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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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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on July 16, 2019

7 Powerful Habits To Win In Office Politics

7 Powerful Habits To Win In Office Politics

Office politics – a taboo word for some people. It’s a pervasive thing at the workplace.

In its simplest form, workplace politics is simply about the differences between people at work; differences in opinions, conflicts of interests are often manifested as office politics. It all goes down to human communications and relationships.

There is no need to be afraid of office politics. Top performers are those who have mastered the art of winning in office politics. Below are 7 good habits to help you win at the workplace:

1. Be Aware You Have a Choice

The most common reactions to politics at work are either fight or flight. It’s normal human reaction for survival in the wild, back in the prehistoric days when we were still hunter-gatherers.

Sure, the office is a modern jungle, but it takes more than just instinctive reactions to win in office politics. Instinctive fight reactions will only cause more resistance to whatever you are trying to achieve; while instinctive flight reactions only label you as a pushover that people can easily take for granted. Neither options are appealing for healthy career growth.

Winning requires you to consciously choose your reactions to the situation. Recognize that no matter how bad the circumstances, you have a choice in choosing how you feel and react. So how do you choose? This bring us to the next point…

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2. Know What You Are Trying to Achieve

When conflicts happen, it’s very easy to be sucked into tunnel-vision and focus on immediate differences. That’s a self-defeating approach. Chances are, you’ll only invite more resistance by focusing on differences in people’s positions or opinions.

The way to mitigate this without looking like you’re fighting to emerge as a winner in this conflict is to focus on the business objectives. In the light of what’s best for the business, discuss the pros and cons of each option. Eventually, everyone wants the business to be successful; if the business don’t win, then nobody in the organization wins.

It’s much easier for one to eat the humble pie and back off when they realize the chosen approach is best for the business.

By learning to steer the discussion in this direction, you will learn to disengage from petty differences and position yourself as someone who is interested in getting things done. Your boss will also come to appreciate you as someone who is mature, strategic and can be entrusted with bigger responsibilities.

3. Focus on Your Circle of Influence

At work, there are often issues which we have very little control over. It’s not uncommon to find corporate policies, client demands or boss mandates which affects your personal interests.

Gossiping and complaining are common responses to these events that we cannot control. But think about it, other than that short term emotional outlet, what tangible results do gossiping really accomplish? In most instances, none.

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Instead of feeling victimized and angry about the situation, focus on the things that you can do to influence the situation — your circle of influence. This is a very empowering technique to overcome the feeling of helplessness. It removes the victimized feeling and also allows others to see you as someone who knows how to operate within given constraints.

You may not be able to change or decide on the eventual outcome but, you can walk away knowing that you have done the best within the given circumstances.

Constraints are all around in the workplace; with this approach, your boss will also come to appreciate you as someone who is understanding and positive.

4. Don’t Take Sides

In office politics, it is possible to find yourself stuck in between two power figures who are at odds with each other. You find yourself being thrown around while they try to outwit each other and defend their own position; all at the expense of you getting the job done. You can’t get them to agree on a common decision for a project, and neither of them want to take ownership of issues; they’re too afraid they’ll get stabbed in the back for any mishaps.

In cases like this, focus on the business objectives and don’t take side with either of them – even if you like one better than the other. Place them on a common communication platform and ensure open communications among all parties, so that no one can claim “I didn’t say that”.

By not taking sides, you’ll help to direct conflict resolution in an objective manner. You’ll also build trust with both parties. That’ll help to keep the engagements constructive and focus on business objectives.

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5. Don’t Get Personal

In office politics, you’ll get angry with people. It happens. There will be times when you feel the urge to give that person a piece of your mind and teach him a lesson. Don’t.

People tend to remember moments when they were humiliated or insulted. Even if you win this argument and get to feel really good about it for now, you’ll pay the price later when you need help from this person. What goes around comes around, especially at the workplace.

To win in the office, you’ll want to build a network of allies which you can tap into. The last thing you want during a crisis or an opportunity is to have someone screw you up because they harbor ill-intentions towards you – all because you’d enjoyed a brief moment of emotional outburst at their expense.

Another reason to hold back your temper is your career advancement. Increasingly, organizations are using 360 degree reviews to promote someone. Even if you are a star performer, your boss will have to fight a political uphill battle if other managers or peers see you as someone who is difficult to work with. The last thing you’ll want is to make it difficult for your boss to champion you for a promotion.

6. Seek to Understand, Before Being Understood

The reason people feel unjustified is because they felt misunderstood. Instinctively, we are more interested in getting the others to understand us than to understand them first. Top people managers and business leaders have learned to suppress this urge.

Surprisingly, seeking to understand is a very disarming technique. Once the other party feels that you understand where he/she is coming from, they will feel less defensive and be open to understand you in return. This sets the stage for open communications to arrive at a solution that both parties can accept.

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Trying to arrive at a solution without first having this understanding is very difficult – there’s little trust and too much second-guessing.

7. Think Win-Win

As mentioned upfront, political conflicts happen because of conflicting interests. Perhaps due to our schooling, we are taught that to win, someone else needs to lose. Conversely, we are afraid to let someone else win, because it implies losing for us.

In business and work, that doesn’t have to be the case.

Learn to think in terms of “how can we both win out of this situation?” This requires that you first understand the other party’s perspective and what’s in it for him.

Next, understand what’s in it for you. Strive to seek out a resolution that is acceptable and beneficial to both parties. Doing this will ensure that everyone truly commit to the agreed resolution and will not pay only lip-service to it.

People simply don’t like to lose. You may get away with win-lose tactics once or twice but very soon, you’ll find yourself without allies in the workplace.

Thinking win-win is an enduring strategy that builds allies and help you win in the long term.

Featured photo credit: Unsplash via unsplash.com

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