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Summary of changes to the CBA outlined in the Memorandum of Understanding

With NHL PR's press release on the CBA extension and return-to-play plan, they linked a 71 page PDF of the Memorandum of Understanding passed by the NHL and NHLPA. Let's review and discuss what changes are outlined here. For reference, here is a link to the original Collective Bargaining Agreement (CBA). Friedman's How the NHL and NHLPA found labour peace in a pandemic.

Economic Issues

1) The CBA extension runs through September 15, 2026 (unless there are insufficient funds in the Escrow Account on June 30, 2025, in which case the CBA is extended an additional year)
2) The upper limit for the 2020/21 season is $81.5M, midpoint is $70.9M, and lower limit is $60.2 (same as the 2019/20 season). The cap will remain at $81.5M until Hockey Related Revenue (HRR) for a completed season reaches $3.3B. It will be between $81.5M and $82.5M on a pro rata basis in seasons where Preliminary HRR is between $3.3B and $4.8B. Then will increase by $1M per year until the Escrow Balance is paid off, unless agreed upon by both parties. After Escrow has been repaid but not earlier than the establishing of a cap for the 2023/24 season, a lag formula will be used such that the year-over-year increase in the cap will be between a maximum of the lesser of 5% and the trailing two-year average HRR growth percentage and a minimum (except for the 2026-27 season) of the lesser of 2.5% and the trailing two-year average HRR growth percentage.
3) Escrow is caped at:
Season Escrow Cap
2020/21 20%
2021/22 14% if Preliminary HRR for 2020/21 exceeds $3.3B. 18% if it is below $1.8B. Pro-rata rate in between.
2022/23 10%
2023/24-2025/26 6%
Entirety of April 15, 2020 payroll deposited into Escrow. 100% of funds held in Escrow Account for 2019/20 season; and for future seasons until 1) the Escrow Balance is less than $125M or the beginning of the 2023/24 season (whichever is sooner), and 2) HRR exceeds $4.8B in a season; are released to the League. The NHL waives it's right to reduce or eliminate player salaries for the 2019/20 and 2020/21 seasons based solely on the COVID-19 pandemic.
4) 10% of each player's 2020/21 NHL salary plus signing bonus are deferred without interest to be paid (in full) in 3 equal payments on October 15 of 2022, 2023, and 2024. This does not affect calculations of AAV towards the payroll range.
5) If the 2020/21 regular season starts after November 15, "Roster Freeze Players" (players in the NHL at 5pm ET on March 16 and who played at least 1 NHL regular season game in the 2019/20 season) signed to an SPC for the season on October 31st receive 8.1% (15/186) of their 2020/21 salary by October 31.
6) Increases the benefits credit for the 2020/21 and 2021/22 seasons and provides values for seasons through 2025/26.

Player Benefit Issues

7-31) Various changes to health insurance, life insurance, retirement plans, senior player gifting, and accounting related to those benefits.

Medical-Legal Issues

32-37) Changes to how second opinions are handled
38) Clubs cannot enter into commercial agreements that restrict their ability to select medical staff or refer players to third party service providers.
39) Parties will forma a task force to advise on minimum standards for Club medical resources and staffing on road trips
40) Changes to off season rehabilitation.
41-43) Changes to post-career medical treatment.
44) The NHL and Clubs will not oppose legislation, in Canadian provinces, to extend workers compensation benefits to professional athletes.
45) Changes to worker's compensation.
46-49) Changes to the Performance Enhancing Substances Program
50) Parties will negotiate a revised Substance Abuse and Behavioral Health Program

Player Contracting Issues

51) ELC compensation limits are:
Draft Year Maximum
2019-21 $925K
2022-23 $950K
2024-25 $975K
2026 $1M
52) Minor league compensation limits (for entry-level players):
Draft Year Maximum
2019 $70K
2020-21 $80K
2022-23 $82.5K
2024-25 $85K
2026 $87.5K
53) League-Paid Individual "B" NHL Awards Bonuses (for entry-level players) are amended (starting with the 2020/21 season) to include the Art Ross, Masterton, Messier, and Clancy Awards. These bonuses will not be counted against league-wide player compensation. The amount paid will be increased by 50% starting in the 2022/23 season.
54) Club-Paid Individual "A" and "B" Performance Bonuses are amended to include the Art Ross trophy (starting with the 2020/21 season). Starting with ELCs signed after the 2022 draft, "A" bonus maximums are increased from $850K to $1M, and the maximum per category increases from $212.5K to $250K; "B" bonus (Club-paid) maximums are increased from $2M to $2.5M.
55) NHL Minimum Salary is amended:
Season Minimum Salary
2019/20-2020/21 $700k
2021/22-2022/23 $750k
2023/24-2025/26 $775k
56) UFAs who play for a club outside North America do not need to clear waivers before December 15.
57) Revised tryout agreements.
58) No-trade and no-move clauses always travel with the player in the event of the contract moving.
59) Salary arbitration briefs are limited to: 1) 42 pages (exclusive of indices, glossaries, tables of contents, and exhibits), and 2) size 12-point Times New Roman font, double-spaced, one-inch margins (except charts, tables, headings, footnotes, citations). Arbitration may not be settled after the hearing has commenced.
60) The UFA Interview Period shall be eliminated.
61) Starting with the 2020/21 season, a "Projected Off-Season Cap Accounting" rule shall replace the "Tagging Rule". From the beginning of the regular season through June 30, Clubs may not exceed the current Upper Limit plus 10% in AAV relevant for the following season. Any amounts based on rate reflective of a player's time on the roster uses the current projected time.
62) The Performance Bonus Cushion remains in the final year of the CBA
63) Cap Advantage Recapture is charged against a Club by either: 1) equal proportions in each season over the remaining term of the SPC, or 2) in an equal amount to the contract's AAV in as many seasons required to account for the full amount (the last season is the remaining amount). The later formula (2) is applied if the value in the former (1) exceeds the AAV.
64) The 35 or older cap counting rule does not apply to contracts that have: 1) total compensation (salary and bonuses) that is either the same or increases from season-to-season, and 2) a signing bonus that is payable in the first year only.
65) Clubs cannot make trades with conditions based on a player signing with a Club (if the player has a current or future contract at the time of the trade) or based on the subsequent assignment of the traded player.
66) Players signed through the subsequent trade deadline can sign an 8-year contract without waiting until the trade deadline.
67) For "Front-Loaded SPCs" the difference in the player's salary and bonuses cannot change by more than 25% year-to-year, and the salary and bonuses be less than 60% of the highest season.
68) For contracts signed after this agreement, if the minimum qualifying offer would otherwise be greater than 120% of the AAV of the contract, the minimum qualifying offer will instead be 120% of the AAV.

Working Conditions Issues

69) Changes to how days off are accounted.
70) Changes to bye week accounting.
71) All-Star Game Weekend events will be created by the NHL in consultation with the NHLPA. There will be no All-Star Game in a season in which the NHL and NHLPA agree to participate in an international tournament.
72) Parties will discuss minimizing travel by scheduling back-to-back road games in the same city
73-82) Changes in travel, moving costs and compensation.
83-84) Changes/restrictions to fitness testing and compulsory off-season training.
85-86) Clubs will make two complimentary game-worn jerseys available to each player, provided they are for personal or charitable use rather than commercial. NHLPA will agree to restrictions on player's use of Club-provided game-used equipment.
87) Clubs will give the NHLPA electronic player payroll records.
88) The Playoff fund will be as follows:
Season Fund
2019/20 $32M
2020/21-2021/22 $20M
2022/23 $21M
2023/24 $22M
2024/25 $23M
2025/26 $24M

Other Issues

89) The NHL and NHLPA will participate in the 2022 and 2026 Winter Olympics, subject to negotiation of acceptable terms to each of the NHL, NHLPA, and IIHF (and/or IOC).
90) Changes to the maintenance of the Industry Growth Fund.
91) The NHL has a one-time option to modify revenue sharing on or before June 30, 2021. In the CBA, Recipient Clubs receive either a full or half share of the revenue sharing based on if their "Designated Market Area" has fewer or more than 3 million households (defined by Nielsen in the USA and BBM in Canada). This allows the NHL to change it so all Recipient Clubs receive a full share.
92) NHL will discuss providing footage and still images of NHL players to the NHLPA free-of-charge for non-commercial, editorial, and internal uses.
93) Parties will negotiate a 2020/21 calendar and schedule. Most statistics are pro-rated with a 70/82 factor for "Roster Freeze Players", but not for other players.
94) Tentative Critical Dates Calendar:
Date Event
July 1 2020/21 season begins (for contract signing purposes)
July 13 Training camps open
July 26 Travel to Hub Cities
July 28-30 Exhibition Games
August 1 Stanley Cup Qualifiers Begin
August 11 First Round Begins
August 25 Second Round Begins
September 8 Conference Finals Begin
September 22 Stanley Cup Finals Begin
Later of September 26 or Beginning of SCF First Buy-Out Period Begins
October 4 Last Possible Day of Final
Later of October 4 and 2 days following the last game in the final Playoff round the team plays Deadline for First Club-Elected Arbitration Notification (5pm ET)
October 9-10 2020 NHL Draft
Later of October 6 and 4 days following the last game in the final Playoff round the team plays Deadline for Qualifying Offers (5pm ET), which are not open for acceptance prior to the “Qualifying Offers Open for Acceptance (12pm ET)” date"
Later of October 8 or SCF + 6 days First Buy-Out Period Ends
Later of October 9 or SCF + 7 days Qualifying Offers Open for Acceptance (12pm ET); RFA/UFA Signing Period Begins (12pm ET)
Later of October 10 and 8 days following the last game in the final Playoff round the team plays Deadline for Player-Elected Salary Arbitration Notification (5pm ET); Deadline for RFA Offer Sheets for Players for whom Clubs have elected Salary Arbitration pursuant to First Club-Elected Salary Arbitration (5pm ET); Commencement of Second Club-Elected Salary Arbitration Notification (5:01pm ET)
Later of October 11 and 8 days following the last game in the final Playoff round the team plays Deadline for Second Club-Elected Salary Arbitration Notification (5pm ET)
October 12 Scheduling of Salary Arbitration Hearings
Later of October 18 or SCF + 16 days Qualifying Offers Expire Automatically (5pm ET)
October 20 First Day of Salary Arbitration Hearings
November 8 Last Day of Salary Arbitration Hearings
November 17 Training Camps Open
December 1 2020/21 Regular Season Begins
95-97) Phases 2-4 Protocols (not included in the document)
98) Disputes regarding Leafs broadcasting rights agreement and Pittsburgh non-resident sports facility usage fee have been settled.
submitted by sandman730 to hockey [link] [comments]

Back to Basics: Real Estate Investing

Hi All,
First of all, I’m a data scientist by profession but a history major by training. So I’ve tried to cite all relevant data points with a () tag. This allows us to separate debating the data vs. the analysis. I’m also a complete newbie to real estate investing. One of the main goals in fact of this post is to organize my thoughts so far and solicit feedback from more knowledgable individuals.
As part of a balanced portfolio, I've invested passively in real estate for several years (both public REITs and a small amount in a private platform). As my assets have grown and I'm entering the age to buy a primary residence, I've been trying to educate myself on the housing real estate market. After all, even if you don't own any investment properties the purchase of a home is the largest single financial transaction you'll likely ever make. In fact, if you look at the chart linked below (1, see Sources below) you'll see housing is the single largest asset for households with net worth below 1 million dollars, i.e. ~90% of Americans (2). In fact, even in 2010 (in the midst of the Great Financial Crisis): "The primary residence represented 62% of the median homeowner’s total assets and 42% of the median home owner’s wealth" (3). In fact, reading the Economist recently (obviously in my slippers) I was surprised to discover housing is the world's largest asset class. This HSBC report (avoiding the Economist paywall) cites housing as a $226 trillion (!) asset class at the end of 2016 (4) out of a total net worth in 2018 of ~$360 trillion according to Credit Suisse.
 
Even with my casual research, it's clear that real estate is divided into multiple segments including residential, commercial, industrial, farm land, etc. Even the subsector of residential is divided into single family, multi-family, commercial, mobile homes, etc. These segments are further divided across geographies with wildly different tax, capital, and regulatory regimes. So far I’ve limited my research to the US residential sector: single family homes, multifamily, and small commercial apartment buildings. Therefore moving forward when I say real estate I will limit the scope to the above US residential housing market, i.e. acquiring individual or personal portfolio of US housing properties.
 
