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How to create an image recognition app

app Image recognition is currently using both AI and classical deep learning approaches so that it can compare different images to each other or to its own repository for specific attributes such as color and scale. AI-based systems have also started to outperform computers that are trained on less detailed knowledge of a subject.

create AI image recognition is often considered a single term discussed in the context of computer vision, machine learning as part of artificial intelligence, and signal processing. To put it in a nutshell, image recognition is a particular of the three. So, basically, picture recognition software should not be used synonymously to signal processing but it can definitely be considered part of the large domain of AI and computer vision. Let’s take a closer look at what each of the four concepts means.

  • Image recognition. With an image being the key input and output element, image recognition is designed to understand the visual representation of a certain image. In other words, this software is trained to extract a lot of useful information and it performs an important role to provide an answer to a question like what is the image. This is how the term image recognition is usually understood.
  • Signal processing. The input can be not only an image but also various signals like sounds and biological measurements. These are signals useful when it comes to voice recognition as well as for various applications like facial detection. SP is a broader field than image identification technology and mixed with deep learning, it’s capable of discovering patterns and relationships that, until now, were unobservable.
  • Computer vision. It is a whole scientific discipline that is concerned with building artificial systems receiving information from such input sources as images, videos, or other multi-dimensional hyperspectral data. The computer vision process involves techniques such as face detection, segmentation, tracking, pose estimation, localization and mapping, and object recognition. These data are processed by the application programming interfaces (APIs), which we’ll discuss later in the article.
  • Machine learning. It is an umbrella term for all the above concepts. ML covers image recognition, signal processing, and computer vision. Besides, it’s a quite general framework in terms of input and output — it takes any sign for an input returning any quantitative or qualitative information, signal, image or video as an output. This diversity of requests and responses is enabled through the use of a large and complex ensemble of generalized machine learning algorithms.

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How image recognition software works

Detection of images is performed using two different methods. These methods are referred to as neural network methods. The first method is called classification or supervised learning, and the second method is called unsupervised learning.

In supervised learning, a process is used to determine if a particular image is in a certain category, and then it is compared with the ones in the category that have already been detected. In unsupervised learning, a process is used to determine if an image is in a category by itself. Neural networks are complex computational methods designed to allow for classification and tracking of images.

What you should know is that an image recognition software app will most probably use a combination of supervised and unsupervised algorithms.

The classification method (also called supervised learning) uses a machine-learning algorithm to estimate a feature in the image called an important characteristic. It then uses this feature to make a prediction about whether an image is likely to be of interest to a given user. The machine learning algorithm will be able to tell whether an image contains important features for that user.

Metadata classifies images and extracts information such as size, color, format, and format of borders. Images are categorized in different tags, called information classes, and each tag is associated with an image. These information classes are used by the recognition engine to understand the “meaning” of the image.

The data used to identify images, for example: “cute baby” or “dog picture”, must be labeled to be useful. This requires the data to be analyzed with information extraction techniques such as classification or translation.

So, pattern recognition in image processing is a multi-step process that includes:

  1. The original image detection
  2. Analysis and classification of the data
  3. Reinforcement learning
  4. The AI training process
  5. Monitoring and replaying of the training process

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How can businesses use image recognition?

The benefits of image recognition are making their way into the world. So, it’s not only the question of how to create an image recognition app but it’s also the challenge of how to build an image recognition app so that it can enhance your business. Using massive amounts of data to teach computers to identify what’s in pictures, a machine learning technique can bring about the three big positive changes we’ll discuss below.

1. Improved product discoverability with a visual search. A well-trained image recognition model enables precise product tagging. Such applications usually have a catalog where products are organized according to specific criteria. This accurate organization of a number of labeled products allows finding what a user needs effectively and quickly. Thanks to the super-charged AI, the effectiveness of the tags implementation can keep getting higher, while automated product tagging per se has the power to minimize human effort and reduce error rates.

2. Higher audience engagement on social networks. Image and face recognition on social media is already a thing. Social networks like Facebook and Instagram encourage users to share images and tag their friends on them. And their trained AI models recognize scenes, people, and emotions in no time. Some networks have gone even further by automatically creating hashtags for the updated photos. It all can make the user experience better and help people organize their photo galleries in a meaningful way.

3. Optimized advertising and interactive marketing. Another benefit of using image identification technology in an app is the optimization of mobile advertising. Interactive marketing campaigns rely heavily on knowing the customer. In fact, the maximization of ad performance can be achieved in some mobile apps by redesigning them to incorporate image identification technology. After all, image identification technology is just another tool in the app marketing toolbox.

