Top 9 Forex Trading Tips for Beginners That Save You Money

Published on: 04 December 2018 Last Updated on: 22 November 2019

Want to make a lot of money off of the world’s money?

You’re a savvy investor looking to diversify your portfolio. You want a market with fewer restrictions and lower transaction costs. A market is open 24 hours a day that covers the entire globe.

It sounds like you’re looking for forex. The foreign exchange market is the global market of trading currencies. It determines the world’s exchange rates.

This is a very hands-on market that requires a lot of attention and patience. But, if you’re willing to put in the time and effort, you will be rewarded handsomely.

Forex can be highly volatile that can change in an instant. You need to educate yourself about this nuanced trading system. If you go into forex blind, you may come out broke.

9 Forex Trading Tips for Beginners That Save You Money:

Are you new to the forex scene? Before you start trading, read on to discover the 9 best forex trading tips for beginners that actually work and save money.

1. Go in with a Plan:

forex market plan

This goes for all trading markets. Don’t start investing without a strategy.

What do you want to get out of the forex market?

This is not the time for pie in the sky thinking. You want to have realistic goals about how much you can make based on your available capital.

If you want to make money, you have to be disciplined. Especially in the forex market.

2. Test the Waters Before You Dive In:

Forex is not your father’s stock market. There’s a lot of new methods and approaches you need to learn.

The best way to thrive in this new world is to practice. It might sound silly to trade fake money. But, this is how you can be sure you won’t waste real money when you begin.

There are many demos out there online. FP Markets allows you to trade for real but also has some great demos for you to practice with.

3. Find the Right Broker for You:

Right Broker

You wouldn’t climb Everest by yourself without a guide. So don’t embark on your forex trading adventure without a broker.

Be sure to take the time to find the right broker for you. There’s a lot of phonies out there. They’re either negligent or worse, malicious. Make sure your broker is fully authorized to trade.

You also want to be sure you are on the same page with trading platforms. Do you prefer an over-the-counter market or an exchange-driven market? Whatever your preference, it should be your broker’s too.

4. Be Consistent with Your Methodology:

Whatever trading methodology you abide by is up to you. But, the important thing to remember is that whatever your mythology is, you need to stick with it.

When it comes to the global currency market, there’s a lot of information out there. Everyone has their own idea of what the best strategies are to follow. If you try to incorporate everything, you’ll be overwhelmed.

Do you prefer to keep a close tab on specific economies and wait for the right time to pounce? Or maybe technical analysis is more your speed.

Regardless of your approach, make sure to stay consistent. That’s the only way to truly understand the market.

5. It Shouldn’t be “You vs. the Markets”

Some traders like to take an upstream approach to invest. They go against the trends to try and guess what’s coming next.

Don’t try to be a soothsayer. Going against the market on a whim will only bring you stress and failure.

Safe, diversified investments in profitable economies are the sure-fire way to go.

6. If It Sounds Too Good to Be True, It Is:

As the forex market heats up, everyone is looking to get rich quick. This is not that type of market. However, that doesn’t keep people from trying to take advantage of you.

There’s robot software available that claims to have mastered the market. They invest your money based on their automated programming. You’re just supposed to sit back and watch your money grow.

Snake oil products like this don’t work. The forex market can’t be broken by an algorithm. It needs the complexity and patience of the human brain to understand.

7. Be a News Junkie:

Since you can’t use a robot to help, you need to turn yourself into one. That means always feeding your brain with current events.

The value of the currency is based on many factors. Weather can deplete its value. A popular new leader for the country could raise it considerably.

If you can keep up to date on what’s going on in the world, you can spot a trend-right before it becomes one.

8. Step Away From Your Computer:

Forex is a 24 hour a day market. But, that doesn’t mean you should be on it for 24 hours a day.

You need to stay sane and keep an objective perspective. Take breaks throughout the day to clear your head. Come back refreshed and ready to pounce.

