How To Become a Successful Trader in 2020

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How To Become A Successful Digital Marketing Consultant In 2020

Online businesses are mushrooming day by day searching for new customers and clients online, thereby the demand for working with a “digital marketing consultant” is increasing dramatically.

If you are dreaming to become a successful digital marketing consultant, you need to be well-versed and familiar with the following digital marketing trends:

• Search Engine Optimization (SEO)
• Social Media Marketing (SMM)
• Content Marketing Strategy
• Paid Marketing (Google Adwards, FB, Twitter, Linkedin)
• Branding & Reputation management
• Youtube & Video Marketing
• Influencer marketing
• Local & International Marketing
• Email Marketing
• Digital Display Marketing (Ad Ops)
• Web Analytics and Reporting
• Mobile Marketing (App store optimization)

Well, these are just the raw material of powerful digital marketing trends. But you need to understand the recipe to cook the right plan of action for the digital marketing of any business then only you can become a proficient digital marketing consultant in 2020.

Here’s the formula for becoming a successful digital marketing consultant in 2020

Definitely, you will find myriads of tricks and tactics, but here we are narrating certain unique and most helpful methods that if followed efficiently, will lead you as winning Digital Marketing Consultant in 2020.

Define Your Niche

The very first and significant thing is, before looking for clients, you need to decide what exactly you are offering them. Based on your specific skills and clients needs you can determine your market niche.

Examine, in which area you could go long, like:

• Are you a conversion optimization expert or lead generation expert?
• Do you specialize in SEO & traffic generation?
• Are you a Social Media expert or Branding expert or Social media influender?
• Are you Paid Marketing expert or App marketing expert?
• Do you build highly-effective email nurturing series?

Build Your Own Presence

Once you have determined the service domains that you will be offering, next thing is to make your own presence, online as well as offline.

Online presence is the key to your digital marketing business. For this, you can build your own website like Neil patel who is a successful digital marketer. It will represent your services so that the potential clients could easily find them.

Importance of having your own website:

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• It will serve as a hub for your business
• Visitors can learn and reach the services you offer
• You can add the case studies and testimonials from previous clients
• Clients can easily contact you

Start Blogging

This is the most effective action which will flourish your chances of becoming a successful digital marketing consultant.

Starting the blog writing and publishing related to your consulting services and seo, smo tips and solutions will strengthen your online presence and build an engaging and compelling value proposition for you as a professional. People start following you as subject matter expert.

Before you start blogging consider these essential points:

• The blog must have a relevant focus on your services, tips, use cases
• The blog should be SEO friendly
• Don’t make it too much self-promoting
• Focus on effectual and promotion of the blog
• Modify your content or blog according to particular social media platform

Develop A Strong Network

The absolute place to spread awareness of your consulting services is your network. The more you grow the network, more are the chances to become prominent and get the clients.

Following points will help you to enhance your network:

• Use your previous corporate connections
• Reach out to former managers, co-workers, professors or other prospects and ask for a casual meeting
• They will help you by recommending your services to individuals looking for digital marketing consultants
• If you are new, offer your services for free to potential clients and ask for a testimonial
• Connect with someone who has huge connections in your industry

Be Active On Social Media

Social media platforms are notably prospering and acquiring the greatest number of users gradually. As per the recent statistics, the number of social media users will be 3.2 billion up to 2021.

It has also found that Facebook is the topmost social network having 2.06 billion monthly active users, and other social medias like Whatsapp and YouTube have also occupied a maximum number of users.

So, of course, social media is an immense platform for promoting your services and connecting with the potential and existing clients. And this needs you to stay active and in tune with such social media platforms.

Why need of being active on social media:

• Help and support your network friends and your local area people
• Stay updated with the latest happenings
• Promote your Digital Marketing services
• Gain valuable customer insights
• Run targeted ads with real-time results
• Find out what your competitors are doing
• Influence your presence

Attend Local Startup, Marketing & Tech Events

Even if you are well doing as a digital marketing consultant, but for achieving the top level success, you will require the continuous expansion of your network. For this, you have to start meeting new people by attending various startup, marketing & tech events and join as a speaker would be great.

Meetup like platforms is the best source where you can find a number of business groups and digital marketing events and connect with them in real time.