More formally, the purpose of my analysis below is:
Note: I considered posting this in /realestateinvesting, but ultimately my goal is to evaluate real estate vs. other asset classes. Obviously some people will simply prefer real estate for a variety of reasons, but personally my goal is to achieve the greatest return for the least risk and work. I should stress that I love my career (data scientist) and have no intention of quitting, so the last point is particularly important.
 
Analysis
 
One thing that immediately strikes me as an investor accustomed to public securities, e.g. bonds / stocks, is how odd the real estate market (in particular housing) is in comparison. Having a margin account from a broker, i.e. getting leverage, is often a difficult process reserved for “advanced” investors. In residential real estate, it’s considered “conservative” for an individual to have leverage of 4-5 to 1 (FHA loans, for example, only require 3.5% down in some cases!) . What’s even crazier is that the loan is often issued at only 2-4% over the 10 year US treasury rate. For example today, April 26th, the 10 year treasure is 0.606% while NerdWallet has a rate of 3.3% for a prime credit score, single family home, primary residence 30 year loan.
 
Perhaps because real estate is the only avenue available for newer investors to take on large amounts leverage immediately, I've seen extreme and, in my opinion, irrational positions on the subject. Even a cursory glance at BiggerPockets, /realestateinvesting, etc. uncovers multiple posts along the lines of either "real estate investing is the best investment ever!" vs. "the real estate market is a massive bubble and will crash soon". I've summarized a few of the common tropes I've seen below with my analysis.
 
Real estate is a huge bubble, and is going to collapse any day!
As noted above, real estate / housing has numerous segments that are further divided across geographies with wildly different tax, capital, and regulatory regimes. Saying that "real estate" will crash is like saying the “food industry” will crash. What segment and where? US soybean growers? Fast Food? Argentinian ranchers? McDonalds in particular?
Limiting our discussion to US housing: the Case-Shiller national price index (7) shows that home prices dropped ~27% from peak to trough in the Great Financial Crisis over a period of almost 6 years (Mid 2006 to early 2012). The reason this was such a catastrophic event is that housing had never decreased nationally in a significant way before in the modern era (see Case Schiller home price index). Of course, it’s worth noting that housing had rarely increased rapidly against inflation before.
Let’s assume we had an equivalent event occur. The Jan 2020 index was at 212, so home prices would decrease by 27% to ~155 (mid 2008 levels). Crucially though, this price drop would be expected to play out for years! During that time vested interests (more on that later) would lobby governments extensively for support, foreign and US investors could form funds to take advantage of the situation, etc. As a reference point there is ~$1.5 trillion available in US private equity funds alone as of January 2020.
However, it is worth pointing out that this is at the national level. Local real estate markets, particularly those dependent on select industries or foreign investors, could easily see more dramatic price movements. The US census has a really cool chart (22) that shows the inflation adjusted (as of year 2000) median home values every decade by state from 1940 to 2000. We see that Minnesota home values actually dropped from $105,000 in 1980 to $94,500 in 1990, a fall of more than 10%.
 
Everyone needs a place to live, therefore housing can never go down
Everyone needs a place to eat, but restaurants and grocery stores are famously low margin businesses (5). Farms supply an even more basic need, but many go bankrupt (6). The question isn’t whether housing will go down or not, but whether it will return an attractive rate of return compared to alternative investments.
It’s also worth pointing out that for most “retail” US housing real estate investors, they are investing in a narrow geographic area. Migration and births/ deaths can play a huge role in the need for housing in a given area. Case in point, NYC may have actually begun losing population to migration in 2017 / 2018 (23). Even more interesting, NYC has experienced a substantial loss due to domestic migration which is almost balanced by foreign immigration / new births (24). If foreign immigration decreases in the post-COVID we would expect NYC’s population to decline more rapidly given current trends.
It is entirely possible for national housing prices to modestly increase while expensive coastal markets decline significantly, for example.
 
It's supply and demand. There's a nationwide housing shortage so prices can only go up!
This one has some factual basis. Freddie Mac put out a study in Feb 2020 (18) which indicated that there is a shortage of housing units between 2.5 - 3.3 million units. Some interesting notes about this study is that they consider the “missing” household formation and extrapolate interstate migration trends. As noted below, the US builds ~1.3 million housing units a year, so this reflects ~2 years of housing construction. It’s also worth noting the geographic variation, with “high growth” states like Massachusetts, California, Colorado, etc. seeing ~5% housing deficits vs. states like Ohio, Pennsylvania, etc. seeing housing surpluses of ~2-4%.
However, a Zillow analysis on our aging population (11) points to a slightly different conclusion. Based on their analysis, an additional ~190,000 home will be released by seniors between 2017-2027 compared to 2007-2017. That number increases by another 250,000 homes annually between 2027-2037. Combined, this is about ~50% of the average annual homes constructed in the US between 2000-2009 at ~900,000.
Given these slightly conflicting reports, let’s get back to basics. First, let's separate housing into single family homes, multi-family units, and large apartment buildings. Single family homes, particularly near dense and economically vibrant metros, are far more supply constrained. In contrast, multi family units / apartment towers are, barring regulatory issues (see California), less constrained by available land. See Hudson Yards in NYC, the Seaport area in Boston, the Wharf in DC, etc. It's worth noting that due to costs / market demand most of these developments cater to the entry level luxury category and above, but they are new supply.
I actually wound up looking at US Census projections to get a sense of the long term outlook. By 2030 the Census estimates the population will grow from 334.5 million to 359.4, for a total increase of 24.9 million or an annual increase of 2.49 million (8). In 2019 the Census estimated 888,000 private single family units and 403,000 units in buildings w/ 2+ units were constructed for a grand total of 1,291,000 units (9). The average number of people per US household is 2.52 (10). Some simple math suggests that if we assume each new single family home contains the average number of Americans and each apartment conservatively contains only a single person we get 888,000 * 2.52 + 403,000 = ~2.64 million.
Now, talking about averages in a national real estate market reminds me of a joke about Mars: on average it's a balmy 72 degrees. But the point still stands that at a high level, theoretical sense there is sufficient "housing" for the US population. The question, as always, is at what price and location?
 
Real estate is a safer investment than the stock market!
This one honestly irritates me. While there are many advantages to real estate I can see, safety is not one of them. It is a highly leveraged, illiquid, extremely concentrated asset when bought individually (i.e not in a REIT). Let’s use an example here. Is there a financial advisoy in the world who would recommend you put your entire investment portfolio in Berkshire Hathaway? Of course not, diversification is the bedrock of modern personal finance. And yet Berkshire Hathaway is an extremely diversified asset manager with well run and capitalized companies ranging from Geico to Berkshire Homes to Berkshire Energy. Oh, and it also has $130 billion (with a B) in cash equivalents.
I honestly think this impression stems from 3 factors:
 
You won’t build your wealth in the stock market
One common theme I’m already noticing listening to podcasts, reading blogs, etc. is that many people started investing in the aftermath of the Great Financial Crisis (2009 - 2011). And, in retrospect, it was clearly a great time to buy property! But it was also a great time it turns out to buy almost every investment.
I plugged in the average annual return of the S&P 500 from December 2009 to December 2019 with dividends reinvested (and ignoring the 15-20% long term tax on dividends) (12). It was 13.3%. If you managed to buy at the market bottom of Feb 2009 it was 15.8%!
The long term annual average of the S&P 500 from 1926 - 2018 is ~10-11% (with dividends reinvested). (13). The S&P has never lost money in a 30 year period with dividends reinvested, see the fantastic book Stocks for the Long Run (14). In fact, if you’re investing before 30 the worst 35 year period (i.e. when you would turn 65) is 6.1% (15).
Housing, in general, has tracked at or slightly above inflation ( 16). Even a click bait CNBC article (17) about “skyrocketing” home prices states that homes are rising 2x as fast as inflation (i.e. ~4%). If you look at the CNBC chart for inflation adjusted prices, you’ll see a compound annual growth rate (CAGR) of 2.3% from 1940 to 2000. Let’s do this same exercise again with the Average Sales Price of Homes from Fred (i.e. Fed economic data) (18). In Q1 1963 the average sales price of a house was $19,300. In Q4 2019 it was $382,300. That is a CAGR of ~5.38% over ~57 years.
Another thing to keep in mind is that while real estate does have some tax advantages, there are also property taxes, maintenance, etc.
But it’s harder than that. Because real estate is an illiquid asset. In general, illiquid assets require higher returns than the equivalent liquid asset because of the inconvenience / risk of not having the ability to transact frequently.
 
Case study of real estate purchase:
I’d like to focus the rest of my analysis on an area that many members of BiggerPockets, /realestateinvesting, etc. seem to gloss over: credit. I was surprised to see that for first time home buyers, 72% made a down payment of 6% or less according in Dec 2018 according to (27). This would imply prices only have to decrease 6% to put these new homebuyers underwater, i.e. owe more after a sale than their mortgage. But this fails to take into account costs associated with buying a property, which are substantial at 2-5% for closing according to Zillow (28). Costs for selling a property are even more substantial, ranging from 8-10% according to Zillow (29). This means that sellers only putting down 6% could be underwater (in the sense that they couldn’t sell without providing cash during the sale) with even modest price decreases when taking into account these transactional costs.
 
Obviously there are ways to reduce these costs, so let’s walk through a hypothetical example of the median valued home of ~$200,000.
 
A young, first time home-buyer puts down 10%, or $20k, and takes out a mortgage for $180,000. They also pay (optimistically) closing costs of 2% for $4000. Luckily, they bought in a hot housing market and prices increased 5% (real) over the next 5 years. Their house is now worth ~$255,000. They sell their house and again, optimistically, closing costs are only 4%. This means they pay $10,200. Consequently, after netting out costs we calculate naively that they would make $255k - $10k - $4k - $200k (original purchase price of home) = $41k. Given they only invested $20k of their own money, this is a compound annual growth rate (CAGR) of ~15.4%, which is handily above the S&P 500’s average. This is the naive calculation I first made, but as we’ll see it is deeply flawed. First, let’s look at costs.
 
WalletHub has a really nice chart that shows (conveniently) property taxes on a $205,000 home across all 50 states (30). The average American household spends $2375 on property taxes, so let’s assume a little less and go for $1500. So 5 years x $1500 = $7500.
 
For home maintenance, the consensus seems to be ~1% annually for home maintenance with wide variation. We’ll assume that’s $2000 off the base price, so $2000 * 5 = $10,000. (31).
 
For homeowner’s insurance, Bankrate (32) provides a nice graph that shows the average annual cost for a $300,000 dwelling across all states and then a separate chart for costs based on dwelling coverage. For a $200,000 dwelling coverage we have a figure of $1806 per year, so over 5 years we have $1800 * 5 = $9000.
 
Finally we need to calculate the interest on the debt. One thing that I didn’t realize until I looked at an amortization table how front-loaded the interest payments are. Case in point, I plugged in the $180,000 loan into the amortization calculator (34) using a 3.5% interest rate and saw that we pay on average ~$6000 each year in interest vs. only ~$3800 to principal.
 
So lets’s run the new numbers.
You sell your home still for $255,000. After 5 years, your mortgage is now ~$160000 (i.e. you paid off 20,000 over 5 years, or ~$4k per year). So after the sale you are left with ~$95,000. The buying and selling costs remain the same as before, so we subtract the $14k for $81,000. We also then subtract $7500 (property taxes), $10,000 (home maintenance), $9000 (homeowners insurance) which gives us $54,500.
 
We paid ~$9,700 each year in mortgage interest + principle (~6000 interest and $3700 principal). So 5 * 9700 = $48,500.
 
So, net of everything we get $255,000 - $160,000 (remaining mortgage) - $48,500 (mortgage payments over 5 years) - $14k (buying / selling costs) - $7500 (property taxes) - $10,000 (home maintenance) - $9000 (home insurance) = $6000. And we put down $20,000 as a downpayment, for a net compound annual growth rate (CAGR) of negative $21.4%.
 
That is truly an astounding result. We had 10x leverage on an asset that went up 5% each year for 5 years and we somehow lost money on our “investment” of a down payment? Keep in mind we also used fairly optimistic numbers (particularly home price appreciation) and didn’t factor in PMI, etc. On the flip side, this home provided shelter, i.e. you didn’t pay rent. That’s a massive “avoided” cost and I don’t mean to minimize it. But the point here is that many homebuyers I’ve spoken to fail to account for the substantial costs of home ownership and expect their primary resident to generate a substantial return.
 
