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Wednesday, 30 December 2015

How To Get Referrals - 7 Ideas For New Business Owners Just Starting Up

How To Get Referrals - 7 Ideas For New Business Owners Just Starting Up

Referrals are one of the very best ways to grow your business. Asking for a referral is the tricky part. Especially when you're just starting up your business. Here are seven new business referral ideas to get you started.

Referrals are one of the very best ways to grow your business. But how about when you're just starting out? Will getting referrals help you grow your start up?
Yes indeed. However, asking for a referral is the tricky part. How do you ask? Whom do you ask? Especially when you're just starting up your business.

It's not easy getting referrals when you're just starting out. That's because most people asking for referrals fail to keep these two things in mind:

First, think about this from the viewpoint of the people thinking about referring clients to you. They are all asking the same question: "Why on earth should I send you a referral?" Sure, they can see it would be of value to you and your business if they refer someone to you. "But why," they ask themselves," "is it important to me?" If you can answer that question from their viewpoint, you will give them a reason to be happy about referring someone to you.

Second, people who refer a friend or client to you have a lot more to lose than you do. If you do an excellent job, that's great. If not, it colours how the referrer is viewed. As a consequence, they could even lose their client's business.

So you need to think carefully before asking for a referral. Here are some ideas you may find helpful.

Seven New Business Referral Ideas
1. Become a low risk referral by adding high value assurance. For example: Give a money back guarantee or free consultation to each person referred to you.

2. Make sure you have something to offer that either other service providers don't want to do or that you are specialized in doing.

3. Don't hide the fact that you're brand new. Instead, capitalize on it. Offer a new business discount during your first six months in business.

4. Make a list of local people and businesses in your area that offer complimentary services and whose clients may need the services you offer. Then contact them in person.

5. Approach local churches and non-profit organizations and offer to teach classes in your area of specialty. Teach the class for free. Then give a discount on your services to everyone who signs up at the end of the class.

6. Talk with your hairstylist about your services. Give him or her a stack of referral cards. Offer your stylist $5 for every customer who purchases a service from you as a result of one of the cards he or she passed out.

7. Find another new business owner and cross-promote each other. They key here is to find a strategic partner who is in a complementary business who will benefit from promoting your business as well as theirs.

When just starting up your business and asking someone for a referral, keep in mind that you are asking for someone to trust you. Trust you with their precious clients. Trust you to not make a fool out of them for recommending someone to you. Therefore, think carefully before asking for a referral. Make sure you have something to offer that will be of benefit to the referrer.

Monday, 21 December 2015

Ten Shocking Facts About Forex Trading Mistakes

Ten Shocking Facts About Forex Trading Mistakes

Have you ever wondered why is it that very few traders succeed in the forex trading market while 90% of forex traders fail to achieve success? Below are 10 major reasons:

1. Looking for Easy and Quick Money
I have to stress that foreign currency trading is not a get rich quick scheme. Achieving consistent profitable results out of forex trading is tough. It requires some forex education, patience, discipline, emotion control, etc. to get you into the world of successful currency trading.

2. Looking for the Holy Grail
I have people asked me, "What is the best forex trading system around?" There isn't such trading systems in currency trading. Many forex traders spend years trying to find the Holy Grail of foreign exchange trading, but failed to find one. The main reason is the forex market changes every single moment.

3. Inadequate Right Education
One of the reasons forex traders fail is because they don't have enough right education. Some people who came into forex trading don't even open a forex book or educate themselves about currency trading. You need certain forex training education, a forex course, a forex trading system and then a mentor to coach you.


4. Lack of Discipline
Discipline is so important in fx trading that it will reward you by accumulating your profits if you abide to it, and could turn your forex trading account into nothing when you lack of it.

5. Lack of Patience
Forex traders chase after the price because they do not want to miss a golden trading opportunity. In currency trading, there is no such thing as golden opportunity to me because every forex trading setups are equally important.

6. No Money Management
Most forex traders totally forget about the risk of forex trading. They only think about how much they will win and never plan for the worst. Money management limits your risk on every single trade so that you are able to trade tomorrow, the next week, month and years.

