Forex stands for Foreign Exchange – a marketplace where you can exchange currency around the globe and achieve a sizeable profit.
Most people don’t know much if anything about the exchange, and are therefore at a disadvantage. In fact, most Forex traders operate with losses and don’t actually see the return on their investment they were hoping for.
If you are looking to get into Forex trading this year, there are some basic rules and principles to stay on top of – but the most important piece of advice anyone can give you is to always keep learning, always keep exploring, and never stop improving your knowledge and expertise on the market, because the practices that have worked yesterday may not work as well tomorrow.
Here are some tips to get you started.
Find a broker
The first thing you will need to start trading is a broker. Brokers are companies that facilitate the purchase and sale of foreign currency, and they come in all shapes and sizes, and not all of them will be trustworthy. Brokers need to have a license to trade, but you also need to look out for their reputation – as some may only look good on paper.
Determine your risk profile
Forex trading comes with its own risks and potential profits, and you need to be prepared to lose. However, you also need to be prepared to win, and in order to do that, you will need to figure out how much risk you are willing to take.
Do you want to be very aggressive, or are you looking to play things safely? The answer to this question will determine the way your strategy plays out.
Come up with a strategy
There is no right and wrong here – and the reason you are defining a strategy in the first place is to be prepared for the kinds of situations that are likely to arise. You don’t want to leave it to yourself in the heat of a trade to make the right call – and you don’t want to be doing things on a whim and without any rhyme or reason.
Your strategy should be based on the currency pair you are trading in, and the market you are looking at. A certain strategy might work well for one pair, but be completely fruitless for another, so you will have to keep working on it.
There are two rules here you should always follow:
- Only invest what you can afford without a loss impacting your current standard of living.
- Diversify your investment as much as you can, and don’t tie up more than 20% of your investment in one market (no matter how lucrative it seems).
Set a stop loss and a take profit
There are two kinds of orders you need to set, no matter the currency pair and market.
A stop loss is an order that defines the closing price of your trade – a trade will close at this level, even in your absence. In other words – this is your limit, the number you don’t want to go below, and your safety net. It will ensure you never lose more than you have limited yourself to lose.
Take profit is a frequently used order in the world of forex – it allows a trader to close at a certain position automatically when the prices have reached a certain level. This is where you make your profit.
Bear in mind that you need to adjust these orders to your risk profile – and examine how low or how high you actually want to go.
Keep up with the market
Keeping up with any and all market news is the essential key to success – and markets are driven by political and world events, or the predictions of these events. Staying on top of them, even if you make your trades based on charts and analysis, is vital.
Even if your technical strategy is working well, you should still keep an eye on market news before you place your orders, as current events can often cause fluctuations a chart cannot predict.
Keep up with the industry
You should also devote some time to reading the latest Forex trading tips and news, as you may get additional ideas to develop your strategy from these sources. You don’t need to test out moves you don’t believe in yourself – but you should know what your peers in trading are saying, and take these rival strategies into consideration when planning out your own.
There are trends in trading like there are trends in fashion – and knowing what a whole host of other traders (especially those just getting into the game) are more likely to do will give you a significant edge.
Try not to overtrade
Overtrading happens when you see opportunities to make money where there are none, which will cause you to put your investments at risk and lose.
You can overtrade either by trading too frequently or by trading with too much volume. In short, you get dazzled by the opportunities and forget that you don’t need to miss a lot in order to make a hit. There is nothing wrong with waiting a day or two for the right opportunity to arise. Your money will be just as able to provide a return on investment as it is today.
Always keep your cool
Finally, one more piece of advice: never trade when you are not completely calm.
Whether it is excitement at the prospect of a great coup, a need to blow off some steam, impatience at not having traded for a few days – don’t look at the markets unless you are calm, collected, and ready to make logical decisions. The market is not about the emotion (no matter what Hollywood might try to tell you) – it’s about logic and reason, so use them when making your decisions, and leave your ego aside.
