purpose at Stock Research

Now I am trying to choose the market where I can try to speculate. I ask all my friends and many of them advise me to try to speculate at FOREX. Here I write the summarizing of all advices about the trade at FOREX.
You should be morally ready to probable losses of committed finances. All participants in gamble in market FOREX are divided on two big groups depending on that approach to FOREX which they profess.
 The first group - the people wishing fast to take the maximum profit on committed finances without essential time temporary, intellectual both financial expenses, and evaluating FOREX as something similar to game in a roulette in a casino.
The second group - the people suitable to FOREX as to the serious financial market, deeply studying the theory and ready to spend is a lot of time and efforts to learn correct work in this market, and with the course of time to start to earn essential and, the most important, stable profit. Thus it is necessary to understand that FOREX in this sense it is very flexible and gives a field of action both for those, and for others. The spectrum of probable results is very great. At successful coincidence of circumstances it is possible, not possessing even elements of the market to double an ownership capital for 1 day. On the other hand, for large financial institutions in the West comprehensible yield in this market is the level of 20-60% per annum on the invested capital. These are two poles in possible strategy in this market. The game approach allows earning fast lump sum, but sustains risk of instant loss of all funds and has no long prospect. The market approach allows earning at the certain persistence decent money with limited enough risks. And before entering the market you for it should define, to what of poles you will be closer during the work.
Define in advance, that you wish to receive from the market, for what term, with what expenses and risks. Depending on the selected strategy of game on FOREX you should define for yourselves that time with which you are ready to allocate for studying market FOREX. At desire quickly to earn it is enough to study one book in the size in 200-300 pages, containing substantive provisions and concepts of market FOREX, and to start the beginning of operations. Thus the probability of a prize will change about 50% and to tend to downturn at increase in quantity of operations. More serious approach demands initially studying of a maximum quantity of an available information for full understanding of all bases of the market, available tools and methods of the analysis and forecasting of the market which can raise quality of your trade. Unnecessarily in the trade to use all existing ways and methods of forecasting and the analysis, but their knowledge and skill to apply them will allow to develop as much as possible effective system of the trades without which successful long trade is simply impossible.
Find the greatest possible quantity of time for studying the theory before the beginning of practice. It is necessary to find also in the life any part of time directly for participation during trade. Quantity of spent time for acquaintance with the current information, forecasting of the market, the analysis of own results more often in direct ratio received profit. Rash operations seldom enough lead to notable positive results. And even the earned profit at absence of the analysis and systematization in work is quickly lost in next transactions. Thus, all again depends on time.
The major stage before decision-making on the beginning of real game in market FOREX is definition of the size of money resources which you are ready to risk for reception of profit. Any speculative market, and market FOREX in particular, is interfaced to risk of loss of the committed finances. Therefore never put in game more money, than you are ready to lose. Possible losses (from which are not insured even professionals) should not become for you a financial trouble. Do not play on extra funds or for last means postponed for “rainy day”. Market FOREX far not that place where it is possible quickly and without problems to increase greatly a seed capital. It or risky game for the people possessing free money and ready is painless for them to lose, or long and laborious work on purchase of the skills capable in the future to bring the essential income on the invested capital. Therefore primary you should are morally ready to loss of means and to define that sum of funds which loss will be rather painless for your budget. Probably, it also will not occur, but to realize such opportunity better in advance, than to receive financial both psychological impact and feeling of desperation after already it is impossible to correct anything.
After you all the same have made a decision on test of the forces in market FOREX, the major stage becomes a choice of the partner or, easier speaking, the broker through whom will pass your operations. Even at brilliant possession of the theory and practice of the market the certain moments in activity of the intermediary between you and the market can reduce “on there is no” all your efforts and even to serve as the reason of losses. Therefore, before to begin trade, it is necessary to spend the certain efforts to a choice of the good partner. For this purpose it is necessary to collect more information on brokers working in the market, on their financial conditions and reputations. Various brokers offer commissions differing from each other, spreads, percent and the software for trade. The size of the commission, a spread, speed and convenience of the program, and also quality of the offered information on the market can render huge influence on an end result of your work. However, attractive financial conditions by all means should be combined with good reputation and long for works in the market. Otherwise even the earned funds can be for ever lost because of untidiness of the broker that is not for today such unusual occurrence.