7. Failure to Control Emotions
Be a perfectionist in following your forex trading plan. Stay calm if you lost a trade, you know that there are infinite chances to earn an winning opportunity back. Don't let greed take over you!

8. Having Unrealistic Expectations
People come into fx trading thinking they are going to be successful and earn tons of cash, from $1000 and then reaching $100 000 in a very short period of time. You will know why that is untrue if you have gotten my free forex ebook.

9. Lack of Mentorship and Support
Once you have a trading system, having a mentor not only gives you forex advice, but also the ability to get nearer to success as your learning curve will be shorten, your doubts answered and confidence boosted.

10. Looking for Excitement
Some other forex traders may think it is very exciting to trade the forex market, but to me, forex trading is boring if I want to be profitable and stress free.

Wednesday, 16 December 2015

Forex Pip: How To Maximize Pips And Minimize Losses

Forex Pip. How To Maximize Pips And Minimize Losses

A Forex Pip is the measure of success or loss in Forex trading. Find out how to maximize pips (and profits) while minimizing risk in Forex trading.
As you'll soon learn, the Forex pip can be your best friend or worst enemy. First, we'll go over what a Forex pip is exactly. Then I'll discuss what you can do to maximize pips, and your profits, while simultaneously minimizing your losses.

What Is A Forex Pip?
First thing first. What exactly is a pip? Pip stands for "percentage in point" and is the smallest price increment in forex trading. Since most major currency pairs (the Japanese Yen being an exception), are priced to 4 decimal places, the smallest change would be reflected in the last decimal point.
Basically, the Forex pip is the measuring stick for gains or losses when trading currency. Let's look at an example to get a deeper understanding of this. A currency pair of EUR/USD might be bid at 1.1815 and later offered at 1.1820. This is a spread of 5 pips. So, if you bought a certain number of Euros at the bid price, and then later sold them for the offered price, your profit would be 5 pips. (Obviously. the amount of money that you make is dictated by how much currency you bought and sold for profit.)

What The Forex Pip Means To You
Successful Forex trading occurs when you maximize your pips when you trade as much as possible. Thinking long term and logically, to be successful you need to have more pip gains than pip losses in your trading. Let's be honest, it is impossible to win every time. When everything is said and done, what you want is more pip gains than losses.

How To Maximize Pips and Minimize Losses
The perfect scenario is to buy currency at its lowest value, and then sell it once it has reached its highest value before dropping. But that is easier said than done. There are numerous and varied factors that determine the rise or fall of currency values. So, what can you do?

Many Forex Traders are turning to Automatic Forex Robots to do the trading for them. This is a great way to maximize pips, while keeping the risk in check. These computer programs or scripts stay current with what is going on in the Forex market and trade according to predetermined indicators set in the program by professionals. So, instead of trying to figure out everything for yourself and being glued to your computer 24 hours a day, from Monday to Friday, you let the automated Forex software do the trading for you.

Why I Recommend Software To Maximize Forex Pips
I already mentioned the benefit of having the software program keep track of and react to the currency market based on predetermined indicators. However, there is an even more important reason to use a Forex robot instead of doing all the trading yourself... EMOTION! Let me explain...

Forex trading is very exciting. Watching the pips go up and down, especially when real money is on the line, is quite a thrill. But you don't want emotion to guide your trading. Greed and fear are expected emotions when dealing with something as exciting and potential profitable as Forex trading. And you don't want these emotions clouding your judgement in your Forex trading. Using a computer program to do your currency trading is an excellent way to keep your trading profitable and lower risk by keeping emotion out of your trading.

It is a great feeling when you see the pips working in your favor. So if you want to maximize Forex pips and minimize losses, get a automatic Forex robot and put your trading on autopilot. It is not only a lot easier but a lot more profitable as well.

