Choosing the Best Trading Strategy for your Needs

Wondering how you can choose the best trading strategy for yourself? Well, it’s easy if you consider the following factors while structuring your strategy. 

These factors will help you to understand what you need to do before making a trade.

High Risk to Reward Ratio

There are plenty of trading strategies that successful and beginner traders use to do trading. Some of these strategies have high win rates, which can be around 90%. However, they are not useful because they don’t have a risk to reward ratio. Suppose a trader has a forex strategy with a 90% win rate, but it doesn’t have any specific risk to reward ratio. In this case, even if a trader wins 90% of their trade and makes some money from it, the 10% of trades they lose can significantly impact their account because of no risk to reward ratio. 

The strategy should have some amount of risk to reward ratio. For instance, if a trader invests $10, they can get a minimum profit, which will be $30, which is 1:3 r/r. This way, you can win a greater amount of money by loosing little. This approach can make a significant difference in trading and also helps you to keep your account without losing it.

You need to understand that the win rate will not help you in any case if your strategy doesn’t have a proper risk to reward ratio. So, choose trading methods that can help you achieve a higher risk to reward ratio. 

Risk Management 

This is one of the significant factors to consider for any forex trader. The key to getting successful in forex trading, like all the other professional traders, is to master the art of risk management. This is what makes you successful in the trading world. The professional traders try to keep themselves one step ahead and use their currency more smartly by designing a proper money management plan. 

So, you also need to use a proper risk management plan when you are using a strategy, as initiating trading without risk management can lead you to lose your money. For instance, you need to avoid trading without a stop loss in your trading account, as it will result in a greater loss. 

Moreover, you also need to avoid moving down your stop loss. Also, your safety tool is useless if you don’t know how to use it properly. So, it is crucial that you use a strategy for trade with a proper risk management plan so that your account doesn’t cause trouble for you. Traders also need to know how much money they are ready to risk and why. There are many other risk management factors, such Read more

4 Common Traps and Pitfalls That All Small Businesses Must Avoid

Starting and running a small business is no small feat – no matter what industry or trade you’ve chosen to make your mark in. After all, unlike larger corporations and well-established enterprises, small companies usually have to work with modest budgets. And with limited financial resources, any error, oversight, or misstep can create irrecoverable setbacks and keep you from achieving your goals. 

The good news is that it’s not difficult to steer clear of making potentially catastrophic mistakes. And in this article, we will talk about the most common traps and pitfalls that all small businesses must avoid.

  1. Refusing to outsource work

A common mistake that many inexperienced entrepreneurs and business owners make is keeping all of the work that their operations require in-house in an effort to save money, only to realise that doing so costs more than they initially thought. So don’t fall into the same trap and outsource work, especially if the job requires the expertise and knowledge of trained professionals like contract packing, warehousing, or fulfilment. In this way, you’ll keep your fixed expenses at a minimum without compromising the work involved.

  1. Spending before taking the time to shop around

Expenditure will always be an unavoidable reality of business. There’s no getting around this fact. However, this doesn’t mean that you should spend more than what the company requires. After all, the lower your overhead costs, the higher your profit margins. So make sure that you take the time to explore all available options. It may sound like a tedious task to shop around. However, you’ll improve your chances of finding much better deals and cheaper choices if you do. 

  1. Skimping on market research 

There’s no denying that optimism is an important quality that no entrepreneur should ever be without. However, we should never pin our hopes on it alone. Instead, conduct extensive market research first. By understanding what your target audience wants, what your competitors are doing, and the expectancy for growth and development in the industry, you’ll be able to minimise your financial risks and maximise the likelihood for your business venture’s success.

  1. Hiring the wrong people

The workers are the foundation of any company. Without them, it’s highly unlikely that a business can achieve success. As such, it’s vital that you choose the right people. Implement a comprehensive hiring process before you start recruiting. It may sound like a lot of work now, but screening your applicants thoroughly will help you weed out those who aren’t qualified for the job. And, in turn, allow your business to choose those who can fulfil the duties and responsibilities that your company requires.

