Fighting the Battles of the Forex Market

Understanding the tiny facts about the Forex market is mostly what it takes to be a successful trader. Many people from a standoff-ish point of view see Forex trading as so much hard work meant only for professionals with long years of experience in the finance industry - but there is more to it. What many do not know is that just about anyone can make a huge fortune from the Forex market with the right idea and the right practice.

It is true that there is need for hard work and experience, but that is just the secondary aspect of what one needs to succeed as a Forex trader. People readily skip the primary facts that form the foundation of a successful trader, thinking they are negligible when they are not. A stable psychological state of mind is one of the primary factors that have so far proven immensely important in trading successfully. The weird thing about it is that anyone, new or seasoned professional traders, can fall prey of the damage that comes from not having a sound mind towards trading Forex. It takes constant efforts, irrespective of past records, to keep one's head above water in the world of currency exchange.

TAKE A LOOK AT THE FOLLOWING SCENARIO

Mr. A is experienced in the finance industry as a professional analyst and trader. He has worked with so many finance organizations, learnt a lot in the process, and even developed some awesome theories that earned him a noble price. Obviously, he is highly sought after at all times, and there is a long waiting list of huge finance firms asking for his consultation and partnership. Mr. A finally agrees to work with one of the big companies as the team leader of a group of exceptional high end professionals like himself, and the whole world's eyes were on them to see how they will fare. Definitely, Mr. A and his team are expected to change the story of the organization for good; everyone expected that. The question now is how good will the outcome be? You can imagine the surprise when Mr. A and his team lead the company to its demise. Yes, the company closed down as a result of wrong calculations amplified by leverage.

What went wrong with Mr. A and his team? The only logical explanation to that is that they were too proud of their achievements, and as such were psychologically damaged to the point that they thought they knew it all. They felt they could control the Forex market since they are an excellent group of analysts working together, probably the best group of analysts in the whole wide world. That right there is psychological instability, and it does not go well with Forex trading.

HOW TO MASTER THE PSYCHOLOGICAL ASPECT OF Forex TRADING

Meanwhile, this story is real. It happened to LTCM funding company, and there is so much the finance world can learn from that when it comes to mastering of emotions while trading the Forex market. Here are some points to help:

1. ALWAYS WORK WITH MODERATION:

Do not put all of your eggs in one basket; never. There will always be better opportunities in future, so it makes no sense to feel like "it is now or never". Greed is at the top of the list of the problems encountered by Forex traders. It is important to always seek profit and attach importance to financial success, but it should not be the driving force of the traders.

To make sure greed does not prevail, ensure strict adherence to discipline. Traders should always learn to stick to their trading strategies at all times. Every anticipated move should be based on principles established by the diligent study of the market.

2. WHAT IS THE WORSE THAT CAN HAPPEN?

In the career life of every Forex trader comes a time of indecision. No one can control the Forex market, and that is more than enough reason for many to fear. There are times a trader may be on a failing streak, and it looks like the strategy is not what it should be. Well, it is the Forex market; no one has control over it. The best any trader can do is to stick to the plan, and keep a bit of an open mind towards the opinion of others based on proper research. Indecision should be highly avoided, even at the point of fear.

To avoid the implications of trading fears, traders should learn to stick to the strategy of course, and avoid random decisions. Also, traders should avoid leveraging their accounts unreasonably, thereby risking too much. Always have it in mind to stake just as much as you are willing to lose.

3. DON'T GET HIGH:

The thing about getting high is that your state of mind is elevated in an unrealistic manner. A trader that gets high on Forex trading is tempted to believe that Forex will give him unlimited wealth no matter the approach he takes. Even traders that may not have ever experienced failure in trades should not get high or euphoric on that. In most cases, people that are in a euphoric state of mind while trading Forex end up frustrated because they allowed their feelings of might to blind their reasoning. If you have been on a winning streak for a while, be careful not to think that you have mastered Forex trading so much that you can trade without your strategy and still get good results. Anyone that dares to do that is simply high; and is doomed to fail at a point.

Always have it in mind that all strategies have flaws, no matter how long it has worked perfectly well in trades. The market changes, therefore strategies need to be altered to suit the change as required. A trade can only be successful if the trader has put in time to study the market and applied profitable principles of trading, not the other way round. The case of LTCM is a very good instance of this case.

4. IT GETS BETTER:

Again, a trade can only be successful if the trader put in time to study the market and applied profitable principles of trading. It is possible to lose several trade one after the other; it happens even to the best of Forex traders, which can lead to panic. However, this is not enough reason to quit as many may be tempted to, rather, the trader should put in the required time to study the market and apply the right principles.