How IoT can help fight COVID-19 battle

The world is fighting with novel coronavirus, healthcare officials are working tirelessly to provide the best facilities to prevent citizens from infection and to save those who are already infected. In such a scenario, technology innovation are steadily making a difference to healthcare systems. Countries are mustering all resources at their disposal and deploying cutting-edge technology to mitigate the effects of COVID-19 and profile people at risk.

battle

Internet of Things (IoT), in particular, and along with other technologies like Cloud and AI, is of great use during the crisis. According to a study by researchers at MIT, overlaying geographic information system (GIS) on IoT mobile data can assist epidemiologists in their search for patient zero and can help identify all the people who have come into contact with the infected patients. The technology can also be helpful in monitoring patients who are high-risk and hence can be a source of information to healthcare staff to take adequate action.

Let’s have a look at some of the example where IoT is being used to monitor the pandemic.

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Connected thermometers

Connected thermometers are being used by hospitals to screen patients and staff. Shanghai Public Health Clinical Center (SPHCC) along with seven other hospitals throughout China are currently using continuous temperature sensors to monitor COVID-19 patients to reduce the risks of hospital staffs. This device has been built by California-based connected health startup VivaLNK’s.

VivaLNK’s body temperature sensors provide continuous, real-time monitoring of any changes in body temperature. This uses IoT Access Controller by Cassia to receive real-time patient data from the sensors and wirelessly transmit this data to a nurse’s station for continuous monitoring. This gateway allow up to 40 Bluetooth Low Energy devices to be paired and connected simultaneously while providing the long-range connectivity needed to cover multiple rooms in the SPHCC. Apart from this Kinsa Health has used data gathered from its over one million connected thermometers to produce daily maps showing which US counties are seeing an increase in high fevers.

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Smart Wearable

Researchers at IIT-Istituto Italiano di Tecnologia have designing sensorized suits that can monitor human body parameters. The smartband alert users when their body temperature is higher than 37.5 degrees. While reading the movement of the human body, The smartband releases radio signals from which the distance from another bracelet can be retrieved; when two smartbands are in proximity, they vibrate, thus emitting an alert signal that helps people respect social distancing. The frequency of the radio signal is 2.45 GHz, the same of Bluetooth, but IIT developed a proprietary protocol for an easier and faster detection of human proximities. Therefore, a future development of the smartband can devise mobile apps that communicate with the bracelet using classical Bluetooth.

In China people are using bracelets and rings synced with an AI platform from CloudMinds to provide constant monitoring of vital signs, including temperature, heart rate and blood oxygen levels. Hong Kong on the other hand  is using electronic tracker wristbands to alert authorities when individuals specifically those recently arrived from international destinations do not comply with compulsory home quarantines.

IoT Buttons

Visionstate designed its first Internet of Things buttons which is being used by hospitals in Vancouver. The buttons are called Wanda QuickTouch that addresses the need for rapid deployment in a facility of any size. The IoT buttons send instant alerts to management advising of any cleaning or maintenance issues that may pose risks to public safety. The technology enables facility managers to track alerts and staff response times, as well as monitor regular cleaning activities in the high-traffic areas. The button monitor alerts issued by staff or the general public and can be adhered to any surface and requires no infrastructure to operate. The IoT buttons are battery operated and automatically connect to the LTE-M network and can be used in patient rooms, nursing stations, restrooms, or common areas. The buttons can be used in conjunction with Visionstate’s new Wanda mobile app, which provides facility managers with the ability to track cleaning and maintenance activities throughout a facility.

The upside of a falling stock market

The most important thing to know about the stock market is that while there’s a lot of year-to-year volatility, the general trend is strongly upward.

Over a 20-year period, the US stock market has never gone down. That’s not magic, it simply reflects the fact that the economy tends to grow over time and consequently so do corporate profits. A diverse portfolio of stock gives you ownership of a slice of those profits. While it’s not guaranteed to rise over the long run, if it doesn’t, that’s probably going to be because some cataclysm — a nuclear war destroys the basic infrastructure of American cities or a genuinely apocalyptic epidemic like something out of The Stand — occurred that gave you something bigger to worry about than your retirement fund.

stock

The short-term ups and downs of financial markets are interesting to journalists in part because they provide a kind of real-time indicator of what people think is going to happen in the future. The huge drop in the stock market since the novel coronavirus spread beyond China is a sign that people with money at stake think the world economy is going to tumble into a recession.

There was one week in October 2008 when the Dow lost 18 percent of its value. The recession that followed was, indeed, really bad, and the policy response from the American government was only partially successful. Nonetheless, despite all the pain and horror of the Great Recession, the actual economy never shrunk by nearly as much as 18 percent. Consequently, during Barack Obama’s first term the stock market actually bounced back much more strongly than the real economy largely because there was never any good reason for it to have fallen so much in the first place.

The coronavirus situation seems very alarming to public health, and there’s good reason to believe it will seriously damage the economy. That said, there’s no reason at all to think that it will have a meaningful impact on the state of the world five or 10 years from now. Whatever happens, the economy will bounce back, and the stock market with it.

