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BE CAREFUL WHICH BROKER YOU CHOOSE! SERIOUSLY, what is YOUR opinion for LONG-TERM INVESTING using EToro VS Trading 212: Invest ? Or even Trading 212 ISA...
Now, I’ve been practicing with Trading 212 (both investing and trading) for years but didn’t start investing money because I was underage. DISCLAIMER: When I was younger, I thought day trading was “the way to go” to make a lot of money (for some people it is... for me it really isn’t). I luckily figured this out before I bought some “day trading guru’s course for ONLY $299”... fucking bargain btw👌🤯 ...not I started actually investing in March, and for whatever reason (can’t remember) I decided to go with EToro... BE WISE ON WHO YOU CHOOSE !
Let’s start with the NUMBER OF STOCKS.
Trading 212: Invest - 3012 stocks available Etoro - 2037 stocks available And the stocks that Etoro doesn’t have aren’t just foreign stocks like ones listed on the foreign stock markets like FSE or LSE. They also have US companies “missing”. This becomes very apparent when you find some “great” companies to invest in for the long term and they aren’t even listed. THIS IS ANOTHER THING - they also dictate who you can invest in. For example, I wanted to invest in Spire Healthcare back in March/April, and even though they have it listed, it won’t allow you buy any shares... STILL TO THIS DAY??? ( if anyone knows why, let me know down below please )
Trading 212: Invest - 446 EToro - 151 - although they do have ones like SPY, VOO and VTI
Trading 212: Invest - Min deposit - EUR 1, USD 1 Deposit fee - none min withdrawal fee - EUR 1, USD 1 Withdrawal fee - no fees Commission - commission free, unless you buy UK stocks, then you pay 0.5% stamp duty reserve tax because... the British Government can do what they want 🤷♂️ EToro - Min deposit - USD 200 - first deposit, afterwards USD 50 ( I never even realised this lol ) Deposit fee: none Min withdrawal amount: USD 30 Withdrawal fee: USD 5
•Trading 212: invest - as little as €1. MOST BUT NOT ALL shares can be bought fractionally as some have a min trade quantity of 1 share. •Etoro - min amount to open ANY POSITION is $50, defeats the purpose of fraction shares ???? 🤔 🚨——> Now there are a COUPLE ISSUES with this... But the main issue is a more PERSONAL ONE. I’m sick of having to think and buy my family things that don’t want or need for birthdays or Christmas... So I buy them a share, of a good company that I think is a good investment. Sometimes I DO NOT want to spend a minimum of $50 😂 Call me cheap lol but I’ve got pilot school to pay for... and it’s EXPENSIVE.
Social Trading -
Now Etoro does have CopyTrading. Personally I’ve never used it because I prefer to have an influence over who I invest in, whether it’s the right choice or not. But for some people, they prefer a more “hands-off” approach, so it is good for them. ANOTHER POSITIVE FOR ETORO - on their app for each company you can chat with other users, and people can post their latest thoughts and research on the company. Trading 212 doesn’t exactly have this but they do have a similar feature which is a forum separate to the app.
I personally prefer the layout of Trading 212, especially when looking into the graphs, or even trying to find out what your ROI is. It’s a much more user-friendly interface, in my opinion. Etoro doesn’t offer the ability to transfer open positions to another broker... which is shit. Trading 212 will be implementing the ability to transfer from/to other broker by the end of 2020 (supposedly). Also, Etoro’s customer service is actually really helpful, with their live chat feature. And doesn’t take too long to connect. ————————— Just to top it off - Trading 212: invest - you can get a free share worth up to £100 So IN MY OPINION I would 100% go with Trading 212 for INVESTING, and that’s why I’m switching I only invest, I DO NOT day trade, use CFDs, swing trade, trade commodities, trade forex or (currently) invest in cryptos This is why, imo, I believe Trading 212 is better than Etoro Let me know what your opinions are! Also let me know if I’ve missed anything
Forex (Foreign Exchange) is not a scam and certainly can be a credible and legitimate way of making money. However, whenever there are large sums of money involved, the shadier elements of society are never lagging. There are plenty of nefarious brokers that target novices, experienced traders and everyone else in between. Forex scams are unfortunately common. At Broker Complaint Registry we have seen many forex, binary options and CFD scams emerge. Here are a couple of things to look out for whether you are an experienced trader or a complete novice.
Regulated Forex Broker?
The very first step to take to avoid becoming a victim of a Forex scam is to make sure you open an account with a regulated broker. There are many dominions that regulate Forex trading including the FCA in the UK, ASIC in Australia, and the CFTC and the NFA in the United States. Do not solely rely what is on the broker’s website. Check them out online and make sure they are regulated. It is simple to place a regulation on a website so use the resources available to you such as https://register.fca.org.uk/. Be sure to call the forex broker and find out who they are and what they do. Do not get pressured into opening an account unless you are 100% at ease. However, merely checking to see whether the broker is regulated is not enough. There are numerous regulatory agencies such as CySEC that do not apply strict enough oversight and fail to implement harsh penalties for any brokers that violate their rules.
Any broker that guarantees a return on investment (ROI) is a surefire scam. For example, a “broker” may be approached to invest your money with an organization that will trade on your behalf and promise yearly or monthly returns for as long as you keep investing with them. Many of these con artists promise 40-50 % of your invested capital guaranteed PER MONTH. These “returns” are absolutely unsustainable and almost always involve other investors continuing to add money to the pot. This is called a Ponzi scheme. Remember Bernie Madoff anyone? Forex trading is risky and while there are plenty of individuals who can consistently earn money trading, no one will say it is a guarantee.
If the forex broker or account manager tries to prevent you from withdrawing your funds or your return on investment, then you know that it is a forex scam. There is absolutely no reason that it should take anymore than a few business days for your money to be returned. Even some regulated brokers have refused to allow their clientele to withdraw. Take OTCapital as an example. They are regulated by ASIC, but Broker Complaint Registry has dealt with numerous individuals that have been unable to withdraw their funds. What to Do if You Have Been Scammed If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]ry247.com), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process.
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The Trading System That Maximizes Our Edge.. | by tensorbox | TensorBox At the current state, cryptocurrency markets provide more than enough opportunities to make a profit (we’ve shown 11.3% ROI last week, without a single losing day; follow our weekly reports on our Facebook page). But to achieve maximum results, one must have a system to consistently track, quantify and exploit market inefficiencies. So let’s have a look at our system: Studies show (source) that the cost of 10 milliseconds of communication delay is about twice that of an algorithm configured to run on only 1 millisecond (1/1000th of a second or 1/300th of a blink of an eye!) of latency. In turn, 100 milliseconds of latency result in threefold latency cost as compared to that of an algo using 1-millisecond execution latency. That’s why we have “gateways” as close as possible to every exchange that we work with. These are the servers with modified Linux kernels optimized for real-time and low latency performance. ..... Continue reading at: https://medium.com/tensorbox/the-trading-system-that-maximizes-our-edge-a64e95533959
https://preview.redd.it/gp18bjnlabr41.jpg?width=768&format=pjpg&auto=webp&s=6054e7f52e8d52da403016139ae43e0e799abf15 Download PDF of this article here:https://docdro.id/6eLgUPo In light of the recent fall in oil prices due to the Saudi-Russian dispute and dampening demand for oil due to the lockdowns implemented globally, O&G stocks have taken a severe beating, falling approximately 50% from their highs at the beginning of the year. Not spared from this onslaught is Hibiscus Petroleum Berhad (Hibiscus), a listed oil and gas (O&G) exploration and production (E&P) company. Why invest in O&G stocks in this particularly uncertain period? For one, valuations of these stocks have fallen to multi-year lows, bringing the potential ROI on these stocks to attractive levels. Oil prices are cyclical, and are bound to return to the mean given a sufficiently long time horizon. The trick is to find those companies who can survive through this downturn and emerge into “normal” profitability once oil prices rebound. In this article, I will explore the upsides and downsides of investing in Hibiscus. I will do my best to cater this report to newcomers to the O&G industry – rather than address exclusively experts and veterans of the O&G sector. As an equity analyst, I aim to provide a view on the company primarily, and will generally refrain from providing macro views on oil or opinions about secular trends of the sector. I hope you enjoy reading it! Stock code: 5199.KL Stock name: Hibiscus Petroleum Berhad Financial information and financial reports: https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5199 Company website: https://www.hibiscuspetroleum.com/
Hibiscus Petroleum Berhad (5199.KL) is an oil and gas (O&G) upstream exploration and production (E&P) company located in Malaysia. As an E&P company, their business can be basically described as: · looking for oil, · drawing it out of the ground, and · selling it on global oil markets. This means Hibiscus’s profits are particularly exposed to fluctuating oil prices. With oil prices falling to sub-$30 from about $60 at the beginning of the year, Hibiscus’s stock price has also fallen by about 50% YTD – from around RM 1.00 to RM 0.45 (as of 5 April 2020). https://preview.redd.it/3dqc4jraabr41.png?width=641&format=png&auto=webp&s=7ba0e8614c4e9d781edfc670016a874b90560684 https://preview.redd.it/lvdkrf0cabr41.png?width=356&format=png&auto=webp&s=46f250a713887b06986932fa475dc59c7c28582e While the company is domiciled in Malaysia, its two main oil producing fields are located in both Malaysia and the UK. The Malaysian oil field is commonly referred to as the North Sabah field, while the UK oil field is commonly referred to as the Anasuria oil field. Hibiscus has licenses to other oil fields in different parts of the world, notably the Marigold/Sunflower oil fields in the UK and the VIC cluster in Australia, but its revenues and profits mainly stem from the former two oil producing fields. Given that it’s a small player and has only two primary producing oil fields, it’s not surprising that Hibiscus sells its oil to a concentrated pool of customers, with 2 of them representing 80% of its revenues (i.e. Petronas and BP). Fortunately, both these customers are oil supermajors, and are unlikely to default on their obligations despite low oil prices. At RM 0.45 per share, the market capitalization is RM 714.7m and it has a trailing PE ratio of about 5x. It doesn’t carry any debt, and it hasn’t paid a dividend in its listing history. The MD, Mr. Kenneth Gerard Pereira, owns about 10% of the company’s outstanding shares.
