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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 May 22, 2019

50 Great People To Follow On LinkedIn, No Matter Your Industry

50 Great People To Follow On LinkedIn, No Matter Your Industry

LinkedIn is an excellent platform to network with great people to help you in your career and businesses. However, with over 575 million people on the site, who should you follow? This list will steer you to the right people to follow, organized by categories of expertise.

Job Search Experts

You will likely have several jobs throughout the course of your career, and you will constantly need advice on new trends and strategies out there in the job market. Here are the LinkedIn experts who you should follow on these matters.

1. Liz Ryan is the CEO and founder of Human Workplace. Her articles on job searching are filled with creative and colorful cartoons.

2. Lou Adler is the author of The Essential Guide for Hiring and Getting Hired.

3. Dr. Marla Gottschalk will help you make an impact in a new job.

4. Hannah Morgan runs CareerSherpa.net, where she gives expert advice on job searching and how to be more visible online.

5. Alison Doyle is the CEO and Founder of CareerToolBelt.com.

Management Experts

They say that people leave managers, not jobs. These experts in LinkedIn will help you become your employees’ dream manager.

6. Jeff Weiner. How can we leave out the CEO of LinkedIn himself?

7. Nozomi Morgan is an executive coach. She can help you transition from a boss to a true leader.

8. Mickey Mikitani is the CEO of Rakuten. He constantly shares his expertise in managing a global player in e-commerce platforms.

9. Andreas von der Heydt was the head of Amazon’s Kindle Content and now the Director of Talent Acquisition. He has extensive experience in management, branding, and marketing.

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Productivity Experts

By maximizing your productivity, you can win in all aspects of life. The following LinkedIn experts will help you win big in your career.

10. Gretchen Rubin is a happiness coach and the bestselling author of the The Happiness Project.

11. Carson Tate is the founder of Working Simply. She advises us to include play in our schedules.

12. Greg Mckeown is an essentialist. Part of being an essentialist is saying no to many things so that we can focus on the things that matter.

13. Brian de Haaff, CEO of Aha! Labs Inc. provides strategies on how to be productive and happy at work at the same time.

Marketing Experts

14. Sujan Patel is VP of Marketing at When I Work, an employee scheduling software. He is an expert in content marketing and he even shares his ideas on content marketing in 2020.

15. Megan Berry is the Head of Product Development at Rebelmouse, a content marketing and AlwaysOn powerhouse.

16. Sean Gardner will help you navigate the social media landscape. This includes how to use different platforms to help accelerate your career. He is also the bestselling author of The Road to Social Media Success.

17. Christel Quek is an digital and marketing expert. She is the VP of South East Asia at Brandwatch. Their products help businesses utilize social media data to make better business decisions.

18. Jeff Bullas is a digital marketing expert. His blog has over 4 million readers annually.

19. Michael Stelzer is the CEO and Founder of social media powerhouse site, Social Media Examiner.

20. If you’re looking for inbound and content marketing expertise, follow Dharmesh Shah, Founder and CTO of Hubspot.

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21. David Edelman is a McKinsey partner and is at the helm of the Digital Marketing Strategy Practice Department.

22. Dave Kerpen leads the social media software company Likeable Local. He is the author of Likeable Social Media: How to delight your customers.

23. Clara Shih is the CEO of Hearsay Social and the author of The Facebook Era.

24. Aaron Lee is Grand Master of Customer Delight at Post Planner. He is an excellent resource for everything social media.

25. David Sable is the CEO of Y&R, one of the largest advertising firms in the world.

26. Content marketing trumps traditional marketing these days, and who else better to lead you in this area than Joe Pulizzi, Founder of Content Marketing Institute.

Personal Branding Experts

Part of what we market in our personal career is our brand. When people hear your name, what kind of brand comes into their mind? What traits and qualities do they associate with you?

Here are some personal branding experts from LinkedIn to improve your own brand.

27. Dorie Clark is the author of Stand Out and Reinventing You. He can help you craft the professional image you’ve always wanted.

28. Dan Schawbel is the managing partner of Millennial Branding. If you’re a millennial, Dan is the guy to help you craft your personal brand.

Other Notable Experts to Follow

29. Lisa Gates is the expert to follow if you’re negotiating for higher salaries and promotions.

30. If you’re a Baby Boomer, Marc Miller will help you navigate the continually changing landscape of the workplace.

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31. To avoid getting your resumé moved to the “No” pile, read Paul Freiberger’s excellent advice.

32. James Caan provides insightful ideas on careers in general. He is also a serial entrepreneur.

33. Jeff Haden writes on various topics, such as leadership and management. He is the owner of Blackbird Media.

34. If you’re looking for expert business advice on getting new customers and keeping them, follow Jay Baer.

35. Suzanne Lucas, aka Evil HR Lady, is a great human resources specialist.

36. If you need help in using Twitter to boost your career, Claire Diaz-Ortiz can guide you in the right direction.

37. Ryan Holmes is the CEO of Hootsuite, a social media management tool.

38. Customers are the lifeblood of a business and Colin Shaw focuses on revolutionizing this customer experience.

39. Brian Solis often reflects on the future of business and how technology can disrupt our world.

40. Nancy Lublin provides advice on more lighthearted topics, which are perfect after a long day’s work. She is the CEO behind Dosomething.org, a portal designed for social change; and the founder & CEO of Loris.ai and Crisis Text Line.

41. Katya Andresen provides advice on how to manage your career. She was the CEO of Cricket Media and now responsible for the SVP Card Customer Experience at Capital One.

42. Gallup has created a system to test what your strengths are and how to use them at work. Jim Clifton is the CEO of Gallup.

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43. Adam Grant is a Wharton Professor and the author of Give and Take, which provides advice on why being helpful at work can accelerate your career.

44. Hunter Walk is a partner at Homebrew Venture Capitalist Company and has specialty in product development and management.

45. If you’re running a nonprofit organization, follow Beth Kanter for expert advice on this area.

46. Emotional Intelligence is necessary to succeed in your career, and Daniel Goleman is your expert for that.

47. Rita J. King connects science, technology and business.

48. Tori Worthington Rose is a Creative Director at Mary Beth West Communications, LLC. She has extensive experience in sales and digital media.

49. If you’re looking for some advice on how to use writing and personal content marketing to boost your career, follow Ann Handley.

50. Tim Brown is the CEO at IDEO and shares his insights on Leadership and Creativity.

These are just some of the key thought leaders and movers in various industries. They will provide you with constant inspiration, as well as the willpower to pursue the career that you’ve always wanted. Their stream of expert ideas in their respective fields will help you become well-equipped in your professional pursuits.

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Featured photo credit: LinkedIn Sales Navigator via unsplash.com

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