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A good time to buy low

All of this is because financial markets, famously, tend to very heavily discount the future. Basically, the market cares a lot about the next quarter and the next year, maybe a little about the next five years and not at all about the future beyond that.

You, when planning your own life, should be a little more thoughtful and prudent than that. If you plan to keep working for years or decades, then the only real implication for you is that $100 will buy more shares of stock than it would have a month ago.

To put it in more technical investment terms, the “expected return” on the stock market over the next 20 years has gone up precisely because the market has gone down. When the market has boomed for a while, the odds of an additional boom go down. When it’s had sharp declines, a boom becomes more likely. Don’t take this as investment advice for the next day or week or month — I have no idea if stocks will go up or down from here. But over a multi-decade horizon, the market almost always goes up. If you can get it when it’s low, that’s good.

Most people don’t really save as much money as experts think they should. Saving more is, of course, difficult. But to the extent that the markets being in the news makes you do anything, it should be to check and recheck if there aren’t prudent changes you could be making to put more money away now when it’s most valuable.

By the same token, the declining stock market has also brought interest rates to historic lows meaning it may be possible to do things like get a mortgage and buy a house on more favorable terms than was the case pre-coronavirus.

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This sort of dynamic is ultimately part of how economies recover from bad times — prices go down and people swoop in to take advantage of the bargains, which helps push things back up. It’s, of course, not your job to personally bolster the entire investment position of the world economy.

But just as panic is unhelpful in a public health crisis, the mentality of fear induced by a steep decline can itself become an economic problem. The best thing you can do for both yourself and the community is to step back and think things through. Nothing about the dramatic events of March 2020 has really changed anything about how I think the world will look in 2050 when I might be ready to retire.

5 Key Tips for Marketing in a Down Economy

When the economy is on a downturn, most people are focused on how they’ll save money and reduce costs. As a small business owner, this should be your focus too.

Economy

If fewer customers and clients are spending money on your business, you’ll need to lower expenses as well to help with cash flow. This doesn’t mean doing less sales or marketing on your part. In fact, you may want to ramp up your marketing efforts while still being sensitive to the economic times.

Here are 5 key tips for marketing in a down economy.

1. Grassroots Marketing

Taking a grassroots approach is a great strategy for marketing in a down economy. Grassroots marketing often starts by you marketing to a small group in the effort that they will spread your message to a much larger audience. Word-of-mouth marketing is still a very valuable tool.

To get started, you can join a mastermind or an association to connect with likeminded business owners. Focus on expanding your existing network. Speak at an event or host a webinar to give back to your community. This is an easy way to get people excited about your business and keep it at the forefront of their minds. As a result, they may be happy to refer or recommend you for certain opportunities.

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2. Stay Connected

Don’t just disappear during an economic downturn. Remain available to your audience and customers and be consistent with your approach. The internet makes it so easy to stay connected these days. You can send out regular email newsletters with helpful information and tips, provide updates on your business, and post tips to social media.

Another thing you can do to stay connected and encourage people is to host a challenge to help them reach a goal and provide healthy dialogue with customers and clients.

3. Change Up Your Offering

Businesses that remain successful in the long-term are good at adapting to changing times. As the economy changes so does people’s needs. Focus on changing up your offerings to better meet the needs of your customers.

Even during an economic downturn, it will be easier to market products and services since your customers will see that you’re not out of touch with what’s currently going on in society.

4. Try a Different Strategy

Switching up your marketing strategy and testing new tools is never a bad thing. This can help especially if you’re looking to lower your marketing budget. Maybe you’ve been spending money on paid social media advertising or Google ads.

Switching to free and affordable marketing methods like organic SEO and affiliate marketing can help you still promote your business to new audiences without breaking the bank.

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5. Segment Your Marketing

Realize that everyone gets affected by the economy in different ways. This is why it’s wise to gauge where your customers and clients are at and segment your marketing. Don’t just assume that some people have or haven’t been affected by an economic downturn. Survey your audience, then segment your marketing so you’re appealing to the right people at the right time.

This may seem like a little too much extra work, but it’s worth it. Depending on your email service provider, segmenting your email list may be pretty simple to do. You can segment your other marketing tactics by gearing it toward a specific audience and narrow things down as you go.

Summary

Marketing in a down economy may seem like a challenge but it’s not impossible to continue to promote your business during this time. Take advantage of these 5 key tips for marketing in a down economy and really focus on meeting your audience where they’re at. This can also be the perfect time to test out new strategies and products and services to meet people’s needs during this time.

Which are 8 Best Tax Software for 2020?

The average cost of hiring an expert for preparing your tax returns is approximately $275, for any normal tax situation. Undoubtedly, this is a lot of money to put in, and often it ends up being unnecessary owing to the digitised world. You can deduct a significant amount of expense if you can figure out the tax-time priorities in advance and identify the best software for catering your needs.