Tuesday, 15 December 2015

Forex Trading Checklist - Answer These 3 Questions Before You Can Make Money Online

Do you already know the basics in forex trading when you get into it? Those basics are the necessity if you want to win in forex. Otherwise your forex investment may down the drain. A lot of forex traders who failed in trading all the time is because they lack of planning.
Earn Money with Forex Trading
That's the primary homework that all traders must do. Without any planning, you will probably unable to see what and why you are trading. Below are some of the forex tips and 3 important questions you need to answer yourself if you really want to succeed and make money online.

1. What skill level are you in? If you are a beginner in forex trading, then you might want to take a step at a time. Do not rush to trade because a good forex strategy is always using probabilities. In the first place you should know that in currency trading business, there are no certainties, only analysis and judgment no matter what kind of forex trading systems you are using. Professional traders are good in high probability trades by using simple trading system.

2. Are you a risk-taker? I have to remind you that forex trading involves some risk and do not go into trading if you can't take risk at all. Like I have said, trading will definitely involve some losses because you can't win all the time. But what I can assure you is that if you take the right approach in trading and follow all the rules, you will have much more winners than losers. 

So be prepared to take some risk and make sure that your trading capital can withstand it. Minimize risk by looking out for high possibilities trades and not by quantity trades.  

3. How do you target profits? If you want to trade forex the profitable and correct way, then you will have to follow the forex trading strategies that I give advice for. I recommend traders to have a healthy risk to reward ratio of at least 1:2, which means that if you risk 1 pip, you should target 2 pips of profits. 

This may sound quite difficult to achieve when you are a beginner, but I can tell you that once you get experienced in the forex market, then you should not find that too tough. With a good risk to reward ratio, then you can develop a forex strategy that allows you to achieve that, e.g. a more advanced intraday or swing trading strategy.

Friday, 11 December 2015

Successful Trading – Establish Your Risk Level

Successful Trading – Establish Your Risk Level

Before you embark upon a journey of trading stocks or futures, and before you make any trades, you MUST determine and establish your risk level. Traders that fail to do this are usually doomed from the start. The fact is that most trading accounts that go bust are because of the failure to determine at what point the trader will cut their losses and move on to the next trade. Rookie traders are particularly prone to do this. They hang on to losing positions hoping that they will turn around – only to watch the price drop even further. Too much thought and effort are expended on the buying decision instead of the selling decision. The sad truth is that it’s the selling decision that will determine your fate as a successful trader. And successful trading is dependent on how long and how well you can protect your account against loss until the big profit comes your way. Setting a risk level for your account and for your trades will provide such protection.

If you’re like everyone else, you’ve got an online trading account and you’re free to move in and out of positions without the input or interruption of a broker. If you’re not doing this, we recommend that you do. So when you buy a position, have you determined where you would to sell it if the price would fall? Many traders only think about the price going up – they never think about what they’ll do if it goes down. You MUST determine this limit BEFORE placing a trade.

We recommend that get out of the position if it drops anywhere from 7% to 10% from where you purchased the stock, option or commodity (or any other market derivative). Yes, it could rebound and take off 100 points after you sale, but it could also drop 100 points and your account would be wiped out. Consider this, if your account drops 50%, then you need a 100% gain to get it back where you were! This is why you MUST place a stop-loss after every trade you place with your broker. Do this without fail IMMEDIATELY after placing a trade with your online broker. Once you’ve placed a stop-loss level with your online broker, the system will automatically sell your position when that level is reached. Remember, stay in the game until you hit that big trade!

Online Trading: Determine Your Risk Tolerance

Online Trading: Determine Your Risk Tolerance

Each individual has a risk tolerance that should not be ignored. Any good  trader or financial planner knows this, and they should make the effort to help you determine what your risk tolerance is. Then, they should work with you to find investments that do not exceed your risk tolerance.

What is risk tolerance?
Risk tolerance is the degree of variability in investment returns that an investor is willing to withstand. Risk tolerance is an important component in investing.

Each individual has a risk tolerance that should not be ignored. Any good trader or financial planner knows this, and they should make the effort to help you determine what your risk tolerance is. Then, they should work with you to find investments that do not exceed your risk tolerance.
Determining one’s risk tolerance involves several different things. First, you need to know how much money you have to invest, and what your investment and financial goals are.