Reserves (Total recoverable oil) & Production (bbl/day)
To begin analyzing the company, it’s necessary to understand a little of the industry jargon. We’ll start with Reserves and Production. In general, there are three types of categories for a company’s recoverable oil volumes – Reserves, Contingent Resources and Prospective Resources. Reserves are those oil fields which are “commercial”, which is defined as below: As defined by the SPE PRMS,Reservesare “… quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.” Therefore, Reserves must be discovered (by drilling, recoverable (with current technology), remaining in the subsurface (at the effective date of the evaluation) and “commercial” based on the development project proposed.) Note that Reserves are associated with development projects. To be considered as “commercial”, there must be a firm intention to proceed with the project in a reasonable time frame (typically 5 years, and such intention must be based upon all of the following criteria:) - A reasonable assessment of the future economics of the development project meeting defined investment and operating criteria;- A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development;- Evidence that the necessary production and transportation facilities are available or can be made available; and- Evidence that legal, contractual, environmental and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated. Contingent Resources and Prospective Resources are further defined as below: -Contingent Resources: potentially recoverable volumes associated with a development plan that targets discovered volumes but is not (yet commercial (as defined above); and)-Prospective Resources: potentially recoverable volumes associated with a development plan that targets as yet undiscovered volumes. In the industry lingo, we generally refer to Reserves as ‘P’ and Contingent Resources as ‘C’. These ‘P’ and ‘C’ resources can be further categorized into 1P/2P/3P resources and 1C/2C/3C resources, each referring to a low/medium/high estimate of the company’s potential recoverable oil volumes: - Low/1C/1P estimate: there should be reasonable certainty that volumes actually recovered will equal or exceed the estimate;- Best/2C/2P estimate: there should be an equal likelihood of the actual volumes of petroleum being larger or smaller than the estimate; and- High/3C/3P estimate: there is a low probability that the estimate will be exceeded. Hence in the E&P industry, it is easy to see why most investors and analysts refer to the 2P estimate as the best estimate for a company’s actual recoverable oil volumes. This is because 2P reserves (‘2P’ referring to ‘Proved and Probable’) are a middle estimate of the recoverable oil volumes legally recognized as “commercial”. However, there’s nothing stopping you from including 2C resources (riskier) or utilizing 1P resources (conservative) as your estimate for total recoverable oil volumes, depending on your risk appetite. In this instance, the company has provided a snapshot of its 2P and 2C resources in its analyst presentation: https://preview.redd.it/o8qejdyc8br41.png?width=710&format=png&auto=webp&s=b3ab9be8f83badf0206adc982feda3a558d43e78 Basically, what the company is saying here is that by 2021, it will have classified as 2P reserves at least 23.7 million bbl from its Anasuria field and 20.5 million bbl from its North Sabah field – for total 2P reserves of 44.2 million bbl (we are ignoring the Australian VIC cluster as it is only estimated to reach first oil by 2022). Furthermore, the company is stating that they have discovered (but not yet legally classified as “commercial”) a further 71 million bbl of oil from both the Anasuria and North Sabah fields, as well as the Marigold/Sunflower fields. If we include these 2C resources, the total potential recoverable oil volumes could exceed 100 million bbl. In this report, we shall explore all valuation scenarios giving consideration to both 2P and 2C resources. https://preview.redd.it/gk54qplf8br41.png?width=489&format=png&auto=webp&s=c905b7a6328432218b5b9dfd53cc9ef1390bd604 The company further targets a 2021 production rate of 20,000 bbl (LTM: 8,000 bbl), which includes 5,000 bbl from its Anasuria field (LTM: 2,500 bbl) and 7,000 bbl from its North Sabah field (LTM: 5,300 bbl). This is a substantial increase in forecasted production from both existing and prospective oil fields. If it materializes, annual production rate could be as high as 7,300 mmbbl, and 2021 revenues (given FY20 USD/bbl of $60) could exceed RM 1.5 billion (FY20: RM 988 million). However, this targeted forecast is quite a stretch from current production levels. Nevertheless, we shall consider all provided information in estimating a valuation for Hibiscus. To understand Hibiscus’s oil production capacity and forecast its revenues and profits, we need to have a better appreciation of the performance of its two main cash-generating assets – the North Sabah field and the Anasuria field. North Sabah oil field https://preview.redd.it/62nssexj8br41.png?width=1003&format=png&auto=webp&s=cd78f86d51165fb9a93015e49496f7f98dad64dd Hibiscus owns a 50% interest in the North Sabah field together with its partner Petronas, and has production rights over the field up to year 2040. The asset contains 4 oil fields, namely the St Joseph field, South Furious field, SF 30 field and Barton field. For the sake of brevity, we shall not delve deep into the operational aspects of the fields or the contractual nature of its production sharing contract (PSC). We’ll just focus on the factors which relate to its financial performance. These are: · Average uptime · Total oil sold · Average realized oil price · Average OPEX per bbl With regards to average uptime, we can see that the company maintains relative high facility availability, exceeding 90% uptime in all quarters of the LTM with exception of Jul-Sep 2019. The dip in average uptime was due to production enhancement projects and maintenance activities undertaken to improve the production capacity of the St Joseph and SF30 oil fields. Hence, we can conclude that management has a good handle on operational performance. It also implies that there is little room for further improvement in production resulting from increased uptime. As North Sabah is under a production sharing contract (PSC), there is a distinction between gross oil production and net oil production. The former relates to total oil drawn out of the ground, whereas the latter refers to Hibiscus’s share of oil production after taxes, royalties and expenses are accounted for. In this case, we want to pay attention to net oil production, not gross. We can arrive at Hibiscus’s total oil sold for the last twelve months (LTM) by adding up the total oil sold for each of the last 4 quarters. Summing up the figures yields total oil sold for the LTM of approximately 2,075,305 bbl. Then, we can arrive at an average realized oil price over the LTM by averaging the average realized oil price for the last 4 quarters, giving us an average realized oil price over the LTM of USD 68.57/bbl. We can do the same for average OPEX per bbl, giving us an average OPEX per bbl over the LTM of USD 13.23/bbl. Thus, we can sum up the above financial performance of the North Sabah field with the following figures: · Total oil sold: 2,075,305 bbl · Average realized oil price: USD 68.57/bbl · Average OPEX per bbl: USD 13.23/bbl Anasuria oil field https://preview.redd.it/586u4kfo8br41.png?width=1038&format=png&auto=webp&s=7580fc7f7df7e948754d025745a5cf47d4393c0f Doing the same exercise as above for the Anasuria field, we arrive at the following financial performance for the Anasuria field: · Total oil sold: 1,073,304 bbl · Average realized oil price: USD 63.57/bbl · Average OPEX per bbl: USD 23.22/bbl As gas production is relatively immaterial, and to be conservative, we shall only consider the crude oil production from the Anasuria field in forecasting revenues.
Valuation (Method 1)
Putting the figures from both oil fields together, we get the following data: https://preview.redd.it/7y6064dq8br41.png?width=700&format=png&auto=webp&s=2a4120563a011cf61fc6090e1cd5932602599dc2 Given that we have determined LTM EBITDA of RM 632m, the next step would be to subtract ITDA (interest, tax, depreciation & amortization) from it to obtain estimated LTM Net Profit. Using FY2020’s ITDA of approximately RM 318m as a guideline, we arrive at an estimated LTM Net Profit of RM 314m (FY20: 230m). Given the current market capitalization of RM 714.7m, this implies a trailing LTM PE of 2.3x. Performing a sensitivity analysis given different oil prices, we arrive at the following net profit table for the company under different oil price scenarios, assuming oil production rate and ITDA remain constant: https://preview.redd.it/xixge5sr8br41.png?width=433&format=png&auto=webp&s=288a00f6e5088d01936f0217ae7798d2cfcf11f2 From the above exercise, it becomes apparent that Hibiscus has a breakeven oil price of about USD 41.8863/bbl, and has a lot of operating leverage given the exponential rate of increase in its Net Profit with each consequent increase in oil prices. Considering that the oil production rate (EBITDA) is likely to increase faster than ITDA’s proportion to revenues (fixed costs), at an implied PE of 4.33x, it seems likely that an investment in Hibiscus will be profitable over the next 10 years (with the assumption that oil prices will revert to the mean in the long-term).
Valuation (Method 2)
Of course, there are a lot of assumptions behind the above method of valuation. Hence, it would be prudent to perform multiple methods of valuation and compare the figures to one another. As opposed to the profit/loss assessment in Valuation (Method 1), another way of performing a valuation would be to estimate its balance sheet value, i.e. total revenues from 2P Reserves, and assign a reasonable margin to it. https://preview.redd.it/o2eiss6u8br41.png?width=710&format=png&auto=webp&s=03960cce698d9cedb076f3d5f571b3c59d908fa8 From the above, we understand that Hibiscus’s 2P reserves from the North Sabah and Anasuria fields alone are approximately 44.2 mmbbl (we ignore contribution from Australia’s VIC cluster as it hasn’t been developed yet). Doing a similar sensitivity analysis of different oil prices as above, we arrive at the following estimated total revenues and accumulated net profit: https://preview.redd.it/h8hubrmw8br41.png?width=450&format=png&auto=webp&s=6d23f0f9c3dafda89e758b815072ba335467f33e Let’s assume that the above average of RM 9.68 billion in total realizable revenues from current 2P reserves holds true. If we assign a conservative Net Profit margin of 15% (FY20: 23%; past 5 years average: 16%), we arrive at estimated accumulated Net Profit from 2P Reserves ofRM 1.452 billion. Given the current market capitalization of RM 714 million, we might be able to say that the equity is worth about twice the current share price. However, it is understandable that some readers might feel that the figures used in the above estimate (e.g. net profit margin of 15%) were randomly plucked from the sky. So how do we reconcile them with figures from the financial statements? Fortunately, there appears to be a way to do just that. Intangible Assets I refer you to a figure in the financial statements which provides a shortcut to the valuation of 2P Reserves. This is the carrying value of Intangible Assets on the Balance Sheet. As of 2QFY21, that amount was RM 1,468,860,000 (i.e. RM 1.468 billion). https://preview.redd.it/hse8ttb09br41.png?width=881&format=png&auto=webp&s=82e48b5961c905fe9273cb6346368de60202ebec Quite coincidentally, one might observe that this figure is dangerously close to the estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion we calculated earlier. But why would this amount matter at all? To answer that, I refer you to the notes of the Annual Report FY20 (AR20). On page 148 of the AR20, we find the following two paragraphs: E&E assets comprise of rights and concession and conventional studies. Following the acquisition of a concession right to explore a licensed area, the costs incurred such as geological and geophysical surveys, drilling, commercial appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs, are capitalised as conventional studies, presented as intangible assets. E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its recoverable amount. The Group will allocate E&E assets to cash generating unit (“CGU”s or groups of CGUs for the purpose of assessing such assets for impairment. Each CGU or group of units to which an E&E asset is allocated will not be larger than an operating segment as disclosed in Note 39 to the financial statements.) Hence, we can determine that firstly, the intangible asset value represents capitalized costs of acquisition of the oil fields, including technical exploration costs and costs of acquiring the relevant licenses. Secondly, an impairment review will be carried out when “the carrying amount of an E&E asset may exceed its recoverable amount”, with E&E assets being allocated to “cash generating units” (CGU) for the purposes of assessment. On page 169 of the AR20, we find the following: Carrying amounts of the Group’s intangible assets, oil and gas assets and FPSO are reviewed for possible impairment annually including any indicators of impairment. For the purpose of assessing impairment, assets are grouped at the lowest level CGUs for which there is a separately identifiable cash flow available. These CGUs are based on operating areas, represented by the 2011 North Sabah EOR PSC (“North Sabah”, the Anasuria Cluster, the Marigold and Sunflower fields, the VIC/P57 exploration permit (“VIC/P57”) and the VIC/L31 production license (“VIC/L31”).) So apparently, the CGUs that have been assigned refer to the respective oil producing fields, two of which include the North Sabah field and the Anasuria field. In order to perform the impairment review, estimates of future cash flow will be made by management to assess the “recoverable amount” (as described above), subject to assumptions and an appropriate discount rate. Hence, what we can gather up to now is that management will estimate future recoverable cash flows from a CGU (i.e. the North Sabah and Anasuria oil fields), compare that to their carrying value, and perform an impairment if their future recoverable cash flows are less than their