Tax

Taxes are confusing enough, and so without multiplying your stress for locating the best tax solution, we have done in-depth research to simplify this not-so-simple activity. Here are some of the finest tax software available in the market that can save you from cramming all those tax documents into your briefcase and head off to an accountant’s office.

List of 8 Best Software for Taxes in 2020

1. TurboTax

If you have decided to do your taxes yourself, then Turbotax is the app for you. Excelling in design, flow and features for filing taxes online, the tax application is a face of the crowd. The interview-style, user-friendly questionnaire gives a feeling of chatting with a tax preparer. TurboTax asks you questions in a simple language and safely keep your answers for returns. TurboTax Live, one of the outstanding features of Turbotax, gives one-on-one review with an enrolled agent or CPA before you file in addition to unlimited tax advice.

2. HandR Block

Hand R Block is one of the cheapest tax filing software for the self-employed. This solution facilitates individuals to file their self-employment income. Hand R Block makes it quite easy to kick start in the process; it does so by allowing the person to import their previous returns from other tax preparers like TaxAct, TurboTax and Credit Karma.

Entrepreneurs and Freelancers are served best by the company’s Self-Employed package, which aids the individual to find standard business deductions, fill out forms like Schedule C and write off startup costs. Varying to some of its competitors, the tax solution discloses its prices openly. If people desire a tax professional for checking and signing their returns, they can do so by springing to the highest tier. H&R Block also offers a “tax prep checklist” for tracking down the documents one needs for preparing the return.

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3. TaxAct

Often TaxAct is mentioned in the same breath as HandR Block and Turbotax, but it offers something unique, and that is price lock guarantee. The tax solution comes with fewer bells and whistles, but it is capable of handling returns that include investment income and self-employment. Also, it has a functionality called Life Events which zeros in on the potential variations in a tax situation from last year to the present one.

The web-based solution offers 19 icons relative to different sorts of circumstances that might apply in real life. TaxAct posses pre-built spreadsheets where information like sales proceeds, reporting category, gains/losses, and other such stock data can be inputted. It also comes with customer support coupled with hyperlinked words and phrases, which gives a lot of explanation. Additionally, it possesses a comprehensive TaxTutor Guidance centre.

4. Credit Karma

Credit Karma was first launched in the tax preparation area in 2016, and it has made significant improvements for the 2019 filing season. Both the federal and state returns are completely free. Owing to some additional functionality like a searchable “help” database, the interface has improved a lot. Initially, some of the users had problems with the support and guidance.

Credit Karma has done its homework and upgraded its customer services. The solution isn’t limited to simple 1040A and 1040EZ returns. It is capable of handling major IRS schedules and forms, including the ones in relation to more complicated tax situations.

5. Jackson Hewitt

The software costs a little less than TurboTax and Hand R Block, in return for which one gets an extensive and efficient wizard. The wizard has a series of questions walking through which one receives a complicated tax return depending on your answers.

The tool covers almost every imagined tax situation for personal filers. Jackson Hewitt Wizard is capable of handling complex tax situations, though one can’t count on the explanatory popups to answer the why’s and how’s of tax situations.

6. TaxSlayer

Initially, TaxSlayer was developed for tax professionals; then it grew to aid individuals for preparing their returns. TaxSlayer is a web-based solution, which makes it accessible from any device. The best thing about “Quick File” option which eliminates the need for inputting tax information in sequential order.

TaxSlayer offers two choices- “Enter Myself” or “Guide Me”. The former allows you to jump around a bit, like Quick File. The Guide Me is a bit slower owing to its more methodical nature.

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7. Liberty Tax

If you have been preparing your tax returns for years using one or other software, then Liberty Tax is the right solution for you. The program suits well to the more experienced fillers. Although the interface isn’t very attractive, it is more of let’s just get this task done. It possesses a huge number of manual clicks and a tiny bit of searching often, but all of this is fine if you the target and even the way. The solution lets one decide the aspects of a return one wish to work on, present them in chronological order and also give recommendations.

8. Free Tax USA

Free Tax USA is suitable for self-employed or somebody who has more complicated returns than that of an average person but is not interested in paying fortunes. The deluxe version of this solution handles situations that most other solutions don’t seem to offer unless you pay for their self-employed or premium version.

How to Choose the Best Tax Software?

There are several factors which a tax software must possess. Here is a comprehensive list of the same:

  • Audit-Risk Identification

Under this category, tools that help in identifying red flags which mostly trigger audits, such as breaking the rules on foreign accounts or failing to report your total income.

  • Accuracy Guarantee

If the user pays an IRS or interest or state penalty due to some calculation errors in the software, then the company compensate for that by paying back penalty and interest to the user.

