FOREX EDUCATION

Do you have what it takes to become a successful Forex Trader?
Forex trading, or any trading for that matter, is an occupation that requires experience and the accumulation of proficiency not unlike any other highly skilled profession. Whether you are a leading executive at a major publically traded company, a professional golfer or trading from your kitchen table, there are 5 key ingredients that one must possess in order to become successful.

1. You must be Passionate about what you do.

As Forex traders we all face one unique set of circumstances that does not exist in any other profession. We get rewarded for when we succeed and equally punished when we don’t! Could you image a corporate worker one quarter receiving a significant accomplishment bonus and the next quarter actually getting money taken from their paycheck for missing performance targets? Not on your life!

We do as Forex traders and that is why passion for what you do will carry you through the tough times that are part of your trading business. Asked yourself why you trade currencies and would you still do it if Forex were not potentially lucrative? Your answers will be quite revealing. You’ve got to feel your passion for trading!

2. You have to Apply Yourself and work hard at it.

I talk to so many people that enter into Forex trading with the aspiration of getting rich quick. Without putting the time and energy into really getting good at trading I see them jump from strategy to strategy looking for the goose that will lay the golden egg and eventually quitting while blaming everything else, except the true cause.

I got news for you – you are the goose and your Forex education is the golden egg. The magic has always resided with the magician and not some strategy. Work hard at trading and the rewards will eventually come your way. Remember what Tiger Woods said, “Funny, the harder I work the luckier I get.” Apply yourself as a trader and it will be no accident when your account begins to blossom.

3. You must Focus to really get good at what you do.

Now here is the hurdle most Forex traders struggle to get over. You have the passion and you are applying yourself to your trade, now focus and really get good at just at what you are doing. Be the expert to the experts at just that one thing. Become the master of a strategy or risk management methodologies. Really focus on getting good at it.

Stop jumping around or getting pulled from the last “latest and greatest” into the next “latest and greatest” and focus on one aspect of Forex trading and know it inside out. Know it strengths and weakness. Set your sights on becoming expert on just one aspect of trading and watch it spill over in all other aspects for your currency trading. This is the time to fail forward fast, use every setback as a learning opportunity that will propel you 3-steps ahead!

4. You must Push Yourself beyond the point everyone else might have quite.

In Forex Trading this is simple. Assume there is someone on the other side of your trade that is pushing themselves and sharpening their edge. To be successful you must you must do the same thing. Now is the time to examine your mental edge. Do you know the single most critical factor in any currency trade? It is you, the trader! Sharpening you mental edge is the most difficult aspect of trading, but also the most rewarding.

Start with your Forex education and gain the self-awareness necessary to maximize your strengths and suppress your weaknesses. Any expert will tell you that trading is 80% mental. It’s time to sharpen your trading to the razor’s edge and you do this through Forex education. A constant and never ending process that will become the cornerstone of your Forex experience.

5. You must, without wavering, be Determined and Persist to your objective.

You will fail. I can state that emphatically. However, you will not be defeated unless you allow your failures to control your trading. It is the old adage; failure is not falling of your horse, failure is refusing to get back on. Your success depends on your ability to dismiss the criticism, rejection, self-doubt and pressures associated with Forex trading.

Defining what is a winning trade, losing trade and bad trade will go a long way into developing you as a successful trader. Without the determination and persistence in all aspects of your trading life, obstacle will definitely appear closer and larger than they actually are.

Take a moment and assess yourself and your trading. Do you have the key elements to succeed? Which areas are presents development opportunities? When conducting a self-evaluation it is critical to be totally upfront and honest with yourself. After all, you will only be dishonest with yourself. One of the most interesting observations you can make is that all key success factors are interwoven. One factor supports the other. This is why your Forex education is a continuous journey of forex strategy, money management and self-mastery. Set these factors as your Forex education goals and take your currency trading to new heights.

Happy Trading!!

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Biomedical Sample Handling

Multi-axis X-Y linear motorized positioning stage

ABTech inc's Mini X-Y Linear Motor stage combines Copley Controls, Thrust Tube "Micro" series linear motors with non-contact linear encoders and precision mechanical guideway bearings to produce a unique lightweight, low mass and low profile, linear motor positioning stage.

This design incorporates the linear motors coil (forcer) as the stages workholding carriage while the linear mechanical guideway bearings provide load support, travel straightness and orthogonality for accurate positioning and repeatability.

The Thrust Tube linear motors are electrically identical to conventional brushless DC motors making them compatible to most third party brushless drives.

These mini X-Y stages are ideally suited for pick-and-place or point-to-point positioning applications such as biomedical sample handling or inspection.