Note that periods of market volatility causes panic more than any other factor. Volatility can make a sound strategy seem like it is useless, which is true. Strategies for trading a volatile market environment are not exactly the same with non volatile market conditions. Some traders prefer to use a different strategy entirely, or stay away from trading the Forex market in such times.

CONCLUSION:

No one masters anything overnight. It takes time, persistence, and constant practice; but in the long run, it all pays off profitably. The Forex market is the biggest market in the world, there is always room for anyone to trade and make good profit when the right principles are applied.

Hi,
I am UC Ann Nwancho, and I am a professional freelance writer for hire. You can catch me @ucannwrites, or visit my business site http://www.writematics.com. I look forward to hearing from you.
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How To Make Money Online Selling Other People's Products

To make money online don't have to create, own or stock your own product. You can direct potential customers to websites already selling products that have been created by other people and if somebody buys the product following your referral to that website, the product owner will pay you a commission.

The product owner also organizes the customer payment, delivery and fulfillment of the product. This is called affiliate marketing and it's your job as an affiliate to connect prospective customers with products or services that they're looking to buy.

So how do you get started?

Choose Your Audience

Before you start to look for products you can sell, you have to determine your target audience or niche. What problems do the audience in your chosen niche want to resolve? The affiliate products you promote should offer the solutions they're looking for. You can find a huge number of products to sell from affiliate marketing companies like Amazon, CJAffiliate, ClickBank and JVZoo.

Start Small

You won't make hundreds of thousands in a single day. Start small and keep improving your online reputation. Develop and provide high-value content on your website and social media. There are affiliate programs that do not require a website, but your own website makes it possible for you to concentrate on being authentic so that you come across as being reliable and professional.

Build An Email List

Concentrate on developing an email list of prospective customers from your website and social media accounts. You can send emails to your list whenever you want. This is the most effective way you'll have people buying the products and services you recommend.

Treat It Like A Business

Even if you only work it part-time you need to treat it like a real business and not something you play around with. It's okay to play around at the beginning to see if it's right for you and it's a good way to learn. But eventually, if you want to create a real online business you'll have to treat it that way.

Think 'Telling' Not 'Selling'

Be helpful, friendly and care about the things you promote. Look at it as more about 'telling' rather than 'selling'. When you put it in the perspective of helping people find what they need or want, you take the strain off yourself to be continuously selling. This will allow your efforts to flow from genuineness rather than looking overeager in trying to make money.

Companies are happy to pay commissions to people just like you, in return for selling their products and services. You have the potential to make a great income when you choose the right niche, stay committed, and understand your audience. For a no-nonsense, kick-start guide to getting started, download my free checklist, Affiliate Marketing For Beginners at https://jonallo.com/affiliatechecklist


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Transitioning From Employee to Solopreneur

Is your number one Bucket List goal to establish your own entity and become a business owner or Solopreneur consultant? Are you planning to abandon the "safety" of a traditional job to directly market and sell your products or services to customers with the money and motive to do business with you?

Going out on one's own is a thrilling and sometimes frightening prospect. Those who take the plunge eventually discover that many resources that are casually taken for granted while working in an office are not readily available to those who step out on their own. As you weigh your options and prepare to write your business plan, be aware of a few changes and additional expenses to expect should you join the self-employed sector:

No paid days off

There will be no more paid sick days, holidays, vacation days, or personal days when you become the captain of your own enterprise. Neither will there be any pay for days off that result from bad weather. When winter arrives and snow begins to fall, there will be days when harsh weather conditions impact your business and your income. When the governor of your state declares a snow emergency, important meetings will be postponed and businesses may be unable to open and operate.

In particular for those who own a B2B or B2C venture where the business model requires you or your employees to visit the customer's location (e.g., cleaning services), or customers to visit your location (e.g., a laundromat), snow days = no revenue days. Small businesses have been known to go out of business within a year following periods of extreme weather.

Establish business credit

For tax purposes, it will be useful to open a separate business bank account and also apply for a business credit card or two. There will be business expenses to write off and you'll want to make it easy to monitor spending. Do yourself a favor and check your personal credit ASAP and pay off outstanding credit card balances to improve your credit score and correct any errors.

Financial management

Financial management will assume more than one form. As noted above, you'll need to establish credit for the business, so that you can order inventory and supplies without immediately impacting the business cash flow, for example. Those are Accounts Payable items. You will also need to ensure that customers pay you on time, or at all, and that is an Accounts Receivable function.