  • Customer Support

A comprehensive tool acting as a knowledge base, live chat or screen sharing, and email support.

  • Refund Disbursement Options

Users must have an option to choose how a refund is paid, i.e., via some check, prepaid debit card, direct deposit, savings bond or something else.

  • Easy Data Import

The tax software must facilitate easy import of information from the previous tax returns, larger employers, and even payroll services

  • Versions- Online and Desktop

Filing online facilitates you to pick up right from the point you left off on a different location or device, but some of the users, especially the company owners, may opt for everything saved on their hard drives.

10 Personal Finance Software Options of 2020

In this digital world, things are becoming much more accessible, all thanks to the latest advancements in technology. From AI to Big Data, recent technological advancements are making the lives of people easier and their work more efficient. Personal finance software is one such robust financial solution that is transforming the lives of ordinary people. Through personal finance software and apps, you can seamlessly master the basics of managing your money and expenses.

Finance

According to sources, the total market value of Personal Finance and Money Management software is predicted to be $399 million by the end of 2020. Also, it is predicted to reach $1213 million by the year 2023. Clearly, personal finance software is gaining momentum at a fast pace.

10 Best Personal Finance Software Options of 2020

1. Quicken- Best Overall

Quicken is the most popular and established personal finance software in the global market. It has been around for quite some time now and serves as the all-rounder in the finance market. Through Quicken, you can seamlessly manage your investments, budget, and even taxes using a centralized platform. It also enables the user to manipulate and perform the advanced calculation on their critical data using the Excel Reporting feature.

2. GnuCash – Best For Accounting

GnuCash is another all-purpose financial solution that aims to simplify the life of a modern-day user. It can serve as the perfect accounting software for streamlining the financial tasks of individuals and small businesses. It is an open-source personal finance software that enables you to track your spendings and stocks efficiently.

3. Mint – Best For Budgeting

With its intuitive and mobile-friendly user experience, Mint is a powerful personal finance software that aims to make your financial tasks simpler. It helps in budgeting and expense tracking and also provides a centralized dashboard to offer full control over your finance operations. You can leverage the robust functionalities of Mint to manage your banking operations and cards from one place.

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4. Personal Capital – Best For Trading

Personal Capital is the one-stop solution for managing all your financial accounts right from a single place. You can include your bank account, mortgage, investment accounts, and other credit card accounts to get a clear financial picture right in front of you. Not only that, you can even track your investment goals, retirement goals, and can also know whether you’re paying extra or not.

5. YNAB – Best For Habit Building

YNAB, or ‘You Need A Budget,’ is a financial solution that aims to enhance your business knowledge as you manage your monthly expenses. This powerful personal finance software provides you excellent tutorials over complex financial topics as you track your expenses. It is a unique financial solution for the people who are poor at managing their finances or are in significant debt.

6. Acorns – Best For Investments

Acorn is a great place to start if you want to get complete support for your investments. It automates your investment process with the help of its game-changing features and assists you in making more informed decisions. A great feature of Acorns is that instead of investing large sums, it lets you invest your loose change and give tremendous ROI over them.

7. TurboTax – Best For Taxes

TurboTax is an affordable and top-selling online tax preparation software, popular in the US. It helps you manage your taxes and guides you in every aspect of tax filing through its interactive and user-friendly tools. Also, the process of entering your details is quite simple in this powerful personal finance software.

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8. Tiller – Best For Spreadsheet Management

Tiller is a great spreadsheet management tool that lets you perform complex calculations for effectively managing your financial data. It syncs your banking, investment, credit card, and even your loan accounts into a single platform. You can export the data into Google Sheets and can then perform the specific calculation.

9. LearnVest – Best For Tracking Spendings

LearnVest is an online advisor and an education website that provides useful modules over finance management. It offers compelling mobile applications for all of its users. Talking about the user-interface, LearnVest is somewhat similar to Mint, though it provides real-time information over the latest financial trends.

10. Truebill – Best For Bill Management

If a person is looking for a genuine bill management solution, then none other than Truebill could help him/her. Truebill is a personal finance software that allows the user to manage and lower the cost of their bills. It also enables the user to upload their bills using its mobile app and even allow them to share that bill with their other teammates.

Bitcoin Rallies Again Following Bullish Chart Pattern

Bitcoin (BTC) is one asset we don’t touch on all that often here on this blog, but we’re going to make an exemption this week.

Bitcoin

The fact of the matter is that even though most of our traders are active in the traditional forex market only, the skills they learn can be applied anywhere. And we know for a fact that some of you have put those skills to use in the bitcoin and crypto market.

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So, this week, we’re going to take a look at the chart of bitcoin, and see what’s been happening since we reached a bottom around mid-December last year.

Inverse head-and-shoulder

Those of you who follow the bitcoin price will know that after surging in the first half of 2019, the digital asset saw lacklustre performance in the second half of the year. From the 2019 top at over USD 13,000, bitcoin lost about 50% to hit the 6,500 level before finally bouncing back up.