Make sure to get a good night’s sleep too. The forex market will still be there in the morning.

9. Don’t Be Shy:

This article should help you get more comfortable with forex trading. But there’s still a lot to learn. Another great resource is to go straight to the source.

Try interacting with other forex traders.

Maybe you’re the type of person who hates asking for directions. Well, have fun being lost!

The forex community tends to be open and supportive of new traders. There are no dumb questions, only the dumb people who don’t ask questions. Check out some forums online and make some forex buddies ASAP.

Use These Forex Trading Tips!

Take these forex trading tips and start by planning your strategy today. Forex is a new world of investing for you. So you’ll only get better over time.

Did you enjoy this article and want to learn more? Then check out this beginner’s guide to investing.

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Exploring The Different Types Of Digital Marketing Strategies

Digital marketing is the process of marketing services and produces using digital technology with the primary aim of reaching out to the target audience. Although you might know this already, digital marketing isn’t restricted to the internet, hence can be done on any other digital medium including display advertising and mobile phones. Some of the most popularly used digital marketing methods include search engine marketing, search engine optimization, pay per click, social media marketing, and SMS marketing among others. This article explores the various types of digital marketing methods in use today. 1. Social Media Marketing: Social media marketing is the process of marketing/promoting services and products through social media. With billions of people logging into various social networking platforms in a day, social media has become a marketing haven for marketers. Popular networking platforms including Twitter, Facebook, Instagram, and LinkedIn have made it possible for marketers to target specific audiences. This has led to increased output and conversion of target audiences into potential and even loyal customers. LinkedIn, for example, is specially designed for B2B marketing while Instagram plays perfectly for the 'visual' business. There are different approaches in which one can use to target audiences on social media. Facebook, for example, provides users with both free and paid advertising options, all of which can be profitable when appropriately implemented. Some understanding of social media marketing is however needed to make the most out of this strategy. 2. Email Marketing: Email marketing is one of the most efficient and oldest types of digital marketing strategies in use to date. The best thing with email marketing is the fact that marketers get to communicate directly with their target audiences and customers, which again increases conversion rates. Email marketing is also known to build trust and customer loyalty, one of the reasons it has remained relevant to this date. There is however more to email marketing than merely sending a couple of promotional emails and newsletters to an emailing list. A successful Email Marketing campaign begins by finding ids that are active and operational. One of the best ways to connect with your target audiences is on the professional social media handle. LinkedIn. Most brands and agencies understand that working with a credible Linkedin email finder can help them reach out to potential or prospective sales leads. This is something that software development agencies usually do a lot of. They can browse through designations on LinkedIn and ensure that their pitch is directly addressed to professionals that have decision-making abilities. While you need to be really good at creating eye-catching and captivating emails, you still need to build a credible emailing list. This is among the toughest things an email marketer has to do to make the marketing campaign a success. Nonetheless, collecting email addresses through user subscriptions and having audiences sign up for newsletters, coupon codes, etc. are some of the credible ways to collect email addresses. 