There are no fool-proof and guaranteed formulas for success in any business Read more

Your All-Important Guide to Finding the Right Vehicle for Your Budget

For many of us, purchasing a vehicle is a big decision, and it can perhaps be one of the biggest decisions in our adult life, short only of buying a house, getting married, or having children. But when you plan to buy a vehicle, you also have to think about how you can pay for it – in fact, this is one of your most vital considerations. Aside from the actual cost, think also about the cost of running the vehicle in the long term. So how can you work all of this out? You need to think carefully about your budget for your vehicle, of course. Here’s your all-important guide to finding the right vehicle for your budget. 

Determining your car budget 

Your budget will determine a few things, such as whether you can afford to purchase a new or used vehicle or pay for a car outright, or whether or not you need to apply for a vehicle loan or other financing agreement. But here’s one important aspect regardless of if you decide to make an outright purchase or apply for a loan or lease: you should be realistic. Try not to over-extend yourself because this can lead to greater issues later on, especially if you don’t have other savings or you experience a drop in income. 

Figuring out the operating costs 

Once you have determined how much your budget for your new vehicle will be, figure out how much it costs to drive it. You should remember, for instance, that UK drivers spend a yearly average of around £1700+ on running and operating their vehicles, according to the Office for National Statistics in 2018. But this doesn’t yet factor in depreciation costs, which is equivalent to the amount lost by a vehicle each year in terms of its resale value. 

Some expenses associated with running and operating a vehicle include fuel, insurance, maintenance and servicing, and vehicle tax. If you get a new car, the cost of fuel can be around £900, while insurance may be approximately £500. Maintenance and servicing can set you back £300, while vehicle tax can be around £10+. 

Know where to find the right vehicle 

Unless you are already thinking of your dream vehicle, there are several ways to look for the right vehicle for your needs. You can, for instance, check out motoring sites and vehicle magazines, or you can visit your local dealer or go online and look for the best new car deals. Nowadays, going online is the preferred option because the costs can drop significantly, and it’s a safer way to look for the perfect vehicle for you.

Other considerations 

So you have already decided that you Read more

Solving the problem of overtrading in 4 easy steps

People who are new to trading are always trying new things to earn money. They are using the most complicated means of doing so. The use of complicated means is making their trading strategy more complex and the UK traders are failing to earn consistent profit. As a new trader, you have to learn more about the critical market dynamics, and soon you will be able to boost your performance to the next level. Trading is not a job for weak people. You must have strong endurance as this will help you to overcome many challenges.

Today, we will give you some amazing tips that will help you to overcome the obstacles in 4 easy steps. Follow the steps carefully so that you don’t have to lose a big sum of money in the learning phase.

Learn about price action trading strategy

You must learn about the price action trading strategy to become a skilled trader. Unless you become good at analyzing the price action trading method, it will be a challenging task to overcome the issues. People who have strong skill in their trading business knows a lot. They never rely on the complex system that uses too many indicators and trading tools. For the safety of your trading capital, you should come up with a unique strategy that will allow you to improve your skills over the period. You may be new to the trading industry but if you carefully assess the raw price, it will be an easy task to earn money. Once trades are taken by analyzing the price action pattern, the trader will be able to focus on quality trade execution. This will eventually slow down the process of overtrading.

Focus on the major chart pattern

You must focus on the major chart pattern to become a skilled trader. As a new chart pattern trader, you should learn more about the critical market dynamics. Click here to contact the professionals of Saxo so that you can use their advanced platform for free. With the demo account, you should develop a unique trading strategy so that you can earn money without losing too much money. Things might seem frustrating for new traders but as you gain more experience about this market, you will slowly learn the importance of chart pattern trading technique. Many retail traders think chart pattern trading strategy is a waste of time. But in reality, it is a powerful way to ride the trend.

Use indicators wisely

The use of too many indicators is another key reason for which people are losing so much money. To control the cash flow, you must learn to use the indicators wisely. People who are depending too … Read more

Is Building a Strong Brand Identity Important?