Now, of course, for real estate investing you would likely either a) hold the property for less time and attempt to flip it via forced appreciation or b) have tenants in the property. Let’s focus on b) because frankly that’s more of my interest. From what little research I’ve done flipping houses requires much more time that’s incompatible with my day job.
 
I went ahead and used the rental price calculator I found online at (36) to calculate the return. I used a rent of $1300 monthly, a bit lower than the average national rent of $1476 (35) because our home price was also lower than the national average. I assumed a low vacancy rate of 5%, and no other expenses beyond the ones cited above (i.e. I didn’t assume property management, higher loan interest rate, higher property taxes).
 
The calculator spit back a 5 year internal rate of return (a metric in this case useful to compare against the securities markets) of 27.79% return, i.e. a profit of $63k on an initial investment of $20k. The IRR as I understand it captures the time value of money, basically accounting for when you made various returns (37). E.g if an investment over 30 years pays nothing then gives you a lump sum payment at the end that’s very different than if it pays 1/30th of that lump sum every year. It’s useful in this case for comparing against the stock market because the IRR takes all future cash flows back to a net present value of 0, i.e. as if we invested all the money immediately.
 
&Now let’s do some scenario modeling (originally we had 10% down, 3.5% interest rate for an IRR of ~28%):
This scenario for me demonstrated a number of interesting properties.
 
 
401k analysis
As I mentioned above, one of the big questions around real estate investing that I rarely see asked is “is it an appreciably better investment than the alternatives”? For W2 workers, which is ~50% of private sector workers, this question becomes even more pertinent because 401ks have massive tax benefits. In fact, only 33% of US households own taxable accounts outside of a 401k, which means the vast bulk of US households either have no accounts, 38%, or own only a retirement account like a 401k, 29%, according to (39). Let’s assume we have a middle to upper middle class worker making ~70k (this puts them roughly at the 75% percentile). They want to invest, and see two options:
 
At a salary of $70k and assuming you took the $12k standard deduction, you would still see much of your income fall into the 22% tax bracket. While certain states charge no income tax, they generally make it up in much higher sales / property taxes, so let’s also assume a 3% state income tax (40). This means that if you invest $19,500 in a 401k (the maximum in 2020) that’s equivalent to only $14,625 post-tax (because the $19,500 would be taxed ~25% before it got to you). That leaves almost $6000 when compared with the down payment figure above, which is coincidentally the exact IRA contribution limit for 2020! The math for deductions for the IRA gets painful, but we can assume a deduction of ~$1500 (i.e. 25% of 6000). Now, if your work offers an HSA it gets even better, because those contributions are tax-free even from social security (which is typically a 6.2% tax) + medicaid (1.45%). This means that if you contribute the $3500 limit, that’s equivalent to only $2300 post-tax.
 
This is getting rather long, so for the sake of simplicity we can basically say that in lieu of putting down a $20,000 post-tax downpayment on an investment property you could instead invest $19500 + $6000 + $3500 = $29000 into the stock market. What’s more, fees for well managed 401ks through Vanguard, Schwab are often ~0.25% (i.e. $72 annually on the $29k above).
 
If we assume the average S&P 500 index returns of 10% (we’ll ignore the $72 annually in expenses and of course there are no taxes), we would see $29k compounded over 5 years = $47,809. Since we’re investing the money all immediately, this is (I believe) more or less equivalent to the IRR rate.
 
So, what do we need to achieve to beat that return with our investment property? Well, we previously assumed a blistering 5% real home price appreciation. With inflation at ~2%, that’s a nominal 7% home price appreciation. According to both Zillow and Core logic, Idaho is the state with the fastest home appreciation values pre-COVID at ~9%. We’re essentially predicting close to this level for 5 years, which is quite rare. In August 2019, US home prices nationally were gaining ~2.6% according to (41).
Let’s plug those numbers into our rental property calculator from above. At a 10% down payment, 3.5% interest rate, and 2.6% home price appreciation we see an IRR of 18% per year. Game, set, match, real estate, right?
 
Well, sort of. Right now we are assuming optimistic projections about maintenance (1%), closing costs (2%), and selling costs (4%). What if we bump those up to the averages cited by Zillow (3% and 8%)? Uh-oh, now we’re down to 12.38%. Okay, but what if we assume rent goes up by the same amount, ~2%? Great! Now we’re back up to 14% IRR. But if we assume all the other expenses like home insurance and maintenance go up 2% a year as well, we’re back down to 11%.
 
We could go on forever, but the point is that real estate (particularly for rental properties) are extremely sensitive to assumptions you make on a number of factors. Given the risk, illiquidity, and work involved with a real estate property I would want to see a substantially higher return than the tax advantaged, hands off 10% my 401k gives me. I didn’t even include the typical 3% match for the 401k, which would have added $2100 to the initial investment amount and increased the 5 year return to $51,272.
 
The bottom line in my mind is that for most W2 workers who have access to pre-tax investments, they should max them out first. If you’re lucky enough to be able to max out all of the above pre-tax accounts + get a 3% match (i.e. $31k total) every year, after 15 years at a 10% return you’ll have $1.2 million. In 30 years you’ll have $6.8 million. And again, keep in mind that maxing out your pre-tax accounts only “costs” you ~$20k, because that’s what you would get after taxes. And you’ll have “made” those millions without spending a single hour outside of your day job working.
 
Based on the above analysis and calculations, here’s what I’ve come away with as a newbie to real estate investing:
 
Some thoughts on the future:
Forecasting is always risky, but at the same time we all have to form an opinion on where the future is headed. My general thoughts are that crisis tend to accelerate existing trends rather than create new ones. There were already recession concerns in late 2019, and US GDP growth expectations had been downgraded to ~2.0% by the OECD even before COVID (45), albeit with slight optimism around the Phase 1 trade deal with China. Geopolitical tension and capital controls in China had led to mainland Chinese investors slowing their investments in US real estate and increasing dispositions (47).
From my point of view, I’m interested in seeing how the market reacts over the next 3-6 months. Do sellers react by rapidly putting properties on the market before it’s “too late”? Are there enough prime buyers given the tightening credit, particularly for expensive coastal markets, to absorb a spike in listings? As Warren Buffett once said: “"At rare and unpredictable intervals...credit vanishes and debt becomes financially fatal. A Russian-roulette equation--usually win, occasionally die--may make financial sense for someone who gets a piece of a company's upside but does not share in its downside.” We shall see.
Sources:
submitted by cooleddy89 to investing [link] [comments]

Hey WSB, WTF is logistics?

Hey WSB, WTF is logistics?
Good evening autists,
I've decided to make this post in order to give you all insight of what I see as a underexamined area of weakness (especially in this sub) and I believe is a possible harbinger of what lies ahead, which is the logistics industry. There are many moving parts and niches in the industry and most businesses rely on logistics services to support their operations (from the supply of raw materials, moving product from manufacturer to distribution center, clearing freight through customs, storage, or delivering final products to stores or customer's door). There are steamship lines (SSLs), airlines (ALs), freight forwarders, customs brokers, truckers, distribution centers, warehouses and they all participate to assist companies who import their products to different markets get them there as fast as possible (unless you're an SSL) at the lowest cost.
These services have allowed products to be made more cheaply internationally due to low labomaterial costs, mainly, which in turn allows markets to buy them cheaper. For the US, this is critical because it doesn't really manufacture much anymore as it's moved on from a manufacturing economy to a more service based economy over a handful of decades (trade deficit for March increased to $44.4 billion difference in imports over exports https://www.census.gov/foreign-trade/data/index.html ).
We're on a downtrend due to trade war, which is good, but $44 bil on 3month avg is basically impossible to make up for in any kind of short-term basis.
With this change from a manufacturing economy to a more service based economy, basic logistics services have seen steady growth for multiple decades. In general, when an industry is in its infancy, you have many small players (usually) and over time they consolidate. Well, this is similar to what's happened in the SSL sector of the logistics industry and this is where I'll start.
SSLs
You can do your own research, or just take my word for it, but SSL alliances have picked up starting the last decade or more ('08 recession put upward pressure on this) as record losses were prominent for almost all carriers due to over-supply and reducing demand. This fact then pushed them into rate wars (SSLs undercutting freight rates to push out competition). Rate wars then forced alliances among the SSLs. Larger players forming pacts with similar larger players in order to wipe out the smaller players, which in turn has forced the smaller players to build pacts in order to fight back. If you're wondering how this isn't an antitrust issue, it has been brought up and investigated by the DOJ though I'm not going full on into the weeds on that but basically, "Antitrust investigators believe that due to a history of legally having the ability to discuss pricing under antitrust immunity, the industry lacks a disciplined culture and is therefore susceptible to illegal activity. For example, the DOJ regularly issues a statement raising concerns after the FMC allows a shipping alliance or major vessel-sharing agreement (VSA) to take effect" * https://www.joc.com/maritime-news/container-lines/us-antitrust-probe-container-shipping-ends_20190226.html (think OPEC-ish). With the formation of these pacts came investment in new containerships at a record pace. It was a race to see who could buy the largest ship in order to save cost through economies of scale and crush the competition on the highest traffic lanes globally (i.e. major import lanes like Shanghai to Los Angeles or Shanghai to Rotterdam). The first major player to fall was Korean SSL Hanjin just over 4 years ago. At the moment, we only have 3 alliances that control~80% of the capacity of ocean cargo transported globally. The breakdown of alliances is below (https://www.morethanshipping.com/the-impact-of-the-container-shipping-alliances/ ).
Pick your poison
However, unfettered competition remains within these main trades regardless of the alliances made. It is tantamount to a war of attrition and that is going to be devastating in the current environment. See below recent reports on SSLs.
An April 8th article in WSJ ( https://www.wsj.com/articles/container-ship-operators-idle-ships-in-droves-on-falling-trade-demand-11586359002 ) stated the below points
  • Container ship operators have idled a record 13% (OP Note: this easily beats the '08 recession) of their capacity over the past month as carriers at the foundation of global supply chains buckle down while restrictions under the coronavirus pandemic batter trade demand.
  • Alphaliner, based in Paris, said more than 250 scheduled sailings will be canceled in the second quarter alone, with up to a third of capacity taken out in some trade routes. The biggest cutbacks so far have hit the world’s main trade lanes, the Asia-Europe and trans-Pacific routes.
  • Ship brokers say giant ships that move more than 20,000 containers each now are less than half full.
  • Sailing cancellations grew from 45 to 212 over the past week, according to Copenhagen-based consulting firm Sea-Intelligence. The “blanked” sailings are stretching into June, indicating operators expect the traditional peak shipping season, when retailers restock goods ahead of an expected buildup in consumer spending in the fall, will be muted this year by the lockdowns extending across economies world-wide.
  • France’s CMA CGM SA, the world’s fourth-largest container line by capacity, said this week it is idling 15 ships because retailers are pulling back orders over falling demand from European and American consumers.
  • The decision to idle, or “lay up,” ships is a difficult option for owners, as the vessels continue to generate costs without offsetting income. There are two ways to idle ships. In a “warm layup” vessels are anchored and staffed, ready to go relatively quickly when demand resumes. This means saving on operating costs such as fuel but continuing to pay crew salaries and insurance fees and make charter payments. In a “cold layup” a skeleton crew is kept on board for general maintenance but most of the ship’s systems are shut down. Returning the ship to service can cost millions of dollars and requires extensive testing to certify that the ship is safe to sail.
A May 4th article in WSJ ( https://www.wsj.com/articles/some-shipping-lines-may-not-survive-downturn-hapag-lloyd-chief-says-11588612964 ) stated the below points.
  • Some container shipping companies may collapse if the global trade downturn stemming from coronavirus lockdowns extends to the end of the year or beyond.
  • The shipping lines that handle the biggest share of the world’s international trade in retail and manufactured goods have canceled up to a quarter of their sailings since late February amid extensive lockdowns and collapsing demand in the U.S. and Europe.
  • The world’s top 10 liner companies, which collectively handle more than three-quarters of the world’s oceangoing container trade, are looking at steep losses from the falling business.
  • Germany’s Hapag-Lloyd, the world’s fifth-largest container line by capacity, according to industry data group Alphaliner, has canceled about 15% of its scheduled sailings on major ocean trade routes, including Asia-Europe and trans-Pacific operations.
  • Some carriers are trying to preserve cash by taking longer trips around Africa instead of crossing the Suez Canal, saving on canal toll costs that can reach around $500,000 for a single big ship. With fuel prices sliding under the crash in oil prices, the cost of the longer sailing makes sense. (OP Note: This increases lead times for buyers and further disrupts company's supply chains)
  • Hapag-Lloyd has thousands of land-based employees working from home and has frozen management salaries and returned leased ships to charterers. It is not looking at layoffs for now. But the carrier is pushing back an order of six megaships that move more than 20,000 containers each, to add to the six it already operates. Those megaships are the big losers with volumes crashing since many are sailing half full, giving up the benefits operators gain from the ships’ economies of scale.
Knowing the above, see a Feb 28th report ( https://splash247.com/liner-bankruptcy-potential-at-highest-levels-recorded/ ) stating the below points.
  • The collective Altman Z score of the 14 container shipping companies that publish their financials deteriorated markedly in the 12 months ending September 30, 2019, falling to 1.16 from 1.35 in all of 2018 and thereby signifying a rising probability of bankruptcy.
  • "IMO 2020 was already going to make this a year of huge disruption for the entire maritime industry," said Marc Lampieri, a managing director in the transportation and infrastructure practice at AlixPartners. "Throw in the coronavirus, the recent deterioration of some key financial measures and whatever other unforeseen disruptions lie ahead, and it's clear that preparing for the worst may be the best way to avoid the worst."
If you're unfamiliar with the Z score formula it is a calculation that predicts the probability that a firm will go into bankruptcy within two years. Anything below a score of 1.8 is considered a "very high" risk of bankruptcy.
So, if this industry sector was reduced to a 1.16 Z score for the 12 months ending Sept 2019 (5 SSLs produced a scores of less than 1 and all were under the 1.8 level), it's probably a safe bet this score has not gone up since. If more SSLs were to go bankrupt, this would further constrain capacity to even fewer SSLs who are already trying to minimize port calls and slow down how fast ships cycle through their scheduled port calls (their "string"), causing backlogs that in turn send freight rates higher. Part of the reason they do this is because of the headhaul vs. backhaul issue that occurs on many vessel strings (i.e. lots of freight moving from a ship's origin to particular destinations, but not from the destinations back to the ships origin or future port calls) causing them to issue "blank sailings" for some ports, which is their notice that the port will be skipped by a particular vessel. This causes many problems with equipment (container) availability and can further distort freight rates and cause backlogs. If they can only make money going one way, they're losing money more often than not. Furthermore, inactive containership capacity through 2020 is projected to move even higher, increasing the recent record statistic for the sector. Below articles for support.
April 8th article (https://shippingwatch.com/carriers/Containearticle12067889.ece) stating the below points.
  • The large scale sailing cancellations could push the inactive container ship fleet to over 3 Mteu in the coming weeks in the worst capacity crisis that the container shipping industry has ever seen.
  • Several routes with usually large capacity will be fully canceled in the second quarter, including 2M's major AE-2/Swan service, where 12 ships of 23,000 teu sail between Asia and North Europe. "No market segment will be spared, with capacity cuts announced across almost all key routes," writes the firm.
An article dated May 1st ( https://theloadstar.com/europe-asia-ocean-rates-hit-new-heights-as-exporters-fight-for-what-space-remains/) via the Loadstar provides an example of how capacity and rates can fluctuate and go haywire relatively quickly. Summary below.
  • Normally freight from Asia to Northern Europe is the headhaul (large volume) and the backhaul is NE to Asia (lower volume). However, due to lockdowns happening at different times in Asia vs Europe, this volume has fluctuated highly. Freight rates for NE to Asia in Jan were $500 for a 40' GP (40 ft. general purpose container), as China was in lockdown and demand was poor and space was plentiful. However, now that Europe is in lockdown and Asia is up and running, demand has spiked on the NE to Asia backhaul (as China lifted out of lockdown) and space is basically non-existent and has forced the rate for a 40' GP from a low of $500 in January to $2000 now in May. This is due to the fact that SSLs reverted to blank sailings for NE ports as demand in Europe dropped due to beervirus and caused freight rates to fall from Asia origins. They've been able to steady the rates at Asia origins at the cost of backlogs and rate spikes at backhaul ports.
For SSLs, the game is complicated and tricky while margins are razor thin and the coronavirus exacerbates this. They're trying to manage rates, whether or not to park vessels and how they should do that, which ports do they skip to save money, and how to keep cash flow (as most of them are very much in debt). Their actions then affect shippers and buyers worldwide and it becomes very difficult to manage costs through out global supply chains. When things are this uncertain, for all parties in logistics, sometimes it's like trying to catch a falling knife when moving cargo. If shippers/buyers time it right they can avoid extra costs but if they are trying to ship at the wrong time they're going to feel the pain in the form of high freight rates, delays (which increase storage/demurrage costs), and chargebacks from shipper's/buyer's customer who receive cargo late (depending on terms and conditions of their contracts).
SSL TL;DR - Steamship lines have been broken for a while but beervirus has potential to be the catalyst to push many over the edge into insolvency. In order to stabilize freight rates, SSLs have been parking container ships at a record pace with capacity projected to shrink by more than 3 million TEU (20' container equivalent), which has never happened before. The more SSLs revert to parking vessels in order to stabilize freight rates, the closer it pushes them to bankruptcy (a double edge sword, if you will) and in turn the more companies will pay to move freight in the future. Even if no SSLs go bankrupt, companies will be paying more to move freight regardless due to virus disruption.