3. Search Engine Optimization and Search Engine Marketing: Commonly known as SEO, search engine optimization is one of the popular digital marketing strategies today. SEO involves optimizing websites and pages for both search engines and organic visitors. Some of the key areas that marketers and website owners have to focus on when optimizing their sites include keyword research and analysis, link building, and the creation of unique and relevant content. Done correctly, an SEO campaign can see a page gaining higher ranks on Google, Bing, and other search engines, with the reward being increased exposure to the target audience. A properly executed SEO plan can see your page/business show up on the top pages of a search result. Search engine marketing, SEM, involves taking on campaigns and strategies to increase traffic to a web page or site. It covers both SEO and PPC (pay-per-click) like this, whereby the web page received increased traffic through both unpaid and paid means. 4. Content Marketing: Content marketing works very differently from other marketing strategies. It employs a strategic approach that mainly focuses on creating relevant, valuable, consistent, and informative content that is distributed to help attract, inform, and retain target audiences. Thanks to content marketing, the target audience can make an informative decision on a product/service, hence one of the best ways to drive profitable customer action. The content can be either in the form of text and articles published both on the site and blogs, video, and image content. It is also an ongoing process that involves creating fresh and unique content each time. Although a marketing strategy, experts recommend creating content to promote the brand or product without necessarily asking the target audience to make a purchase. The content simply needs to be engaging and enriching to help viewers make the right decision on the product. 5. Influencer Marketing: This is slowly becoming a popular marketing strategy today. As the name suggests, influencer marketing involves using industry experts or social media influencers to help market a product or brand. This could be a celebrity or another well-known person with thousands of followers on their social sites. All the individual needs to do is vouch for your brand, or simply promote your product on their social media pages. Most companies use these influencers to help give away discount codes, coupons, and prize draws. Influencer marketers mostly prefer using their Facebook profiles, YouTube Channels, and Instagram to promote the said product. Although a short-term marketing strategy, influencer marketing can help drive more traffic to your site, a factor that can help increase conversions and sales. 6. Mobile Advertising: With almost everyone owning a phone or at least a smartphone, mobile marketing is slowly taking shape. SMS marketing with SMS broadcast services and in-app advertising have become popular ways to promote products. Although you do not need a mailing list for in-app advertising, you certainly need one for SMS marketing. Many companies today use SMS marketing to send coupon codes, special offers, and even newsletters to their target audiences. These are just but some of the popular digital marketing strategies in use today. Done correctly, some of these strategies can help your business grow while building a huge following. While you might be able to implement all these by yourself, it would be advisable to have an experienced professional handle all optimizations and marketing strategies. This way, you will be guaranteed better results and even have enough time on your hands to handle more serious business matters. Finding an expert in all these can however be an intimidating task. Thanks to the internet, you should be able to find a reputable and results-oriented company to help take care of all these. You can even invest in paid digital advertising strategies such as influencer marketing and pay-per-click to get a head start with increased traffic and visibility online. Read Also: How To Integrate Email Marketing With SEO 4 Points To Consider When Creating A Great Content Marketing Strategy Today

