Updating Charts is a Bit of a Mess

Globally the whole business of updating charts is in a bit of a mess at the moment and probably will be for a while. Most national hydrographic offices are fairly well set up for maintaining their paper portfolios. This is no great surprise as some of them have been in this business for a century or more. However with the advent of electronic charts a lot of things have to change. The whole production process needs to be reorganised (not cheap) and some of the basic ways of thinking about charts have to change.

Raster charts are commonly produced as facsimiles of the paper charts. In a simplistic system they are literally scanned from the paper originals. This can give rise to inaccuracies for a range of reasons not least of which are distortions in the paper and non-linearity in the scanner. Scanning at a resolution appropriate to the electronic chart can cause a rather jagged appearance which is most noticeable in diagonal lines and known as aliasing. The raster chart has far fewer dots (pixels) than the corresponding paper chart and this can compromise appearance. A better production method is to create the raster image from the same electronic chart images used to drive the paper printing process. There are still some issues here with re-projection which need to be handled correctly but in general this is a cleaner and more accurate process. It also allows image processing such as anti-aliasing which gives a better visual impression when the electronic chart is displayed.

In either production technique the updating of the raster charts follows on more or less naturally from the time served paper chart update process. It is then common for the vector charts to be produced from the raster data, more or less indirectly from the paper chart production mechanism. At the end of the update chain are the third party chart producers who copy the official data sets and repackage them in a variety of ways. Quite naturally these are the last types of charts to get updated.

But this is all changing because this is not a good way to handle vector data and vector data is the future. It is a separate issue as to why vector charts are the future or whether it is the right future but for now it definitely is the future. The IHO and other august bodies are committed to this and substantial funds are being invested. This matters because creating vector data from paper charts is just not a good way of doing things.

In the vector world everything is an ‘object’ like a light or a depth contour or a traffic lane. Each object has ‘attributes’ like the color red or a certain depth. Each object also has a position (the ‘vector’) so it is represented as a point, a line or an area. These objects can be quite readily managed in a simple database but the natural way of organising them is to tie them more directly to the raw survey data. So when a report is received that a new wreck has been found it is just entered into the database – no intervening chart required.

Vector charts are now a cinch to produce. A cell is just a collection of all the objects in a given geographical area. The problem of actually displaying the chart data is palmed off to the ECDIS or ECS. Paper charts and raster charts are a bit more problematical because the traditional role of the cartographer has been taken out of the loop. Have you ever wondered why a modern chart display simply just does not look as good as a paper chart? Well this is why, there is no longer a cartographer involved to lay out the chart and make it look ‘just so’. Instead we have a dumb computer, and they are all dumb, attempting to reproduce the sort of work that takes a human many years of training and experience. It just doesn’t work so well.

Now to be fair the automated vector to raster production processes are getting better but none the less there is still a complete role reversal. The raster chart becomes a second class citizen to the vector chart and the paper chart ends up at the bottom of the pile. Instead of being the primary focus for updates it becomes the last. There are undoubtedly many advantages with vector charts and with paper charts generated from vector databases. However, for the foreseeable future, they are never going to match the visual quality of the charts that have become standard fare for the mariner for many years.

Last in the chain will always be the third party chart producers. Fortunately as their update feeds become predominantly more electronic (just another output from the database) then these updates should become more timely. Ultimately they should be able to match the official charts for accuracy.

Just now we are in a great transition phase. Some hydrographic offices are pushing ahead with vector only systems while others just deal with traditional paper charts. Most are somewhere in between and possibly a bit unsure of which way to go or how it is all going to shake out. Meanwhile the mariners can look forward to improved electronic charts coverage and more rapid updating. They can also anticipate charts which do not look so good and which, in some cases, are going to cost more. Maybe this is just a classic engineering compromise.

Candlestick Charting – The Number One Forex Trading Tool

Forex trading has been hugely impacted by the accessibility of the internet. Not only have financial institutions been able to get more accurate and up-to-date information, but the amateur forex trader has been able to access the same information with a few mouse clicks. It is therefore vital to use the best tools for the job and candlestick charting undoubtedly are one of the best tools available.

Candlestick charting was introduced initially by the Japanese within the rice industry, however, over the last couple of decades they have lit the imagination of forex traders all over the world and have almost become a universal standard. As someone once said “You can’t do today’s job with yesterday’s methods and be in business tomorrow.” Candlestick charting is definitely the most powerful tool available today.

Structure of a Candlestick

It is true that candlestick charts hold the same information that bar charts do i.e. a high price, a low price and the opening and closing prices. The actual body of the candlestick shows the opening and closing prices. In the early days of candlestick charting, if the body was black then opening was higher than the closing. If it was empty then the opening price was lower than the closing. Nowadays candle bodies are coloured, green for upward movement and red for downward. The use of colours makes the charts much easier to read.

Candlesticks show high and low prices for a given time period by using vertical lines which appear above or below the candlestick body. These lines are also known as shadows

So what are the main features of candlestick charting that separate them from other charting methods? Listed below are the two main features.

Visual appeal

This is one of the most important features. At a glance, the trader can quickly understand what is going on within a particular forex market. No matter what the time scale being used, the trader will be able to see the market movement and whether it is the sellers of the buyers who have dominated a given session.

Readability

Any trader who has mastered the basics of candlestick charting will quickly be able to identify the opening and closing price for a given currency pair. Candlestick chart show the same information as a bar chart, but in a prettier, graphic format. It is very important to be able to use the support and resistance levels together with the opening and closing prices.