ABTech's modular design approach and full engineering services can respond quickly to provide a solution to your O.E.M. needs for ultra-precision linear motion.
Features

* Thrust Tube "Micro" series brushless DC linear motors
* Precision linear mechanical guideway bearings
* Non-contact linear encoders
* Position accuracy & repeatability: ±0.000080" (±2.0µm)
* Motor drive amplifiers
* Motion controllers
* Custom bases
* Complete turn-key systems
* Modular design

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Confessions of a Money Launderer - Part 84

One of the issues that I encountered as a compliance officer that was most troublesome was the 'creativity' of corrupt Politically Exposed Persons, or PEPs, all of whom wanted to place their funds of somewhat dubious origin. The tactics and tricks that they cleverly employ, whilst seeking to hide their illicit wealth, are difficult for most compliance officers to detect, but not impossible when you understand the techniques. What you need to have to uncover the truth is a healthy amount of cynicism when it comes to PEPs and an understanding of the typologies they resort to in their manoeuvres.

To survey the most commonly-used tricks of corrupt PEPs looking to place funds, or make investments, that I have seen:

* The use of relatives: This is not as simple as it seems; Most PEPs know, for their bankers have told them, that the best due diligence databases contain not only their own names and the reasons for their PEP designation, but the names of close relatives, such as spouses, children, and parents. They therefore move further afield. My favourite trick, which is in common use by PEPs seeking to hide beneficial ownership, is to select the adult children of their sisters. These individuals will, of course, have last names which easily pass muster, for they are different to that of the PEP, and they rarely appear in the open-source media linked to the PEP. Alternatively, if it is customary in their culture to use multiple or compound last names (e.g. in Latin America), close relatives may have sufficiently different names to escape detection. Smart compliance officers always search World-Check using both the phonetic and partial search features on all the names of a target, for they may find a PEP (or other high-risk individual) who shares one of their last names, This triggers further enquiry, to determine whether the target is a relative.

* The use of a solicitor/attorney: Remember the lessons of the Pinochet case; he utilised his primary lawyer to open accounts in the US when his accounts were closed, and the lawyer successfully conned New York bankers into believing that the large deposits were the lawyer's own funds. This is generally accomplished through either the successful lawyer ploy, or by claiming that one is wealthy by reason of an inheritance that took place several years ago. That's why I always asked to see the actual Order of Distribution, sent to me directly from probate counsel of record for the estate. Lawyers are often prised as bank clients, for they often open substantial trust or escrow accounts for their clients' transactions, and in many jurisdictions, these accounts are not interest-bearing. They are also very persuasive, and having had years of practice in advocacy, can often sound convincing and credible whilst they con a banker into taking dirty money they claim is clean.

* The use of a banker who is in on the scheme: This does not necessarily mean that the bank itself is a party to the crime, but only one corrupt banker who has been taken in by greed, blackmail, or some other form of persuasion. The problems is that the dirty banker will do his utmost to cover up the laundering. Back to the Pinochet case we go; in that matter, a certain corrupt banker told offshore financial centre law firms that they needed corporations formed for valued clients of the bank, without disclosing the beneficial owner. The law firm formed the companies in multiple jurisdictions, using standard firm nominees. Thus, nobody knew who was behind the accounts.

* The use of government-controlled companies: How many compliance officers actually enquire when opening an account for a foreign company, to rule out government control or ownership? A PEP holding himself or herself out as a senior official of what appears to be a private, commercial company,. who has all the company documents in order, all nicely certified, might just be using a government-controlled company as a front for his illicit movement of money into your bank. Enhanced due diligence, performed upon the company, can often turn up indicia of government control or ownership. Is the company acting in a manner consistent with a commercial business being operated for profit? If not, enquire further, for it may be a wolf in sheep's clothing.

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The Most Luxurious Swimming Pools On Earth

Six Senses Hideaway Zighy Bay, Oman

Six Senses Hideaway Zighy Bay: If you've never considered taking a trip to Oman then you probably didn't know that you could stay a place as luxurious as this! Since it has only been open since in 2008, you could be among the first visitors to take advantage of the opportunity. There are seventy nine different pool villas so you can really retreat into relaxation in a private area all your own. Yes, you read that correctly. Seventy nine pools.

Joule Hotel, Dallas

Joule Hotel: There have been rumours about this amazing hotel swimming pool for several years (originally under the name Elan Hotel) but the place hasn't actually opened to the public yet. It is due to open this year and crowds are sure to flock to it for the chance to check out the amazing opportunity to swim in the pool, which is located ten stories up and literally hangs off of the edge of the building. The end of it is made from glass so you can essentially swim off the side of the hotel to get a view of Dallas.

Banyan Tree Hotel, Seychelles

Banyan Tree Hotel: Another astounding infinity pool that stretches its way right to the beach is the one located at this hotel in the stunning island nation of Seychelles. It's not often that you're going to get to relax in the wonderful waters of a beautiful pool that overlooks the Indian Ocean just steps away so don't neglect to take advantage of this opportunity if it ever comes along.