ALs
There has been much already addressed and available about the ALs and I'm just going to assume you're more aware of their history as compared to the SSLs, so I'll make this section short and only provide the details most of you might not get if you're not really involved with logistics.
An article published on May 4th (https://www.stattimes.com/news/global-air-cargo-capacity-down-by-29-seabury-reports/ ) stated the below points (w/ visuals).
You already knew this but ALs getting hammered due to passenger decline related to beervirus. That in turn has affected the flow and capacity of airfreight
Passenger aircraft belly capacity reached an all time low at the beginning of April. It has rebounded slightly, but forecasts shows capacity will not be returning to normal in 2020
  • Global air cargo capacity is -29% on a YOY basis. (OP Note: A 23% increase in capacity was seen the week of April 22nd-28th for passenger belly aircraft, which is heartening, but considering capacity dropped well over 80%, this recent gain would only constitute ~ 4.5% return to previously normal capacity seen at the beginning of February)
  • US- Europe lanes have have had the largest impact so far, but disturbances have been felt on every lane globally and the Europe/Africa, Europe/South America routes are still seeing capacity constraints between 60% and 88%.
So, matching the economic data we've seen recently, airline capacity data is abysmal.
Another article release today by the NY Times also states the dire circumstances ALs face currently (https://www.nytimes.com/2020/05/10/business/airlines-coronavirus-bleak-future.html?auth=link-dismiss-google1tap). This article isn't particularly logistics focused, but it provides insight into the passenger side of ALs, which is where they make a majority of their revenue. I've added important points below.
  • Passenger traffic is down about 94% and half the industry's 6,215 planes are parked at major airports and desert airstrips.
  • To get through the next few months, airlines successfully lobbied for a huge federal rescue. But half of that money was intended to cover payroll and that will run out by the end of September.
  • Desperate to preserve cash, the airlines have also aggressively discouraged customers from seeking refunds, offering vouchers for future travel instead...(and) the industry trade group Airlines for America, said that refunding all tickets could lead to bankruptcy.
  • Payrolls have largely been spared the ax, for now, because Congress set aside $25 billion to pay workers through September as long as airlines refrain from imposing furloughs or pay cuts. But some airlines have already tested those limits, and executives have signaled that layoffs will come when those protections expire.
  • Most industry analysts and executives expect years to pass before airlines fly as many passengers as they did before the pandemic. Even then, a rebound may come in fits and starts, propelled by medical advancements, an economic rebound and shifts in the public’s tolerance for risk.
  • Take China, for example. The number of domestic flights there started to recover in mid-February, but plateaued in early March at just over 40 percent of levels before the outbreak, according to the International Air Transport Association, a global industry group. (OP Note: The gain back to 40% could be attributed to the large backlog left from China lockdown and Lunar New Year holiday at the beginning of Feb)
  • The airlines are triaging. Even as they slim down to preserve cash, they are finding ways to make what little money they can. Many have put otherwise unneeded planes to use transporting cargo, including medical supplies, taking advantage of a spike in freight prices.

ALs TL;DR - With beervirus, passenger belly space has shrunk to unprecedented levels, causing air freight rates to increase by 5 or 6 times their normal costs on many lanes as planes are parked. Companies are forced to pay through the nose for air freight when cargo critical to their operations is needed due to SSL capacity constraints and the extended lead times across all modes of transportation. Companies trying to utilize air cargo will be paying higher costs indefinitely as air capacity doesn't look to return to normal within 2020.

Last, I'd like to move on to look at US inventories and US consumer spending as they are the major catalyst when it comes to freight demand. Using US census data, summarized in the below table (this is preliminary data, so not reflecting recent update today but breakdown takes this into account) , tradingeconomics.com ( https://tradingeconomics.com/united-states/wholesale-inventories ) provides this breakdown of Us inventories: "Wholesale inventories in the US fell 0.8 percent month-over-month in March of 2020, less than an initial estimate of a 1 percent drop. Still, it is the biggest decline in inventories since September of 2011. Stocks of nondurable goods slumped 2.7 percent (vs –2.6 percent in the preliminary estimate), while durable goods inventories edged up 0.5 percent (vs 0.1 percent in the preliminary release). Year-on-year, wholesale inventories were down 1.7 percent in March."
https://www.census.gov/econ/indicators/tab2adv.pdf
Typically, high inventory points to economic slowdown, while a low reading points to stronger growth. However, this generality is not true in the current environment. We're seeing inventories lower due to supply shocks presented by the beervirus but at the same time we're seeing major demand shocks so we have this peculiar instance where inventories have fallen the most in over a decade, but still did not fall as much as expected.
Now look at consumer spending ( https://tradingeconomics.com/united-states/consumer-spending ).
Splash Mountain
And now with tradingeconomics.com forecast.
https://preview.redd.it/657ykdocy1y41.png?width=875&format=png&auto=webp&s=76997dad3a5c80c6fe82186241cf690bf94f7cf6
I argue that this shows supply is catching up to demand, as we can see that consumer spending has fallen off a cliff and is projected to fall further.
So, you might be wondering, what does all of this means and what am I getting at?
Within logistics there is a phenomenon that occurs when supply and demand are not managed and become dislocated. This is called the Bullwhip Effect. With the turmoil associated around major players in the logistics industry (SSLs & ALs) and general uncertainty in regards to the the economic outlook, we can expect increased costs associated with inventory, if companies have too much inventory (which is looking like the lesser of two evils IMO depending on the situation), or increased cost in freight spend, if companies don't have enough inventory (which, considering the wild swings in rates, could be devastating in cost). Either way, the point is cost. Costs are going to go up to move all the consumer goods we have been accustomed to buying so cheapy over the last decades of the expansion of the global market place that was supported by the expansion of capacity in global SSLs and ALs. That is why I'm not buying the deflation narrative that is being passed around currently and supported by the FED. Logistics services have been widely overlooked as a major contributor to the deflation in CPI we've seen over the last decade or so, as this coincides with the alliances created in SSLs and rate wars that ensued. We will see consumer prices increase and inflation will return whether the economy rebound quickly or not. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.