Other advantages of candlestick charting include the following:

  • Trading patterns change over time. That is why no system will always work. But candlestick patterns are not a system hence candlestick patterns always work.
  • Candlesticks get you into price action much earlier than the majority of indicators. This means that the traders using candlestick patterns can enter trades earlier than those traders relying on indicators.
  • Candlesticks are the fastest form of price prediction there is.
  • Candlestick trading is very reliable. Providing that the patterns are properly picked, and
  • the poor ones weeded out, the probability of success is extremely high.

Anyone who seriously investigates the use of candles will learn that there are many patterns and candlestick formations that provide very useful information for traders.

The forex market is extremely volatile so it is important to remember the words of Warren Buffet said “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”

Mastering candlestick charting is undoubtedly one of the most important skills that a forex traders needs to possess. This single tool will do more than any other to improve success for those who put in the effort to learn how they work and implement them into your

Simple Accounting For The Small Business – Bookkeeping Using A Simple Spreadsheet Template

Starting a small business out of your home, offering products or services like business consulting, photography, selling on the web or a MLM? You are now faced with tracking all your expenses and revenues for your business and you certainly don’t have the money yet to engage a bookkeeper or accountant. If your business is a sole proprietorship, whether it be a Canadian Proprietorship or a US-based Proprietorship, you do not require an accountant to submit your company financials (books) to the IRS (USA) or Revenue Canada). Your business revenue and losses are reported as part of your annual personal income tax. For this small business start-up, you won’t need to buy fancy accounting software, like Quick Books or AccPac to track your business.

Only as part of incorporating Bizfare Enterprise Inc in 2005 was it a requirement to engage an accountant. My accountant did insist on using Quick Books software for my business accounting. Up until then using a simple spreadsheet template served my business accounting needs for over ten years. This simple spreadsheet accounting stood the test of multiple audits by Revenue Canada (CRA and Revenue Canada Goods and Services Tax. Both the hardcopy columnar pad and an electronic spreadsheet version of my financial books were accepted by Revenue Canada. (BTW the audits disclosed more ways for me to claim back additional taxes for the previous three years! Now that’s my type of audit!)

In your new start-up business venture, you likely will generate somewhere between 10 to 30 accounting transactions per month. These transactions would be items like Expense, Revenue (sales), Liability (Loan) type transactions and Sales Tax (Federal + State/Provincial) Collection/Deductions. These transactions are further broken down into various Business Accounts. All the Accounts you set up for your business is called a Chart of Accounts. Recording your business financial transactions (Journal Entries) can be executed with pen and ink on an accounting columnar pad or electronically with your computer using a spreadsheet program (MS Excel, Open Office, Star Office).

Whether you employ electronic or hardcopy media, you need to develop a simple Journal template to create your Business Synoptic Journal. This Synoptic Journal format has the advantage of allowing you a complete view of all your individual journal entry transactions against all your various Business Accounts. Creating this Synoptic Journal is easier to do than you think and requires no prior accounting or bookkeeping knowledge.

TIP #1: You could further reduce the accounting line items (Journal Entries) by consolidating like items such as ‘all the Sales for the month’ and ‘all parking receipts for the month’ into one totaled line item for the month.

Where do you start to identify the various Business Accounts required for your Synoptic Journal?

If you currently work for a company or government, secure of one of their employee expense forms. Look at each of the areas identified as expenses – meals, mileage, hotel accommodations, taxi, car rental, telephone & cell phone, air fare, office supplies, etc. This is an excellent place to identify the various Business Expense Accounts you need to set up for your business accounting books. To complete your business Chart of Accounts, include a Business Bank Account, Sales, COGS (Cost of Goods Sold), Sales Tax Collection, Marketing Expense and others as required. Each of these Accounts will be a listed as a title across the top of each column of your Synoptic Journal. Each row (line item) will be the individual journal transactions entered by you. The journal transactions are grouped and summarized for each business month; usually, January through December.

So your Synoptic Journal would look something like this Sample Synoptic Journal at http://picasaweb.google.com/carl.chesal/BookkeepingTemplate.

The column headings might be in this order (from left to right):

DATE | DESCRIPTION | BANK DEPOSITS | BANK WITHDRAWALS | SALES REVENUE | COGS | SALES TAX COLLECTED & REMITTED | OFFICE SUPPLIES EXPENSE | EXPENSE #2 | EXPENSE #3 | ETC

TIP #2: Unless your business is Incorporated or an LLC, you don’t need to go through the expense of opening a business account with your bank. Usually Business accounts charge a higher monthly fee, charge for printing checks (cheques) and don’t offer any interest on your monthly account balance. Instead, open a separate personal bank account (maybe savings). This will show the ‘taxman’ that you are keeping the business separate from your personal banking. Remember you are a sole proprietor and all your business income (and losses) are to be applied directly to your personal income tax submission ( a s per IRS and CRA).

To save you time and make is very simple, I have already created a simple spreadsheet Synoptic Journal template that performs all the calculations for each month and rolls up the 12 business months so it can easily be included in your annual personal income tax preparation. This Synoptic Journal template has Debit/Credit checks and balances, tracks sales taxes, mileage and totals each account for your entire fiscal year. If you want this FREE Bookkeeping template, you can get it at Communicate Innovate. With a few key strokes, which will help identify yourself, I will gladly send you this FREE Synoptic Journal Template and also any future Small Business Tips.

TIP #3: One Rule of Accounting is that every time you record a journal entry (line item which applies the transaction against the appropriate business accounts) the Debits and Credits MUST REMAIN EQUAL at ALL Times. This Debit Equals Credit calculator is built into this FREE Bookkeeping Template. When you have completed entering a line item (journal transaction), check to ensure that the amount the the Debit cell equals the amount in the Credit cell. If they are not equal, you have not entered the amounts properly in your journal transaction. Correct the problem before entering your next journal entry.

You are now equipped to capture your business financial books with some simple accounting software. Happy bookkeeping! And Happy Selling!