Four Seasons Resort Bali, Jimbaran Bay

Four Seasons Resort Bali: To get to the awe-inspiring infinity pool on the top floor of this resort hotel, you're going to need to cross a wooden bridge. From the pool, you'll be able to absorb the beauty of the surrounding Balinese jungle and over the beautiful Jimbaran Bay area.

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Perivolas Hotel, Santorini

Perivolas Hotel, Santorini

Perivolas Hotel: It is difficult to tell where the pool ends and the waters of the Aegean Sea begin since the infinity pool at this Santorini hotel appear to stretch all the way to the horizon. The accommodation here are designed to rejuvenate you completely, aided by what is widely considered to be one of the best hotel pools in the world. What an idyllic place to spend a holiday!

In preserving the original structures no effort has been spared to conserve the aesthetics of the caves, while modern comforts have been added to satisfy guests’ needs. Each private air-conditioned house with it’s own stone terrace overlooking Santorini’s famous Caldera is unique. It is furnished with island antiques and handmade objects that convey simple elegance and a personal touch. All houses feature vaulted ceilings, spacious rooms, domed bathrooms, and fully equipped kitchenettes.

Junior suites have open-plan layouts, integrating bedroom and sitting room into one large space, while superior suites have a bedroom separate from the living room. Studios are smaller versions of the junior suites, with a sitting area. The perivolas suite features spacious living areas in a grotto-like setting, enhanced by a steam bath and a relaxing pool.

In July 2004 the dream that had been the Perivolas Suite became a reality. It was the culmination of many years' planning, the aim having always been to perfect the ideal island hideaway: a personal retreat, exclusive, intimate and informal overlooking one of the most magical sights in the world. Minimalist in design but without compromising luxury it embraces the philosophy of 'less is more' with its simple elegance. The setting is beautiful. The Suite has been fashioned out of the unique environment incorporating the materials and techniques of the original cavern dwellings. It is imbued with peacefulness and reverence for the past. Recessed lighting enhances the ambience, creating shadows and forms as decor. Blue light reflects in shimmering patterns against the white ceiling of the bedroom, which opens on to the private pool, whilst the olive tree in the sitting area, basked in a shaft of sunlight from an opening above, is a reminder to guests of the Greek island they have come to experience.

In its 120 square metres the Suite comprises a spacious, centrally situated sitting area from which all other areas - double bedroom, spa facility containing steam bath and hydrotherapy massage pool, swimming pool - are interconnected and accessible via openings and arched doorways. Clean lines and white, hand-sculpted walls are offset by warm, rich mahogany furniture, and bright-coloured soft furnishings reflect the bougainvillea and geraniums found in the gardens around the property. Every aspect of the Suite is unique. There is no repetition and no symmetry. Quite simply, it is an unequalled Aegean retreat.

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Eye-popping 57-story Apartment Tower

(CNN) -- On Malmo's waterfront, once the heart of the city's industrial base, an eye-popping 57-story apartment tower rises spectacularly, dominating the skyline.

The building, the Santiago Calatrava-designed Turning Torso, reflects the reinvention of the city from an industrial center on Sweden's Southern coast to a leader in modern architecture and environmental design.

Heavy industry once characterized Malmo, Sweden's third largest city. At one time, it boasted one of the largest shipyards in the world. But Malmo fell on hard times in the 1980s, when a recession devastated the city's industrial base.

Since then, Malmo has been on a mission to regenerate its urban landscape. The city's willingness to embrace change and look ahead to the future has made it a vibrant hub of the Oresund -- the area of Scandinavia that encompasses southern Sweden and eastern Denmark.

Driving the revitalization in the early part of this decade was the opening of the Oresund Bridge, an engineering feat that connects Malmo to Copenhagen. It takes a little more than half an hour to travel between the two cities by train, and traffic across the bridge has doubled over the past five years.

The bridge has spurred greater economic integration between the two cities and has become a symbol of the vibrancy of the transnational Oresund region. (Malmo belonged to Denmark until the 17th century, when it became part of Sweden. Today, the region still identifies with both Danish and Swedish cultures.)

Amid the regeneration drive, Malmo has positioned itself as a pioneer in eco-friendly living. Even by environmentally-conscious Sweden's standards, the drive to go green has been impressive. Lillgrund, the third largest wind park in the world, is located off Malmo. The city has also supported the development of environmentally friendly urban neighborhoods and was appointed Sweden's first "Fairtrade City" in 2006.

Although Malmo has rushed in the modern age, the city still manages to maintain a traditional feel. In the city's Old Town, you can meander down cobblestone streets and admire architecture from centuries long ago. Large swathes of greenery stretch across Malmo, which is also known as the City of Parks, beckoning residents as well as neighboring Danes.

