thieves may start off with just a couple of pieces of information about you. They use this information to access further data that are key in opening accounts in your name and racking up debt. The Impact Of Identity Theft On Your Credit Score: Simply put, the longer identity theft continues the more it ravages your credit. If you have not put an identity theft monitoring mechanism in place, months may pass before you realized someone has been using your identity. You may not notice until the day you apply for a loan and are surprisingly turned down. Discover the victim before you identify theft. Identity thieves have no interest in protecting your credit. They’ll use your identity as long as they can to spend money until your score is so negatively affected no more lines of credit can be opened in your name. This means, depending on the condition of your credit when your identity was stolen, thousands upon thousands of dollars of debt can accrue before you ever realize your identity has been stolen. Then, your score will plummet from too much debt and have to start rebuilding your credit score. Recovering From Identity Theft: Once you discover you’ve been a victim of identity theft, you must contact all the financial institutions affected such as credit card companies, banks, and other lenders. Report the incident with them, and they’ll help you begin the process of filing your claim and freeze all fraudulent accounts. You need to identify the theft that can work well for you. Next, you’ll need to have new cards issued for any existing accounts you had before identity theft took its toll on your credit. Next, put a freeze on all future lending with a fraud alert. Instituting fraud alert mechanisms will tell lenders to take extra precautions before granting a new line of credit in your name for the next 90 days. Protecting Your Credit: The best way to ensure you don’t become a victim of identity theft is to use a credit monitoring service. These services often come as a no-cost benefit offered by many existing lenders. Credit monitoring will alert you any time there is a change in your credit score. It will also let you take a peek at your credit any time you need to check in on it. You can also protect yourself by using unique, strong passwords at each of the financial websites you have credit lines with. Never click on emails asking for personal information from you. Shred all financial documents, and never give out passwords on the phone. Read Also: Debt Consolidation Plans For Your Debt Relief How To Stay Safe When Making Mobile Payments How To Start A Blog Without Breaking A Bank? The Best Strategies For Retirement Funds Distribution What Are The Types Of Debt That Can Be Discharged In Bankruptcy? How To Check Someone Out Online: 5 Tips On Finding Out Someone’s Personal History

Most Common Bitcoin Trading Blunders – You Must Avoid