carrying value. In other words, if estimated accumulated profits from the North Sabah and Anasuria oil fields are less than their carrying value, an impairment is required. So where do we find the carrying values for the North Sabah and Anasuria oil fields? Further down on page 184 in the AR20, we see the following: Included in rights and concession are the carrying amounts of producing field licenses in the Anasuria Cluster amounting to RM668,211,518 (2018: RM687,664,530, producing field licenses in North Sabah amounting to RM471,031,008 (2018: RM414,333,116)) Hence, we can determine that the carrying values for the North Sabah and Anasuria oil fields are RM 471m and RM 668m respectively. But where do we find the future recoverable cash flows of the fields as estimated by management, and what are the assumptions used in that calculation? Fortunately, we find just that on page 185: 17 INTANGIBLE ASSETS (CONTINUED) (a Anasuria Cluster) The Directors have concluded that there is no impairment indicator for Anasuria Cluster during the current financial year. In the previous financial year, due to uncertainties in crude oil prices, the Group has assessed the recoverable amount of the intangible assets, oil and gas assets and FPSO relating to the Anasuria Cluster. The recoverable amount is determined using the FVLCTS model based on discounted cash flows (“DCF” derived from the expected cash in/outflow pattern over the production lives.) The key assumptions used to determine the recoverable amount for the Anasuria Cluster were as follows: (i Discount rate of 10%;) (ii Future cost inflation factor of 2% per annum;) (iii Oil price forecast based on the oil price forward curve from independent parties; and,) (iv Oil production profile based on the assessment by independent oil and gas reserve experts.) Based on the assessments performed, the Directors concluded that the recoverable amount calculated based on the valuation model is higher than the carrying amount. (b North Sabah) The acquisition of the North Sabah assets was completed in the previous financial year. Details of the acquisition are as disclosed in Note 15 to the financial statements. The Directors have concluded that there is no impairment indicator for North Sabah during the current financial year. Here, we can see that the recoverable amount of the Anasuria field was estimated based on a DCF of expected future cash flows over the production life of the asset. The key assumptions used by management all seem appropriate, including a discount rate of 10% and oil price and oil production estimates based on independent assessment. From there, management concludes that the recoverable amount of the Anasuria field is higher than its carrying amount (i.e. no impairment required). Likewise, for the North Sabah field. How do we interpret this? Basically, what management is saying is that given a 10% discount rate and independent oil price and oil production estimates, the accumulated profits (i.e. recoverable amount) from both the North Sabah and the Anasuria fields exceed their carrying amounts of RM 471m and RM 668m respectively. In other words, according to management’s own estimates, the carrying value of the Intangible Assets of RM 1.468 billionapproximates the accumulated Net Profit recoverable from 2P reserves. To conclude Valuation (Method 2), we arrive at the following:
Accumulated Net Profit from 2P Reserves
RM 1.452 billion
RM 1.468 billion
By now, we have established the basic economics of Hibiscus’s business, including its revenues (i.e. oil production and oil price scenarios), costs (OPEX, ITDA), profitability (breakeven, future earnings potential) and balance sheet value (2P reserves, valuation). Moving on, we want to gain a deeper understanding of the 3 statements to anticipate any blind spots and risks. We’ll refer to the financial statements of both the FY20 annual report and the 2Q21 quarterly report in this analysis. For the sake of brevity, I’ll only point out those line items which need extra attention, and skip over the rest. Feel free to go through the financial statements on your own to gain a better familiarity of the business. https://preview.redd.it/h689bss79br41.png?width=810&format=png&auto=webp&s=ed47fce6a5c3815dd3d4f819e31f1ce39ccf4a0b Income Statement First, we’ll start with the Income Statement on page 135 of the AR20. Revenues are straightforward, as we’ve discussed above. Cost of Sales and Administrative Expenses fall under the jurisdiction of OPEX, which we’ve also seen earlier. Other Expenses are mostly made up of Depreciation & Amortization of RM 115m. Finance Costs are where things start to get tricky. Why does a company which carries no debt have such huge amounts of finance costs? The reason can be found in Note 8, where it is revealed that the bulk of finance costs relate to the unwinding of discount of provision for decommissioning costs of RM 25m (Note 32). https://preview.redd.it/4omjptbe9br41.png?width=1019&format=png&auto=webp&s=eaabfc824134063100afa62edfd36a34a680fb60 This actually refers to the expected future costs of restoring the Anasuria and North Sabah fields to their original condition once the oil reserves have been depleted. Accounting standards require the company to provide for these decommissioning costs as they are estimable and probable. The way the decommissioning costs are accounted for is the same as an amortized loan, where the initial carrying value is recognized as a liability and the discount rate applied is reversed each year as an expense on the Income Statement. However, these expenses are largely non-cash in nature and do not necessitate a cash outflow every year (FY20: RM 69m). Unwinding of discount on non-current other payables of RM 12m relate to contractual payments to the North Sabah sellers. We will discuss it later. Taxation is another tricky subject, and is even more significant than Finance Costs at RM 161m. In gist, Hibiscus is subject to the 38% PITA (Petroleum Income Tax Act) under Malaysian jurisdiction, and the 30% Petroleum tax + 10% Supplementary tax under UK jurisdiction. Of the RM 161m, RM 41m of it relates to deferred tax which originates from the difference between tax treatment and accounting treatment on capitalized assets (accelerated depreciation vs straight-line depreciation). Nonetheless, what you should take away from this is that the tax expense is a tangible expense and material to breakeven analysis. Fortunately, tax is a variable expense, and should not materially impact the cash flow of Hibiscus in today’s low oil price environment. Note: Cash outflows for Tax Paid in FY20 was RM 97m, substantially below the RM 161m tax expense. https://preview.redd.it/1xrnwzm89br41.png?width=732&format=png&auto=webp&s=c078bc3e18d9c79d9a6fbe1187803612753f69d8 Balance Sheet The balance sheet of Hibiscus is unexciting; I’ll just bring your attention to those line items which need additional scrutiny. I’ll use the figures in the latest 2Q21 quarterly report (2Q21) and refer to the notes in AR20 for clarity. We’ve already discussed Intangible Assets in the section above, so I won’t dwell on it again. Moving on, the company has Equipment of RM 582m, largely relating to O&G assets (e.g. the Anasuria FPSO vessel and CAPEX incurred on production enhancement projects). Restricted cash and bank balances represent contractual obligations for decommissioning costs of the Anasuria Cluster, and are inaccessible for use in operations. Inventories are relatively low, despite Hibiscus being an E&P company, so forex fluctuations on carrying value of inventories are relatively immaterial. Trade receivables largely relate to entitlements from Petronas and BP (both oil supermajors), and are hence quite safe from impairment. Other receivables, deposits and prepayments are significant as they relate to security deposits placed with sellers of the oil fields acquired; these should be ignored for cash flow purposes. Note: Total cash and bank balances do not include approximately RM 105 m proceeds from the North Sabah December 2019 offtake (which was received in January 2020) Cash and bank balances of RM 90m do not include RM 105m of proceeds from offtake received in 3Q21 (Jan 2020). Hence, the actual cash and bank balances as of 2Q21 approximate RM 200m. Liabilities are a little more interesting. First, I’ll draw your attention to the significant Deferred tax liabilities of RM 457m. These largely relate to the amortization of CAPEX (i.e. Equipment and capitalized E&E expenses), which is given an accelerated depreciation treatment for tax purposes. The way this works is that the government gives Hibiscus a favorable tax treatment on capital expenditures incurred via an accelerated depreciation schedule, so that the taxable income is less than usual. However, this leads to the taxable depreciation being utilized quicker than accounting depreciation, hence the tax payable merely deferred to a later period – when the tax depreciation runs out but accounting depreciation remains. Given the capital intensive nature of the business, it is understandable why Deferred tax liabilities are so large. We’ve discussed Provision for decommissioning costs under the Finance Costs section earlier. They are also quite significant at RM 266m. Notably, the Other Payables and Accruals are a hefty RM 431m. What do they relate to? Basically, they are contractual obligations to the sellers of the oil fields which are only payable upon oil prices reaching certain thresholds. Hence, while they are current in nature, they will only become payable when oil prices recover to previous highs, and are hence not an immediate cash outflow concern given today’s low oil prices. Cash Flow Statement There is nothing in the cash flow statement which warrants concern. Notably, the company generated OCF of approximately RM 500m in FY20 and RM 116m in 2Q21. It further incurred RM 330m and RM 234m of CAPEX in FY20 and 2Q21 respectively, largely owing to production enhancement projects to increase the production rate of the Anasuria and North Sabah fields, which according to management estimates are accretive to ROI. Tax paid was RM 97m in FY20 and RM 61m in 2Q21 (tax expense: RM 161m and RM 62m respectively).
There are a few obvious and not-so-obvious risks that one should be aware of before investing in Hibiscus. We shall not consider operational risks (e.g. uptime, OPEX) as they are outside the jurisdiction of the equity analyst. Instead, we shall focus on the financial and strategic risks largely outside the control of management. The main ones are: · Oil prices remaining subdued for long periods of time · Fluctuation of exchange rates · Customer concentration risk · 2P Reserves being less than estimated · Significant current and non-current liabilities · Potential issuance of equity Oil prices remaining subdued Of topmost concern in the minds of most analysts is whether Hibiscus has the wherewithal to sustain itself through this period of low oil prices (sub-$30). A quick and dirty estimate of annual cash outflow (i.e. burn rate) assuming a $20 oil world and historical production rates is between RM 50m-70m per year, which considering the RM 200m cash balance implies about 3-4 years of sustainability before the company runs out of cash and has to rely on external assistance for financing. Table 1: Hibiscus EBITDA at different oil price and exchange rates https://preview.redd.it/gxnekd6h9br41.png?width=670&format=png&auto=webp&s=edbfb9621a43480d11e3b49de79f61a6337b3d51 The above table shows different EBITDA scenarios (RM ‘m) given different oil prices (left column) and USD:MYR exchange rates (top row). Currently, oil prices are $27 and USD:MYR is 1:4.36. Given conservative assumptions of average OPEX/bbl of $20 (current: $15), we can safely say that the company will be loss-making as long as oil remains at $20 or below (red). However, we can see that once oil prices hit $25, the company can tank the lower-end estimate of the annual burn rate of RM 50m (orange), while at RM $27 it can sufficiently muddle through the higher-end estimate of the annual burn rate of RM 70m (green). Hence, we can assume that as long as the average oil price over the next 3-4 years remains above $25, Hibiscus should come out of this fine without the need for any external financing. Customer Concentration Risk With regards to customer concentration risk, there is not much the analyst or investor can do except to accept the risk. Fortunately, 80% of revenues can be attributed to two oil supermajors (Petronas and BP), hence the risk of default on contractual obligations and trade receivables seems to be quite diminished. 2P Reserves being less than estimated 2P Reserves being less than estimated is another risk that one should keep in mind. Fortunately, the current market cap is merely RM 714m – at half of estimated recoverable amounts of RM 1.468 billion – so there’s a decent margin of safety. In addition, there are other mitigating factors which shall be discussed in the next section (‘Opportunities’). Significant non-current and current liabilities The significant non-current and current liabilities have been addressed in the previous section. It has been determined that they pose no threat to immediate cash flow due to them being long-term in nature (e.g. decommissioning costs, deferred tax, etc). Hence, for the purpose of assessing going concern, their amounts should not be a cause for concern. Potential issuance of equity Finally, we come to the possibility of external financing being required in this low oil price environment. While the company should last 3-4 years on existing cash reserves, there is always the risk of other black swan events materializing (e.g. coronavirus) or simply oil prices remaining muted for longer than 4 years. Furthermore, management has hinted that they wish to acquire new oil assets at presently depressed prices to increase daily production rate to a targeted 20,000 bbl by end-2021. They have room to acquire debt, but they may also wish to issue equity for this purpose. Hence, the possibility of dilution to existing shareholders cannot be entirely ruled out. However, given management’s historical track record of prioritizing ROI and optimal capital allocation, and in consideration of the fact that the MD owns 10% of outstanding shares, there is some assurance that any potential acquisitions will be accretive to EPS and therefore valuations.