TL;DR - Logistics services have expanded with globalization and have become key players in keeping companies operating smoothly. SSLs have been creating alliances over the last decade, which caused rate wars (lowering freight costs). Due to beervirus, SSLs and ALs are severely hampered and are parking assets at a record pace, severely reducing capacity that is extremely difficult to expand in any kind of short-term basis. The disruption to supply chains will cause bullwhip effects across supply chains worldwide. This will raise prices for most goods with certainty. I am short gold, silver, and select precious metal equities, long on global risk assets until this mess can be sorted out.
submitted by xcessinmoderation to wallstreetbets [link] [comments]

Advice & a warning

So my position fell past the point where it states it would close and I lost all my positons becuase of 1 holding that fluctuated. The problem is that I set Stop-loss & take profit however they never took effect. so around 15:05 when I opened the trading 212 app I was bombarded with like 10 plus notifications at once of price notifcations of multiple stocks I set and warnings of my positions falling below margin. The problem is that these notifications are timestamped 10-20mins before they appeared. This meant I was unable to react to this changes accoridingly. The most frustrating thing is that this would have closed all my other holdings so I have now lost £1600 due to bugs on the trading 212 platform. I have also noticed that the app has been having constant server issues these past couple weeks and today was no exception. I have already contacted them about this issue but based on their response it seems like they cant actually see much on my account and want me to provide screenshots. If I could take screenshots of the past that would be great but I cant. I am hoping they restore my positions and if required allow me to deposit the cash above margin.
Any Advice is appretiated but I doubt much if any can be given either way you guys might want to take this as a lesson to screenshot/screen record your positions especially if your're trading CFD's as this platform is not stable at the moment.
submitted by kashbanditcoot1 to trading212 [link] [comments]

Sweden’s Famously Stealthy Submarine Is Now Even Quieter

Go Sweden! Thanks for that job done!
What's the difference inSweden and Switzerland. Switzerland has an economy more like The United States. They complain over there that the Franc is overvalued and they are not paid enough to live. Sweden has progressive taxation and income distribution and has a more stabler economy because of it. Stockholm is the Capital of Sweden since 1523 A.D. It shares the Scandinavian Peninsula with Norway. Coming up is the Difference between Norway and Normandy.
Here's a map of Sweden and Norway:

Location of Sweden Map from Encyclopedia Britannica Online.
Encyclopedia Britannica States," The country has a 1,000-year-long continuous history as a sovereign state, but its territorial expanse changed often until 1809. Today it is a constitutional monarchy with a well-established parliamentary democracy that dates from 1917. Swedish society is ethnically and religiously very homogeneous, although recent immigration has created some social diversity. Historically, Sweden rose from backwardness and poverty into a highly developed postindustrial society and advanced welfare state with a standard of living and life expectancy that rank among the highest in the world. "
Here are the Facts of Sweden according to Merriam-Webster:
Official Name: Konungariket Sverige (Kingdom of Sweden)
Form Of Government: constitutional monarchy with one legislative house (Riksdag, or Parliament [349])
Head Of State: King: Carl XVI Gustaf
Head Of Government: Prime Minister: Stefan Löfven
Capital: Stockholm
Official Language: Swedish
Official Religion: none
Monetary Unit: Swedish krona (SEK)
Currency Exchange Rate:
1 USD equals 9.879 Swedish krona
Population:
(2019 est.) 10,284,000
Population Rank:
(2018) 89
Population Projection 2030:
11,261,000
Total Area (Sq Mi)**172,750
Total Area (Sq Km)**447,420
Density: Persons Per Sq Mi(2018) 64.7
Density: Persons Per Sq Km(2018) 25
Urban-Rural Population:
Urban: (2018) 87.4%
Rural: (2018) 12.6%
Life Expectancy At Birth:
Male: (2017) 80.7 years
Female: (2017) 84.1 years
Literacy: Percentage Of Population Age 15 And Over:
Male: 100%
Female: (2008) 100%
GNI (U.S.$ ’000,000)
(2017) 529,460
GNI Per Capita (U.S.$)
(2017) 52,590
Here's what The CIA World FactBook has to say about Sweden: (Here are some highlights):
Sweden’s small, open, and competitive economy has been thriving and Sweden has achieved an enviable standard of living with its combination of free-market capitalism and extensive welfare benefits. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system.
Timber, hydropower, and iron ore constitute the resource base of a manufacturing economy that relies heavily on foreign trade. Exports, including engines and other machines, motor vehicles, and telecommunications equipment, account for more than 44% of GDP. Sweden enjoys a current account surplus of about 5% of GDP, which is one of the highest margins in Europe.
GDP grew an estimated 3.3% in 2016 and 2017 driven largely by investment in the construction sector. Swedish economists expect economic growth to ease slightly in the coming years as this investment subsides. Global economic growth boosted exports of Swedish manufactures further, helping drive domestic economic growth in 2017. The Central Bank is keeping an eye on deflationary pressures and bank observers expect it to maintain an expansionary monetary policy in 2018. Swedish prices and wages have grown only slightly over the past few years, helping to support the country’s competitiveness.
In the short and medium term, Sweden’s economic challenges include providing affordable housing and successfully integrating migrants into the labor market.
Agriculture - products:
This entry is an ordered listing of major crops and products starting with the most important.
barley, wheat, sugar beets; meat, milk
Industries:
This entry provides a rank ordering of industries starting with the largest by value of annual output.
iron and steel, precision equipment (bearings, radio and telephone parts, armaments), wood pulp and paper products, processed foods, motor vehicles
Unemployment rate:This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
6.7% (2017 est.)7% (2016 est.)country comparison to the world: 101
Population below poverty line:National estimates of the percentage of the population falling below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
15% (2014 est.)
Household income or consumption by percentage share:Data on household income or consumption come from household surveys, the results adjusted for household size. Nations use different standards and procedures in collecting and adjusting the data. Surveys based on income will normally show a more unequal distribution than surveys based on consumption. The quality of surveys is improving with time, yet caution is still necessary in making inter-country comparisons.
lowest 10%: 3.4%highest 10%: 24% (2012)
Budget:This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
revenues: 271.2 billion (2017 est.)expenditures: 264.4 billion (2017 est.)
Taxes and other revenues:This entry records total taxes and other revenues received by the national government during the time period indicated, expressed as a percent of GDP. Taxes include personal and corporate income taxes, value added taxes, excise taxes, and tariffs. Other revenues include social contributions - such as payments for social security and hospital insurance - grants, and net revenues from public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons acr . . . more
50.6% (of GDP) (2017 est.)

Now for Switzerland:

Map of Switzerland
It's rights next to France and Austria and is the size of Half of Scotland according to Encyclopedia Britannica online; This map is from their page.
According to Merriam-Webster:
Dialing code: +41
Population: 8.57 million (2019)
Currency: Swiss franc
Swit·​zer·​land | \ ˈswit-sər-lənd \variants: or French Suisse \ ˈswʸēs \ or German Schweiz \ ˈshvīts \ or Italian Svizzera \ ˈzvēt-​tsā-​rä \ or Latin Helvetia \ hel-​ˈvē-​sh(ē-​)ə \

Definition of Switzerland

landlocked country (a federal republic) in western Europe in the Alps; capital Bern area 15,937 square miles (41,277 square kilometers), population 8,293,000
see also SWISS entry 1 sense 1
Britannica states: " For many outsiders, Switzerland also evokes a prosperous if rather staid and unexciting society, an image that is now dated. Switzerland remains wealthy and orderly, but its mountain-walled valleys are far more likely to echo the music of a local rock band than a yodel or an alphorn. Most Swiss live in towns and cities, not in the idyllic rural landscapes that captivated the world through Johanna Spyri’s Heidi (1880–81), the country’s best-known literary work. Switzerland’s cities have emerged as international centres of industry and commerce connected to the larger world, a very different tenor from Switzerland’s isolated, more inward-looking past. As a consequence of its remarkably long-lived stability and carefully guarded neutrality, Switzerland—Geneva, in particular—has been selected as headquarters for a wide array of governmental and nongovernmental organizations, including many associated with the United Nations (UN)—an organization the Swiss resisted joining until the early 21st century. "
According to CIA"S World Factbook. Switzerland's Economy is as such:
Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies.
The Swiss have brought their economic practices largely into conformity with the EU's to gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other Eastern European economies drove up demand for the Swiss franc by investors seeking a safehaven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year from 2011 through 2017.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss Government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards.
GDP (purchasing power parity)
$523.1 billion (2017 est.)
$514.5 billion (2016 est.)
$506.5 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)
$679 billion (2017 est.)
GDP - per capita (PPP):
$62,100 (2017 est.)
$61,800 (2016 est.)
$61,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving:
33.8% of GDP (2017 est.)
32.3% of GDP (2016 est.)
33.9% of GDP (2015 est.)
GDP - composition, by end use: 53.7% (2017 est.)
government consumption: 12% (2017 est.)
investment in fixed capital: 24.5% (2017 est.)
investment in inventories: -1.4% (2017 est.)
exports of goods and services: 65.1% (2017 est.)
imports of goods and services: -54% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 0.7% (2017 est.)
industry: 25.6% (2017 est.)
services: 73.7% (2017 est.)
Agriculture - products: grains, fruits, vegetables; meat, eggs, dairy products
Industries: machinery, chemicals, watches, textiles, precision instruments, tourism, banking, insurance, pharmaceuticals
Industrial production growth rate: 3.4% (2017 est.)
country comparison to the world:92
Labor force**:**5.159 million (2017 est.)
country comparison to the world:81
Labor force - by occupation:
agriculture: 3.3%
industry: 19.8%
services: 76.9% (2015)
Unemployment rate:
3.2% (2017 est.)
3.3% (2016 est.)
country comparison to the world: 40
Population below poverty line:
6.6% (2014 est.)
Household income or consumption by percentage share:
lowest 10%: 7.5%
highest 10%: 19% (2007)
Budget:
revenues: 242.1 billion (2017 est.)
expenditures: 234.4 billion (2017 est.)
note: includes federal, cantonal, and municipal budgets
Taxes and other revenues:
35.7% (of GDP) (2017 est.)
country comparison to the world: 60
Budget surplus (+) or deficit (-):
1.1% (of GDP) (2017 est.)
country comparison to the world: 33
Public debt:
41.8% of GDP (2017 est.)
41.8% of GDP (2016 est.)
note: general government gross debt; gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future; includes debt liabilities in the form of Special Drawing Rights (SDRs), currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable; all liabilities in the GFSM (Government Financial Systems Manual) 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options
country comparison to the world: 119
Fiscal year:
Inflation rate (consumer prices):
0.5% (2017 est.)
-0.4% (2016 est.)
country comparison to the world: 30
Current account balance:
$66.55 billion (2017 est.)$63.16 billion (2016 est.)
country comparison to the world: 7
Exports:
$313.5 billion (2017 est.)
$318.1 billion (2016 est.)
note: trade data exclude trade with Switzerland
country comparison to the world: 17
Exports - partners:
Germany 15.2%
US 12.3%
China 8.2
%India 6.7%
France 5.7%
UK 5.7%
Hong Kong 5.4%
Italy 5.3%
(2017)
Exports - commodities:
machinery, chemicals, metals, watches, agricultural products
Imports:
$264.5 billion (2017 est.)
$266.3 billion (2016 est.)
country comparison to the world: 18
Imports - commodities:
machinery, chemicals, vehicles, metals; agricultural products, textiles
Imports - partners:
Germany 20.9%, US 7.9%
Italy 7.6%, UK 7.3%
France 6.8%
China 5%
(2017)
Reserves of foreign exchange and gold:
$811.2 billion (31 December 2017 est.)
$679.3 billion (31 December 2016 est.)
country comparison to the world: 3
Debt - external:.
$1.664 trillion (31 March 2016 est.)
$1.663 trillion (31 March 2015 est.)
country comparison to the world: 12
Exchange rates:
Swiss francs (CHF) per US dollar -0.9875 (2017 est.)
0.9852 (2016 est.)0.9852 (2015 est.)
0.9627 (2014 est.)
0.9152 (2013 est.)
And their Military is such as CIA states:
Military expenditures**:This entry gives spending on defense programs for the most recent year available as a percent of gross domestic product (GDP); the GDP is calculated on an exchange rate basis, i.e., not in terms of purchasing power parity (PPP). For countries with no military forces, this figure can include expenditures on public security and police.
0.68% of GDP (2018)0.68% of GDP (2017)0.68% of GDP (2016)0.66% of GDP (2015)0.66% of GDP (2014)country comparison to the world: 138
Military and security forces**:This entry lists the military and security forces subordinate to defense ministries or the equivalent (typically ground, naval, air, and marine forces), as well as those belonging to interior ministries or the equivalent (typically gendarmeries, bordecoast guards, paramilitary police, and other internal security forces).
Swiss Armed Forces: Land Forces, Swiss Air Force (Schweizer Luftwaffe) (2019)
Military service age and obligation**:This entry gives the required ages for voluntary or conscript military service and the length of service obligation.
18-30 years of age generally for male compulsory military service; 18 years of age for voluntary male and female military service; every Swiss male has to serve at least 245 days in the armed forces; conscripts receive 18 weeks of mandatory training, followed by six 19-day intermittent recalls for training during the next 10 years (2019)
Refugees and internally displaced persons:
refugees (country of origin):
34,072 (Eritrea)
16,565 (Syria)
12,282 (Afghanistan)
5,744 (Sri Lanka) (2018)
stateless persons:
49 (2018)
Illicit drugs
a major international financial center vulnerable to the layering and integration stages of money laundering; despite significant legislation and reporting requirements, secrecy rules persist and nonresidents are permitted to conduct business through offshore entities and various intermediaries; transit country for and consumer of South American cocaine, Southwest Asian heroin, and Western European synthetics; domestic cannabis cultivation and limited ecstasy production.
Here's an article about an International Dispute with the European Union (EU): https://www.express.co.uk/news/world/1283471/eu-news-switzerland-rejected-membership-bloc-twice-spt
When looking to solve problems with countries, look at their economy and study it.



submitted by jeskalana to u/jeskalana [link] [comments]

Recommend a platform?