At a choice of the broker, besides acquaintance with financial operating conditions, it is necessary to familiarize and test by all means the software which becomes the tool for execution of your will in the market. Different brokers offer their own programs written in different languages and possessing a different degree of speed, reliability, convenience and a various tooling of the analysis. Practically all intermediaries suggest to take advantage of their programs in a demonstration mode, and some people by means of them and to participate in free-of-charge competitions with monetary prize-winning fund. It is desirable to try for comparison some similar intermediaries on offered conditions. Necessarily spend not less than month for game in a demonstration mode, combining it with studying the theory of the market, testing the received knowledge in practice. It will allow you not only to check up quality and convenience of the software, but also you to check up more and more time necessity of the introduction into game on real money. Quality of work of the program and the personnel of the intermediary in a demonstration mode in many speaks about what quality can receive final service, having opened the real account. Constantly analyze results of own work and quality of service. A unique major condition in a demo-game is that with virtual money you should try to address also carefully as with real. Frequently game in a demonstration mode can force you not only replace the prospective intermediary, but also in general to make a decision on undesirability of your participation in game in the financial markets. Far not each person is capable to work successfully in the financial markets: the clear intellect is necessary for this purpose, endurance, skill to risk still more many other individual qualities.
During demonstration trade try to define precisely those tools and information sources which you will use at decision-making on fulfillment of transactions. Also, even prior to the beginning of real trade, it is necessary to define tactics of fulfillment of transactions. As you will often open positions, how much long you will hold the open positions in what the moments will make transactions, as well as in what size you will limit possible losses under the transaction, what part of the capital will use at fulfillment of each separate transaction - all is questions, answers on which will render very essential influence on end results. Besides allocate from huge weight of sources of the information and indicators of the market for itself what, in your opinion, are reliable and correspond to chosen tactics. In language of professionals it refers to as development of own trading system. In fulfillment of financial operations the order and complexity is necessary. The intuition and feeling of the market, undoubtedly, are an important point in decision-making, but they should not be principal causes for fulfillment of the transaction at all. Having developed the certain system of trade, it is necessary to recede from it only in the extreme cases. It is necessary to analyze constantly results of own system, to bring corrective amendments and constantly to improve it. Chaotic trade is a direct way to loss of the committed finances.
Starting real trade, it is necessary to understand firmly, that game in a demonstration mode or as speak, “on a paper” very essentially differs from real game on “real” money. The difference is comparable to sensations of the same sportsmen on training and in the world championship. At real game each movement of a rate is expressed in quite concrete sum of your means, and it puts huge psychological pressure upon the person. Even quite successful players at the slightest failure can lose a head and ability to sober thinking and the analysis. But also excessive euphoria from the received prize can play with you a malicious jest.
Develop own system of successful trade and strictly follow it. Having chosen trading strategy and tactics, having developed own trading system, do not wait, that 100% of transactions become profitable. Any professional makes both profitable and unprofitable transactions. It is important, that the quantity and total result of profitable transactions exceeded the same parameters unprofitable. The best professionals approximately only in 70% of cases reach positive result under the transaction. The profit earns during the long period of time at the cost of excess of the size of the total income over losses. Therefore the individual unprofitable transaction should not upset and unsettle you. You only should analyze closely the reasons which have led to losses and to improve own system of trade in due course to achieve stable growth of results.

Channel Islands Stock exchange (CISX/Exchange) has begun the activity in 1998 and renders services under the admission of securities to the trades (listing), and also on over-the-counter trading of securities. CISX/Exchange developed the accelerated rates, and for December, 31st, 2004 its market capitalization has made 28 billion US dollars.
For May, 31st, 2005 800 companies have passed procedure of listing. CISX/Exchange offers an individual approach and fast process of processing of applications on the admission of securities on the innovative and highly controllable market. CISX/Exchange specializes on following services:
- services of experts on carrying out of operations with securities (including the Eurobonds, the structured duty and guarantees);
- investment funds;
- primary and secondary listing of securities and the actions emitted by the companies of Channel Islands and the foreign companies;
- depositary receipts which are given out by Channel Islands.
CISX/Exchange has the site in the Internet where the detailed review of sponsors of listing and the securities quoted at a stock exchange is given. The market information and quotations of the prices, is published worldwide on the pages of agency Reuters devoted to the CISX/Exchange.
CISX/Exchange has a favorable mode of listing of those securities in which the limited number of the investors (well understanding questions of investments) trades.