As can be seen from the chart, however, bitcoin printed an almost perfect inverse head-and-shoulder pattern after hitting the low in December last year, and has since surged by more than 40%.

As many traders already know, head-and-shoulder patterns are among the most reliable chart patterns in trading, and when it is inversed – like it was this time – it is universally considered an incredibly bullish signal.

And the logic behind the bullishness of this pattern is simple, as the inverse head-and-shoulder simply represents a transition from a trend with lower lows, to a trend with higher lows – the very definition of a trend reversal! This is exactly the kind of signal trend traders look for before they take a position in any market.

Key barrier broken

While the head-and-shoulder pattern was certainly important in order to signal a trend reversal for bitcoin this time, another key technical barrier was recently broken that confirmed the new trend, namely the 200-day moving average.

Moving average lines are often used by trend-following traders, including large institutional traders active in the futures markets, who use them to distinguish between bull and bear market conditions. And among the moving averages, the 200-day is probably the most used one among long-term trend followers, while the 50 and 100-day are more popular among the shorter-term swing traders.

With this key long-term psychological barrier now broken, there is little resistance ahead for the bulls as they work to push bitcoin higher. As always, however, it’s important to be picky about your entries & exits, and choose them wisely.

In clear uptrends, however, pullbacks are there to be taken advantage of, and the key is to have the mental strength to buy at the moment when others are selling. If you can do that, chances are you will have at least some success in trading, whether it is in forex or crypto. Buy the red days, sell the green days, as the experts say!

Read more: The remarkable truth about how internet security works

Join our trading seminars in Australia

If you want to learn more about how to trade bitcoin, crypto, forex, and other assets, feel free to visit us at one of the free trading workshops we will be hosting around Australia this year. We have already successfully completed several of meet-ups in 2020, and look forward to doing more.

At this 2-hour session, you will learn all trading basics that you need to be able to go out and explore on your own, while also having the opportunity to sign up for future training sessions if you wish to do so. We look forward to welcoming you!

Forex Trading Signals and their Benefits

Forex trading signals are used by forex traders to seek help when making critical decisions. These are the most important tools that a forex trader uses at the time of trading. There are many automated trading software that help traders with the management of their accounts. Many kinds of forex signals are also available along with the trading platform that can be purchased and taken for free.  It is better a trader checks his skills by starting a demo account and find out about his potential before investing into a signals system.

Forex

The benefits of forex signals in trading are innumerable. They have the power to generate good results in less time. The evolution of technology and advancement in electronic trading has led to ease in forex trading. Forex traders used to rely on conventional trading methods until the automated trading platforms were introduced. These platforms provide consumers with all the relevant info about trading and give them signals to initiate, make or withdraw a deal. These platforms take orientation from standard trading and use analytical programs, therefore they can predict and give signals for trading better than any other source. The purpose of forex trading signals is to freeze the moment which has the highest chances of profit in it. This enables a trader to grow his account and generate most profitable results.

Many traders find performing fundamental and technical analysis difficult while some find it extremely confusing. Forex signals are best for such traders who find difficulty in conducting trade completely on their own. Forex trading signals help trader by sending him signals through an automated trading platform, to his gadgets or most frequently used devices like mobile phone, tablet or computer. Traders who don’t have much time to perform analysis can seek help from forex signals.

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How Do Forex Trading Signals Help a Trader?

Forex trading signal can provide traders with limit levels for stop and exit.

A stop level urges the trader to close forex trade if it’s not going in the right direction and producing desirable results whereas a limit level enables a trader to derive profit as soon as the trade turns in favor of the trader.

Furthermore, there are two kinds of methods that guide the market actors by producing signals for them. Each method has a unique way of working with different methods of analysis of the market. The method known as technical analysis uses the past price trends of the market. The other method analyzes the prevalent trends and events that affect the market.

Some of the signal systems work great with algorithmic trading software, they generate an analysis of the market through an automated system. An experienced trader making the best use of the trading software sets a stop-out and stop-limit in the system according to his needs and requirements. The automated trading platform helps the trader by enabling these check in, check out of orders for him, in the fashion he wants them to be executed.  These software use signals in a manner that provides enormous help to the trader, it notifies him as soon as the market reaches the stop-out limit, to ask him to close the bid at least before 30% of the loss. The algorithmic platform also allows him to feed the stop limit level.

Some signals are automated to be dependent on computer analysis of the market. An experienced teacher feeds in a software the ways to react to the movement in the market, studying the signals on its own. An automated software is a hit among market actors as it doesn’t let human emotions influence the trading decisions. Where this feature is the winner for a software, it also can sometimes bring the downside of the software out, as a system can crash anytime while manual decisions can be placed anytime.