Hi,
I've been doing the odd trade here and there on Trading 212 but I've been studying and I'm ready to move over to a more comprehensive trading platform.
I'm UK based, so can anyone recommend a good platform or tell me the platform that they use?
I've been looking at a range of them and just wanted a bit of a pointer as I've downloaded a bunch of demos and nothing seems to fit as yet.
Cheers in advance!
Additional question: Has anyone used an offshore platform to avoid the PDT rule outside of the $25k requirement margin?
submitted by BonnieMason1 to pennystocks [link] [comments]

Idk if this is allowed, but...

  1. troop
  2. shelf
  3. insure
  4. stall
  5. admiration
  6. aid
  7. suburb
  8. inappropriate
  9. owe
  10. extort
  11. lose
  12. assumption
  13. aunt
  14. spell
  15. crack
  16. bird
  17. trainer
  18. rub
  19. section
  20. arrange
  21. enhance
  22. faith
  23. reasonable
  24. unlawful
  25. excavate
  26. calm
  27. fat
  28. heavy
  29. resource
  30. cower
  31. tax
  32. exempt
  33. valid
  34. unlike
  35. board
  36. fog
  37. joke
  38. casualty
  39. zero
  40. anniversary
  41. variable
  42. cat
  43. stunning
  44. level
  45. navy
  46. privilege
  47. capital
  48. due
  49. dare
  50. fund
  51. enfix
  52. mile
  53. exploit
  54. flock
  55. situation
  56. poor
  57. photocopy
  58. water
  59. ally
  60. hypnothize
  61. activity
  62. rate
  63. spit
  64. widen
  65. help
  66. blade
  67. expertise
  68. card
  69. beginning
  70. brag
  71. shift
  72. marketing
  73. story
  74. slab
  75. exceed
  76. consumer
  77. approval
  78. rumor
  79. youth
  80. inject
  81. count
  82. neighbour
  83. closed
  84. discover
  85. forecast
  86. consultation
  87. latest
  88. pardon
  89. honor
  90. plot
  91. separate
  92. pot
  93. burst
  94. candidate
  95. freshman
  96. work
  97. approach
  98. class
  99. withdraw
  100. seminar
  101. demonstrate
  102. unique
  103. excess
  104. reveal
  105. paragraph
  106. thank
  107. technology
  108. dismissal
  109. divorce
  110. brand
  111. lecture
  112. agency
  113. chemistry
  114. suite
  115. left
  116. range
  117. right wing
  118. addition
  119. lunch
  120. weakness
  121. steak
  122. evening
  123. sale
  124. integrity
  125. handicap
  126. hero
  127. twitch
  128. denial
  129. flower
  130. shell
  131. hot
  132. chord
  133. attention
  134. sacred
  135. generate
  136. mislead
  137. few
  138. shop
  139. morsel
  140. useful
  141. voucher
  142. shoot
  143. ban
  144. bush
  145. favourite
  146. athlete
  147. discourage
  148. fitness
  149. soul
  150. dull
  151. avant-garde
  152. agile
  153. invasion
  154. quit
  155. residence
  156. factor
  157. pattern
  158. species
  159. angle
  160. prisoner
  161. acquisition
  162. chaos
  163. battlefield
  164. god
  165. rubbish
  166. enjoy
  167. public
  168. native
  169. deputy
  170. button
  171. disaster
  172. embrace
  173. compete
  174. note
  175. index
  176. quality
  177. print
  178. put
  179. intention
  180. cassette
  181. picture
  182. regret
  183. dribble
  184. sock
  185. decoration
  186. mail
  187. dish
  188. trouser
  189. happen
  190. strict
  191. switch
  192. surgeon
  193. retailer
  194. prefer
  195. jacket
  196. accompany
  197. mystery
  198. multimedia
  199. neglect
  200. marriage
  201. aware
  202. assume
  203. medieval
  204. fool
  205. sculpture
  206. singer
  207. ideology
  208. makeup
  209. forbid
  210. pound
  211. publish
  212. tray
  213. interactive
  214. coal
  215. gradient
  216. expectation
  217. alarm
  218. diamond
  219. refer
  220. whip
  221. devote
  222. advantage
  223. communist
  224. amuse
  225. plan
  226. plagiarize
  227. month
  228. percent
  229. obese
  230. colon
  231. kitchen
  232. conclusion
  233. constitutional
  234. indirect
  235. career
  236. debut
  237. notebook
  238. mayor
  239. chance
  240. Koran
  241. rider
  242. bin
  243. quota
  244. cord
  245. precision
  246. sulphur
  247. prize
  248. powder
  249. breathe
  250. emphasis
  251. squash
  252. stretch
  253. root
  254. thinker
  255. inquiry
  256. live
  257. flourish
  258. disability
  259. circumstance
  260. temperature
  261. rest
  262. age
  263. memorandum
  264. cluster
  265. opposition
  266. gap
  267. borrow
  268. bullet
  269. injury
  270. moving
  271. panel
  272. atmosphere
  273. dip
  274. paint
  275. attraction
  276. childish
  277. giant
  278. rocket
  279. set
  280. leave
  281. demonstrator
  282. east
  283. orientation
  284. marsh
  285. solo
  286. appeal
  287. chimney
  288. funny
  289. well
  290. confront
  291. morning
  292. band
  293. screen
  294. square
  295. voter
  296. wage
  297. celebration
  298. day
  299. break down
  300. half
  301. annual
  302. slap
  303. page
  304. soprano
  305. contradiction
  306. gaffe
  307. ladder
  308. frown
  309. classify
  310. stir
  311. staircase
  312. gate
  313. paradox
  314. continuation
  315. rain
  316. braid
  317. secular
  318. broadcast
  319. producer
  320. pour
  321. grounds
  322. golf
  323. center
  324. improvement
  325. appoint
  326. warning
  327. dragon
  328. management
  329. architect
  330. diagram
  331. transparent
  332. rugby
  333. coverage
  334. straw
  335. like
  336. twin
  337. sea
  338. temporary
  339. outlook
  340. folklore
  341. rotten
  342. pasture
  343. traction
  344. psychology
  345. vein
  346. mirror
  347. heat
  348. knowledge
  349. goat
  350. proclaim
  351. withdrawal
  352. chauvinist
  353. background
  354. fossil
  355. behavior
  356. shout
  357. rhythm
  358. authorise
  359. fall
  360. security
  361. fascinate
  362. splurge
  363. option
  364. fist
  365. banana
  366. training
  367. hypothesize
  368. radiation sickness
  369. hostile
  370. pastel
  371. mainstream
  372. constraint
  373. bake
  374. defend
  375. season
  376. triangle
  377. herd
  378. see
  379. reference
  380. cow
  381. grace
  382. clique
  383. porter
  384. site
  385. product
  386. canvas
  387. pier
  388. pig
  389. cooperative
  390. disclose
  391. machinery
  392. slot
  393. random
  394. kick
  395. great
  396. spread
  397. knot
  398. momentum
  399. electron
  400. shock
  401. crew
  402. sport
  403. sound
  404. introduction
  405. lane
  406. disappoint
  407. beach
  408. opponent
  409. fireplace
  410. animal
  411. oven
  412. bracket
  413. horn
  414. cup
  415. Mars
  416. branch
  417. cathedral
  418. job
  419. champagne
  420. justify
  421. nationalist
  422. year
  423. dinner
  424. interference
  425. technique
  426. cool
  427. lift
  428. trial
  429. cover
  430. valley
  431. election
  432. director
  433. fuel
  434. comedy
  435. retired
  436. respect
  437. biography
  438. mercy
  439. correction
  440. toll
  441. declaration
  442. integration
  443. dream
  444. sign
  445. infection
  446. revoke
  447. deficit
  448. weight
  449. contain
  450. take
  451. settle
  452. projection
  453. price
  454. overall
  455. thesis
  456. explicit
  457. lodge
  458. compose
  459. cute
  460. narrow
  461. labour
  462. confine
  463. proposal
  464. feminist
  465. arrogant
  466. bean
  467. tooth
  468. polite
  469. incentive
  470. cook
  471. highlight
  472. trunk
  473. suggest
  474. teach
  475. entertain
  476. mind
  477. brown
  478. biology
  479. grandmother
  480. monster
  481. dump
  482. man
  483. credit
  484. vacuum
  485. socialist
  486. needle
  487. spirit
  488. baby
  489. network
  490. departure
  491. miracle
  492. opera
  493. resort
  494. funeral
  495. protect
  496. bank
  497. record
  498. real
  499. preparation
  500. student
  501. capture
  502. boot
  503. gloom
  504. crouch
  505. method
  506. portrait
  507. correspond
  508. suntan
  509. start
  510. chart
  511. coup
  512. grip
  513. riot
  514. affair
  515. president
  516. rear
  517. advertising
  518. unity
  519. cheek
  520. thrust
  521. channel
  522. number
  523. route
  524. reverse
  525. literacy
  526. craft
  527. orthodox
  528. provoke
  529. assault
  530. abnormal
  531. dry
  532. productive
  533. vague
  534. parameter
  535. football
  536. grateful
  537. contrast
  538. beam
  539. testify
  540. dog
  541. slippery
  542. loyalty
  543. outline
  544. trade
  545. conviction
  546. lie
  547. infect
  548. profound
  549. relief
  550. negative
  551. landscape
  552. contempt
  553. tropical
  554. bang
  555. criminal
  556. elapse
  557. hope
  558. yard
  559. rich
  560. television
  561. joystick
  562. medal
  563. myth
  564. crackpot
  565. elbow
  566. visible
  567. hunting
  568. essay
  569. fox
  570. woman
  571. joint
  572. recognize
  573. haircut
  574. bow
  575. conference
  576. deport
  577. barrel
  578. episode
  579. miserable
  580. sell
  581. gas pedal
  582. arrangement
  583. utter
  584. learn
  585. gold
  586. integrated
  587. representative
  588. pin
  589. sister
  590. descent
  591. stereotype
  592. banner
  593. consensus
  594. replacement
  595. account
  596. scene
  597. serious
  598. sandwich
  599. depend
  600. defendant
  601. population
  602. secretary
  603. heart
  604. spontaneous
  605. embarrassment
  606. implication
  607. flat
  608. subject
  609. hallway
  610. throne
  611. lineage
  612. theft
  613. feedback
  614. infinite
  615. score
  616. install
  617. lonely
  618. tin
  619. illness
  620. theorist
  621. abridge
  622. filter
  623. headquarters
  624. parade
  625. audience
  626. official
  627. spoil
  628. rib
  629. familiar
  630. indulge
  631. injection
  632. vessel
  633. screw
  634. hurt
  635. mug
  636. back
  637. log
  638. west
  639. assembly
  640. applied
  641. tie
  642. jury
  643. storage
  644. mechanical
  645. rent
  646. bend
  647. lily
  648. system
  649. hold
  650. contract
  651. unfortunate
  652. matrix
  653. home
  654. response
  655. eyebrow
  656. confuse
  657. aluminium
  658. artificial
  659. result
  660. permanent
  661. ensure
  662. collection
  663. settlement
  664. content
  665. glue
  666. market
  667. explain
  668. worm
  669. cigarette
  670. allocation
  671. brush
  672. calculation
  673. empire
  674. sweater
  675. camera
  676. answer
  677. harbor
  678. sun
  679. sip
  680. fastidious
  681. fight
  682. misplace
  683. passion
  684. cut
  685. grow
  686. treaty
  687. qualification
  688. clear
  689. pleasure
  690. bulb
  691. pony
  692. failure
  693. entertainment
  694. able
  695. physics
  696. brink
  697. concern
  698. rice
  699. ride
  700. conceive
  701. gradual
  702. achieve
  703. earthflax
  704. responsible
  705. intelligence
  706. glow
  707. ministry
  708. duck
  709. professor
  710. deer
  711. beef
  712. child
  713. microphone
  714. judge
  715. abortion
  716. pocket
  717. look
  718. manual
  719. exclude
  720. mathematics
  721. stream
  722. civilization
  723. characteristic
  724. appreciate
  725. listen
  726. exercise
  727. explosion
  728. bedroom
  729. sausage
  730. write
  731. pay
  732. shine
  733. different
  734. consideration
  735. ambition
  736. program
  737. ballot
  738. wife
  739. interface
  740. make
  741. orchestra
  742. frozen
  743. fine
  744. lifestyle
  745. bet
  746. reservoir
  747. sweet
  748. move
  749. fragrant
  750. trance
  751. reproduction
  752. tease
  753. develop
  754. breeze
  755. basic
  756. minimum
  757. crutch
  758. depart
  759. privacy
  760. continuous
  761. flu
  762. opinion
  763. salad
  764. restrain
  765. muggy
  766. cage
  767. quarrel
  768. motorist
  769. acceptance
  770. wardrobe
  771. pill
  772. approve
  773. depressed
  774. rebel
  775. notice
  776. orgy
  777. unpleasant
  778. have
  779. rotate
  780. tough
  781. gossip
  782. ring
  783. software
  784. pioneer
  785. wire
  786. increase
  787. presidency
  788. intensify
  789. pop
  790. width
  791. wheat
  792. diplomat
  793. launch
  794. realism
  795. collar
  796. courage
  797. rotation
  798. guide
  799. scratch
  800. love
  801. definition
  802. low
  803. nose
  804. portion
  805. claim
  806. partnership
  807. automatic
  808. building
  809. bathtub
  810. good
  811. expansion
  812. peak
  813. normal
  814. displace
  815. serve
  816. potential
  817. publication
  818. foundation
  819. contemporary
  820. star
  821. feeling
  822. bundle
  823. shallow
  824. monarch
  825. rehearsal
  826. carry
  827. upset
  828. recovery
  829. motorcycle
  830. adviser
  831. profile
  832. institution
  833. snarl
  834. south
  835. fit
  836. language
  837. assessment
  838. defeat
  839. seal
  840. halt
  841. fruit
  842. unaware
  843. wash
  844. deliver
  845. clarify
  846. migration
  847. berry
  848. history
  849. meadow
  850. just
  851. texture
  852. guideline
  853. layer
  854. light
  855. lease
  856. nonremittal
  857. penetrate
  858. think
  859. visual
  860. remunerate
  861. style
  862. dedicate
  863. ankle
  864. remain
  865. variant
  866. ritual
  867. respectable
  868. favorable
  869. liberty
  870. outlet
  871. design
  872. Sunday
  873. preoccupation
  874. bus
  875. edition
  876. bloody
  877. offense
  878. carrot
  879. march
  880. contraction
  881. cabin
  882. dangerous
  883. blind
  884. waiter
  885. ethnic
  886. sweat
  887. musical
  888. swing
  889. lace
  890. parallel
  891. computing
  892. notorious
  893. compound
  894. cake
  895. absolute
  896. original
  897. agent
  898. banish
  899. beer
  900. fever
  901. evaluate
  902. ostracize
  903. prescription
  904. sugar
  905. lead
  906. bring
  907. mixture
  908. revive
  909. hard
  910. classroom
  911. salt
  912. excuse
  913. fly
  914. clerk
  915. follow
  916. floor
  917. cave
  918. throat
  919. railcar
  920. owner
  921. store
  922. quotation
  923. related
  924. node
  925. steep
  926. depression
  927. spite
  928. trench
  929. compromise
  930. laser
  931. bitch
  932. bathroom
  933. tune
  934. top
  935. positive
  936. sequence
  937. grave
  938. thoughtful
  939. bury
  940. expenditure
  941. skilled
  942. crusade
  943. tired
  944. tycoon
  945. tent
  946. frame
  947. wall
  948. birthday
  949. feast
  950. concession
  951. flour
  952. journal
  953. safety
  954. fate
  955. chocolate
  956. scheme
  957. present
  958. embark
  959. manage
  960. operation
  961. flavor
  962. tank
  963. activate
  964. candle
  965. dance
  966. reflect
  967. tactic
  968. huge
  969. investigation
  970. arena
  971. size
  972. leadership
  973. return
  974. rough
  975. destruction
  976. examination
  977. relationship
  978. viable
  979. color-blind
  980. element
  981. offend
  982. poem
  983. railroad
  984. crisis
  985. maze
  986. debt
  987. blame
  988. context
  989. oak
  990. kid
  991. deprivation
  992. minute
  993. critic
  994. solve
  995. weed
  996. customer
  997. gasp
  998. operational
  999. expression
  1000. traffic
  1001. blast
  1002. incapable
  1003. academy
  1004. literature
  1005. refund
  1006. blank
  1007. qualified
  1008. enter
  1009. shelter
  1010. delete
  1011. escape
  1012. sex
  1013. perfume
  1014. report
  1015. bubble
  1016. change
  1017. noble
  1018. lamp
  1019. location
  1020. recruit
  1021. pile
  1022. perception
  1023. freighter
  1024. omission