As with the existence of risk, the presence of material opportunities also looms over the company. Some of them are discussed below: · Increased Daily Oil Production Rate · Inclusion of 2C Resources · Future oil prices exceeding $50 and effects from coronavirus dissipating Increased Daily Oil Production Rate The first and most obvious opportunity is the potential for increased production rate. We’ve seen in the last quarter (2Q21) that the North Sabah field increased its daily production rate by approximately 20% as a result of production enhancement projects (infill drilling), lowering OPEX/bbl as a result. To vastly oversimplify, infill drilling is the process of maximizing well density by drilling in the spaces between existing wells to improve oil production. The same improvements are being undertaken at the Anasuria field via infill drilling, subsea debottlenecking, water injection and sidetracking of existing wells. Without boring you with industry jargon, this basically means future production rate is likely to improve going forward. By how much can the oil production rate be improved by? Management estimates in their analyst presentation that enhancements in the Anasuria field will be able to yield 5,000 bbl/day by 2021 (current: 2,500 bbl/day). Similarly, improvements in the North Sabah field is expected to yield 7,000 bbl/day by 2021 (current: 5,300 bbl/day). This implies a total 2021 expected daily production rate from the two fields alone of 12,000 bbl/day (current: 8,000 bbl/day). That’s a 50% increase in yields which we haven’t factored into our valuation yet. Furthermore, we haven’t considered any production from existing 2C resources (e.g. Marigold/Sunflower) or any potential acquisitions which may occur in the future. By management estimates, this can potentially increase production by another 8,000 bbl/day, bringing total production to 20,000 bbl/day. While this seems like a stretch of the imagination, it pays to keep them in mind when forecasting future revenues and valuations. Just to play around with the numbers, I’ve come up with a sensitivity analysis of possible annual EBITDA at different oil prices and daily oil production rates: Table 2: Hibiscus EBITDA at different oil price and daily oil production rates https://preview.redd.it/jnpfhr5n9br41.png?width=814&format=png&auto=webp&s=bbe4b512bc17f576d87529651140cc74cde3d159 The left column represents different oil prices while the top row represents different daily oil production rates. The green column represents EBITDA at current daily production rate of 8,000 bbl/day; the orange column represents EBITDA at targeted daily production rate of 12,000 bbl/day; while the purple column represents EBITDA at maximum daily production rate of 20,000 bbl/day. Even conservatively assuming increased estimated annual ITDA of RM 500m (FY20: RM 318m), and long-term average oil prices of $50 (FY20: $60), the estimated Net Profit and P/E ratio is potentially lucrative at daily oil production rates of 12,000 bbl/day and above. 2C Resources Since we’re on the topic of improved daily oil production rate, it bears to pay in mind the relatively enormous potential from Hibiscus’s 2C Resources. North Sabah’s 2C Resources alone exceed 30 mmbbl; while those from the yet undiagnosed Marigold/Sunflower fields also reach 30 mmbbl. Altogether, 2C Resources exceed 70 mmbbl, which dwarfs the 44 mmbbl of 2P Reserves we have considered up to this point in our valuation estimates. To refresh your memory, 2C Resources represents oil volumes which have been discovered but are not yet classified as “commercial”. This means that there is reasonable certainty of the oil being recoverable, as opposed to simply being in the very early stages of exploration. So, to be conservative, we will imagine that only 50% of 2C Resources are eligible for reclassification to 2P reserves, i.e. 35 mmbbl of oil. https://preview.redd.it/mto11iz7abr41.png?width=375&format=png&auto=webp&s=e9028ab0816b3d3e25067447f2c70acd3ebfc41a This additional 35 mmbbl of oil represents an 80% increase to existing 2P reserves. Assuming the daily oil production rate increases similarly by 80%, we will arrive at 14,400 bbl/day of oil production. According to Table 2 above, this would yield an EBITDA of roughly RM 630m assuming $50 oil. Comparing that estimated EBITDA to FY20’s actual EBITDA:
FY21 (incl. 2C)
Daily oil production (bbl/day)
Average oil price (USD/bbl)
Average OPEX/bbl (USD)
EBITDA (RM ‘m)
Hence, even conservatively assuming lower oil prices and higher OPEX/bbl (which should decrease in the presence of higher oil volumes) than last year, we get approximately the same EBITDA as FY20. For the sake of completeness, let’s assume that Hibiscus issues twice the no. of existing shares over the next 10 years, effectively diluting shareholders by 50%. Even without accounting for the possibility of the acquisition of new oil fields, at the current market capitalization of RM 714m, the prospective P/E would be about 10x. Not too shabby. Future oil prices exceeding $50 and effects from coronavirus dissipating Hibiscus shares have recently been hit by a one-two punch from oil prices cratering from $60 to $30, as a result of both the Saudi-Russian dispute and depressed demand for oil due to coronavirus. This has massively increased supply and at the same time hugely depressed demand for oil (due to the globally coordinated lockdowns being implemented). Given a long enough timeframe, I fully expect OPEC+ to come to an agreement and the economic effects from the coronavirus to dissipate, allowing oil prices to rebound. As we equity investors are aware, oil prices are cyclical and are bound to recover over the next 10 years. When it does, valuations of O&G stocks (including Hibiscus’s) are likely to improve as investors overshoot expectations and begin to forecast higher oil prices into perpetuity, as they always tend to do in good times. When that time arrives, Hibiscus’s valuations are likely to become overoptimistic as all O&G stocks tend to do during oil upcycles, resulting in valuations far exceeding reasonable estimates of future earnings. If you can hold the shares up until then, it’s likely you will make much more on your investment than what we’ve been estimating.
Wrapping up what we’ve discussed so far, we can conclude that Hibiscus’s market capitalization of RM 714m far undershoots reasonable estimates of fair value even under conservative assumptions of recoverable oil volumes and long-term average oil prices. As a value investor, I hesitate to assign a target share price, but it’s safe to say that this stock is worth at least RM 1.00 (current: RM 0.45). Risk is relatively contained and the upside far exceeds the downside. While I have no opinion on the short-term trajectory of oil prices, I can safely recommend this stock as a long-term Buy based on fundamental research.
I’ve been reading these posts on an off for quite some time now and it saddened me to see someone had recently posted their “I quit the game” statement. We all walk through fire to stand in the green valley...and the journey has to be made on foot. And alone. And it’s tough. In response, I wanted to add a list of pointers for people starting out in this insane game and to address what I’ve learned from over a decade of trading Forex. It’s long-ish but it’s based on reality and not a bunch of meaningless retail junk systems and “insider knowledge” by nitwits on YouTube or some 19-year old “whiz kid” who apparently makes ten billion dollars a week with a mystical set-up that’ll only cost you $1,999 to buy! I became a profitable trader by keeping everything simple. I lost thousands when I started out, but I look back now and realise how easily I could’ve avoided those losses. Keep Everything Simple. For the sake of disclosure, I worked for Morgan Stanley for over a decade in fixed income but learned almost everything I know from the forex guys whom I got to know as good friends. They make markets but there’s still a lot to learn from them as a small fry trader. I got into all this as a hobby after annoying the traders with questions, and all these years later it still pays me. There are still occasional nightmare accidents but they’re far rarer to the point where they don’t affect my ROI. Possibly the most clear statement I could make about Forex trading in the large institutional setting is actually a pretty profound one: Forex traders are not what you think they are: every single forex trader I ever worked with (and who lasted the test of time) had the exact same set of personality traits: 1. NOT ONE of them was a gung-ho high-five loudmouth, 2. Every single one of them analysed their mistakes to the point of obsession, 3. They were bookish and not jocks, 4. They had the humility to admit that many early errors were the result of piss-poor planning. The loudmouths last a year and are gone. Guys who last 5, 10, 20 years in a major finance house on the trading floor are nothing like the absurd 1980s Hollywood images you see on your tv; they’re the perfect opposite of that stereotype. The absolute best I ever met was a studious Irish-Catholic guy from Boston who was conscientious, helpful, calm, and utterly committed to one thing: learning from every single error of judgement. To quote him: “Losing teaches you far more than winning”. Enough of that. These points are deliberately broad. Here goes:
Know The Pairs. It amazes me to see countless small account traders speak as though “systems” work across all pairs. They don’t. Trading GBP/CHF is an entirely different beast to trading CHF/JPY. If you don’t know the innate properties of the CHF market or the JPY or the interplay between the AUD and NZD etc then leave them alone until you do. —There’s no rush— Don’t trade pairs until you are clear on what drives ‘commodity currencies’, or what goes on behind currencies which are easily manipulated, or currencies which simply tend to range for months on end instead of having clear trends. Every pair has its own benefits and drawbacks. Google “Tips on trading the JPY” etc etc etc and get to know the personality of these currencies. They’re just products like any other....Would you buy a Honda without knowing a single thing about the brand or its engine or its durability? So why trade a currency you know nothing about?
Indicators are only telling you what you should be able to see in front of you: PRICE AND MARKET STRUCTURE. Take everything off your charts and simply ask one question: What do I see happening right here and right now? What time frame do I see it on? If you can’t spot a simple consolidation, an uptrend, or a downtrend on a quick high-versus-low time frame scan then no indicator on the planet will help you.
Do you know why momentum indicators work on clear trends but are often a complete disaster on ranges? If not, why not? Do you know why such indicators are losing you tons of trades on low TFs? Do you actually understand the simple mathematics of any indicator? If the answer to these questions is “no” then why are you using these things and piling on indicator after indicator after indicator until you have some psychedelic disco on your screen that looks like an intergalactic dogfight in Star Wars? Keep it simple. Know thy indicator.
Risk:Reward Addiction. The greatest profit killer. So you set up your stops and limits at 1:1.5 or whatever and say “That’s me done” only to come back and see that your limit was missed by a soul-crushing 5 pips before reversing trend to cost you $100, $200, $1000. So you say “Ah but the system is fine”. Guys...this isn’t poker; it doesn’t have to be a zero sum game. Get over your 1:1.5 addiction —The Market Does Not Owe You 50 Pips— Which leads to the next point which, frankly, is what has allowed me to make money consistently for my entire trading life...
YOU WILL NEVER GO BROKE TAKING A PROFIT. So you want to take that 50-pip profit in two hours because some analyst says it’ll happen or because your trend lines say it has to happen. You set your 1:1.5 order. “I’ll check where I’m at in an hour” you say. An hour later you see you’re up 18 pips and you feel you’re owed more by now. “If I close this trade now I could be missing out on a stack”. So what?! Here’s an example: I trade in sterling. I was watching GBP climb against it’s post-GDP flop report and once I was up £157 I thought “This is going to start bouncing off resistance all morning and I don’t need the hassle of riding the rollercoaster all day long”. So I closed it, took the £157, went to make breakfast. Came back shortly afterwards and looked at the chart and saw that I could’ve made about £550 if I’d trusted myself. Do I care? Absolutely not...in fact it usually makes me laugh. So I enter another trade, make another quick £40, then another £95. Almost £300 in less than 45 mins and I’m supposed to cry over the £250 I “missed out on”?