The Popularity of Forex Trading Signals.

Forex trading signals are very popular among traders. For a novice trader, it’s usually difficult to understand the fundamentals and dynamics of the forex market and then incorporate the knowledge of those fundamentals into predicting how the market behaves.

A trader can use following steps to use forex signals for effective trading.

Know your Risk Tolerance: because of the volatility of forex market and also of the pair a trader selects to trade, the chances of a loss maximize. Some pairs like BTC/USD can be extremely profitable or unprofitable depending on your ability to cope with the price swing.

Know your Market: forex trading signals help traders keep an eye on the movement of the market in which they are going to trade. A good trader when using an algorithmic trading software chooses to tell the platform about his risk taking abilities. If a chosen platform offers these services, the trader is going to receive forex trading signals from the software.

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There are 2 types of Forex Trading Signals.

Signals act as notification for the fx trading market, these suggest a trader about the appropriate time to enter or exit a trading market.

The 2 types of forex trading signals are

  • Fundamental Trading Signals.
  • News Trading Signals.

 

  1. News Trading Signals.

This is the most basic of all trading signals and defines for traders the fundamental approach to forex trading with every related news item. The purpose is to bring the relevant news to the trader on urgent basis so a required action can be taken by him.

  1. Fundamental Trading Signals

Fundamental trading signals follow tips based on technical analysis. However, it is important that a trader believes in the authenticity of the source to follow its forex signals developed on the technical analysis. A trader can choose to trade per the signals than placing his own orders. Technical losses are continually issued alongside different risk management strategies in order to ensure a minimal loss if the plan doesn’t work as expected.

There are some other benefits of the forex signal providers listed below.

 Mobility:

Forex trading market where is most active is most volatile too. Therefore, the trader needs to pay close attention at all times to the open positions.  This is valid for all traders that make decisions within minutes, like open or close orders too fast. It becomes exhaustive for such traders to continually keep eye on the monitor and observe the up and down, so the best solution in such circumstances is to choose a provider that can notify the trader by emailing them or sending signals through text messages.  Once the signals are received, the trader is free to execute the trade deal without worrying about the market much.

Minimal Learning Curve:

A signal provider makes a trader with all the basic knowledge required to do the forex trading, it makes a trader qualify as the eligible trader on the 1st stage. A signal provider allows you to execute trading effectively, along with the confidence that your account is being traded on a highest professional level.

Stay Updated:

Forex trading signals do not only allow a trader to trade effectively but also provides the luxury of trading even when you are completely mobile. By remaining updated on the forex through signals, there is very little that a forex trader misses about the trading. There is someone else constantly managing your account without the need for you to rise up in the middle of the night to place a deal based on the signals that the provider is sending you.

8 Tips For Investing Money to Build Wealth

Money It is impossible to become the millionaire in one night unless you end up winning a lottery. That’s a different scenario altogether. Nevertheless, you can build wealth with proper financial sensibility. With strong dedication and hard work, you will be able to invest money properly.

Money

It isn’t only about saving money, and there’s much more to it. Today in this article, we are going to share with you eight tips for investing money to build wealth.

Here’s how you can do it:

1. Automating Your Finances

The first tip you must start following is automating your finances. It means sending your money automatically to the investment accounts, savings accounts and other such areas. By doing so, you will be able to build wealth gradually.

All you need is to link the account to that of investment and savings account. Once you have completed that, then the paycheck will directly go into that particular account. You can also set up a specific day and the amount to transfer.
Another advantage of automating the finances is you do not need to worry whether you have paid the bills or not.

2. Avoid Small Daily Purchase

One mistake we often perform is having small purchases daily. For instance, some people grab the coffee every day while some spend on others. Imagine spending it $1.43 normal amounts $10 a week, and for a month it’s nearly $42.9.

Instead, make coffee at home, take it to the work and save up this money for the investment account. We all use the money on some expenditure without recognising how much it can add to the savings.

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3. Track Down Your Spending

To build wealth, it’s necessary and mandatory to track down your expenses. You cannot make wealth if the money going out of your wallet is then the coming in.
There are a handful of apps available like Mint, Personal, and Level Money. You can give a try to any of them.

Alternatively, if you are not interested in having the app then have the spreadsheet or merely jot down all the expenses in the notebook or your phone.

4. Pay Off The Debts

One thing that often creates hindrance while building the wealth is that having unclear debts. It prevents you to save money, and thereby you end up paying for the debt.

If you have some debts that are due, then do the first thing and pay them all for once. Next, with, you should also limit the credit card debt. With the right usage, they can become beneficial but, if people behave wrongly, then it causes problems.

5. Investment Stocks

Investing in the stock markets is an excellent way of building the wealth. Remember, never consider stock market as trading instead think about is an investment strategy.