  1025. flag
  1026. attract
  1027. relative
  1028. service
  1029. persist
  1030. quest
  1031. information
  1032. pavement
  1033. tight
  1034. mother
  1035. radiation
  1036. theater
  1037. economy
  1038. offer
  1039. honest
  1040. sunrise
  1041. pledge
  1042. go
  1043. bind
  1044. burn
  1045. absorb
  1046. autonomy
  1047. restoration
  1048. row
  1049. dose
  1050. doubt
  1051. observer
  1052. city
  1053. grandfather
  1054. gesture
  1055. snack
  1056. composer
  1057. administration
  1058. complain
  1059. build
  1060. tick
  1061. tumour
  1062. invite
  1063. pneumonia
  1064. battle
  1065. discriminate
  1066. rally
  1067. smooth
  1068. constitution
  1069. economist
  1070. jewel
  1071. fuss
  1072. find
  1073. compensation
  1074. strength
  1075. roof
  1076. prosecute
  1077. employ
  1078. retirement
  1079. demonstration
  1080. pupil
  1081. uncle
  1082. precedent
  1083. magnitude
  1084. graze
  1085. culture
  1086. equinox
  1087. professional
  1088. similar
  1089. perforate
  1090. printer
  1091. rainbow
  1092. model
  1093. immune
  1094. fare
  1095. still
  1096. damage
  1097. stitch
  1098. kettle
  1099. equip
  1100. please
  1101. mention
  1102. laborer
  1103. meet
  1104. environment
  1105. mourning
  1106. theory
  1107. cottage
  1108. custody
  1109. concrete
  1110. crime
  1111. ecstasy
  1112. philosophy
  1113. dive
  1114. double
  1115. photography
  1116. player
  1117. redundancy
  1118. treat
  1119. air
  1120. census
  1121. obstacle
  1122. word
  1123. flatware
  1124. suitcase
  1125. skeleton
  1126. hen
  1127. elect
  1128. pigeon
  1129. threshold
  1130. bloodshed
  1131. jockey
  1132. ferry
  1133. prevent
  1134. asset
  1135. speed
  1136. achievement
  1137. plane
  1138. bacon
  1139. pepper
  1140. ball
  1141. mean
  1142. partner
  1143. ignorance
  1144. guard
  1145. shaft
  1146. domestic
  1147. prevalence
  1148. tire
  1149. resolution
  1150. variation
  1151. kidney
  1152. safe
  1153. threat
  1154. coat
  1155. slump
  1156. incongruous
  1157. tournament
  1158. decorative
  1159. young
  1160. swallow
  1161. torture
  1162. jet
  1163. exhibition
  1164. assignment
  1165. try
  1166. mobile
  1167. despair
  1168. stroll
  1169. folk
  1170. archive
  1171. belief
  1172. private
  1173. minister
  1174. brain
  1175. hour
  1176. add
  1177. video
  1178. stand
  1179. revolution
  1180. park
  1181. requirement
  1182. trolley
  1183. inspire
  1184. sword
  1185. clock
  1186. vegetable
  1187. sodium
  1188. offspring
  1189. council
  1190. mutation
  1191. circle
  1192. extent
  1193. butterfly
  1194. correspondence
  1195. height
  1196. form
  1197. lot
  1198. watch
  1199. outside
  1200. dimension
  1201. grain
  1202. slant
  1203. systematic
  1204. value
  1205. color
  1206. corpse
  1207. guilt
  1208. say
  1209. empirical
  1210. strip
  1211. arrow
  1212. update
  1213. combination
  1214. quarter
  1215. understanding
  1216. buffet
  1217. deal
  1218. deadly
  1219. exchange
  1220. past
  1221. arise
  1222. ballet
  1223. grind
  1224. insistence
  1225. fresh
  1226. item
  1227. likely
  1228. base
  1229. slice
  1230. trip
  1231. patient
  1232. stay
  1233. window
  1234. meal
  1235. amputate
  1236. movie
  1237. staff
  1238. impact
  1239. fragment
  1240. warn
  1241. feel
  1242. skin
  1243. dressing
  1244. cell phone
  1245. radio
  1246. exploration
  1247. hill
  1248. nun
  1249. combine
  1250. tempt
  1251. nominate
  1252. angel
  1253. forge
  1254. wear out
  1255. groan
  1256. slam
  1257. ghostwriter
  1258. margin
  1259. genetic
  1260. scenario
  1261. carriage
  1262. sacrifice
  1263. quaint
  1264. criticism
  1265. road
  1266. copy
  1267. endorse
  1268. bee
  1269. disposition
  1270. accessible
  1271. hang
  1272. embox
  1273. press
  1274. lack
  1275. difficulty
  1276. conglomerate
  1277. patent
  1278. fantasy
  1279. pumpkin
  1280. provincial
  1281. substitute
  1282. dairy
  1283. proportion
  1284. duty
  1285. absence
  1286. tip
  1287. dirty
  1288. appear
  1289. graduate
  1290. overcharge
  1291. conservation
  1292. castle
  1293. rage
  1294. drift
  1295. fraud
  1296. create
  1297. looting
  1298. compliance
  1299. silver
  1300. tablet
  1301. egg
  1302. essential
  1303. buttocks
  1304. muscle
  1305. realize
  1306. grudge
  1307. mosquito
  1308. federation
  1309. crossing
  1310. driver
  1311. reason
  1312. heel
  1313. aspect
  1314. raw
  1315. jump
  1316. date
  1317. cream
  1318. appendix
  1319. wriggle
  1320. request
  1321. hook
  1322. shy
  1323. isolation
  1324. innocent
  1325. harm
  1326. nerve
  1327. piano
  1328. project
  1329. display
  1330. remedy
  1331. father
  1332. engagement
  1333. object
  1334. sow
  1335. anxiety
  1336. get
  1337. snow
  1338. corner
  1339. craftsman
  1340. apology
  1341. unfair
  1342. tissue
  1343. pawn
  1344. food
  1345. girlfriend
  1346. tone
  1347. behave
  1348. restless
  1349. tumble
  1350. consider
  1351. modest
  1352. specimen
  1353. copper
  1354. snap
  1355. concentration
  1356. premature
  1357. sticky
  1358. echo
  1359. appetite
  1360. sustain
  1361. imagine
  1362. bread
  1363. snail
  1364. eternal
  1365. thirsty
  1366. silk
  1367. courtship
  1368. soup
  1369. speaker
  1370. earthwax
  1371. tape
  1372. tear
  1373. main
  1374. exception
  1375. sharp
  1376. addicted
  1377. vain
  1378. satellite
  1379. cinema
  1380. straight
  1381. confession
  1382. parking
  1383. cultivate
  1384. crosswalk
  1385. bottom
  1386. linger
  1387. edge
  1388. investment
  1389. ghost
  1390. deep
  1391. pat
  1392. habitat
  1393. money
  1394. recycle
  1395. crown
  1396. norm
  1397. high
  1398. impulse
  1399. conventional
  1400. afford
  1401. reduce
  1402. participate
  1403. breakdown
  1404. laboratory
  1405. multiply
  1406. glasses
  1407. single
  1408. jam
  1409. helpless
  1410. liberal
  1411. cart
  1412. AIDS
  1413. negotiation
  1414. race
  1415. guerrilla
  1416. absent
  1417. pest
  1418. advance
  1419. genuine
  1420. eavesdrop
  1421. remark
  1422. wreck
  1423. leftovers
  1424. ruin
  1425. wander
  1426. average
  1427. economic
  1428. polish
  1429. treasurer
  1430. door
  1431. authority
  1432. feature
  1433. share
  1434. imposter
  1435. terminal
  1436. construct
  1437. irony
  1438. want
  1439. compartment
  1440. pillow
  1441. green
  1442. wrap
  1443. chain
  1444. resist
  1445. fool around
  1446. soldier
  1447. sight
  1448. efflux
  1449. bounce
  1450. reproduce
  1451. concentrate
  1452. constant
  1453. snatch
  1454. analysis
  1455. assertive
  1456. passage
  1457. pure
  1458. verdict
  1459. execute
  1460. pride
  1461. conscience
  1462. rescue
  1463. recommend
  1464. measure
  1465. decrease
  1466. deficiency
  1467. onion
  1468. healthy
  1469. taxi
  1470. scholar
  1471. car
  1472. clean
  1473. earwax
  1474. lawyer
  1475. charter
  1476. distort
  1477. vegetation
  1478. trivial
  1479. dictionary
  1480. survival
  1481. fur
  1482. computer
  1483. differ
  1484. drum
  1485. comfortable
  1486. squeeze
  1487. corn
  1488. X-ray
  1489. governor
  1490. relax
  1491. swear
  1492. gallery
  1493. promote
  1494. chalk
  1495. government
  1496. lend
  1497. solid
  1498. ice cream
  1499. emergency
  1500. drawing
  1501. talented
  1502. heir
  1503. robot
  1504. rock
  1505. crude
  1506. hut
  1507. figure
  1508. crowd
  1509. bulletin
  1510. eagle
  1511. hiccup
  1512. attic
  1513. locate
  1514. disappointment
  1515. ash
  1516. diplomatic
  1517. scrap
  1518. articulate
  1519. club
  1520. forum
  1521. protection
  1522. helmet
  1523. constituency
  1524. regular
  1525. mood
  1526. password
  1527. yearn
  1528. bottle
  1529. gas
  1530. gene
  1531. cereal
  1532. hear
  1533. dress
  1534. banquet
  1535. pack
  1536. wording
  1537. comprehensive
  1538. affect
  1539. novel
  1540. overview
  1541. default
  1542. prayer
  1543. express
  1544. necklace
  1545. repetition
  1546. tasty
  1547. inflate
  1548. swipe
  1549. coffee
  1550. perceive
  1551. peanut
  1552. clothes
  1553. research
  1554. confidence
  1555. deny
  1556. morale
  1557. license
  1558. vision
  1559. houseplant
  1560. unanimous
  1561. tiptoe
  1562. directory
  1563. cousin
  1564. hand
  1565. merit
  1566. game
  1567. girl
  1568. belly
  1569. heaven
  1570. satisfied
  1571. overwhelm
  1572. pie
  1573. deprive
  1574. tolerate
  1575. disagreement
  1576. payment
  1577. last
  1578. petty
  1579. coach
  1580. lover
  1581. horse
  1582. wolf
  1583. paper
  1584. package
  1585. ordinary
  1586. beard
  1587. jurisdiction
  1588. exemption
  1589. practical
  1590. garage
  1591. revival
  1592. plain
  1593. virus
  1594. noise
  1595. volcano
  1596. nightmare
  1597. judicial
  1598. neck
  1599. supply
  1600. bald
  1601. physical
  1602. magnetic
  1603. enemy
  1604. linen
  1605. baseball
  1606. rabbit
  1607. shed
  1608. boom
  1609. econobox
  1610. digital
  1611. slave
  1612. snake
  1613. inflation
  1614. amber
  1615. simplicity
  1616. tidy
  1617. sanctuary
  1618. salvation
  1619. rob
  1620. jelly
  1621. expose
  1622. school
  1623. whole
  1624. debate
  1625. junior
  1626. researcher
  1627. skip
  1628. forward
  1629. hay
  1630. shake
  1631. electronics
  1632. spend
  1633. undermine
  1634. memory
  1635. college
  1636. river
  1637. hell
  1638. distortion
  1639. timber
  1640. excavation
  1641. fun
  1642. apathy
  1643. helicopter
  1644. frank
  1645. century
  1646. offset
  1647. anger
  1648. clash
  1649. brick
  1650. decade
  1651. reckless
  1652. transition
  1653. racism
  1654. feminine
  1655. pit
  1656. vertical
  1657. crop
  1658. application
  1659. soar
  1660. wine
  1661. consumption
  1662. horror
  1663. liability
  1664. salesperson
  1665. horseshoe
  1666. image
  1667. tense
  1668. impound
  1669. deteriorate
  1670. influence
  1671. difficult
  1672. distant
  1673. turn
  1674. damn
  1675. brave
  1676. accept
  1677. eaux
  1678. calorie
  1679. equal
  1680. power
  1681. arm
  1682. guitar
  1683. relate
  1684. soil
  1685. waterfall
  1686. origin
  1687. citizen
  1688. basis
  1689. feed
  1690. penny
  1691. possibility
  1692. provision
  1693. strikebreaker
  1694. retire
  1695. harvest
  1696. carbon
  1697. sink
  1698. keep
  1699. team
  1700. haunt
  1701. dollar
  1702. coerce
  1703. hemisphere
  1704. veteran
  1705. plant
  1706. surprise
  1707. loan
  1708. ancestor
  1709. passive
  1710. mole
  1711. view
  1712. friendly
  1713. selection
  1714. suffering
  1715. shot
  1716. enlarge
  1717. harsh
  1718. desire
  1719. revenge
  1720. cancel
  1721. foreigner
  1722. fashion
  1723. agreement
  1724. cash
  1725. handy
  1726. possible
  1727. detail
  1728. TRUE
  1729. cotton
  1730. truck
  1731. white
  1732. magazine
  1733. punch
  1734. inhibition
  1735. coincide
  1736. ex
  1737. acquit
  1738. global
  1739. chew
  1740. foot
  1741. cope
  1742. witness
  1743. abundant
  1744. miner
  1745. convert
  1746. decide
  1747. diet
  1748. disagree
  1749. reject
  1750. occasion
  1751. unit
  1752. field
  1753. effect
  1754. pity
  1755. division
  1756. dine
  1757. demand
  1758. attractive
  1759. party
  1760. advocate
  1761. creation
  1762. alive
  1763. stamp
  1764. frequency
  1765. tender
  1766. predict
  1767. curtain
  1768. studio
  1769. shower
  1770. seem
  1771. statement
  1772. cherry
  1773. galaxy
  1774. stadium
  1775. notion
  1776. fax
  1777. mutual
  1778. impress
  1779. satisfaction
  1780. smell
  1781. fling
  1782. restaurant
  1783. budget
  1784. trap
  1785. danger
  1786. hurl
  1787. spy
  1788. dependence
  1789. national
  1790. museum
  1791. plaintiff
  1792. even
  1793. hole
  1794. harmony
  1795. matter
  1796. agony
  1797. major
  1798. mold
  1799. file
  1800. accident
  1801. artist
  1802. attack
  1803. penalty
  1804. guest
  1805. subway
  1806. mature
  1807. spray
  1808. symptom
  1809. certain
  1810. slip
  1811. established
  1812. revolutionary
  1813. reaction
  1814. innovation
  1815. cell
  1816. patrol
  1817. negligence
  1818. runner
  1819. undertake
  1820. coin
  1821. meat
  1822. plaster
  1823. strong
  1824. list
  1825. extract
  1826. speech
  1827. disorder
  1828. shoulder
  1829. herb
  1830. border
  1831. question
  1832. finger
  1833. estimate
  1834. dismiss
  1835. obscure
  1836. sit
  1837. fluctuation
  1838. siege
  1839. challenge
  1840. win
  1841. harmful
  1842. indication
  1843. formal
  1844. poetry
  1845. rehabilitation
  1846. topple
  1847. captain
  1848. preference
  1849. carpet
  1850. evolution
  1851. chicken
  1852. ideal
  1853. ethics
  1854. business
  1855. veil
  1856. mosaic
  1857. disgrace
  1858. smash
  1859. hospitality
  1860. breakfast
  1861. hypothesis
  1862. cause
  1863. seat
  1864. scale
  1865. copyright
  1866. worth
  1867. instal
  1868. doll
  1869. intermediate
  1870. fisherman
  1871. clinic
  1872. determine
  1873. fear
  1874. employee
  1875. save
  1876. priority
  1877. fair
  1878. country
  1879. instrument
  1880. resident
  1881. hotdog
  1882. freeze
  1883. rack
  1884. mud
  1885. pierce
  1886. pool
  1887. welcome
  1888. duke
  1889. threaten
  1890. material
  1891. purpose
  1892. flow
  1893. insight
  1894. indoor
  1895. lick
  1896. pleasant
  1897. nut
  1898. translate
  1899. stop
  1900. knee
  1901. executrix
  1902. throw
  1903. mistreat
  1904. organize
  1905. length
  1906. attitude
  1907. benefit
  1908. gravity
  1909. chorus
  1910. dividend
  1911. virgin
  1912. seize
  1913. lump
  1914. domination
  1915. concept
  1916. prospect
  1917. article
  1918. accent
  1919. test
  1920. state
  1921. bold
  1922. accountant
  1923. sector
  1924. falsify
  1925. care
  1926. elaborate
  1927. command
  1928. body
  1929. charity
  1930. fire
  1931. circulate
  1932. dead
  1933. rush
  1934. burial
  1935. mushroom
  1936. island
  1937. queue
  1938. proud
  1939. stumble
  1940. vigorous
  1941. legislature
  1942. symbol
  1943. tragedy
  1944. elite
  1945. term
  1946. brake
  1947. incident
  1948. safari
  1949. convulsion
  1950. sweep
  1951. meeting
  1952. cheque
  1953. mask
  1954. lamb
  1955. degree
  1956. budge
  1957. miss
  1958. willpower
  1959. bridge
  1960. countryside
  1961. strain
  1962. insert
  1963. motivation
  1964. reactor
  1965. credit card
  1966. reward
  1967. smile
  1968. worry
  1969. salmon
  1970. extension
  1971. slow
  1972. thaw
  1973. science
  1974. experience
  1975. favor
  1976. stock
  1977. glory
  1978. menu
  1979. thick
  1980. pray
  1981. deserve
  1982. hilarious
  1983. first-hand
  1984. murder
  1985. superintendent
  1986. improve
  1987. distinct
  1988. sleep
  1989. chapter
  1990. limited
  1991. week
  1992. character
  1993. communication
  1994. franchise
  1995. cooperation
  1996. issue
  1997. problem
  1998. highway
  1999. posture
  2000. mine
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HOW TO USE TRADING 212  FOREX TRADING PLATFORM Trading 212 - YouTube What are Margin Requirements? Quick Definition - YouTube Short Video - Commodities Margin Trading in the US How to Place a Trade in Trading 212 - YouTube