With the introduction in July of the Instruction of EU on Market Frauds, heightened interest to the securities which are quoted on CISX/Exchange as Channel Islands are not a part of EU so, CISX/Exchange is not the market adjustable by the given Instruction is observed.
CISX/Exchange has competitive prices, an effective turn of documents with the purpose of consideration of applications within 48 hours, and also keeps work with emitters and sponsors of listing on a flexible and commercial basis. The similar attitude is reflected in all aspects of listing from requirements about disclosing the information before accommodation of methods of introduction of innovative structures.
Though CISX/Exchange is situated at the territory of the Europe, and time of carrying out of its trades coincides with London time, it is not adjusted EU.
CISX/Exchange has a plenty of official international recognitions, for example:
• It is adjusted by the Commission on granting Financial Services of Guernsey which is the participant of the International Organization of the Commissions under securities;
• Is the recognized stock exchange according to section 841 of the Law on the income and corporate tax of the United Kingdom from 1988, hence, the debt securities quoted on CISX/Exchange, can be considered as quoted Eurobonds for the purposes of the taxation in the United Kingdom, percent on which are paid up to a deduction of taxes;
• Management of Financial Services of the United Kingdom has approved activity CISX/Exchange as an investment stock exchange within the limits of the Law on Financial Services and the Markets from 2000;
• CISX/Exchange is a related member of the International Organization of the Commissions under securities;
• The stock exchange is recognized by the Commission under securities and stock exchanges of the USA as an offshore securities market according to the Rule 902 (c) of the Law on securities of 1933;
• It is officially recognized by the Australian Stock exchange;
• CISX/Exchange is registered in the World Federation on Stock exchanges as “the market which is meeting the requirements”;
• The stock exchange is a member of the European Forum on maintenance and financing of securities.
Applications on reception of the quotation on CISX/Exchange move through the sponsor who is the member of CISX. The given stock exchange provides accelerated “the equivalent approach” to process of applications on reception of the quotation of securities. It means that by consideration of the similar application documents on reception of the listing, prepared for jurisdiction or the stock exchange recognized CISX/Exchange provided that the information containing in documents of a similar sort, essentially did not change can be used. Process of applications on reception of the quotation has four stages.
1. The sponsor and the emitter prepare and hand over the initial application, including the project of the document on reception of the quotation. CISX/Exchange usually loyally approaches to consideration of documents if requirements about disclosing a special sort of the information are not observed owing to presence of circumstances from the emitter. For submission of applications on secondary listing already available documents on reception of the quotation in the primary market can be used. At the given stage all corresponding projects of powers of attorney on management of the property and other financial tools serving by maintenance of debt securities, or components of those also are a subject to check.
2. Check of applications (usually within 48 hours) is spent, and then the sponsor at the coordination with the emitter gives answers on emerged questions.
3. The sponsor submits a final variant of the application which considers Management of the Share Market.
4. After reception of approval of Management of the Share Market documents on reception of listing are registered, and securities are brought in the official list of quotations of a stock exchange. The official information of listing are published in the form of the official application, and process of fulfillment of the trades and commercial transactions begins.
To pass all four stages from the initial application before reception of listing it is possible for 10 days, though CISX/Exchange can accelerate this process, proceeding from commercial reasons.
The sponsor of listing promotes the emitter in preparation of all documents, submits them in CISX/Exchange and keeps in contact with CISX/Exchange concerning any inquiries which can act in connection with process of reception of the quotation.
A necessary condition for reception of listing is that the emitter carries out the obligations according to Rules of listing and other duties concerning given procedure. Besides observance of special Rules of listing, the emitter is obliged to inform the public, CISX/Exchange and holders of securities of the company on occurrence of any important data concerning the emitter, allowing the public and owners of securities correctly define a financial position of the emitter, to avoid creation of a false securities market, and also possible negative influence on activity of the market and cost of securities.
The further requirements include granting CISX/Exchange of spears of annual reports, audit or other financial reports of the emitter, and also disclosing CISX/Exchange of the information on any changes of the rights provided by debt securities of the emitter, quoted on a stock exchange. Emitters should hand over copies of the announcements containing the information on debt securities, included in listing, for check by Channel Islands Stock exchange before their publication.

Company Royal Philips Electronics undertakes to return to shareholders nearby 4 billion euro by the end of 2007 at sale of 80.1% of stocks of operation Philips Semiconductors which are letting out semiconductors. As it is marked in the message of the company, shareholders will receive money by means of payments of dividends and the return repayment of stocks, including already announced repayment of stocks on July, 17th 2006 for the sum of 1.5 billion euro.