£300 in less than an hour for doing nothing more than waiting for some volatility then tapping a keyboard. It’s almost a sin to make money that easily and I don’t “deserve” any of it. Shut off the laptop. Go out for the day. Does the following sound familiar? “Okay I’m almost at my take-profit...almost!.....almost!....okay it’s bouncing away from me but it’ll come back. Come back, damnit!! Jesus come back to my limit! Ah for F**k’s sakes!! This is complete crap; that trade was almost done! This is rigged! This is worse than poker! This is total BS!!” So when you were 50% or 75% toward your goal and could see the trade slipping away why wasn’t $100 or $200 enough? You need more than that?...really?! So point 6:
Tomorrow Is Another Day. Lordy Lordy, you only made $186 all day. What a disaster! Did you lose anything? Nope. Will the market be open again tomorrow? Yep. Does London open in just four hours? Yep. Is the NOK/SGD/EUR whatever still looking shitty? Yep. So let it go- there are endless THOUSANDS of trades you can make in your lifetime and you need to let a small gain be seen for what it is: ANOTHER BEAUTIFUL PROFIT.
Four or five solid but small profits in a day = One Large Profit. I don’t care how I make it, I don’t care if it’s ten lots of £20, I don’t care if I make the lot in a single trade in 30 seconds either. And once I have a nice sum I switch the computer off and leave it the Fk alone. I don’t care if Brexit is due to detonate the pound or if some Fed guy is going to crap all over the USD in his speech; I’ve made my money and I’m out for the day. There will be other speeches, other detonations. I could get into the entire process by which I trade but it’s aggravatingly basic trend-following mostly based on fundamentals. Losing in this business really does boil down to the same appalling combination of traits that kill most traders: Greed, Impatience, Addiction. Do I trade every day? Absolutely not; if there’s nothing with higher probability trades then I just leave it alone. When I hit my target I’m out for the day- the market doesn’t give a crap about me and I don’t give a crap about the market, if you see my meaning. I played poker semi-professionally for two years and it’s absolutely soul-destroying to be “cold decked” for a whole week. But every player has to experience it in order to lose the arrogance and the bravado; losing is fine as long as you learn from it. One day you’ll be in a position to fold pocket Kings because you’ll know you’re dead in the water. The currency markets are exactly the same in that one regard: if you learn from the past you’ll know when it’s time to get out of that stupid trade or that stupid “system” that sounded so great when you had a demo account. Bank a profit. Keep your charts simple. Know the pairs. Be patient. Touch nothing till you understand it inside out. And if you’re not enjoying the game....STOP PLAYING. [if people find this helpful I might post a thread on the best books I’ve studied from and why most forex books are utterly repetitious bullshit]. Peace.
Quit Quick! TL:DR - If it's even possible you will quit, do it early. Otherwise, succeed. No matter what. Commit, or quit. The markets are no place for part timers or hobbiest. The hard stats here are 3/4 of you will not make it. The ones that do, are going to take a lot of shit from the market before you do. If you are not going to be as determined to succeed in 5 years of failing as you are starting, quit quick. Save yourself the hassle. If you think you're going to get it quick ... you're not. You might 'get it' a little bit, but then be smashed by market changes that you have no experience of. Early success in trading can be like building sand castle at the tideline. You're putting it together and it looks great, then whooosh, and you're starting again. Even if you read all the books, attend all the courses, have personal training .... whatever. For you to be able to stand on your own two feet in the markets is going to take some time. There is an eliment of 'snakes and ladders' to it that is just inherent in aiming to build wealth (or produce ROI) on a speculative skill. I am not saying this because I want you to quit. I want you to succeed. What I do not want to see is you quitting in 4 years time. Lots of people take over 5 years to learn this. Some 10. You want to get a payoff on that investment of time and effort, so make sure you will stick it out for that time. Be all in, or be out. There is no shame in noticing early trading is not for you. It is technically and mentally hard. It is not a natural skill, it takes some rewiring to do it. Do Not Assume People Know More Than You TL;DR - A lot of people know less than they appear to/think. Even if you a very new. They often do not. People often repeat what they have heard. Some people think popularity is the same as profitabiliy .... we call these people "poor with statistics". Reality is, most people do not know how to make money. They are telling you what others said (and who knows where they got it?). Worse than this, is there are people who think they know a lot. I think about the dumbest point in my trading carreer was once I got a few years in and thought I knew everything. The more you think you know, the less you probably do. These people often talk down at newbies, which can make it seem like they are smarter. Appearances are not always what they seem. Do not assume you know more than people, either. Both are equally foolish. You do not know what people know, and since whatever you think you know may later change, you do not fully know what 'think' you know now. Just hold the conclusions you draw to a high standard of proof, and look for others demonstrating their own conclusions with similar high standards of proof (not chatter). Lose Money TL;DR - You're going to anyway, get good at it. "Say what?????". Yeah! Lose some money. Don't be a fucking baby. You are going to lose money at some time. If you take the time to read the stories of highly successful traders, you will see we all bust. Exceptionally few do not. The ones who have the worst busts are the ones who start out winning. You need to know how to lose. It is better to learn this losing a grand or so than a million. When losing, we end up facing the urges to produce a panic (or revenge) sort of responce ... which will epicly fuck up everything. You need to learn to feel this burn, and still make the logical choice. Good judegement will come from bad judgement. Two things humans really dislike generally speaking are losing money and being wrong. Forex will give you a whole lot of both of them. You're probably going to have to make adaptions to your thinking patterns to be able to deal with this. [Action point: Read "Trading in the Zone"] Observe Others Strategies TL;DR - Watching other people trading opens up new perspectives. Both winning and losing ones have their purposes. Make sure however you are observing them you can see the actual trades on a chart. So you can see specifically what is done (not just results or what is said). Personally I done this watching managed accounts. I learned a lot from it. From highly profitable ones, I learned traits of the 'trader brain'. I seen how they protected equity, and siezed opportunities. Their strategies had structure and rational. It could be seen to be repeatable and the trades became predictable - and I could see why that made sense to do. From losing ones, I got to look into a mirror of mistakes I made. When you see someone else doing dumb shit, it is more obvious it is dumb shit than when you do the same 'stuff'. I would say I learned the most from the accounts that were unprofitable. (Note, if doing this make sure you use copy trading or MAM. Never PAMM. Due to technical allocation differences in trades, PAMM accounts do not yield the information you need) Other examples of this are following signals services. Signals services are frowned upon here in this sub. I've noticed. These services are not 'useless' - it depends on how well they are used. There are many free ones, you can trade demo accounts to follow them. If you think you can not learn from bad traders, fair enough. People can. If you think there are not more skilled people than you doing this (anywhere!), you're 99.99% probability wrong. Learn to Discard, Without IgnoringTL;DR - Have a critical mind. No information is useless, and as such should not be called 'bad'. Much information is incorrect. You have to learn how to assess information and test it for yourself. Never let what others say influence the trades you make when you are testing strategies (remember, people disagreeing can be good. 20/80 success rate ... do we want 100% agreement?) Everything we think we know should always be preliminary, and this means information we get we should use to re-check conclusions from information we have previous gleamed. For you to do this well it is important you have solid conclusions of your own, which you do not get from being a recievetransmitter of others opinons. There is a fine balance to this. You have to be open to new ideas, without being whimsical in your conclusions. Do not accept information as true just because a lot of people say it is. Always hunt for the why, and be careful to seperate what are opinons from what are facts. Take time to learn all the popular opinions. Then look for people who give unique insights and ideas outside of (or tweaking) they opinions - they may have rare information, because they have evidendly done self study. [Action point: Write down all the things you think are true about trading, work on getting answers as to why they are true, or accept they are unproven] Put a Value on the Skill TL;DR - Become clear on the expected reward for your efforts. Not enough people do this. What is the skill of trading worth to you in dollar value over your expected lifetime trading? Since trading can be a tough and time consuming thing to learn, you should be clear on the reward of it. Personally, this 'carrot on the stick' is what's pulled me through the hardest times. The value of the skill depends on how you want to use it. I value it over $100 million. People may think this is hype, but I do not have any "How to make $100 million" training courses to sell. That's what it is worth to me, and it will remain worth that irrespective of if it is believed. This is not saying I have made over $100 million, just the skill I consider to be worth at least that having worked to obtain it. If you are someone who wants to make a lot of money and thinks the numbers I am saying are hype. Numbers like $5,000 - $10,000 a month even seeming unrealistic - get yourself around different people! These are 'easy' numbers if you have good skills. If you get yourself into the top 15% (which is not all that hard if you remember breakeven beats 80%) you have an ability to do something almost no one can do, yet almost everyone wants. It's valuable. This has been the most motivating factor for me in trading. I've seen real examples of people making millions (a year) because they have honed in a skill. I've also seen complete idiots getting into positions where they could easily make themsevles a million (maybe more than once), but then fuck it up ... because it's easier to pretend to have the skill (or think you have) than actually have it. So from early on I have always had a framework in which I knew learning to trade (really well) would make me millions. This has given me an attitude of "closer to it now than I've ever been" ... no mather how devistatingly bad things may have went.
Question on a massive ponzi scheme going on in my city.
There is a massive ponzi scheme going on in my city, which is located in the Philippines. Currently, there are several different brands offerring different returns ranging from 100% to 600% in usually a month(yea I know, past ponzi schemers in the history are put to shame with this ROI. It’s fckin crazy) But one brand is the biggest, and the one that started it all. The brand is called Rigen Marketing(you can google their site if you’re interested) and they give an investment return of 400% in less or more than a month. The scheme started in April so it’s only a little over a month old. Everyone that has invested so far has received the said return. Now, what makes them a bit different from the usual ponzi scheme is that they actually do reinvest the capital. The formality or cover-up is that they reinvest on products that have a 1,000% profit margin, which they sell. But the general knowledge is that their real source of income is forex trading. Each brand has a “master trader” that uses the capital to bring in profit, which helps fund the 400% return. I know that forex trading alone won’t be enough to fund the crazy ROI, that’s why I still call it a ponzi scheme. My question is, can this actually work and last? So far, everyone who has invested has received the return(nobody complained yet so the government stays shut on the issue) and it looks like people who do get the return keep reinvesting back to the scheme. In this situation, can this ponzi scheme work and last long? Would you even consider this a ponzi scheme?
There is a massive ponzi scheme going on in my city, which is located in the Philippines. Currently, there are several different brands offerring different returns ranging from 100% to 600% in usually a month(yea I know, past ponzi schemers in the history are put to shame with this ROI. It’s fckin crazy) But one brand is the biggest, and the one that started it all. The brand is called Rigen Marketing(you can google their site if you’re interested) and they give an investment return of 400% in less or more than a month. The scheme started in April so it’s only a little over a month old. Everyone that has invested so far has received the said return. Now, what makes them a bit different from the usual ponzi scheme is that they actually do reinvest the capital. The formality or cover-up is that they reinvest on products that have a 1,000% profit margin, which they sell. But the general knowledge is that their real source of income is forex trading. Each brand has a “master trader” that uses the capital to bring in profit, which helps fund the 400% return. I know that forex trading alone won’t be enough to fund the crazy ROI, that’s why I still call it a ponzi scheme. My question is, can this actually work and last? So far, everyone who has invested has received the return(nobody complained yet so the government stays shut on the issue) and it looks like people who do get the return keep reinvesting back to the scheme. In this situation, can this ponzi scheme work and last long?