Futures Trading Margin Requirements. Once a trader meets the initial margin requirement, they are required to maintain the maintenance margin level until the position is closed. The maintenance margin is the minimum amount a trader is required to have in their account and is usually slightly below the initial margin. $212.50: US 10-Year Based out of London and registered in England and Wales, (Trading 212 UK Ltd. and Ltd.) is the nation’s first zero commission brokerage with over 12 million downloads marking it the U.K. and Germany’s #1 trading app since 2017. Launched mid-2013 and currently operating in 65 countries, this fintech is trying to appeal to the next generation Since the Margin Requirement is 2%, the Required Margin will be $214. Previously, the Required Margin was $220 (when EUR/USD was trading at 1.10000). The Used Margin is updated to reflect changes in Required Margin for every position open. In this example, since you only have one position open, the Used Margin will be equal to the new Required Trading 212 is a trading name of Trading 212 UK Ltd. and Trading 212 Ltd. Trading 212 UK Ltd. is registered in England and Wales (Register number 8590005), with a registered address 43-45 Dorset Street, London, W1U 7NA. Trading 212 UK Ltd. is authorised and regulated by the Financial Conduct Authority (Register number 609146). Trading 212 UK Ltd. applies a margin "haircut" to reflect this risk, and so the Margin Requirement on the CFD will effectively increase. Interest Rate Fluctuation Risk Interest rates fluctuate, which will affect the financing charges (or rebates) you will pay (or may receive) on your long (or short) CFD positions.

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HOW TO USE TRADING 212 FOREX TRADING PLATFORM

Trading 212 is a London fintech company democratising the financial markets with free, smart and easy to use apps, enabling anyone to trade equities, currenc... David Jones takes us through all the steps of opening a trade in Trading 212. He also shows us where we can set a stop loss and take profit order to manage r... Trading 212 293,315 views. 8:49. Lesson 10: All about margin and leverage in forex trading - Duration: 23:38. Rob Booker Trading 237,938 views. 23:38. Price Action Trading Secrets ... How to calculate viable trade sizes based on the Leverage traded with and the account size - Margin requirements for various priced securities, ETF’s, options, and option strategies - Margin Calls – initial, maintenance, strikes - Pattern Day Trading (PDT) rules and requirements

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