As it was informed earlier, Royal Philips Electronics has agreed to sell 80.1% of stocks of the operation on manufacture of semiconductors to a consortium of private investors for 6.4 billion euro (8.2 billion dollars). The consortium included American joint-stock companies Kohlberg Kravis Roberts both Co. and Silver Lake Partners, and also Dutch AlpInvest Partners NV. According to conditions of the transaction, 19.9% of stocks of division will remain in property Philips.
As it is marked in press release of Philips, the company follows strategy on reinvestment of the capital for reception of additional profit, including through favorable purchases. For last 12 months Philips has declared 8 purchases in sphere of medical systems, illumination and public health services for which it has been spent 3.5 billion euro. The given investments have already been repaid at a rate of almost 1 billion euro. Philips also has confirmed intention to leave structure of concerns LG.Philips and TSMC. “With this transaction we have actually finished begun still in 2002 reorganization of the company with the purpose of creation of business steadier and bringing the stable income”, - was emphasized by the president of company Philips Gerard Kleisterlee. As he said, in this connection the name of the company will be changed on Royal Philips.
Gerard Kleisterlee has specified that resources Philips will be concentrated to public health services, needs in effective energy-saving decisions and increasing desire of consumers to improve style of a life. In opinion of the president of the company, all this will allow to redefine Philips in the company generating values, unlike historically developed image of the manufacturer of electronics.
Royal Philips Electronics of the Netherlands - one of the largest manufacturers of electronics in the world and the largest in the Europe. A sales volume in 2005 has made 30.4 billion euro. The basic line of activity of the company is care of health, style of a life and technology. The company is presented more than in 60 countries of the world and has 158 thousand of employees.

Who speculates at the stock exchange? What does the person who earns money at the stock exchange look like? I have asked this question to my friends. Here is the generalized portrait of the average trader.
Speculation at a stock exchange seems simple business. But this simplicity is deceptive. Having succeeded firstly, the beginner already considers itself as the invincible expert, operates without control - and melted out.
To stock jobbing come different ways, sometimes they are logical, but more often - on the contrary. The stock exchange is a chance at one stroke to receive a great lot of money. And money for many is freedom though very few people know that with it to do further. Having mastered exchange business, you become independent: live, where you want, work, where it is pleasant and without chiefs. The market is a delightful intellectual employment - chess, poker and a crossword puzzle all at once.
Stock jobbing attracts courageous and frightens off those who prefers a titmouse in a hand. The inhabitant lives steadily: breakfast, work, a lunch break; in the evening - the house, a supper with a bottle of beer, the TV - and to sleep. It is possible to earn additionally and he entrusts money to the banker on the savings. And at the stockbroker any hour is working, and it subjects the capitals to risk. The stockbroker descends with well-trodden track of the present and goes in uncertainty of the future. Desire to realize itself completely, your abilities, is congenital and also it is inherent in much. It also pushes people to measure swords at a stock exchange. Besides, speculating, it is possible to receive both sports pleasure, and considerable profit.
Good stockbrokers are usually hardworking and sharp-witted. They respond to all new. It is strangely enough that their purpose is not money. Their purpose is able for speculating. Then also money will be - as by itself understood. Succeeding stockbrokers tirelessly perfect the skill. To reach personal perfection for them it is more important than any money.
Stockbrokers from among those who are out of tune with itself, quite often search in stock jobbing for an outlet for the inconsistent desires. But if you do not know, to what you aspire, it can turn out as in an introduction: shoot oneself in the foot.
The layman overestimating the force, trying to win, by all means, should go on the big risk. Means, at the slightest turns of a stock exchange against it will take off from speculation.
The succeeding stockbroker is the realist. It realizes, that has, and that not. It clearly sees, that occurs, and knows how to act otherwise. It soberly estimates an exchange situation and, constraining emotions, builds practicable plans. Illusions are not for the stockbroker-professional. The layman, having done some unsuccessful operations and having lost is a little money, panics. Its representations about a stock exchange become, the further, the more mutilate. At losers it is a lot of imaginations about the purchase, sale and a choice of transactions. They behave as children who are afraid to pass on a cemetery or to glance at night under a bed, because the eyes of fear see danger everywhere. The stock exchange with its uncertainty excites freak of the imagination. From the losers, suffering a myth about exchange knowledge, it is possible to hear: “I have lost, because did not know secrets of speculation”. Many losers think, as if to succeeding stockbrokers any special secrets are known. These people do not know that to play at a stock exchange not and it is odd. It is much more complex to delete, for example, an appendix, to build the bridge or to assort action of proceeding. Good stockbrokers usually people sharp, but all is far not - intellectuals. Many did not study in colleges, and the some people even have thrown school.