Magento vs. Shopify: Which Is Best For Your E-commerce Store?

The first quarter of 2019 has almost passed, and it has been predicted that 18% of the purchases will be made online by 2040. Further, 95% of the orders will be facilitated by e-commerce store. Considering the above statistics, it comes as no surprise that the fate of your online business is dependent on how your website works. But did you know that all your website operations rely on the choice of your e-commerce platform? Now, as the online store owners narrow down the choices, they are only left with two main platforms as the contenders- Magento and Shopify. While both platforms can create a one-of-kind e-commerce store, they differ in many areas. To start with, Shopify works best for smaller businesses. On the flip side, Magento is aimed at enterprise businesses. This post is going will give you an in-depth insight on Magento and Shopify and help you decide which is an ideal platform for your e-commerce store. Magento and Shopify in a Nutshell: e-commerce store Magento: Launched in 2007, Magento is a self-hosted e-commerce platform that powers a number of web stores. The platform is open source and comes with two versions including community (suitable for developers and small businesses) and enterprise edition (best suited for mid-sized and large e-commerce stores). The usage of the platform is free, but you’ll have to pay an amount for premium apps, themes, and hosting. Irrespective of the price you have to pay, this platform is best known for its flexibility, ability to customize, and scalability. Shopify: Shopify is a hosted e-commerce platform that allows single-step order fulfillment and lets you set up a store with a custom domain and a theme. This platform comes with an easy-to-use interface and is more for beginner developers. Moreover, it comes with a 14-day free trial, allows integration with over 70 payment gateways, and is available in almost every language. Although there are numerous Shopify alternatives available across the web, what sets this platform apart from others is its ability to set up a dynamic store in no time. You will have to pay for the platform after the free trial, but the Shopify team takes care of all the technical tasks. Magento and Shopify: What Numbers Say! Description Shopify Magento Number of Websites 600,000 250,000 Number of Extensions 2,400+ 3,000+ Number of Themes 60 (external purchase is allowed) 12 (external purchase is allowed) Now when you are aware of what these platforms are, here is a feature comparison of Magneto and Shopify. 1. Basic Functionality and Ease of Usage: Both the e-commerce platforms have all the basic store functionalities that are easy to use and maintain. But if we compare both the platforms, Shopify is a drag and drop website builder. Magento has a steep learning curve, and you will have to learn some technical terms to get through the e-commerce store development process. With Shopify, the developer can add the products; customize the look and feel of your store and set up the payment process in no time. The best part is you can make the entire e-commerce store without any technical knowledge. In Magento, you have to learn some code to develop an entire e-commerce store. Not to forget, they have comprehensive user guides that walk you step-by-step through various processes. They also have a forum from where you can learn some tricks of the trade. 2. Search Engine Optimization (SEO) When it comes to SEO, both have great search engine optimization capabilities. However, you’ll have to leverage extra plug-ins in the cases for both platforms. But in the case of Shopify, SEO features are automatically built into the website, even in the product pages. 3. Themes and Templates Availability: In terms of themes and templates, both platforms offer highly-functional customization capabilities. They let you edit the raw code directly and give you full control over the design and appeal of your e-commerce store. Coming to the differences, Shopify offers a wide variation of mobile-optimized themes. Although many of them are free, if you go for the paid ones, your store gets a professional look and gets equipped with great sales potential. You also get the option to add new pages, change the color palette, move or resize the elements, and integrate the social media feeds. When it comes to Magento, it has 12 themes. Out of 12, 10 of them are fully responsive. This platform does have free themes, and the paid ones also start at just $1. With this platform, you can also create your theme or template from scratch. You have the option to add a slide, newsletter, and animation to the website. 4. Inventory Management: All Shopify plans allow unlimited products in the store. Magento also allows you to add or create an unlimited number of products on the website. But Shopify is one step ahead in this point due to its integration with drop shipping inventory apps such as Oberlo. Further, in Magento, you have the risk of slowing down your website. 5. Hosting Features: Your website's performance, storage, security, and speed are dependent on the hosting you choose. Did you know that 40% of people will abandon a website if it takes more than three seconds to load? This will result in a loss of customers as well as revenue. As Shopify is a hosted platform, it takes care of your entire domain and hosting needs; offers you 24*7 support, and let you concentrate on your business. Magento comes with two hosting options, including Open Source and Cloud. In Open Source hosting, you have to buy your domain and hosting. But in the case of Cloud, your e-commerce store is hosted and maintained by Magento. 6. Payment Processing: Shopify platform is already equipped with a payment processor, which is known by the name of Shopify Payments. If you use Shopify Payments for your e-commerce store, you won’t be charged any transaction fee. Moreover, it comes with the support of 60 external payment processors. For Magento, you will have to download the extension of the payment processor that you want in your e-commerce store. You can look for these extensions in Magento’s marketplace. However, some factors that make Magento worth the consideration are international market coverage and support for multiple languages. Summing Up: When it comes to choosing an ideal e-commerce platform, there are lots of factors to consider including interface, scalability, number of themes, templates, speed, load time, cost, search engine optimization, and more. Is Shopify worth it? If your considerations are ease of usage, availability of themes, not wanting to pay the transaction fee, and having the hosting and bandwidth taken care of, look no further than Shopify. It is user-friendly, has a payment processor, and comes with an array of themes to help you get started. But if you are technically savvy and want to build an e-commerce store for a large enterprise, go for Magento. With this platform, you will also have to find your hosting provider, which can become expensive, as your business scale. Moreover, there is a chance that you might have to invest some time as well. If you are still stuck on the decision, skim again through the comparison of features, weigh their pros and cons, and make the best choice for your business. Read Also: What Are the Common Causes of Catastrophic Injuries? Top 5 Sites Like Solarmovie To Watch Movies Online Do I Have To Pay Out Of Pocket For Wisdom Teeth Removal?