Brand identity encompasses a lot, and defining it can put significant limitations on what it actually is. From a customer point of view, brand identity includes mental associations with your brand and the emotion it triggers.

Amazon’s growth was explosive, and its ability to sustain its brand promise is impressive. It promises to deliver an exceptional shopping experience, catering to frugal and luxurious clients. The brand manages its identity well, with reports in January 2020 saying that Americans trust Amazon better in doing what is right compared to various government officials. Not only do consumers buy from this no. 2 on the Fortune 500’s list, but they also trust it big time. How else is brand identity important?

Consumers recall you first

What’s the first brand to come to mind when you think of pizza? If you think of this brand and purchase from it too, you regard its brand relevance as high. It takes a lot of effort to be a relevant brand—the buyer’s first choice. The first step to acing their list is to have a strong brand identity where your name is easily associated with what your business does.

It builds a sense of community

Consumers attach deeper to businesses they value. Humans have a natural tendency to go after choices that nurture their sense of belonging. Once you fulfill this need, consumers will become advocates of your brand for as long as it takes.

It attracts like-minded consumers

Some businesses do well in supporting the deaf and mute community. If you have programs like this, make sure you communicate them to consumers. Many of them will feel elated, knowing that their purchases empower a community that deserves better recognition for their talent and abilities. Similarly, if your business admires the LGBTQ community, you can show love and support through pride shirts. Efforts like these create an inclusive culture that encourages hope and downplays fear.  

It helps weather the storms

2019 was not particularly easy for the brand, Apple. The uncertainties between the US-China trade threatened to put tariffs on iPhones, they had a lengthy battle with Qualcomm, and the unveiling of 5G enabled competitor devices to endanger their sales. Strong brand identities clearly establish the ‘why’ behind businesses, which will help you navigate through the stormy days. In April, Apple and Qualcomm finally settled their issues as they agreed on a six-year patent license agreement. The deal is good enough for Qualcomm and even better for Apple, who’s under pressure to produce a 5G enabled smartphone. This reminds brands that even legal battles should be ironed out to keep true to their growth endeavors. Apple’s identity is about innovating smartphones, and it couldn’t do so … Read more

Startup Management 101: Dealing with Stress and Productivity

It would be understandable to think that stress is a necessary part of the business management experience. After all, it can be easy to get overwhelmed when running a startup – especially in a competitive industry. Even if your chosen industry is not known for being particularly competitive, the slightest mistake could have far-reaching consequences, as a startup does not have the same staying power as an industry veteran.

It is critical to note that stress does not have to go hand-in-hand with productivity, even if it might feel that way. When it comes to startup management, here are some tips to help you deal with stress, while simultaneously maintaining productivity.

If a task is too difficult, consider outsourcing

There are some limitations when running a startup that most entrepreneurs must come to terms with. For example, the IT industry requires expensive hardware and trained specialists to get the job done, but not every company will have the resources to build an in-house IT team. There are plenty of other examples of startups unable to take advantage of large projects due to a lack of available budget.

That being said, an in-house development team is not the only solution. A great way to deal with issues in the IT industry would be to outsource tasks to businesses like those offered by IT services London firm MMR IT. Not only will it allow you to massively benefit from having an IT infrastructure as a startup, but you will not have to blow your budget to get the job done.

Acknowledging the hard work of your staff

Keep in mind that dealing with stress when it comes to business management also includes the stress levels of your staff. How your staff handles the first year of business in your company will directly dictate whether or not your startup can realise its full potential.

A good way to help ease the stress levels would be to ensure that you acknowledge the hard work of your staff. From employee incentives to verbally praising staff that goes the extra mile, a little bit goes a long way. You can also make an attempt at decorating your office to have a more comfortable and accommodating ambience.

