Business

Analysis Paralysis: Determining How to Analyze Your Trading Decisions

Published

4 years ago

September 30, 2020

One of the most crucial parts of the process of being a day trader is the analysis, it is the part of the process that informs decision making for day traders regardless of what kind of trading they’re involved in, and it stands as one of the three main pillars of success. Thomas Yin details the two main ways in which analysis is handled in his book, Trading Secrets, explaining that both forms have different benefits and drawbacks and details how each function regarding trade.

The first type of analysis is fundamental analysis, which involves tracking the news and numbers. Fundamental analysis is a numbers game at heart. It’s tracking those numbers such as revenue, earnings, and profit and tracking ratios and using them to make predictions about future shifts in the market. Yin states that fundamental analysis isn’t necessarily the best way to track changes as it can be right; it’s merely a matter of when it’s right and when it isn’t. Therein lies the problem, the ability to be right is good, but it is almost as if you’re guessing when the fundamental analysis will work out in your favor.

The second type of analysis is technical analysis; Yin discusses that this kind of analysis leans into the idea of trade psychology. Technical analysis deals with tracking the fear and greed and using that to pinpoint and determine where and when the market will shift and by how much. Technical analysis works on the principle of looking at both historical and current price movements in the market to predict the future price movements and determine the existing trade conditions.

Unlike the fundamental analysis, technical analysis uses all past and current market information as a determining factor in how the market behaves and moves. In terms of the analysis, there is a great deal of visual representation in the form of charts and graphs that depict the information, trends, and future predictions easily, and while it might come off as complicated, it is quite the opposite. Yin makes a clear assurance otherwise, stating, “If technical analysis is complicated and hard, it will not work.” This kind of analysis must be kept simple to function appropriately as otherwise, it will cause more harm than good, but when it’s done right and kept simple, the probabilities tend to err more on the side of success for winning trades.

As a systematic market analysis is paramount to success in the market, understanding both of these forms of analysis is key to understanding how to succeed. The logistics of each form of analysis resides on the fact that analysis in the market is systematic. It isn’t merely one analysis, and then it’s done. It must be done systematically to keep up with the market trends and keep the success going. Mastering the market analysis is a deal-breaking element of success in the market, and learning it can lead to great success or tragic failure.

Business

From Contracts to Counsel: Your Essential Guide to Hiring a Probate Attorney in Chicago

Published

2 weeks ago

March 31, 2024

Matthew Wiles

Like many people, you’ll come across the term probate after a loved one, such as a parent or spouse, passes away. So, what is probate, and why do you need an attorney for it? As defined in Forbes, probate is a legal process that occurs after death. It entails transferring the assets of the decedent (the person who passed) to beneficiaries named in their last will.

With that in mind, having a probate lawyer by your side is essential. The last thing you want to do is deal with the legal complexities of settling a loved one’s estate while grieving. A probate lawyer oversees the validation of the deceased’s will and the fair distribution of assets among family members. One challenge lies in finding a top-quality probate lawyer.

In this guide to hiring a probate attorney in Chicago, we’ll discuss the tips to identify the right legal professional for probate proceedings.

Understand the Responsibilities of a Probate Lawyer

It’s difficult to hire a talented probate lawyer when you don’t know what they do: Start by understanding the roles they play.

When you work with a Chicago probate lawyer, some tasks they might do include:

Act as an estate executor or administrator
Collect proceeds from the life insurance policies of the deceased
Identify and secure the decedent’s assets
Get an appraisal for the deceased’s estate
Pay debts and resolve estate tax issues
Prepare and file documents required in probate court
Transfer assets to rightful heirs
Represent you in litigation proceedings if someone challenges or contests the will

A probate lawyer could also help you and your family navigate state inheritance laws if a loved one dies without a valid will. That way, you can avoid unnecessary taxes or other ramifications of not creating a will, such as losing ownership rights of the deceased’s business or financial support.

Search for Lawyers Online and Offline

You’re probably thinking, where do I find the best lawyer to hire? You could seek referrals from friends or colleagues. Friends who worked with probate attorneys before might provide important details, such as how the lawyers communicate and handle the probate process.

Alternatively, do a simple online search using the terms “probate lawyer near me” or “probate attorney in Chicago.” Go through various websites or online directories and write names of lawyers with positive ratings and customer testimonials. Then, contact the potential lawyers to set up free consultations. Note that not all legal professionals offer free consultations, so make sure to ask before setting a time in your calendar.

Ask the Right Questions

A free consultation provides opportunities to ask questions to better understand if the lawyers in question have the qualifications to handle your probate case.

Four questions you might ask attorneys during the initial meeting may include:

Do You Have Experience in Probate Law?

When evaluating lawyers, prioritize experience. An experienced probate lawyer is aware of common pitfalls that can result in the probate petition being postponed or dropped by a judge. To feel more comfortable about an attorney’s expertise, ask them if they’ve handled probate cases similar to yours before.

For example, let’s say the deceased owned a substantial estate or had complicated assets like royalties and mineral stocks. Working with an attorney with a track record of successfully handling cases like that could save you time and money in the long run.

What Do Other Clients Say About You?

Experience alone doesn’t make a probate lawyer perfect for your case. Look for someone with an outstanding reputation. These reviews likely live on Google next to their business profile or are featured on their website. If you can’t find any endorsements, ask for testimonials written by past clients.

One point to focus on is what reviewers say about the lawyer’s efficiency and speed. Beyond that, does the lawyer offer expert guidance, conflict mitigation, and proper asset management during probate?

A probate attorney in Chicago, IL, should be an efficient expert in asset preservation. This can be crucial to helping avoid hefty taxes and excessive debt claims. Additionally, if the lawyer receives positive feedback on conflict mitigation, it suggests they have experience in resolving or mitigating family conflicts that tend to stall the probate process.

How Long Does Probate Last?

One way to test a probate lawyer’s knowledge is by asking them, “How long does probate last?” While the numbers vary, probate can last for a few months to over a year in many states, including Chicago. When highlighting factors that affect the duration of probate, your counsel might mention things like estate size, family disputes, debt and taxes, absence of a will, and state laws.

A knowledgeable lawyer can explain clearly why your probate case could last a few months or even years. A lawyer that makes too brazen or hard-set of promises might not be the most honest.

How Do You Want Us To Communicate?

There’s no hard rule on how you and your probate attorney communicate. You can talk via text messages, email, video calls, or phone calls. More importantly, check that the attorney communicates in simple language to help you understand your case.

In fact, one essential of a lawyer’s dos and don’ts to gaining clients’ trust is to avoid making clients feel clueless. If a potential lawyer uses complex legal terms or avoids communicating directly, search for probate services elsewhere.

Conclusion: Finding a Probate Attorney in Chicago

Reviewing the will of a loved one after their death and ensuring fair distribution of their assets often involves complex legal issues. For this reason, consider hiring an attorney who specializes in probate law.

To maximize your chances of finding the right probate lawyer, familiarize yourself with their responsibilities. Next, search online for lawyers within your state or ask for recommendations from people you trust. Then, interview prospects to help ensure they possess experience, a remarkable reputation, communication skills, and knowledge of probate law.

Settling the affairs of a loved one who has passed on can be an overwhelming time. A probate attorney can help lift some of the pressure off your shoulders as you focus on grieving and healing.