Retailing and marketing channel management: A key marketing mix element

Question: Which marketing mix element deals specifically with retailing and marketing channel management? Correct Answer: Place Which marketing mix element deals specifically with retailing and marketing channel management? Actually, marketers don’t promote; they demonstrate the worth they offer to the customers. The term marketing mix is a foundation model for businesses, historically centered around promotion, place, price, and product. The marketing mix helps you to know the marketing elements for prosperous positioning your store offer. Besides, price is involved in the capture of value in the marketing exchange. The right arrangement of marketing mix by marketing managers plays a vital role in the success of a firm. There are many companies that consider marketing mix as a set of strategies and actions in order to promote their goods and services. Which Marketing Mix Element Deals Specifically With Retailing And Marketing Channel Management? The answer to the question “which marketing mix element deals specifically with retailing and marketing channel management?” is place. This marketing mix is concerned with the channel that is used to deliver goods and services to the customers. Keep in mind; marketing mix is a combination of 4Ps i.e., Place, Promotion, Product, and Price. Each of these factors has different objectives and significance. You can also consider marketing mix as the set of marketing tools that a company utilizes to pursue its marketing goals. You need to understand that place is a vital factor because signifies where marketing takes place and which path customer uses to deliver goods and services to them. Four Elements Of Marketing Mix That You Should Know As already discussed above, the 4Ps of the marketing mix are the key elements that include in the advertisement of a product or service. Product, Place, Price, and Promotion are restrained by internal and external factors in the overall business environment, and they interact with one another. A lot of hard work requires in finding out what customer actually wishes and recognizing where they do their shopping. One of the best places to start is the marketing mix when you are thinking through your plans for a service or a product. Now, let’s discuss the top four elements of the marketing mix that you should know in 2021. 1. Promotion Promotion includes promotional strategy, public relations, and advertising. The objective of promoting a product is to talk to customers and know what they actually need. At the same time, they should pay a certain amount for it. On the other hand, you must know how do your competitors promote their products and what are strategies they implement to target the audience. There is always the best time to promote your goods and services and this is a vital element for a successful business. 2. Place Every marketing firm makes a decision for the place where they will sell their product and deliver the same to the market. Actually, the place is important because this is where buyers look for your product or service. Marketing of goods can be done anywhere: online and offline. In many situations, placement may refer to the act of including goods on web pages, films, television shows, etc. Therefore, this is the reason why the place is important in the marketing mix. This is the element that deals specifically with retailing and marketing channel management. 3. Price Price is the cost consumers pay for goods. Marketers must link the price of the goods in real and must also include supply costs. They may also raise the cost to make the product look more luxurious. Keep in mind, a small gain or decrease in price can affect your market share to a great extent. However, you can offer some seasonal discounts to your customers and increase your conversions. 4. Product Product refers to goods and services that a firm offers to customers. As a part of the marketing industry, you need to understand the lifecycle of a product and must include a strategy that takes your business to the next level of success. At the same time, make sure that you offer genuine products to your customers so that you can increase the loyalty of your customers as well as conversions. The type of product determines where should the owner promote his products and how he can target his customers to buy the same. The Final Thoughts A place is an answer to your question “Which marketing mix element deals specifically with retailing and marketing channel management?” The above-described information highlights the reason for this and if you have any queries, mention them below in the comment section. Read Also: How to Get More Traffic to Your Amazon Listings Is Clothing/Shoe/Accessory Stores A Good Career Path [2021 Updated] Five Ways to Help Your Trade Show Booth Stand Out From the Crowd

Top 9 Forex Trading Tips for Beginners That Save You Money