Taking care of your stress levels

Last but certainly not least, the starry-eyed entrepreneur might only realise too late that they are compromising their health by spending every waking moment trying to steer the business in the right direction. To avoid compromising your health to push for success, ensure that you take the time to disassociate from work. A good example would be to adopt a schedule similar to your employees, allowing yourself a day or two to gather your … Read more

The Best Tips for Selecting the Ideal Labelling Machine for Your Needs

If you have a good product, it naturally follows that you cannot market it properly if you don’t have a good label. One of the best investment decisions you can make is to purchase a labelling machine so it’s easy to label your products. But in order to find a labelling machine that is just right for your business needs, you should decide what is important for you in terms of functionality, style, and price. Once you can narrow down what you are looking for, you can find the ideal machine from the wide choice that is readily available. Here are the best tips for selecting the most ideal labelling machine for your needs and a few key questions to ask before shopping for a labelling machine.

  • What applications will I use for the labelling machine?

Based on the type of product you are producing, what type of label you have, and how labour-intensive you want the process to be, you will need an automatic or semi-automatic system. The application will also affect the type of machine you buy in terms of how the labels are fixed – on the top, for instance, or on the sides. If you have an oddly-shaped item, you also need to take this into account when looking at the different options available. 

  •  Is it a good brand?

There are many different labelling machines available, so make sure the one you are looking at is a respected brand and has a good history of use. Remember this: poor-quality machines and brands tend not to last on the market, while the strongest products remain for a longer amount of time. You certainly do need to choose a machine that will last and which will be sturdy and robust enough to deliver good performance for many years. 

  • Do I need customisation? 

Many labelling needs are unique, and the machine you need may have to be configured in a particular way to suit your own unique needs. If you want to set up a short, specialised print run of specific labels or you have an oddly-shaped or even bulky package to label, then you should contact a reliable supplier such as www.labeller.co.uk and ask about their advanced label options and their customisation packages. 

  • How long does my label need to last?

You also have to think carefully about the durability of your label – how it needs to be – when looking at different label machines. If your label needs to withstand harsh environments, make sure the labelling machine is fit to print these specific items. 

  • What type of surface do I need to label?

You need a machine that works with your product. Fortunately, there are different … Read more

Things to Do to Have a Productive Meeting Over a Heated Issue

You already expect some topics during the meeting with employees to be tough. You even know what the possible ideas of both sides are. With the personality of the people involved in the meeting, you know it would be a rough discussion. Despite that, you have to face everyone and move ahead with the meeting. The goal is to stay productive even if you expect yelling and possible insults. 

Talk to different groups separately first 

You might already have an idea about the people who will end up fighting during the meeting. It’s not necessarily due to personal issues, but of how passionate everyone is. The employees want their ideas to succeed, and they will do everything to defend them. Understanding where they’re coming from will help you facilitate the meeting. You can also talk to them to stay calm during the larger conference.

Set rules

If you have to preside the meeting, you need to set clear rules. Make sure that everyone understands the rules. You can’t allow the employees to talk over each other. It would help if you also reminded everyone of professional courtesy. Despite the differences in opinion, there could still be respect.

Determine how you’re going to settle the conflicts

It also helps if you can settle the differences in a democratic way. For instance, after presentations and discussions, you can put ideas to a vote. The results should be final, and everyone has to respect them. If a group of executives will decide, you should also make it clear to everyone. 

Take one issue at a time

If you have several issues on the table, and all of them require detailed discussions, you have to take things one at a time. You can’t expect several resolutions in one meeting. If anything, you’re only making things worse. If time isn’t enough, you can schedule another meeting on a later date. 

Provide snacks

When people are hungry, they become angry. Given that the discussion could be fierce, you can at least provide snacks to lighten the mood. It’s also more fun to talk while eating than waiting until hunger strikes. 

Never show you already chose a side

Even if you believe one idea over another, it doesn’t mean you have to be obvious. You need to maintain impartiality throughout the meeting. If one group feels like you favour the other, it could make things worse. 

Another way to show you are fair is by giving everyone the chance to speak at an equal time. You can even allow a PowerPoint presentation if necessary. Don’t forget to invest in a projector ceiling mount so that the discussion would be smooth and professional. If you have a huge … Read more

What You Should Know about Digital Printing and Its Benefits for Your Product Label

Digital printing has been around for a while, but it is now taking centre-stage when it comes to the printing of stickers, product labels, and more. Digital printing is indeed a notable printing solution because it not only produces high-quality printed products, but it is also a quick and fast process – and it is budget-friendly as well. In terms of product labels, digital printing has been known to produce labels for various food products and items, for cosmetic products, for medicines, and so on with quick turnaround time, and these labels are long-lasting, too. So what else should you know about digital printing and its benefits for your product label? Let’s find out.