For instance, if you plan to retire in ten years, and you’ve not saved a single penny towards that end, you need to have a high risk tolerance – because you will need to do some aggressive – risky – investing in order to reach your financial goal. 

On the other side of the coin, if you are in your early twenties and you want to start investing for your retirement, your risk tolerance will be low. You can afford to watch your money grow slowly over time.

Realize of course, that your need for a high risk tolerance or your need for a low risk tolerance really has no bearing on how you feel about risk. Again, there is a lot in determining your tolerance.

For instance, if you invested in the forex market and you watched the movement of that forex daily and saw that it was dropping slightly, what would you do?

Would you sell out or would you let your money ride? If you have a low tolerance for risk, you would want to sell out… if you have a high tolerance, you would let your money ride and see what happens. This is not based on what your financial goals are. This tolerance is based on how you feel about your money! 

Again, a good financial planner or stock broker should help you determine the level of risk that you are comfortable with, and help you choose your investments accordingly.

Your risk tolerance should be based on what your financial goals are and how you feel about the possibility of losing your money. It’s all tied in together.

Tuesday, 8 December 2015

How to Get Started Trading Currencies

Many futures and stock traders are aware of the excitement surrounding the currency market. However, because foreign exchange trading was until only recently limited to multinational corporations, money-center banks, and the largest investment firms, forex remains a new and unfamiliar market to many self-directed, retail traders. As a consequence, despite the undeniable advantages that the forex market offers, some online traders are no doubt apprehensive and reluctant to participate. With the passage of time, the benefits will undoubtedly become more widely known and better understood, and more traders will almost certainly migrate from the equity and futures markets. In the meantime, interested traders can take steps to bring themselves up to speed and learn more about this exciting market.

 Learn Trade Forex With Forex Trading Strategy


Take a Currency Trading Course
Almost all forex trading courses available today fall into the self-study or seminar categories. Both have important strengths and weaknesses. The self-study camp is generally comprised of web-based courses, CD-ROMs, workbooks, or any combination thereof. While self-motivated and highly disciplined traders might find self-study courses to be perfectly satisfactory, many traders require the structure of a more formal learning environment and would benefit greatly from individual instruction. Seminars, hosted by various brokers and financial market educators around the country, typically run 1-3 days in length. Most walk traders through at least a fair range of important topics in a more or less methodical way. The drawback, of course, is that in addition to the cost of the seminar, traders must absorb travel and accommodation expenses. And at many seminars, the number of attendees makes personal instruction impossible.


Happily, the latest trading courses make use of online technologies to offer a complete curriculum, a perfect mix of convenience and structure, and all the benefits of a classroom environment and one-on-one instruction -- at an economical price. 

A complete trading course can be put online and broken down into daily lessons (for example, one lesson per day for a full month). Though the trader must log into the website to view each day's lesson, he may do so at any time that's convenient. After each lesson, students have the opportunity to post questions for course instructors and to discuss ideas with fellow students in a virtual classroom. Brief daily assignments and quizzes -- and even individualized feedback from instructors based on the assignments -- all play an important role in reinforcing material and help traders learn each day's lessons. And when a complete online course is combined with a practice trading account, the trader has a risk-free opportunity to apply the lessons and strategies learned, and instructors can offer pointers, tips, and suggestions to help refine and improve trades. This new type of course represents a quantum leap forward in trading education.

Practice Trading FX in a Demo Account
Many online forex brokers today offer paper trading accounts, and there's simply no better way to familiarize oneself with the currency market and the broker's trading platform. Generally, FX paper trading accounts are identical to live, "real" trading accounts, in that the demo trader enjoys all the same tools and features that are available on the broker's actual system. The trader will get a feel for real-time, continuously-updating bid/ask prices. He can experience order placement and execution. Account balances, margin requirements, and P&L are usually updated in real-time, as well. The only difference, of course, is that paper trading accounts are "funded" with anywhere from $10,000 to $50,000 in hypothetical money, which means that trading methodologies can be tested and evaluated under actual market conditions -- without having real capital at risk. You'll likely find that most demo accounts have limited lives and expire in anywhere from two weeks to one month. But for most traders, that's perfectly acceptable -- after getting the feel of forex trading in a demo account, most traders are enthusiastic about taking the next step and opening a real account.