Locals describe Malmo as a relaxed and open city, the sort of place where you can escape from it all but still find something new to rouse your interest. The city's cultural scene is rooted in a shared passion for music. Every summer, the city pulsates as music-loving throngs descend upon the city for the Malmo Festival -- an eight-day music extravaganza.

But the city's character is best reflected by its people. Immigrants flocked to Malmo after World War II, and the wave has not really waned since. Take a stroll through the Mollevangen neighborhood and you'll find Iranian supermarkets next to falafel stands and Thai restaurants.

Malmo takes pride in its ethnic diversity. The city's tourism office points out that more than 100 languages are spoken on its streets. But like much of the rest of Sweden, the rise in immigration has created social tension in Malmo. Segregation remains a problem, with many immigrant communities marginalized on the periphery of the city.

Nonetheless, there is hope that the redevelopment of the city's open spaces will help foster more cultural integration. There's no better sign of this happening than in the Western Harbor district. On a given day, you'll find the urban rich and recent immigrants on the long stretch of waterfront, drawn together by the seascape.

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KYC compliance

KYC compliance

Know Your Customer (KYC) compliance regulation has proved to be one of the biggest operational challenges banks, accountants, lawyers and similar financial service providers worldwide have had to overcome.

World-Check, the industry standard KYC compliance solution, provides an overview of KYC compliance and its origins, and outlines the compliance mandate as applicable to banks, accounting firms, lawyers and other regulated financial service providers – not just in the UK, Europe and the USA, but all around the world. Relied upon by more than 3,000 institutions worldwide, this KYC database solution provides effective legal and reputational risk reduction.

Why “Know Your Customer?”


The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organised crime. Overnight, the combating of terrorist financing became a priority on the international agenda.

For the financial services provider of the 21st century, “knowing your customers” was no longer a suggested course of action. Based on the requirements of legislative landmarks such as the USA PATRIOT Act 2002, modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities.

What is Know Your Customer (KYC)?


Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.

KYC fulfils a risk mitigation function, and one its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launders, known fraudsters or terrorists.

If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Advanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.

But to understand the importance of KYC compliance for financial service providers better, its origins need to be examined.

Origins of Know Your Customer (KYC) compliance


The arrival of the new millennium was marred by a spate of terrorist attacks and corporate scandals that unmasked the darker features of globalisation. These events highlighted the role of money laundering in cross-border crime and terrorism, and underlined the need to clamp down on the exploitation of financial systems worldwide.

Know Your Customer (KYC) legislation was principally not absent prior to 9/11. Regulated financial service providers for a long time have been required to conduct due diligence and customer identification checks in order to mitigate their own operation risks, and to ensure a consistent and acceptable level of service.

In essence, the USA PATRIOT Act was not so much a radical departure from prior legislation as it was a firmer and more extensive articulation of existing laws. The Act would lead to the more rigorous regulation of a greater range of financial services providers, and expanded the authority of American law enforcement agencies in the fighting of terrorism, both in the USA and abroad.

In October 2001, President George W. Bush signed off the USA PATRIOT Act, effectively providing federal regulators with a new range of tools and powers for fighting terror financing and money laundering. During July 2002, the US Treasury proceeded to introduce Section 326 of the PATRIOT Act, a clause that removed some key burdens for regulators and added significant enforcement muscle to the Act.

What 9/11 changed, in essence, was the extent to which existing legislation was being implemented. Using the provisions of the earlier anti-terrorism USA Act as a foundation, it included the Financial Anti-Terrorism Act, which allowed for federal jurisdiction over foreign money launders and money laundered through foreign banks. Significantly, it is this anti-terror law that would make the creation of an Anti Money Laundering (AML) programme compulsory for all financial institutions and service providers.

Section 326 of the USA PATRIOT Act dealt specifically with the identification of new customers (“CIP regulation”), and made extensive provisions in terms of KYC and the methods employed to verify client identities.

In accordance with this piece of updated KYC legislation, federal regulators would hold financial institutions accountable for the effectiveness of their initial customer identification and ongoing KYC screening. Institutions are required to keep detailed records of the steps that were taken to verify prospective clients’ identities.

Although current KYC legislation does not yet demand the exclusion of specific types of foreign-issued identification, it recommends the usage of machine-verifiable identity documents. The ability to notify financial institutions if concerns regarding specific types of identification were to arise, combined with a risk-based approach to KYC, proved to provide a robust mechanism for addressing security concerns.

Effectively, the risk-based approach to customer due diligence grants regulated institutions a certain degree of flexibility to determine the forms of identification they will accept, and under which conditions.

KYC compliance: Implications for banks, lawyers and accounting firms


The KYC compliance mandate, for all its positive outcomes, has burdened companies and organisations with a substantial administrative obligation. Additionally, KYC compliance increasingly entails the creation of auditable proof of due diligence activities, in addition to the need for customer identification.

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