Maintaining sufficient cash flow is crucial to the business' survival and your own ability to keep a roof over your head, food on the table and your car on the road. You must develop a business budget and plan for the purchase of equipment, licensing costs (if applicable), insurance (if applicable), professional certifications (if applicable), or space rental (if needed).

In addition, you may consult with a business attorney or accountant to discuss the legal structure of your venture: Sole Proprietor, Corporation (chapter S or C), or Limited Liability Company (LLC). The type of business that you're in and your exit strategy will play a role in choosing the business legal entity.

Paying for office supplies

Free scanning and photocopying will be over. When you need to staple a few pieces of paper together, you must buy the stapler and the staples and you'll buy paper clips and envelopes, too.

There will likewise be no meeting space or audiovisual equipment for you to reserve. You'll have to meet at the client's office, or at a coffee shop or other restaurant. Privacy might be an issue and arranging a Power Point or other visual presentation might be awkward as well.

A lap top computer or tablet will be office equipment must-haves. It will be imperative to possess the tools of your trade and to always appear as a competent and prepared professional as you develop your reputation and build your brand. Good luck!

Thanks for reading,
Kim

Kim L. Clark is an external strategy and marketing consultant who brings agile skills to the for-profit and not-for-profit organization leaders with whom she works. Please visit http://polishedprofessionalsboston.com to learn how your organization can achieve mission-critical goals when you work with Kim.

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Multiple Revenue Streams Keep A Solopreneur Solvent

To build a successful career as a Solopreneur consultant requires courage, resilience, possession of marketable skills and relationships with people who are willing and able to refer or endorse you for paid project assignments. Solopreneur consultants must have a talent for selling, the discipline to create and pursue business goals, a knack for big picture thinking and implementing strategies and an understanding of human nature and motivation. The ability to attract good luck and dodge bad luck helps, too.

Precious few Solopreneurs are able to just "go to the office" everyday and delve into the usual work. In order to generate the preferred amount of business revenue, we understand that creating multiple revenue streams may be necessary and to make that possible, we must recognize the marketability of our skill sets, in aggregate and in segments. As well, we must learn to package, promote and sell our skills and value to prospective clients.

Consider my revenue streams, for example. When asked, in my short form elevator pitch I say that I'm a self-employed external consultant who provides business strategy and marketing solutions to mid-size for-profit and not-for-profit organizations. What that means in reality is that I've facilitated strategic planning meetings at not-for-profit organizations; edited a 100 page nonfiction book and also served as its photo editor and project manager; developed curriculum for a series of 90 minute sales skills training workshops; and periodically I teach business plan writing.

I've been fortunate enough to regularly win business strategy development or marketing campaign assignments, but the fact is that there are often gaps and in response, I've learned to branch out and offer segments of my skill set to clients or employers as a way to maintain my required cash-flow and, whenever possible, also enhance my brand. In my experience, it's the ability to leverage one's perhaps infrequently promoted competencies that help Solopreneurs to create and sustain a profitable business venture.

My friend Adela is a busy educational consultant who works with college bound high school juniors and their parents to identify suitable colleges for the student and navigate the application process. Adela's business appears to be thriving, yet she nevertheless teaches Spanish at a local university (she was born and raised in Mexico and came to the U.S. to attend Notre Dame University).

Jackie, a friend of many years, is the founder and manager of a small, full-service fitness center that became very successful in that highly competitive market, yet she teaches a fitness class at another gym a few miles away. Why? Because she gets to observe another style of fitness center management from the inside, she receives training in new fitness techniques that she can evaluate for inclusion in her own gym and she earns a few extra dollars each week, something that a mother of four can always use. Sometimes you can get paid to research the competition!

My friend Carole toggles between freelance marketing gigs at technology companies and corporate positions in that sector. She's a Lotus alumna who's also worked for tech giant EMC, distinctions that command respect and open doors in the tech industry. In between corporate gigs, Carole goes out on her own to develop marketing strategies for tech start-ups. A couple of years ago, she was offered a position as director of marketing at one of those start-ups, but when the inevitable reorganization occurs, she'll re-enter Solopreneur life.

So, Solopreneur friend, I invite you to put on your thinking cap and brainstorm how you can create additional revenue streams by exploring how certain segments of your skill set can be packaged and promoted to current and prospective clients!

Thanks for reading,
Kim

Kim L. Clark is an external strategy and marketing consultant who brings agile skills to the for-profit and not-for-profit organization leaders with whom she works. You can ensure that mission-critical goals at your organization will be achieved when you contact Kim at http://polishedprofessionalsboston.com.

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