In order to become a successful Forex trader, you will need to put in a lot of hours and get as good at the game as you possibly can. Be prepared to lose, but plan to win – and remember that the market is usually a decent reflection of the state of the world.
3 Simple Tips on Choosing the Best HRMS Solution for Your Business
As a business owner, your main objective should be providing your team members with the right tools. Embracing technology and all of the benefits it offers can make your business both more efficient and productive. Finding ways to make your human resources department more productive is only possible with the right technology. Businesses around the world spend around $4 trillion a year on new technology.
A human resources management system (HRMS) is a great investment for businesses trying to simplify human resources-related tasks. These systems allow you to control everything from payroll to employee onboarding in one easy to use dashboard. As you learn more about HRMS programs and the benefits they offer, the easier it will be to justify investing in this software. Read below for some helpful tips on choosing the best HRMS program for your business.
1. Check Out the Customer Support Being Offered
One of the first things you will notice when looking for HRMS programs is just how many different options there are. If you are not very tech-savvy, the first thing you need to consider a particular software provider is what type of customer support they offer. The last thing you want is for your HRMS program to be down for days at a time due to a slow tech support turnaround.
Taking the time to look at the reviews a particular software provider has received from past and current customers is a good idea. These reviews will give you an idea of just how responsive the provider is when one of their customers is in need of tech support. Even if you have to pay a bit more for higher-quality support, it will be worth it. The downtime that can result from problems with one of these systems pales in comparison to the cost of professional tech support.
2. Know What Your Needs Are Before Beginning Your Search
Before you start your search for the perfect HRMS program, take the time to make a list of what your needs are. One of the main things you need to consider is whether or not you need a system that can support a lot of different users or if you need something for a small team to work with. HRMS solutions come in a variety of shapes and sizes. This is why properly defining your needs ahead of time is crucial when trying to make quick work of the HRMS selection process.
You also need to figure out what element of your HR department you want to modernize. Most HRMS systems allow you to handle scheduling, payroll, onboarding, and employee performance evaluations digitally. Not only will you need to choose a program that meets your current needs, but you also should think about what you may need in the future.
3. Try a Demo Version of the HRMS Program
Perhaps the best way to figure out whether a particular HRMS program is right for your business is by trying a demo version. Most software development companies will offer demo versions of their products to interested consumers. When trying out a new HRMS program, pay attention to the user interface and security measures in place. While you may have to try a few different programs to find the right fit, it will be worth the time and energy you invest.
Embracing HR Technology is a Wise Move
Finding and implementing new HR technology is not easy. However, the benefits that this software can provide a number of benefits. With the help of IT professionals, getting the right software for your HR department will be easy.
6 Reasons Your Tech Business Doesn’t Need to Leave Europe
For tech businesses across the world, Silicon Valley is often seen as the promised land. The ultimate goal of many a startup founder is to jet off to America as soon as possible, pitching their idea and finding immediate fortune. Yet while it’s worked in a few cases, there are a thousand more where it hasn’t, and a perfectly good idea has been pushed too far, too fast.
Speak to many people in Silicon Valley, and you’ll find that the grass seems greener on the other side of the Atlantic. The argument for keeping your tech business in Europe over the long term is growing, even if Silicon Valley’s influence hasn’t diminished. Here are just six reasons why you might want to keep your tech business in Europe, and postpone your trip to the Golden State.
While your needs will vary according to the demands of your business, tech companies are generally at an advantage when it comes to infrastructure. If you’re making software, you may only need a good internet connection – and that shouldn’t be too hard to find in Europe. Most major cities now have widespread fibre-to-door connectivity, and in places such as the Netherlands, fibre coverage spans the entire country.
If you’re in the software business – or dependent on regular meetings and importing talent – there are few better places to be than Europe. As well as some of the world’s best road and rail links, Europe also boasts many of the world’s largest and best connected airports, and a number of deep sea ports. Freedom of movement within the EU and the close distance also makes travel cheap and easy – allowing you to connect and communicate more easily than in America.