Stock jobbing often involves the succeeded businessmen and people of liberal professions. Here a portrait of the average client of broker firm: it is forty-year married the man with higher education. Many have also the firm.
So why do these people who have succeeded in the business lose at a stock exchange? The matter is that there the keystone to success is covered not in special knowledge, not in any secrets and, certainly, not in formation. For success in work at a stock exchange the clear practical mind, the certain share of boldness, constant self-checking and aspiration to self-improvement are simply necessary.
             I don’t answer to the description absolutely, but I would like to try to speculate at the stock market, and (I hope) I will succeed.

Yesterday I spoke with my friend who speculates at Forex. I’ve asked him give me several good advices that I can follow.
In this post I have made attempt to generalize his numerous answers in this occasion. At once I wish to make a reservation, that if someone will consider necessary to criticize or argue, it will be only welcomed.
So, let’s move under the order:
1. A choice of strategy.
It will be not necessary to be scattered on studying of all techniques which come across to you, and after acquaintance with several techniques stop only on one and study it as it is possible more in detail.
Yes, for the beginning it is necessary to master only one technique, one reception and if it to turn out, the success in your trade will take place.
Ultimate goal of our stay in the market is reception of profits, instead of research of various strategies
To be defined, what to choose for the beginning happens difficultly enough, therefore choose, that is better clearly and simply in recurrence (realization).
Is better, for the beginning to use strategy of following for trend - they are more simple and are clear in realization.
2. It is necessary to learn to wait.
In trade we not always realize it with our initially limited arsenal of receptions and we aspire at convenient, inconvenient in general any case to hold a position, in hope to receive profits. The real greater movements in the market happens not so much here again first of all certainly it is necessary to catch them, then to receive profits. And if you have received profit it is necessary not to lose it. For this purpose it is necessary to choose the successful moment, i.e. easy and not hurrying up to define the situation in which you can apply your strategy and only after that to enter into the market.
Needless to say that such moments can take place not every day and consequently probably most difficult it patiently to wait.
3. It is necessary never to catch up with a situation.
It happens that you see on the monitor, that the market has moved without you. It is insulting and annoyingly, for non-realized opportunities. But here is better to have patience and wait a following opportunity. Otherwise you risk joining movement on its most peaks, to receive recoil and accordingly losses.
4. Now about losses.
With them it is necessary to be defined at once, i.e. to define which stop-loss you expose at once at opening a position.
You begin a demo-account with that sum with which will start to work in real. Do not take a great interest in greater stops, find “golden mean”. Too small stops will work is more often, and too it will be more difficult to compensate greater, in the general result and on another it is possible to lose the deposit. Therefore stops should be in each case should be proved.
The attitude to losses if they have been planned should not be negative, is better to perceive it as the next occasion for reflections and improvements of the methods.
5. Be especially intent after greater successes.
More often after the big success greater mistakes turn out very often. The trader tries to repeat the success - but the situation any more has no, all is mistaken, tries to recoup quickly… in general successes are brought to nothing, and is even worse if to losses. If feel uncertainty after the received big profit, wait this moment is better. Emotions overflow you, and in trade they only stir.
6. When you in the beginning of a way never count on money received on Forex - nothing to turn out.
In this case it is additional emotional loading which will prevent to make only correct trading decisions. It is necessary to be very much and very quiet trading on the market, for example as a boa. Therefore firstly you should have an additional source of earnings on which you can eat and drink, and also periodically fill up the deposit - yet do not learn
7. Rest.
Rest is an integral part of activity of the trader, especially on becoming. If you consider that it only in vain spent time, it not so. By the experience my friend can tell that many interesting and serious decisions to him came just at that time when he had a rest - on holidays, in the country, on the journey, etc., or after rest, i.e. ‘with a clear head’. Therefore rest as well as work is necessary for planning, too.
