I am taking TP on US Dollar

OK. I said take profit when the Peso reaches 43.5. I said it would be there soon.

On the news today:

The peso closed Tuesday at its intra-day low of 43.75 to the dollar, its weakest in six months, on lingering concerns on runaway crude oil prices.

Despite suspected intervention by the BSP, which was spotted unloading dollars to temper the peso’s fall, the peso shed another 0.17 from Monday’s closing rate of 43.58 to the greenback.

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I am taking the sidelines for a few weeks. Enrollment is coming and my guess is more dollars would come in.

If indeed the driver for this rate is the crude prices in the world market - and some, or rather many say it could reach 200 dollars a barrel by year end, then the Peso could reach as low as, probably 47.5 to 48.0.

But prices at 200 dollars per barrel is extreme speculation, caution then is in order.

I will short Peso again by July to end of October and will reverse trade (long Peso) by November and December.

Making money with forex, particularly Peso - Dollar rates is so predictable it is no brainer.

What does it take to become a millionaire?

Since this site is about money, making it, trading it, making grow, going into business etc. I want to share this to my readers; I read from the Philippine Daily Inquirer a very good guide how we can be millionaires soon enough. Here are the tips:

1. Treat money as something to save and invest. The minute you receive your paycheck or a windfall (example, an inheritance or a bonus), think of how much you can put away as savings. Then look for venues where you can invest your money. If you think this way, you won’t be tempted to splurge money.

Some people splurge their retirement pay on BMWs or Mercedes Benzes. But when they get really sick, they find themselves with not enough cash to pay the hospital. So save more, rather than spend more.

2. Assume some risk when investing. When you play safe in investing, you’ll get safe (but low) returns as well. Millionaires have gone out on a limb putting up businesses which they hoped would earn — nothing is guaranteed. But it is in taking calculated risks that they are rewarded.

When investing, look at higher-yielding investments. Sure, they may be more risky than regular ones (such as savings and time deposits), but you may earn more in the long run. Just be wary of get-rich-quick investment schemes. Remember the adage: If it is too good to be true, it is.

3. Live simply. If you keep your cost of living low, you will have more cash to save and invest. Some millionaires have lived in the same homes they have had for the past 30-40 years. Or they live in the homes they inherited.

You can also take a cue from the way millionaires live: not all party every night, nor do they buy every new car model that’s released. Instead, you’ll find these millionaires working at their desks at 8 a.m. and having just two cars in the garage.

4. Have a goal. Don’t just dream; set financial goals for yourself. By being specific, you will be more motivated to reach your goal. For instance, make it your goal to have your own home by the time you are 35 or 40. It may be a studio condo unit or a three-bedroom home in a subdivision—it will depend on your income and how you save over the years. Having a goal will help you focus your efforts well.

5. Choose good debt over bad debt. Take out a loan only when the loan proceeds will be used to earn you more money. For instance, apply for a bank loan to expand a business that’s feasible. But to take out a loan to buy assets that depreciate quickly (examples: sports cars, yachts, etc.) may not be wise as these assets will not earn you enough to pay off the loan. If you really want to buy such assets, pay in cash so you don’t have to pay the cost of borrowing.

6. Share your blessings. There seems to be a unique mathematical formula at work: The more you give, the more you are blessed back in return. Help those who are in financial need, and you may find yourself blessed all the more. If you’re an employer, share profits with your employees; they’ll be more motivated to work for you, leading the way to increased productivity.

7. Train children to handle money well. It would be sad if money you earned will just be spent unwisely by the next generation. Teach children the basics of money management, and caution them against vices such as gambling, drugs, and the like. Being responsible about wealth will be rewarded in the long run.

The link to the full article is here.

Peso tumbles to 43.24

There...I said TP your trade once it reach 43.5. It is almost there now, maybe later today or tommorow.

IMO, I will get out. Wait....and wait for a developing trend again before going in again. School is coming up (June) so a flood of US dollars are expected. Better be careful than sorry.

On the news today:

The peso tumbled Wednesday to a six-month low of 43.24 against the dollar as corporations loaded up on foreign exchange stock to hedge against skyrocketing global oil prices.