BitOffer：How to Quickly Achieve Asset Appreciation in 2020?
https://preview.redd.it/tvww8mia26741.png?width=554&format=png&auto=webp&s=4ee96c0de0801313431871cd24dbd18dfd355ac0 For a long period to come, it cannot be denied that the global economic downturn is inevitable, and the ROI of not a few financial products keeps falling. As the economic downturn is ongoing while a continual rise of the commodity price, how can we ensure our asset preservation and appreciation? Most people always complained:” We missed out on the perfect timing to invest, if we bought bitcoin several years ago, we would be the winners!” It is definitely that we live in the world with opportunities such as stocks, forex, P2P, etc. Those miracle words came out and became the magic to make lucky ones rich. However, most people did not catch fortunes as they wished. Bitcoin, a burgeoning digital asset, seems to be our new “Noah’s Ark”. Since bitcoin was born, the price of bitcoin has risen by several ten thousands times for 10 years. Perhaps it just started its legend. Maybe the next 10 years is the period that bitcoin starts performing. If you already missed out on the stock market 10 years ago, then bitcoin might be your next train for the next 10 years. Fortunately, the 3rd halving of bitcoins is on the timetable of 2020. For normal investors, to buy and hold bitcoins from now on is the most perfect timing to invest. Even then, the price of bitcoin today is still expensive, which is priced at about $7,500. For most investors, their affordance for buying bitcoins is low because they are short of budget. So, how can they solve this problem? https://preview.redd.it/pbup05wb26741.png?width=554&format=png&auto=webp&s=6c8433f620b932fc67622a652c3c89deeac1e000 BTC Options, which only requires a few premium then the investors own the rights equal to holding bitcoins. What is BTC Options? In short, BTC Options is the rights in the future; When I buy BTC Options, I own the rights of bitcoin within a specific period. A BTC Options contract equals the rights of a bitcoin. In a way, options and spot trading both need to predict the bitcoin price direction in the future. But options trading allows users to buy call (Expect the market to be bullish) or put (Expect the market to be bearish). What are the differences between BTC Options and the bitcoin on the spot trading market? For example, BTC Options launched by BitOffer, which requires 0 fees, 0 margins, and no exercise. Like what I mentioned before, A BTC Options contract quals the rights of a bitcoin, when the minimum price of a BTC Options contract is $5, if you buy 10 BTC Options contracts with $50, you would directly own the rights of 10 bitcoins. When the bitcoin price rises from $7,500 to $8,000, $500 profits would be made by holding a bitcoin as well as buying a BTC Options contract. The profits are the same, but the budget difference is 1,500 times. And $5,000 profits would be made if buying 10 BTC Options contracts. Thus, we can see that BTC Options is a better choice than other investments. How Do You Trade BTC Options? For example, now the bitcoin price is $7,500, you predict that the bitcoin price will rise in an hour. Then you buy a 1-hour call options contract with $5. As you expect, the bitcoin price rises by $500 in an hour. When the contract settled, you will get $500 as the return, which is 100 times to your premium. That is how options trading works, without paying the full amount, then you will be able to earn the price spread with a few premium. https://preview.redd.it/n11x3r0e26741.png?width=554&format=png&auto=webp&s=30de9f62f020579b86cb28ee59c3acafceaad006
BitOffer：How to Quickly Achieve Asset Appreciation in 2020?
https://preview.redd.it/u74wblb7u5741.png?width=1600&format=png&auto=webp&s=f743d263a1e13c8a928095223073470f9923deda For a long period to come, it cannot be denied that the global economic downturn is inevitable, and the ROI of not a few financial products keeps falling. As the economic downturn is ongoing while a continual rise of the commodity price, how can we ensure our asset preservation and appreciation? Most people always complained:” We missed out on the perfect timing to invest, if we bought bitcoin several years ago, we would be the winners!” It is definitely that we live in the world with opportunities such as stocks, forex, P2P, etc. Those miracle words came out and became the magic to make lucky ones rich. However, most people did not catch fortunes as they wished. Bitcoin, a burgeoning digital asset, seems to be our new “Noah’s Ark”. Since bitcoin was born, the price of bitcoin has risen by several ten thousands times for 10 years. Perhaps it just started its legend. Maybe the next 10 years is the period that bitcoin starts performing. If you already missed out on the stock market 10 years ago, then bitcoin might be your next train for the next 10 years. Fortunately, the 3rd halving of bitcoins is on the timetable of 2020. For normal investors, to buy and hold bitcoins from now on is the most perfect timing to invest. Even then, the price of bitcoin today is still expensive, which is priced at about $7,500. For most investors, their affordance for buying bitcoins is low because they are short of budget. So, how can they solve this problem? https://preview.redd.it/hsttbhkau5741.png?width=554&format=png&auto=webp&s=6f294ae79c2dfa9f365ad2a35cb05748fa237cbf BTC Options, which only requires a few premium then the investors own the rights equal to holding bitcoins. What is BTC Options? In short, BTC Options is the rights in the future; When I buy BTC Options, I own the rights of bitcoin within a specific period. A BTC Options contract equals the rights of a bitcoin. In a way, options and spot trading both need to predict the bitcoin price direction in the future. But options trading allows users to buy call (Expect the market to be bullish) or put (Expect the market to be bearish). What are the differences between BTC Options and the bitcoin on the spot trading market? For example, BTC Options launched by BitOffer, which requires 0 fees, 0 margins, and no exercise. Like what I mentioned before, A BTC Options contract quals the rights of a bitcoin, when the minimum price of a BTC Options contract is $5, if you buy 10 BTC Options contracts with $50, you would directly own the rights of 10 bitcoins. When the bitcoin price rises from $7,500 to $8,000, $500 profits would be made by holding a bitcoin as well as buying a BTC Options contract. The profits are the same, but the budget difference is 1,500 times. And $5,000 profits would be made if buying 10 BTC Options contracts. Thus, we can see that BTC Options is a better choice than other investments. How Do You Trade BTC Options? For example, now the bitcoin price is $7,500, you predict that the bitcoin price will rise in an hour. Then you buy a 1-hour call options contract with $5. As you expect, the bitcoin price rises by $500 in an hour. When the contract settled, you will get $500 as the return, which is 100 times to your premium. That is how options trading works, without paying the full amount, then you will be able to earn the price spread with a few premium. https://preview.redd.it/hexuskxcu5741.png?width=554&format=png&auto=webp&s=fe129ab11e2fc442fc81b5397988de1c59e6bd99
After months of studying up on forex, I've come up with 3 things you must acquire to become a profitable trader. 1.Risk Management: You MUST MUST MUST have good risk management. I only risk 2% of my account on each trade for 4-5%. If I lose 6% of my account in a day I will stop and if I make 6% of my account in a day I will stop. You can not overtrade/revenge trade. For example: If I have a $300 account, I divide 2% of my account by my stop loss. $6/30pips = $0.20/pip. RM is crucial to profit in these markets. Making 10% back on your account is a great ROI. And once you can consistently do that. it all just depends on your account size. because you will always risk the same amount each trade. and at the end of the day, one person can catch 100 pips and make 5% back on their account and another person can catch 500 pips for the same amount. it all boils down to percentages
Psychology: Ridding yourself of all emotions. Understanding who the market movers are and where the money actually is Keeping all thoughts positive. This category is very simple yet hard to get into tune with
Entry and exit techniques: Once you have 1&2 down. 3. will come with ease.
Just remember throughout your entire process, only you can come up with your trading plan. Just have patience.
What profits a manager from genesis vision can make
As most of you know, genesis vision tournament is running, and wanted to show you something Those are the results, from 1 day https://imgur.com/a/s23cS Those are from 2 days https://imgur.com/a/mvO27 This is what a not-so-good forex trader can do in 2 weeks https://imgur.com/a/HgWnH Now, let's talk some numbers GVT is now almost $25 with a market cap of 90 millions usd. Buying 100 coins now would cost 2500 usd. Being pessimistic, let's say that gvt only goes x5 from now (giving the industry they're going after, this is nothing). That would be 12500 usd. Then, let's say you invest those 100 coins between 10 managers. Let's be pessimistic again, and say that you get, on average, only 10% monthly (look at the images and you'll see it's doable). That would net you 1250 usd monthly from an investment of 2500 usd. 50% ROI monthly at worst. Buy or don't buy if you think you can get better ROI out there, but this is a safe bet as it can be. I already have my retirement ticket.
Hi traders. I have a couple of questions around carry trading but first I want to introduce myself. I took a run at forex a few years ago. I learned a little, did some analysis, found a really cool pattern, and jumped in with a modest amount of real money. I quickly lost about 25% of it and suspended my system. Eventually I discovered a basic error in my approach and quit. I am coming at it again now, and this time I am taking it slowly. I am reading various sources -- including this amazing sub, it's an absolute gold mine. I intend to follow the course that has been suggested here: learn, study charts, play in a demo account for a long time, and/or open a real account with a small amount of money. And keep learning. Lately I have been reading about carry trading. It seems there are several currency pairs with net interest rates in the 1.5% to 2% range. With 50:1 leverage that means an ROI of 75% to 100% per year. Right? I am thinking of trying a carry trade or two earlier in my learning process. My questions: With returns this high, why aren't you all doing it? Are there risks I am not aware of? I realize the currency pair can turn against me so it's also important to pick the right pair at the right time, and set up a SL. Or are you consistently making more money following your trading strategies? Seriously? -- more than 100% per year??