Conventional wisdom states that to break out and achieve that vaunted ‘tech exit’, your business needs to move to America. That’s often been borne out by statistics in previous years, where the U.S. – and specifically California – led by miles in venture funding. Yet the pendulum is swinging, and the marker set by Spotify (the world’s biggest exit in 2018) is lighting the way for businesses across the continent.
Publicly-owned lenders and investment banks such as BpiFrance and The British Business Bank have pledged billions in funding, while EU-wide funds such as Horizon 2020 have helped to launch thousands of R&D projects. Many countries in Europe are actively competing for the best business benefits, with Italy leading the way in R&D tax credits and the Netherlands boasting at least 100 venture capital firms, not to mention angel investors and incubators. With a record-breaking €21.2 billion invested in European businesses in 2018, why go anywhere else?
It should be news to no-one that Europe is home to many of the world’s most prestigious universities, but Oxford and Cambridge are only the tip of the iceberg when it comes to talent. Europe boasts 36 of the Times World University Rankings’ top 100 establishments, compared to 37 in the United States.
Where Europe differs is that many of these institutions are geographically far closer to each other. EU freedom of movement allows talent to move freely between countries, while there are also numerous visa schemes for foreign workers, including specific tech visas in countries such as France. This makes it extremely easy to source talent, something that can prove problematic with U.S. visa restrictions and the low rate of unemployment.
Many cities in Europe also have reputations for specific industries, with fintech centred on London (home to 250,000 software developers in total), Stockholm focused on entertainment and networking (Spotify, Skype, King, Truecaller) and Helsinki famous for game and app development (Rovio, Supercell, Remedy Entertainment). The great advantage of a tech business is also the opportunity for remote and freelance work, opening your pool of talent up even further.
This might seem like an odd one, but tech regulation is a growing trend, and Europe is right at its forefront. While U.S. tech firms don’t like it, European regulators have used the bloc’s financial clout to impose restrictions on tech companies designed to protect privacy, and punish firms who fail to regulate their content.
As concerns grow over the impact of social media and other technologies on people’s wellbeing – and the sometimes frightening implications of mass data collection – Europe’s example is likely to spread to other parts of the world. Even if it doesn’t, every tech business worth its salt has to comply with EU law to trade there – allowing you to develop with these rules and restrictions in mind.
This can also apply in reverse. Regulation is much lighter than the United States in some areas, such as the banking sector in the UK. Combined with London’s natural expertise in the finance sector, this loose regulatory approach has led to an explosion of UK fintech companies. By capitalising on these differences, you can set yourself apart from U.S. rivals, and have them coming to you for advice.
Cost of living
Whatever you think about Silicon Valley, there’s no doubting that it’s an expensive place to live and work. Indeed, rent in San Francisco is 2.5 times the national average, and the Bay Area is considered the most expensive place in the world to build. By contrast, many parts of Europe offer enough elements of the Silicon Valley experience at a much lower cost.
While access to investors and certain decision makers or other firms may be better in Silicon Valley, Europe isn’t lacking for startup hubs that will put less of a dent in your earnings. Talent-rich areas like Berlin and Paris boast rents of half the San Francisco average or less. You’ll also benefit from equivalent talent without having to pay Silicon Valley wages, and a higher quality of life in many areas thanks to great food, culture and countryside.
Being in Europe provides you with access to a host of different markets. Many of them have shared values, but they also have different interests, are at different stages of growth, and afford different opportunities. Take the example of universal healthcare, which gives healthtech firms the opportunity to secure contracts for entire countries, as opposed to many individual companies in the US. And cities with one particular speciality are destinations for talent, building connections and fostering growth.
Being in western Europe in particular also positions you perfectly between timezones. As well as being in close proximity to the rest of Europe and Africa, you’re also within touching distance of the U.S. East Coast and much of Asia. It also provides you with easy physical access to these many different markets, with extremely strong transport links across much of Europe (and further afield) by road, rail, sea and air.
