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6 Key Factors to Know before Investing in Forex Trading

6 Key Factors to Know before Investing in Forex Trading

It is important that you have all the necessary information before you start to invest in anything. Just like any other business you have to be careful while becoming a forex trader. It is a challenging and competitive industry. It is important that you are confident and you understand the risks which are involved in investing in the forex industry. If you are not careful, you can become a victim of Forex and end up losing a lot of money.

Here are some of the tips which are highly helpful in becoming a successful Forex trader.

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1. Make sure you understand your needs:

If you want to become a successful trader, then the most important thing is to understand your market. Recognizing the demands of your industry is essential. Knowing the industry will also help you in recognizing your limits and needs. You need to know if you have risk tolerance or the required capital for forex. Make sure that your money is not short or excessive. Analyzing your financial goals is essential for getting involved in forex trading.

2. Do not overestimate importance of planning:

Once you get an understanding of the industry, the next step is to make sure that you have a clear roadmap of what you want to do. Having a working plan is essential for a successful trading career. You need to define your goals so that you know what your achievements are and what your failures are. You need to have a timeframe. It is ok to experiment with different things because there are no hard rules and it is a trial and error process. You need to know how much time you can spend on your trading or financial independence or generate extra income etc. You should have a clear picture of what you need to do.

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3. Be careful about the broker you choose:

Most of the people who are new to the trading often forget to include choosing the right agent in your forex trading strategy. You should always be aware of brokers who are unreliable. It is essential that the level of your expertise can match the goals that the broker has offered.

4. You need to have the right attitude:

Your success depends on a lot on the attitude you have towards the trading business. Having the right mindset will help you in making the right decisions. Understanding the business will assist in developing the right attitude. You will understand the importance of patience. It is not wise to rush into things because it ends up you making hasty and wrong decisions. Discipline is also another trait which is important. You do not just have to wait for the right moment you also need to be prepared for it. You need to develop a system that offers objectivity. Being realistic is also the key to success. Set goals which are achievable. Setting unrealistic goals will only result in failure. It is good to be ambitious but being over confident is bad for business.

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5. Always start small:

If you want to become a successful forex trader, then you need to understand that there is nothing wrong with starting small. Starting small will mean that there is low leverage and it helps in generating more profits. Investing large will result in higher profits, but in the beginning, it is just too much risk. You can increase the size of your trading with time.

6. Analyze your performance:

It is important that you pay attention to your successes and failures. You need to have an analytical approach and keep a look at the technical and fundamental analysis of trends. You need to learn from everything that you have done. You should know whether you have been able to achieve your goals or not. By looking at your failures and successes, you will know which strategies are right for you and which are not working out.mportance of determination and persistence.

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If you want to succeed in Forex trading, you need to understand the importance of determination and persistence. You should not expect to become a trading genius overnight. You need to give your skills sometimes to develop, and you will be able to have a successful trading career.

Featured photo credit: Kim Krompass via kimkrompass.com

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Last Updated on March 12, 2019

20 Inspiring Vision Statement Examples (2019 Updated)

20 Inspiring Vision Statement Examples (2019 Updated)

There is normally a lengthy list of things you need to consider when starting a business, and if you don’t manage them properly, your excitement can quickly turn into overwhelm. What can support you to stay inspired and on the right track when starting out? You guessed it: this is your vision statement.

What Is a Vision Statement?

A vision statement is like a photograph of your future business, which gives your business shape and direction.

A vision statement provides the direction and describes what the founder wants the organization to achieve in the future; it’s more about the “what” of a business. It is different from a mission statement, which describes the purpose of an organization and more about the “how” of a business.

If you were to take a photo of your future business now, what would it look like? What do you want your business to be recognized for one day?

You need to have a crystal clear vision when you start out, otherwise you can get easily lost in deciding the best way forward. When you are making strategic decisions for your business and even daily operation decisions, your vision statement will give you the inspiration and targeted direction you need.

The Importance of a Vision Statement

Without a vision statement, your business will lack motivation to keep going.