The Bangko Sentral ng Pilipinas (the Philippine central bank) was widely believed to be sporadically selling dollars at the spot foreign exchange market to temper the peso's fall, but demand was just too big as some corporations panicked when the 43:$1 psychological barrier was breached, some currency dealers said.

The local currency opened at its intra-day high of 43.05 and closed near the low of 43.25 to a dollar. It lost another 24 centavos against the greenback from Tuesday's finish of 43.

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This is all for now.

Screen Your Employees and Save Your Business

This title is really timely, and should be one of the main considerations if you are a business person and had been on business for quite sometime. If you are a start up, this is very important because your business could succeed or fail because of the integrity and work ethics of your employees. Remember, a simple law suit because of negligence can cost you more, or a systemic embezzling of funds over time can cost your company more than it would cost you to do a background check on your prospective employees. So what can you do?

There is www.ersnw.com which can help you do an employee screening. This website can help you perform an employment background check on anyone thus saving you potential trouble/problems in the future. Visiting their website would enable to check your employees’ work ethics, honesty, integrity, etc. enabling you to decide whether to hire a prospective employee or not. This Employers Reference Source can save you a lot of valuable time and a must visit for employers; save your business with the help of www.ersnw.com.

Forecast on the Peso, Gold and Oil

Again, in my January 1, 2008 post I said:

I do not see the Peso going to 35. I even see it hover around 40"s for the whole year. I also see it weakening to 43 to 45 briefly to scare away short speculators. I saw it happen with the US dollar years back, with the Euro, Yen and others. Be careful.

Today:

The Bangko Sentral ng Pilipinas has revised its assumption on the peso-dollar exchange rate for this year and the next to a range of 42 to 45 to $1 given the more volatile external market conditions caused by the global downturn.

IMO,

This is a signal for a long dollar, and TP once it reach a "certain" price of 43.5 to the dollar, and wait...until it is time to short again because I do not believe the dollar staying and going beyond 45, nor for it to stay below 40. So? Trade the volatility on both sides, hehehe.

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For both Gold and Oil, IMO, its current prices are mostly speculative...so I am staying away.

Ito muna.

End of the world?

I woke up at around 2 am last night from a terrible dream.

To be honest, I do not have any reason to have this dream. It is a dream of paranoia, I guess. But to be honest again, my dreams served me well, in the past.

A decade ago, before I travelled to Brussels; I dreamed it was snowing and I was walking towards a Cathedral. Not until I was in Brussels myself, after a few months, that I saw and experienced exactly the dream I had, and the Cathedral that I saw in my dream. Stir? Yup, it sounds so. But it was almost... exactly my dream a few months back.

And there are more of these dreams...these dreams provided me confidence and comfort of what is in store for me in the future.

But last nights' dream was crazy.

People were running in all directions.

In the sky, visible to everyone, were two lines that were moving to each other, similar to grains of sand on a piece of paper with magnets below it, being push and pulled. Something like that...

I heard somebody saying, it not the earth that is going to disappear, it is the light and the sun... that will disappear.

Earth orbits will be pushed towards Mars.

It was a nightmare.

Why I dreamed about it? I do not know.

This morning I am comforted that I have my coffee, and things happen for a reason...and death, even for one or for all is a certainty.

Hay....

Why? Why is this happening?

I got many things/issues to post. But I have been terribly busy - and lazy the past few days.

So what's up?

1. The house renovation is taking longer than I expected. It did'nt look as easy as it should have been. (Sounds familiar?, yup..its Murphy's Law, and when he is around, I dread it, or him). Not only that, the cost as well reach proportions ....that my pocket can barely bear it...any longer, hehehehe.

2. My rice trading business, one of the profitable stores located in a market, got problems. My designated and trusted person running it just disappeared, he gave me just 12 hours notice, from 6 pm to 6 am the following morning. Hay... I almost panic...my stocks are worth a few tens of K, and nobody was running it.

3. My vehicles "person in-charge " just visited me this morning and ask for maintenance budget "asap"....and the money and cash I got, was just the exact amount I had in my pocket. I was penniless, not a peso for an hour or two! hahaha.

Hehehe, tuloy tuloy lang......things happen for a reason.

Dito muna, just venting out my current situation.