About the Author
Former journalist Katya Puyraud is the co-owner of Euro Start Entreprises, specialising in company formation in Europe. Since 2007 Euro Start Entreprises has helped budding digital nomads, entrepreneurs and expanding SMEs to open their companies in over 30 countries worldwide.
Digital Transformation Strategy: 3 Key Pieces to Keep An Eye
85% of business executives admit they have at least two years to embrace digital transformation, or they will fall behind the competition and suffer financially, according to Forbes. Digital transformation is an initiative that needs to be intertwined in every aspect of an organization, for it is no longer the future state – it is already here. The most significant trends and improvements for customer experience are reliant on digital transformation.
However, the concept is not a digital marketing trick or a fad to sell services and products. Neither is the implementation complex, as many managers and entrepreneurs imagine when they try to understand how to digitize their operations. The tools and methodologies are available. You only need to research, create an action plan, evaluate your business structure, and set goals.
To help you understand this concept, here are key components you must consider as you develop your digital transformation strategy.
Prioritize Customer Engagement
Although digitization holds the trends and changes needed to improve customer experience, it is not about using fancy apps and tech innovations to attract customers. Before your organization can invest in innovative tech solutions, it needs to understand the customer journey, behaviors, and expectations. Rather than ask consumers to adapt to new processes, focus on their experience, and implement strategies based on their feedback.
As a leader, you must learn and practice to let go of how you think your business should operate and do what customers want even before they ask for it. The technical founder of an automatic receipt transcription company notes on their website, Taggun.io, that “Good things happen when we learn. But learning gets harder when we get better. We get more arrogant. We are less open to anything.” To survive the competitive market, learning new digital transformation trends should be a never-ending process in your company. Strive to find ways that improve customer service and help you remain relevant in your industry.
Invest In Your Employees
Augmented reality, artificial intelligence, and virtual reality have the power to improve intelligence and influence informed decision-making within an organization. Without the right talent and focus on employees, however, a company struggles to stay on top of the competition. That is why your company’s focus should be on how best you can use technology to provide meaningful support and experience that reach your staff on a deeper level. Using technology to improve your bottom line doesn’t guarantee long term success.
In a market where talent competition is high, investing in technologies that provide excellent employee experience is critical in accelerating digital transformation. Additionally, what IT thinks is delivering is different from what staff say they are doing. The gap between IT and employees can be the cause of business failure, and a lack of the right technological tools can drive employees to seek other employers. The best way to close the gap while maintaining a great digital employee experience is by aligning IT and human resource processes to enhance organizational culture.
Re-engaging and transforming the workplace helps empower employees, creating room for digital integration. For instance, your company can balance the power of mobility to enhance collaboration from any location, on any device by providing access to applications and data while ensuring there is data security.
Automate Internal Processes
Automation is the pillar that brings customers, employees, processes, and technology together. Optimizing internal processes ensures your organization can quickly transform products and consumer feedback into action. As a result, you can best serve your customers faster and predict their needs. Automation starts with understanding current processes in the business, whether it is in the manufacturing, human resource, finance, or sales department.
The use of the cloud for business operations should be a priority. Cloud services are not only cost-effective but also flexible, scalable, available, and straightforward when it comes to storing data and applications. Using the cloud allows the organization to focus on the people and budget on solutions that make it more competitive instead of spending hours running day-to-day data without progress.
Though moving operations from your IT department to a third-party management service is not ideal, it creates room for new opportunities you can tap in for growth and development. On customer experience, automation should focus on increasing efficiency, customer service, and responsiveness in real-time. Utilizing artificial intelligence, such as chatbots, can help to enhance the customer service experience.
Developing digital transformation strategies is not as challenging as it sounds. You only need to focus on critical areas, such as consumers, employees, and business operations. In addition, you must learn and adapt to new technological trends such as the cloud, AI, IoT, and 5G networks.
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