NOTE: I did not write this article below. I simply copy and pasted the article. Please click the following link to view the entire article. The article includes charts and images which were not transferred to the text below. https://steemit.com/cryptocurrency/@lennartbedrage/the-ripple-xrp-effect-fundamental-analysis The Ripple(XRP) Effect - Fundamental Analysis: lennartbedrage44 in cryptocurrency ripple.jpg Lately, there’s been a tremendous amount of buzz around Ripple(XRP), but is it only because of the massive growth we’ve seen in the past few 30 days, or is there something more? In this article, I’ll dive into a brief back ground of Ripple, objectively examine the arguments for and against it, explore its potential from a economic standpoint, then close with potential threats to your investment and a summary. Meet Ripple(XRP)- Released in 2012, Ripple aims to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks” through their real-time gross settlement system (RTGS) and currency exchange and remittance network. Ripples distributed open-source internet protocol consensus ledger was created as basic technology for interbank and regulated financial institutions to integrate Ripple into their own systems. This differs from the Bitcoin full node and other crowdsourced altcoin consensus networks in several ways: Ripples common shared ledger is a network of independent validating servers which compare their transaction records, rather than the full network of nodes coming to consensus prior to each transaction, enabling faster transaction speeds. Although their protocol is open source, it was not created as a plug & play solution, like bitcoins full-node software, nor does it rely on crowd-sourced support. Unlike Bitcoin, Litecoin, Ethereum, and other Alt-coins, Ripple is recognized as legal tender by several governments, which gives it instant liquidity via financial institution, as well as purchasing power over material goods. Because of this, it cannot be evaluated in the same ways as other coins, which are largely evaluated based on assumptions & speculation. In terms of value, it’s more like cash than a commodity. Because of this, it is evaluated in a much different way than Ethereum(ETH) and other alt-coins with intrinsic value, but is accepted much more rapidly because it’s easy for the mass-market to understand. Remember: without market acceptance, there is not value, regardless of how innovative something may be. Just 4 short years after its release, on 01MAY17, Ripple announced that a consortium of 47 banks have successfully completed a pilot implementation of Ripple in Japan, making it the first country in the world to enable domestic and international real time money transfers via the cryptocurrency. This event lead the XRP value to sky-rocket from $0.051580 USD to an all-time high of $0.430085 in just 16 days… but why? Is it 100% speculation, or is there something else going on here? “It’s not a real cryptocurrency!” Or is it? Well, those whom bring this argument to the table are probably referencing facts that I’ve mention during my introduction to Ripple: Its a centralized and regulated crypto-currency which does not need global consensus for transfers, and it is built specifically for (and potentially by) financial institutions. Though a lot of the Anarcho-Capitalists may want to steer clear of this one due to its highly regulated nature, regular capitalist may believe these core differences to be its greatest strengths: Regulated - As I mentioned in my analysis on Ethereum(ETH), Bitcoin’s lack of regulation was likely he reason (or at least, that’s what they told us) that the proposed ETF failed to pass the SEC’s evaluation several months ago. If adhering to some sort of trusted regulatory standards, this could drive federal confidence, which in turn drive bank and lending institution faith…trickling all the way down to the consumers. This insures rapid mass market acceptance. Consensus - As mentioned before this is much different process than Bitcoin’s global consensus, which means that transaction times are nearly instant regardless of volume transferred. Additionally, all transfers adhere to distributive ledgers DLT standards, which is a requirement for many financial institutions to be insurable. Institutional Management - You’ve probably guessed this one already. Although the demand and speculative value is driven at some capacity by ‘the people’, this currency is about as close to the World bank and SWIFT as you can get. This is largely due to the amount Deliberate - It feels like a big bank, because it is. Ripple was built specifically for the financial markets, which is why they specifically targeted regulatory compliance. shutterstock_289877267_long_read_cover_large.jpg Economic Value As mentioned in the last point, Its easy to see that Ripple offers tremendous value to financial-institutions and retail investors. These two groups make up 358 billion (numbers from 2013) non-cash cross-country annual transactions, and the FOREX market which sees more than $5.1 trillion $USD each day. Per a report released by Capgemini and The Royal Bank of Scotland, this is growing at an average rate of about 7.5% each year globally, though China and other Emerging Asian economies have been leading the charge at around 21%. Seems like a lot, right? Well, for sake of uncovering the immediate value of XRP, we will zoom into the recent adopters of the distributed ledger technology: Japan, India, and the Central Europe, Middle East & Africa(CEMEA) regions. Japan.jpg Japan is the third largest economy in the world by nominal GDP ($6.11 trillion), fourth by purchasing power parity(PPP) and second largest developed economy. Currently, their GDP per capita is roughly $48,412 (vs $56,430 in US) and their major trade partners include the US, China, Hong Kong, Australia and South Korea. Japan GDP.png Aside from the speculation that they maybe soon pressure their trade partners (excluding the US and China) to adopt a system which allows for instant, near free transfers of funds, here’s where it gets interesting for the immediate future: Japan has already started accepting Ripple(XRP) as legal tender. If Ripple raises to just 25% of the overall transaction volume of P2P, P2B & B2B within Japan itself (represented in the chart by Other Services, Real Estate, Retail, Transport, Communications, Finance & Utilities) which is equal to about 20% of their overall economy, Ripple would be handling roughly $1.27 trillion USD in Japan – alone - every year. To put that in perspective, the current (at the time of writing) market capitalization of Bitcoin(BTC) is $30.7 billion USD (or >0.4%). Unlike Bitcoin, Ripple is legal tender which means that it can be exchanged for material goods and services, which means that it’s likely to have explosive acceptance in the local area. India.jpg India-based Axis Bank announced in April that they will soon begin leveraging distributed ledger tech for cross-border transactions and to make banking simple and convenient for their customers. About 15 days’ prior, another large financial institution, Yes Bank, also announced that they would be adopting Ripples ledger for the same reasons. If Ripple continues to grow in acceptance at this rate in India, we could see another economy, roughly 1/3 the size of Japan’s ($2.074 trillion USD) add to Ripples annual transaction value. Now, from an economic stand point, this is most interesting because agriculture represents more than 50% of India’s employment, which means that India would be the 2nd case of consumer trading Ripple for staple foods. India GDP.png It is likely that Ripple will not handle as large of a percentage of overall transaction volumes in India because only two major banks have adopted this currency and it is not the only Crypto. The latter is probably one of the most important variables, as this means that Ripple will be duking it out for market dominancy. As all of my projections are fairly conservative, I would estimate that Ripple will handle roughly 10% of India’s over all transaction volume in the next 365 days, equal to roughly $311.1 billion USD. One last thing that I would like to mention is that India is literally the ‘I’ in BRIC and roughly 13% of the BRIC countries total output. If the BRIC comes to fruition, India may be able to convince it’s other close trade partners to jump on the XRP-Train as well. Dubai.jpg Abu Dhabi Bank, the National and largest bank of the UAE, has already begun offering cross-border transaction services with Ripples distributive ledger technology as well. As they deal extensively with their middle eastern neighbors, such as Saudi Arabia, and Qatar, the UAE is likely to set a trend for other CEMEA countries to follow. UAE GDP.png This might be a surprise to some people, but Dubai’s largest industry is the energy sector (shocker!) followed closely by Real Estate and their Finance industry (double shocker!). Although their GPD is much smaller than Japan and India’s (about $370 billion USD), I am anticipating Ripple to handle a larger percent of the UAE’s transaction volume (31.11%), especially in the finance, Real Estate, Retail and Logistics industries. This is due largely to the fact that their population is only roughly 9.157 million, but most Abu Dhabi nationals are very financially inclined (or at least heavy spenders). Potential Threats As this threatens SWIFT (unless they are completely on board) and the US dollars’ supremacy in the economic & financial markets, I would not be surprised to see a false flag attack, in which the NSA attacks Ripple and blames it on North Korea or China. Frankly, this would be a cake walk compared to Stuxnet or WannaCry and they could probably hand the task to an MIT intern. Where semi-centralization is Ripples strength in terms of transaction speed and regulation, it is also the biggest security flaw and may open it’s user to some heart ache, hair loss and heavy drinking over the next several years. Possibility So, what is possible in terms of value over the next few years? Well, if we consider the following scenario: XRP accounts for roughly 20% of Japan, India full GDP, but 31.1% UAE’s GDP ($7.152 Trillion USD) total exchange volume in the next 2 years Max XRP Supply stays at 100 billion No other countries adopt XRP (not likely) No hacks or other catastrophic events remove confidence Exclude speculation, demand, rallies, and GDP growth projections for each country Then we’re looking at each Ripple(XRP) market capitalization over ~$1.75 Trillion USD, making each coin $17.52 in real value. This means that if you were to invest today at $0.362794, your ROI would be about 4,989%. That said, I think that it’s likely it will go over $30 in the next 2 years, due to speculators flooding the markets and other countries signing up. Again, these are conservative numbers are based on total transaction value in USD equivalent. For those whom subscribe, I will update as new variables are available to my appraisal Bottom Line Although it was most definitely created by an insider of the banking industry and does not ‘feel like a crypto’, I personally feel that due to its rapid market acceptance, liquidity and position as legal tender in 3 large economies, Ripple(XRP) is both primed for explosive growth in the near future and likely to be one of the safest value based Crypto-investments we can make today. Another thing, China is the anchor of the West Pacific, so we should all watch their evaluation of Ripple, very closely. If they were to jump on the XRP-Train, you are likely to see Australia, South Korea, Indonesia and Singapore do the same. If you enjoyed this article, be sure to share & subscribe, as I have kept my proprietary models and will update as major events and additional countries begin to adopt this currency. If you feel that I have missed something or am just flat out wrong, please be sure to let me know in the comments below! Planned articles for the next 14 days: ICO advice from a Venture Capitalist (Follower Request) Paper Wallets (Follower Request) VIVA Analysis (Follower Request) Segregated Witness(Segwit) : Friend or Foe? A Kraken ate my gains... Fundamental Analysis: Stellar Lumens(XLM) Dual-Citizenship and Banking in Panama Rich vs. Wealthy All analysis, numbers and projections are my own. Core information was gathered from reliable sources, such as the World Bank, IMF, CIA world fact book, eia.gov and more.
Hey everyone, i am sure i am not the only one who has thought of this before, but, considering i am making a decent living by Forex trading alone (2x, almost 3x the average salary in my country / 12-18% profit per my money), would it make sense to start pulling in angel investors and making a lot of money following the same principles? NOW: I have 10.000 in, making between 1200-1800 a month with 1% IF i had 100.000 in, i could be making 12.000-18.000 a month? Even if i had a deal with investors to give them 8-10% ROI, i could be making a lot a lot of money? Thanks to all responses
Hello everyone! I'm thought I'd create a post as I'm trying to find some "unusual" investments to "expand my portfolio" - to use a phrase that makes my intentions sound a lot more fancy then they really are. Just a bit of background: I'm in my early twenties and live with my parents. I work full time and make around £1,000 a month after tax, maybe a little more if I'm lucky and work overtime. My non-negotiable expenses are a grand total of £32 a month (my phone bill), I also pay my parents a small amount of rent - £150 a month - to cover food and electricity. I also spend around £100-£200 a month on my credit card bill, where I keep around £400-£600 on there to build my credit rating. In total that leaves me with between £600-£700 a month free. For the most part £400 goes straight into an ISA, with a massive 1% interest, which every so often I'll dip into. At the moment I have £3,500 in there. The rest (£200-300) is for me to use on whatever I please. I also own around £1,000 in shares which I plan to hold onto for a fair while.Furthermore, I have some "passive" income with a bitcoin cloud mining contract, although it totals perhaps a profit of 25p a day which, again, I'm just going to let run and see what happens. I also own a very small online business, but I've only make one £5 sale in 6 months. So anyway, I've been looking around for some unusual investments, that aren't what you would probably call typical. I don't have any desire to buy more shares, bonds or invest in the FOREX markets so they're immediately out. I spend a little bit on gambling every month, so I've looked at maybe buying a share in of a horse (expensive/risky), a greyhound (upkeep) or even a very minor league football team (basically a money sink). But nothing has particularly taken my fancy. I have a budget of £1,000. I'm not too caught up with the ROI, but if it's something I can get stuck into then I'm all for high-risk since it could just become a hobby, albeit an expensive one. Just looking for something interesting where I could, in theory, make a little bit of money. After all, anything more then £10 is more then I'd get with my ISA! Thanks in advance!