If you don’t aim for anything, you might not hit anything. The more specific and clear you are, the better your chances are at seeing your vision turn into reality.

The importance of a vision statement cannot be overlooked; not only does it provide long term direction and guidance, but it also gives you the inspiration and the necessary energy to keep going when you feel lost.

Always keep your vision statement alive by revisiting it regularly and communicating your vision with other members of the team, to inspire and motivate them as well.

How to Craft an Inspiring Vision Statement

1. Dream big and use clear language

An inspiring vision statement should inform a clear direction and priorities for the organization, while challenging all the team members to grow together. Based on our expert sources’ advice, we’ve got some great tips for you:

  • Imagine how you want the business to be like in five to ten years.
  • Infuse the business’ values in the statement.
  • Make sure that the statement is implying a clear focus for the business.
  • Write your vision statement in the present tense.
  • Use clear and concise language.
  • Ensure the statement is easily understood.

There are many different types of vision statements and there is no wrong or right way to do it. The most important thing is to resonate with it. It will always inspire you and give you a clear targeted direction.

2. Get inspirations from the successful companies.

Having researched on a number of successful companies’ vision statements, I’ve shortlisted 20 good examples for the new startups:

Short vision statements made up of a few words only:

1. Disney

To make people happy.

2. Oxfam

A just world without poverty.

3. Ikea

To create a better every day life for the many people.

Quantitative statements are based on numbers, quantities:

4. Microsoft

Empower every person and every organization on the planet to achieve more.

    5. Nike

    Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.)

      Qualitative statements are based on qualities that you want to have:

      6. Ford

      People working together as a lean, global enterprise to make people’s lives better through automotive and mobility leadership.

      7. Avon

      To be the company that best understands and satisfies the product, service and self-fulfillment needs of women—globally.

      Competitor based statements – this type is becoming less common, but famous examples are:

      8. Honda – in 1970

      We will destroy Yamaha.

      9. Nike – in 1960s

      Crush Adidas.

        10. Philip Morris – in 1950s

        Knock off RJR as the number one tobacco  company in the world.

        Role Model Vision Statements – using another company as an example:

        11. Stanford University – in the past

        To become the Harvard of the West.

        12. Reach for Success – in the past

        To become the next Tony Robbins in self development.

        Internal Transformations vision statements:

        13. Apple

        To produce high-quality, low cost, easy to use products that incorporate high technology for the individual.

        14. Giro Sport Design

        To make sure that riding is the best part of a great life.

        15. Tesla

        To accelerate the world’s transition to sustainable energy.

        16. Sony

        To be a company that inspires and fulfills your curiosity.

        17. Facebook

        To give people the power to share and make the world more open and connected.

          Longer and more detailed vision statement:

          18. Walmart

          To give customers a wide assortment of their favorite products, Every Day Low Prices, guaranteed satisfaction, friendly service, convenient hours (24 hours, 7 days a week) and a great online shopping experience.

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          19. Coca Cola

          To achieve sustainable growth, we have established a vision with clear goals:

          Profit: Maximizing return to share owners while being mindful of our overall responsibilities.

          People: Being a great place to work where people are inspired to be the best they can be.

          Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples; desires and needs.

          Partners: Nurturing a winning network of partners and building mutual loyalty.

          Planet: Being a responsible global citizen that makes a difference.

            20. Heinz

            Our VISION, quite simply, is to be: “The World’s Premier Food Company, Offering Nutritious, Superior Tasting Foods To People Everywhere.” Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.

            The Bottom Line

            Remember, always keep your vision statement up-to-date to direct your company’s actions.

            Remember, once you reach your vision, it needs to be changed. General Motors overtook Ford as #1 automotive company in the world because once Ford’s goal was reached, they never updated it.

            Keep your vision statement alive and visibly in front of you, revisit it and let it help direct your actions and activities. This is the fun part: this is where you get to dream really big and allow your imagination to fly as high as you want.

            Don’t hold back, let your creative juices flow and give yourself permission to explore what is possible for your business.

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            To your success!

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