8. The attitude.
Think about trade as a serious work, as well as in any work where application of special knowledge is required. First of all it is necessary to seize this knowledge. Receive special skills and only after that start to work. Do not transform the activity on Forex into hazardous entertainment

History of the Frankfurt stock exchange begins with the occurrence of medieval fairs. In the middle of 9 centuries king the Louis has given the preferable right to Frankfurt to spend annual autumn fairs. With 1330 when king the Louis IV Bavarian has expanded advantage and has resolved annual spring fairs, the city became the major center of trading and monetary operations.
Already in the beginning of 16 century, owing to the well-known fairs, Frankfurt becomes so prospering, that German monk Martin Luther names city “a silver and gold chink” of German empire.
As a result of flight to Frankfurt of Dutch and French dealers hided from prosecution because of their Protestant belief, in 16 century mass trade and bank sector are established in Frankfurt. Merchants from all parts of the Europe came to Frankfurt to borrow in trade.
Because of that neither in the Europe, nor in the German empire there was no uniform currency, the various countries have been shattered into numerous small economic regions, in each of which there was a monetary unit, realization of payments was the extremely difficult. Abundance of means of the payment, the unregulated exchange rate promoted development of swindle and usury. In 1585 the Frankfurt merchants have agreed about use of the fixed exchange rates of various monetary units. This date is considered the moment of a birth of the Frankfurt stock exchange. With 1585 during each fair the group of merchants periodically gathered for updating uniform and obligatory exchange rates of various monetary units. The first official list of exchange rates has appeared in 1625 the oldest list of exchange rates of the Frankfurt stock exchange, kept up to now, concerns to 1721.
First meetings of merchants were spent on the area in front of the Frankfurt town hall. And only in 1694/1695 there was a first building of a stock exchange in Frankfurt (Großer Braunfels) - the most significant and spacious building of city.
In 1682 have been put into operation the first necessary rules and norms of a stock exchange, the organizational structure of the Frankfurt stock exchange has been generated.
Down to the end of 18 centuries at a stock exchange traded exclusively in coins and bills. Only in the end 18 century begin periodic trade in bonds.
In 1707 at the next assembly the management of a stock exchange has officially approved trading agents - representatives of merchants. In 1808 the Chamber of commerce has been organized. The Frankfurt stock exchange created approximately 223 years ago as private association of businessmen, has turned to public establishment, already in first half of 19 centuries having passed in submission of the Chamber of commerce.
In the middle of 19 centuries the new prestigious building of a stock exchange under the project of the known architect in Frankfurt Friedrich Peiper, located near church St Paul’s Church has been constructed, it was opened in 1843.
Industrial revolution in Germany favored to development of financing of expensive projects through issue of stocks. The first quotation of the stocks is dated 1820 though as a whole the basic place of trade in 19 century was borrowed exclusively with bonds. In comparison with the largest European stock exchanges, the Frankfurt stock exchange treated coldly enough trade in stocks of numerous known corporations. In 1850 the Frankfurt stock exchange was generated as the center of trade mainly by the state bonds and the state interest bearing securities.
The new building of the Frankfurt stock exchange has been arisen in 1879. Construction has been carried out under projects of known architects of Frankfurt - Heinrich Burnitz and Oskar Sommer. Perhaps, this construction was the most successful - functionality of a stock exchange was perfectly combined with its prestige. Besides a new building of the Frankfurt stock exchange.
After unification of Germany in 1871 the Berlin stock exchange began to play the central role in the share market. It became the center of trade of the period when only in Prussia for the period with 1870 on 1974 there were 857 joint-stock companies. And by the end of a century in the country already 29 stock exchanges operated. Despite of it Frankfurt had an opportunity to defend the rights as the center of exchange trade.
In the end of 19 centuries for Frankfurt there was an absolute necessity of adaptation to a general economic situation in the country. With the purpose to keep the prestige of economic capital Frankfurt has changed the policy and has increased trade in stocks. This aspiration of Frankfurt to creation of the present stock exchange has collided with prevalence of the Berlin stock exchange.
The First World War and its consequences have delivered the hardest blow on the Frankfurt stock exchange. Foreign stocks and bonds were sold out to German investors because of fear of aggression from the oppositional states, free money resources were put only in the state bonds. By the end of war all foreign securities have disappeared from German quoted lists, as a result of it Frankfurt has lost the status of the international stock exchange. By the end of war all the international contacts of the Frankfurt stock exchange have been broken off and began to be restored only in 20th years. The short period of stability and well-being was replaced in 1929 by crisis. Economic crisis was and earlier. Same it has appeared unique on depth of falling of manufacture, on scales of scope of economic and on duration. The reason for that is in frustration of economic after the First World War. Fragile was a German economy. In 1931 German stock exchanges have been compelled to stop the functioning temporarily.