Hello Everyone, I applied for the OMSCS program 2 years ago for Fall 2016. I am thinking of re-applying for Fall 2018. Since my last application I have done the following: * Got admitted to a Masters in Computer Science with a Software Systems Major (will be finished by summer 2018) * Started working part-time as a Software Developer, doing software projects (solely responsible for design and implementation end-to-end) for a Forex fund * Completed over 100 + Moocs in various CS topics and of different difficulty Will my current graduate computer science education help me on my application? Or will it be seen as a quite similar degree, thus making me an obsolete candidate? I can get 3 reference letters, 2 from my current employer (1 from the CEO and 1 from my supervisor), probably also a 3rd one from my old manager from my previous employer. Will there be a problem if I only have 2 references? Do you think that professional references are enough? I cannot get the same academic references as I used last time, and it feels weird to ask my current professors/supervisors for a reference letter for another Masters in CS (might give the impression I do not value my current university). The reason I want to do another Masters in CS is that even though my current degree has some technical aspects it is not purely systems oriented. I would like to do the Computing Systems specialization while working to continue learning, polish my coding skills and collaborate with other students on interesting projects. I expect my OMSCS to last for 3 years, after which time I might start a Ph.D. I feel my current skills are at a good level but not strong enough to pursue a Ph.D in a such a competitive field (also I would like to work for a few years to get my ROI for current education and accumulate some savings). I like learning and do not want to continue doing endless courses at Coursera or Edx or Udacity, I would like to do more challenging and meaningful work with an eventual recognition of my effort (graduating with a Masters degree). Should I mention my current Master's Degree in my application? Or is it better to just pretend I never went to graduate school? I am not looking for a definite answer, I would like to hear other students' opinions and advice. Thank you in advance for your help.
Chainfund — An Introduction to The Effortless Blockchain Investment Platform
Chainfund is founded in October 2017 with initial funds of more than US$1million from more than 100 investors and offers a 1-Click investment experience designed to be open and accessible to everyone. Chainfund substantiates their highly ambitious nature with their philosophy — investing in high potential Crypto-assets with long-term values and growth. Founders Thanh Do and Yann Quelenn possess a high degree of expertise in Computer Science, Entrepreneurship, Quantitative Finance, Economics and FX trading from their background as a Full Stack Software Engineer and Market Strategist for SwissQuote respectively. The founders’ individual expertise perfectly matches one another in the efforts of building Chainfund from the ground up. The founders’ individual expertise perfectly matches one another in the efforts of building Chainfund from the ground up. Thanh Do is Chainfund’s CEO. He is a serial entrepreneur, blockchain enthusiast, and fintech software engineer. He has been the founder and CEO of EMVN — top 50 worldwide YouTube network with 1 billion views monthly. He has been a full-stack engineer in Swissquote Bank Switzerland, a leading fintech company in trading markets such as stock, forex, crypto, and eGambling. Thanh graduated as MSc in Computer Science from the prestigious Ecole Polytechnique Fédérale de Lausanne (EPFL), top-12 QS World University Ranking 2018. Yann Quelenn - Co-founder & CIO Yann Quelenn is an investment professional with strong technical and financial background. He worked in several institutions such as Swissquote Bank in Switzerland where he was Market Strategist. He was also FX Trader at Banque Privée Edmond de Rothschild and Portfolio Manager at Polaris Investment in Luxembourg. Yann has also a master’s from Bocconi University, one of the most prestigious European university, where he has got a degree in Quantitative Finance and Risk Management. He has been featured in many tier 1 media such as the Guardian, Bloomberg, Reuters and The Financial Times and has already participated in several speaking events. Chainfund currently offers investors the Dynamic, Extreme, ICO portfolios and the new launched MNODE Fund on a seamless platform which provides: - exploration to a range of efficiently diversified portfolios - gateway for securely depositing money and receive your portfolio shares - collection of ROI by selling shares Chainfund’s low entry rate appeals to a broader audience. Starting from $1,000, investors will have full control of withdrawals, access to the latest AI risk management algorithms and receive the best proposals and diversificationoptions to maximize returns while mitigating risks by our committed team of finance professionals, experienced fund managers and researchers. All transactions within Chainfund, will be processed through smart contracts, thus ensuring security, transparency and accuracy.
This fund focuses on long-term sustainability whilst exposing sufficient risk, meticulously calculated to capitalise on the overall growth of Crypto-assets based on mainstream adoption potential. - 40% Allocation always in Top 10 Cryptocurrencies by Market Capitalization. - Privacy Coins - Blockchain Infrastructure Platforms - Utility tokens backed by a real economic model Dynamic Fund: 40% Allocation always in Top 10 Cryptocurrencies by Market Capitalization
This fund portrays the methodology of Value Investing. Focusing on undervalued, high-growth potential coins found lower by ranking in terms of Market Capitalization for maximum returns tempered with realistic risk management. The Extreme Fund possesses a much higher risk-to-reward ratio as compared to Dynamic Fund. The fund will also introduce short-term swing trades to find profits during times of market volatility. - 10% Allocation in Top 10 Cryptocurrencies by Market Capitalization. - Privacy Coins - Blockchain Infrastructure Platforms - Scalability and Interoperability solutions - Utility tokens backed by a strong economic model. - Short-term trades (20%) Extreme Fund portrays the methodology of Value Investing
With over $1.3 million has been raised in the Initial Coin Offerings (ICOs) market in 2017, Chainfund aims to take advantage of the new method in raising funds and capital by introducing an ICO Fund. Leveraging from its strong network, Chainfund offers an opportunity for retail investors to participate in private and pre-sales for an ICO, traditionally only available to private accredited investors, venture capitalists and institutions. Through the power of syndication, investors are able gain access to higher bonus structures and benefit from a much higher Return-on-Investment (ROI). Potential partnerships will be meticulously vetted by our dedicated team of analysts, researchers and financial experts. Investors will be provided with our Due Diligence Report prior to investing. Chainfund also strives to open up more opportunities for its investors in due time as the crypto-market continues to find itself amongst the more established asset classes. ICO Fund’s recent partnerships & private agreements
The Masternode market has grown spontaneously in the past year with over 3 billion market capital and hundreds of other masternode enable coins, Chainfund developed MNODE aiming at leveraging the benefit of this new technology. MNODE is a tokenized Masternode fund, featuring:
1-click investment experience with all assets are tokenized by a single MASTER token, intuitive platform management
Zero fee structure
Power of Syndication that enable diversified portfolio and access to maximum bonus rewards
Fast reward distribution with rewards are credited to staked wallets bi-weekly
I can assist you with forex market only as Account fund manager. with my concept and strategy (Vedic astrology) there is possiblity of making ROI about 100 % in a duration of with a year Minimum Investment = $ 700 Maximum Investment = $ 2000 https://www.youtube.com/watch?v=QCgS7JQ_DKQ
Hey all, I saw the posts that you all have been posting about. I'll answer some questions to clear the air first.
Q. Where has Gritt been?
A. Admittedly, not around enough. Been quite busy with a marriage a year ago which led to a break in the digital currency field. Further more, we just had our first baby last Friday. Also, some of you may be aware that I have been helping out on the Clubcoin project with sinetek for a group associated with the Bitclub Network.
Q. What's in Blackcoin's future?
A. The community. It has, and always have driven Blackcoin. Now, I have taken a step back on many things in regard but I do see a lack of community leadership to glue everyone and everything together. I do plan on making the effort back into this now that I can worry less about everything that I have been worried about. I get it, I have said that many times in the last year but life kept throwing balls at me that made it difficult to focus. Moving Foward First, join the fresh new Slack: https://slack-blackcoin.herokuapp.com Or, the IRC @ Freenode; #blackcoin EDIT: Apparently people are claiming that I am trying to split the community via a new group? What? Ehm, no that wasn't my intention. I just firmly believe that Slack is a better means of communication. Was planning on putting together a bot to bridge the two. Of course, for Blackcoin to continue there needs to be a form of rewards program and community drive, so to speak, to get money flowing into projects again as a form of incentive. Everyone involved needs to make a commitment and in my eyes, they need to see more rewards back into their pocket. Not just charity. We all have thrown money into projects thinking that it will return the profit in the form of the price going up. Many times, this wasn't the case as history has shown. It ended up with people frustrated and leaving. I have been speaking to Sujoy on quite a few ideas on how people can earn money on their investment within Blackcoin of which will not only help development, but it will also bring a ROI to your pocket. At first, this will start to drive development, attract people to Blackcoin, which will further increase the price. So, how can this be done? Through a variety of investments in things outside of Blackcoin that are handled by people experienced in those fields. Sujoy for instance, is a pro at Forex trading in my eyes. He would be able to take money in BLK and translate it into USD for Forex trading purposes and give out a ROI monthly and take a percentage out to pay to Blackcoin development. I averaged how much he is able to earn per month across all of his accounts going back 8 years and it is a staggering 7.4% per month. The banks can't beat that. He is also dedicated completely to it. Sujoy is one person, I'm sure there are others here that have skills in trading Altcoins and will be willing to start pots. Now, of course the question remains is, transparency and trust. You would want this to be completely trust-less. Of course, a DAO would make the most sense. However, I do believe that we may be able to make a platform that overcomes this with a form of reputation system. Kind of old-school BTC-OTC is a possible solution as we build for a better solution. With that, of course there is dzimbeck's BlackHalo which can bridge the gap of trust between people. I encourage people to use this. Think back to starting a business. You won't have all the flashy gear and high-end equipment. You would likely start out with your own two hands and not much automation. As you grow, you start to automate to make things more easier. We as a community need to start with what we can do with our hands as individuals and start think, how can I make Blackcoin better? It can be anything that you are skilled at. We need to build Blackcoin centric organisations and companies. Big or small. They all need capital and we need to show the world that we are the kings of PoS. You vote with your money, not your computational power. A while ago, there was the idea to bridge Peer Shares into Blackcoin aka BLKShares. This should be done. So for the future in terms of economy off the top of my mind are;
Sujoy's Hedge fund with Forex
Gritt's Blackcoin gold & silver fund (local and international). I can convert Blackcoin into gold / silver and back into Blackcoin. There will be proof of reserves.
Gritt's Cambodian local trading reserves (I'm doing about $10,000 in volume right now monthly on my own. I have ideas to expand it and if anyone wants to get involved, I can happily give them a ROI on their investment and keep it completely transparent.)
Gritt's micro financing. I have been dabbling into micro financing on my own to give people money that they need and then earning a monthly interest on it. So far, 100% successful.
Gritt's pay bills with digital currencies in Cambodia. I'm able to take in BTC or any other digital currency, charge a small commission and pay people's bills.
Altcoin / Bitcoin mining, again. This might not be a bad idea to pursue again.
Of course, mine are local (except the gold fund) and I can have been earn ROI and fund Blackcoin development with all those above. Development and Economy have to work hand in hand for Blackcoin. Rat4 does some amazing stuff and there are some amazing projects out there but there are nobody using them. We have the tools, we need the economy to move. So, going forward, I will get together what ever I need to get together for the Blackcoin community.
Twitter & Facebook activity
Proper FAQs and support page
Some form of claimed addresses page with people's ID's. A sort of Blackcoin directory if people want to participate.
Anything really. There are plenty of things that the greater community has worked on. The idea is to bring other altcoins into the Blackcoin economy. As in, people can pay with whatever coin they want to, and they'll get Blackcoin benefits paid out in Blackcoin. Once we have enough things for people to make legit money on, the more we'll attract people. I honestly don't know where and when to end this. I could keep going but I hope I painted the picture. ~ Gritt
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