What is digital printing?

Digital printing is different from other printing processes in that it makes use of a digital file of whatever design you have, and then it prints the digital file’s image straight onto a label. Digital printing differs from another standard printing method, flexographic printing, because all the images and colours are produced in a single step. Another distinguishing fact about digital printing is that you can run smaller batches because the presses of the digital printer run more slowly than that of a flexographic press, so it’s easier and more convenient to print small orders. 

What you should remember about digital printing and its benefits

  • Ideal for product labels

Digital printing is ideal for product labels due to the fact that it can print colours really well, but it works even better if your product label has more than four colours. The printing you can get from digital printing is of the best quality, and with it, you can enhance the image of your product and make it stand out among its competitors. With digital printing, you will not only get the best in colour consistency, but you can also take advantage of better colour vibrancy and a better overall impression of images. If your aim is to have your product label speak for the quality of your brand, then digital printing is an excellent choice.

  • Perfect for short-run ordering 

Compared to other printing processes and methods that require huge batch printing, digital printing lets you print a lower volume of labels or orders, as confirmed by experienced printers in Stockport like Harveyboard Print & Digital. For example, if you require 500 to around 25,000 labels for your products, then you can benefit from digital printing instead of printing methods such as flexographic printing, which require a greater minimum amount. With a short-run order, you can have the exact amount of labels you want, and you won’t have to deal with excess inventory that you don’t need.

  • Variable printing

Digital printing … Read more

Bookkeeper vs. Accountant vs. CPA: What’s the Difference?

When managing business finances, it’s common to interchange the words CPA, accountant, and bookkeeper. But these aren’t the same and refer to different levels of professional expertise. Not only that, but each individual also has a specific set of tasks and licence scope. And although all are involved with financial data, it’s critical to understand and distinguish between them, especially if you’re looking to hire one that fits your company’s requirements. In this article, we’ll distinguish them based on what they do to determine when to hire an accountant, a CPA, or a bookkeeper.

Accountants

An accountant is someone who has earned a bachelor’s degree but not necessarily related to accounting. An accountant can keep company books, but that function is typically reserved for a bookkeeper. All accountants in Central London typically work with detailed financial information necessary for management decisions. In addition to preparing these statements, they can also audit ledgers, books, and other data necessary for filing taxes. However, an accountant doesn’t have the authority to represent a company when it’s time to file taxes. They can’t sign any of the official documents submitted to the government.

Hiring an accountant is ideal when the company needs help analysing and preparing reports to gain a better view of the company’s finances. Making sense of massive amounts of data can be time-consuming, and accountants can lend their expertise in condensing information and painting the “big picture.”

Bookkeeper

Bookkeepers do most of the repetitive tasks associated with recording financial data. The brunt of the work usually falls to bookkeepers: updating ledgers, tracking invoices, and other statements. These days, however, they use software to automate some functions and work more efficiently. The main task of a bookkeeper is to keep an eye on the company’s cash flow. For most small businesses, it’s usually the owner who does the work. But as the business gets bigger, it’s better to hire a bookkeeper as things can easily get overlooked if you don’t have a person dedicated to working primarily with financial matters.

Most bookkeepers don’t need to earn a college degree, although some may have completed associate courses related to bookkeeping. They make considerably less than an accountant but are essential to businesses as they make sure daily transactions are detailed and organised.

Certified public accountants

A CPA is someone who has an accounting degree and has also passed the examination requirements to hold a licence. Although a CPA can also perform the same tasks delegated to an accountant, they’re primarily hired as consultants that audit and review financial documents. CPAs are also authorised to represent businesses when filing tax returns.

Which finance expert does your company need?

All businesses need someone who can … Read more