Fascist movement has arisen in Germany after the First World War. The German fascism differed extreme nationalism and racism. Fast growth of fascism fell to years of an economic crisis. The economy has been transformed. The state began to adjust it to accelerate an output from crisis and to create a powerful war industry. It has established the control over the prices, wages, has subordinated businessmen to the state bodies. Fascists aspired to establish the control over stock exchanges of some the states. The Frankfurt stock exchange in 1935 has merged with Mannheim Stock Exchange, then having absorbed Rhine - Main Stock Exchange. Frankfurt stock exchange, functioning as “an internal stock exchange”, in essence was not of great importance and did not carry out the major functions. The Nazi economic policy braked development of the free share market.
In 1944 has begun the final stage of the Second World War. The building of the Frankfurt stock exchange has been strongly damaged during an air strike. Meetings of stockbrokers now could be spent only in cellars of a building. After crash of a fascist mode in 1945 the Frankfurt stock exchange remained closed. However in September, 1945 the Frankfurt stock exchange, first of the German stock exchanges, has opened again.
As a result of currency reform 1948 and growing strengthening of the German economy the Frankfurt stock exchange gradually has found the former importance and played the leading part in Germany. After lead in 1992 the Frankfurt stock exchange became connected by reorganization directly not with Commercial and industrial chamber, and with joint-stock company the German stock exchange.
The German stock exchange represents joint-stock company, 81 % of actions belong to banks, 10 % - to regional stock exchanges, 9 % - to brokers. The German stock exchange runs the Frankfurt stock exchange and the German stock exchange of urgent contracts - Eurex. To this joint-stock company belong and are its branches the depositary-clearing system, information system and the Society of assistance to development of stock exchanges in Central and the East Europe.
In May 2000 there was a sensational merge of the London stock exchange to German stock exchange, to formation of a new interethnic stock exchange iX. A trading platform of a new stock exchange became German computer system XETRA. Incorporated stock exchange International Exchanges, or iX, becomes the largest share market in the Europe and serious counterbalance to Wall-Street.

 As I have promised I tried to find as many as I can advices for those investors who only begin to trade. So herewith you can find several advices for keeping of profitable positions and output from them.
1. Do not fix small fast profit on transactions in directions of the main trends. In particular, if you are absolutely assured of the transaction, never fix profit in the first day.
2. Do not hasten to close a position after occurrence of break in your direction. Use break as an initial stop; then enter following stops.
3. Try to use following stops, placing them proceeding from development of a market situation instead of fixing profit at target levels. Use of the purposes often prevents to realize completely the opportunities given by the main trends. Remember, from time to time greater victories are necessary to you to block failures.
4. Despite of the previous rule, all the same it is useful to define the initial purpose during the moment of opening of the transaction that will allow to apply a following rule: if during a short time interval after the open position the most part of target profit (for example, 50-60 % for one week or 75-80 % for two or three weeks) it is necessary to fix profit parts is reached, meaning restoration of the liquidated contracts at correction of the market. The idea consists that would be correct to take fast significant profit. Though this rule can often lead to loss of the remained part of profit on the liquidated position, keeping of a position in a similar case can often conduct to feverish liquidation at the first sharp return of the prices.
5. If the purpose is reached, but the position still is pleasant to all of you, leave it, using a following stop. This rule is important from the point of view of opportunity to trade in a direction of the main trend. Remember, the patience is necessary not only during those moments, when you wait for good transactions but also to not close a position when it makes a profit. Inability to receive adequate profit on the correct transaction in a direction of a trend is the key factor limiting profitableness of trade.
6. One private exception of the previous rule is that if at you very much the greater position and cost of your actives grows on eyes it is necessary to consider an opportunity of partial fixing of profit. When all goes too well to be the truth, be on the alert! Probably, it is time to start to fix gradually profit and to place close following stops.