Today, lots of youngsters are into the stock market and have been making money ever since then. All you need is to do the little study or perhaps research before going for it.

Invest in some good stocks and leave it for long-term, you’ll be receiving good returns.

6. Set Money-oriented Specific Goals

The only reason people are unable to achieve what they want is that they are unclear about their financial goals. If you wish to build wealth then initially, you need to figure out what you want.

Start by writing down the income goals you wish to achieve. Also, write down your income and net worth too so that you are able to analyse and become realistic for a while making your goals.

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7. Look Upon The Cryptocurrency

Cryptocurrency is the latest way of earning income. Though many investors consider it a risky territory, it is being accepted by many people as a source of income. One can check out all the information related to it or even seek out advice before investing into the Cryptocurrency.

8. Warren Buffet’s Advice

There is no one better than Warren Buffet who gives the best information related to investments. Though the above-mentioned is everyone must follow, and there are few things apart from it to be habituated.

• Consider yourself as a rich person and think that you are capable of building the wealth.
• Invest your good time reading and building relationships that are going to last.
• Have long-term goals and buy into the company because you want to own it not because you wish the stocks to go up
• Get high value at a low price. Paying more money something that is of less importance is like losing money.

How to Ditch Bad Trading Habits for Good

Habits Newbie traders are particularly inclined to fall victim to forced trading.  When a trade is forced, an experienced trader will come to believe a move is impending without any actual confirmation that this is what is going to happen.   Because there is no logical explanation for the trade, the results of a forced trade are subject entirely to chance.  The trade is literally a gamble.

Sometimes a trader will luck out and the forced trade will work out in their favor.  However, even if a forced trade is successful it will serve to psychologically enforce the habit.  And no matter what, a trader who gets in the habit of forcing bad trades is bound to get burned.  It is only a matter of time.

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How Emotions Play In

So why is this habit so pervasive amongst new traders?  Quite simply put, the emotional component.  When a trader forces a trade, they are letting their emotions control the decision making process.

Further adding fuel to the fire, when a bad trade occurs, an experienced trader will often panic and shift focus from the big picture to the specific profit & loss margin. The result is more often than not an emotionally fueled reaction that leads to even worse decision-making in the future.

But that is only the beginning of the cycle.  The more that a rookie trader defaults on emotions, the more psychologically embedded this type of reactionary behavior becomes.   The end result is a bad habit.

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How To Build Good Habits

Okay, so we have identified one of the most pervasive rookie mistakes out there and why it happens.  Now the question becomes, what to do about it?

The answer sounds suspiciously simple, but here it goes.  The key to good trading is being able to explain the reasons for the trade.

The key principle underlying this technique, and successful trading in general, is that a trader should always be able to objectively explain a strategy used for executing a trade.   It sounds easy, but it is easier said than done.

And for anybody still feeling skeptical, why not test it out?  Ask any prosperous trader and they will always be able to tell you in concrete terms how they pull off the successful trades that they do.

A Method for Success

To make things simple, we have broken the general principle down into a fail-proof procedure.  The key to success is to make sure that these steps are followed religiously, no exceptions.   Be sure to keep a detailed log of every step for every stage.  And yes, this means for every trade.

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So without further ado, here are the steps to ensure concrete improvement in any trading strategy.

#1. Strategize

The key to successful trade strategy is building good trading habits.  This means building and sticking to a daily routine that includes patiently monitoring a feasible number of possible contenders.  This also means setting definitive target goals and stops for each potential trade.

#2.  Execute

This is the stage where the actual trade takes place.   As a rule of thumb, this step should not be done ahead of the strategizing step.  Sticking to this procedure will break the habit of forcing the trade.

#3. Calculate & Review

Now take a few minutes to compare the actual trading results with the projected trading results.  If the numbers are dramatically different, write down some possible factors that led to the discrepancy so that this can be taken into account in the strategizing stage next time.

#4.  Revise

This final step involves comparing the results of the most recent trade with the results of the trade that occurred before it.  If the most recent strategy leads to improvements, this is the new strategy to be used going forward.  However, if this is not the case, then the plan is to ditch the new method and stick with the previous one.   As statistics keep building, the trading strategy will become increasingly refined.

Why It Works

This process draws on three crucial foundational practices for building good trading habits:

Managing Accounts:  Each respective stage of the above method involves keeping detailed records.  It is only after the process is applied repeatedly that good habits will begin to become second nature.

Adopting an Objective Stance:  The other key good habit that the technique relies upon is learning to acknowledge what is working and what isn’t.  Being able to look at one’s own work objectively and unemotionally is the mark of professional maturity in any discipline, and trading is no exception.

Comparing Results:  This technique is fail-proof because is statistically objective.  No need to stop at personal results, however.  Try comparing results with more experienced traders.  This is a great way for a new trader to step out of their own shoes get insight as to how to improve their performance from a perspective outside their own.