Consider Trading Mini FX for Starters
Several forex brokers now offer mini FX accounts, which are designed for those new to online currency trading and those with limited trading capital. Such accounts can be immensely helpful to traders who wish to learn currency trading while minimizing their risk. Instead of trading full-size currency lots (100,000 units), downsized lots (for example, 10,000 currency units) may be traded. Though the leverage in a mini FX account can still be substantial, the smaller lot sizes -- with correspondingly smaller tick values -- means that the trader will be assuming less total risk. For example, while a 20-pip loss on a 100,000 EUR/USD position would be $200, the same loss on a 10,000 EUR/USD position in a mini account would amount to only $20.

The Mini FX account can be useful in helping traders develop a disciplined, rational forex trading strategy without excessively focusing on profits and losses. When trading 100,000 currency unit lots in a regular, full-size account, traders with relatively small balances tend to fixate on their equity fluctuations and sometimes base trading decisions on emotional reactions to these fluctuations. Many traders, for example, resist closing-out unsuccessful trades at a loss, because they hope that the market will turn in their favor. Conversely, many tend to immediately take profits when the market moves in the desired direction, rather than maximizing their gains by allowing profits to run. With less capital at stake in a Mini FX account, however, the trader can develop a disciplined trading methodology -- as well as the confidence needed to be a successful currency trader -- without the anxiety and distractions that come with large P&L swings.

Monday, 7 December 2015

Forex Trading - Should You Invest?

Forex Trading - Should You Invest

Forex trading is all about putting your money into other currencies, so you can gain the interest for the night, for time period or the difference in trading money all around. Forex trading does involve other assets along with money, but because you are investing in other countries and in other businesses that are dealing in other currencies the basis for the money you make or lose will be based on the trading of money.

What is investing in forex?
The foreign exchange market, also called the currency market or forex (FX), is the world's largest financial market, accounting for more than $4 trillion average traded value each day. ... Forex. The Forex market is a 24-hour cash (spot) market where currency pairs, such as the Euro/US dollar (EUR/USD) pair, are traded.

Constant trading is done in the forex markets as time zones will vary and the markets will open in one country while another is near closing. What happens in one market will have an effect on the other countries forex markets, but it is not always bad or good, sometimes the margins of trading are near each other. 

A forex market will be present when two countries are involved in trading, and when money is traded for goods, services or a combination of these things. Currency is the money that trades hands, from one to another. Often times, a bank is going to be the source of forex trading, as millions of dollars are traded daily. There is nearly two trillion dollars traded daily on the forex market. 

Should you get involved in forex trading? 
If you are already involved in the stock market, you have some idea of what forex trading really is all about. The stock market involves buying shares of a company, and you watch how that company does, waiting for a bigger return. In the forex markets, you are purchasing items or products, or goods, and you are paying money for them. As you do this, you are gaining or losing as the currency exchange differs daily from country to country. 

To better prepare you for the forex markets you can learn about trading and purchasing online using free 'game' like software. You will log on and create an account. Entering information about what you are interested in and what you want to do. The 'game' will allow you to make purchases and trades, involving different currencies, so you can then see first hand what a gain or loss will be like. As you continue on with this fake account you will see first hand how to make decisions based on what you know, which means you will have to read about the market changes or you will have to take a brokers information at value and play from there. If you, as an individual want to be involved in forex trading, you must get involved through broker, or a financial institution. Individuals are also known as spectators, even if you are investing money because the amount of money you are investing is minimal compared to the millions of dollars that are invested by governments and by banks at any given time. 

This does not mean you can't get involved.  Your broker or investment advisor will be able to tell you more about how you can be involved in forex trading. In the US, there are many regulations and laws in regards to who can handle forex trading for US citizens so if you are searching the internet for a broker, be sure you read the print, and the information about where the company is located and if it is legal for you to do business with that company.