7. At fixing of profit have arrived in the transaction which, in your opinion, still has long-term potential (but, probably, it is vulnerable from the point of view of short-term correction), develop the plan of renewal of a position. If the market will not make the essential return, allowing to renew a position, watch occurrence of price models which can be used for a choice of the moment of a new input in the market. Be not afraid to open again a position even if the new point of an input in the market appears worse, than a point of an output if representations about long term of a trend and an estimation of a present situation assume renewal of a position. Inability to return to the market at the worst price can often conduct to loss of the basic part of greater trends.
8. When trade in several contracts, avoid an emotional trap which consists in desire to be right on 100 %. In other words, fix profit parts. Always try to keep, at least, a partial position in a direction of a trend - until the market will not generate convincing turning figure or will not reach the important protective stop.

Today I’d like to finish the story about Saint-Petersburg Stock exchange…
Kinds of the securities presented at the Saint-Petersburg Stock exchange.
The Share market has been presented in 1830 by:
- the state and city bonded loans which shared on short-term (till 1 year), long-term and termless (the original rent)
- continuously profitable, basically denominations in 100 thousand rubles.
- mortgage sheets and bonds of ground banks and private establishments of the long-term credit;
- bonds and stocks of the private companies (stocks were issued only by the commercial enterprises, and bonds as the state and bodies of city self-management). Bonds were issued basically by denominations from 100 up to 5000 rubles, termless loans - in 100 thousand rubles. Bonds and other securities with the state guarantee could not be a subject of Exchange frauds, unlike stocks of the private companies and other securities. Last third of XIX century the most popular were stocks of private railways. The share market of 1995 differs a little:
- the state securities;
- municipal bonds and loans;
- the securities emitted by commercial bank;
- stocks and bonds of the privatized enterprises;
- securities of the private emitters created outside of process of privatization.
The following - current liabilities. They are issued by the Ministry of Finance of the Russian Federation in the paperless form. The purpose is repayment of debts to the enterprises - suppliers to the state orders and mutual payment between the enterprises. Current liabilities become the securities after the term specified in the global certificate of release. Face value of 1 current liability is 1 million rubles, the fixed profitableness at repayment - 40 %.
During the same period of time have appeared Bonds of the State Savings Loan. They are issued in the cash form, face value from 100 thousand up to 500 thousand rubles. Four times a year the coupon income established depending on profitableness of state credit obligations (the State Short-term Obligations) is paid. Sale is made on auctions which are spent or in the form of voice (calculations between participants), or electronic (calculations directly with depository of the Stock exchanges) the trades. A securities market of 1830
- The state and city bonded loans,
- mortgage sheets and bonds of ground banks and private establishments of the long-term credit,
- bonds and stocks of the private companies.
Stocks of private railways are most popular; a securities market in 1992:
- the state securities,
- municipal bonds and loans,
- the securities emitted by commercial bank,
- stocks and bonds of the privatized enterprises, - securities of the private emitters created outside of process of privatization. The state securities are most popular.
Legal aspects.
Initially according to “the companies and stocks” of 1836: all Operations on the stock exchange have been forbidden by Regulations about, but already there was a law on obligatory use of registered stocks. In 1893 have been entered restrictions on carrying out of operations with securities without the share broker. Books of the share broker submitted to audit of the Ministry of Finance, and its chapter could dismiss brokers for abusing, not asking on that of the consent of Exchange committee. Without the permission of financial department it was forbidden to enter securities into the quotation.
On June, 27th, 1900 at the Petersburg Stock exchange the share department, as “a department which was laid down in special conditions of activity” has been created. The department submitted to the Ministry of Finance on especial office by a credit part which began to interfere with activity of the share market.
In 1907 Rules for transactions on purchase and sale of a foreign currency, funds and stocks at the Petersburg Stock exchange have been founded. The bulletin of a share department of the Stock exchange became the official document; the rates specified in it - obligatory for all Russian empire. Brokers were sworn, represented the mortgage and for execution of the transactions concluded at their participation, answered within the limits of data to them of decrees. For the infringements noticed by officials of the Ministry of Finance, could exclude from full members and regular customers.
Nowadays members of the Stock exchange representatives of broker firms, banks, associations, and the dealers, brought a share can be. Physical persons for membership in he Stock exchange should have the certificate of the state bodies on the right of carrying out of transactions with securities. All members of the Stock exchange should correspond to qualifying requirements. By position 1997 the number of members should be not less than 20. The input on a stock exchange is limited. Members of controls, officials, employees of the Stock exchange have the right of a free admission.
 Thank you for your attention and I hope this information will be useful…:)

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