This will help you to analyze:

• What organizations do the people belong to?
• What recurring events do they attend?
• What challenges do they discuss together?

Become Influencer On Social Media

Becoming a social media influencer you will be building relationships with the individuals who can build relationships with you. About 49% of people say they look for suggestions from influencers before purchasing a product or service.

Most of the customers find influencers as a real and closer to home than many big name endorsers and celebrities. So being a social media influencers you can achieve the maximum trust of your clients along with a direct communication tunnel.

As a social media influencer you will be able to:

• Engage new target audiences
• Improve your search ranking
• Generate high-quality leads
• Build trust
• Drive conversions

Once you have effectively applied these tricks, no one can pull you back into your successful digital marketing career.

Along with above-mentioned techniques, you also necessitate recognizing your core skills and win startups and small customer to be a successful Digital Marketing Consultant.

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How to become a successful Forex trader

Successful Forex traders aren’t born, they’re made. Many traders dream of becoming independent and profitable traders, but few of them succeed. Why is it so difficult to become a successful Forex trader? Some traders like the thrill of trading, but in reality, trading is much more than gambling. If you have a detailed trading plan, perform your analysis regularly, and manage the risks, you’re halfway to success. We’ve listed what it takes to become a successful Forex trader.

Step 1: Identify your mistakes

The first step to get better at anything is to identify your mistakes. The same goes for Forex trading. You need to honestly ask yourself a few critically important questions before you move on with the next step.

Reevaluate your trading strategy: Do you have a written trading strategy that covers all entry and exit rules of your trades? Do you feel confident with your trading strategy, and do you really follow each one down to the T? Your trading strategy needs to be comprehensive, effective, and well-rounded.

Reevaluate your initial investment: Trading should only be done with money that you can afford to lose. Not only is it a bad idea to open your trading account with your entire life savings, but it will also create an emotional burden that prevents you from trading effectively.

Reevaluate your risk: Successful trading essentially boils down to your ability to manage risk. You need to have a predetermined risk per trade threshold and stick to it. This way, you can avoid blowing through your account or losing a significant amount of money on a row of losing trades.

Don’t spend too much time on a demo: If you’re still on a demo account after a few months of practicing and trading, it’s time to switch to a real account. Start with a very small real account. Most brokers accept initial deposits as low as $100 or even lower. Your goal isn’t to make a fortune out of it, but to trade with very small position sizes (a few cents per pip) and get a feeling for the real market. The absence of risk in a demo environment can impact the number of trades and position sizes you take, which wouldn’t be the case with a real account.

A great way to spot your weaknesses and improve in trading is to have a written trading plan and keep a trading journal, which I will address in the next step.

Step 2: Devise a plan to fix your mistakes

Once you’ve reevaluated your trading technique and spotted all possible trading mistakes, it’s time to fix them. The following steps will help you achieve exactly that:

Have a written trading plan: Perhaps the main reason why so many traders aren’t successful in trading is the absence of a trading plan. Without a trading plan, you don’t know where to enter and exit the market, what position size to take, and how to handle losing trades.

A trading plan is a written plan on how you approach trading. It helps to have a focus on the rules you need to follow, which will minimise the impact of emotions in making decisions. Your trading plan should at least include the basic principles of your trading strategy, entry and exit points, reward-to-risk ratios, position sizes you take, and money and risk management rules.

Pick only one trading strategy: There are many trading strategies on the Forex market. Many beginners jump from strategy to strategy, which only increases the risk of making trading mistakes. Instead, you should pick only one strategy and stick to it. Decide which strategy could work best for your trading style. Do you want to scalp, day trade, swing trade, or position trade? Each style requires a different approach to trading and manages trades on different timeframes.

Following more than one strategy splits the time that you can devote to learning. The fact of the matter is that there is no strategy that is profitable all the time. It’s the way you manage trades and follow your trading plan and money management rules that makes the difference in the bottom line.

Manage your trades: When you have open trades, you need to manage them regularly. Is your initial trade setup still intact, or have the fundamentals of a currency changed? The way you manage your trades will have a great impact on your bottom line. Cutting your losses and letting profits run may sound too obvious, but many traders fail to put that into practice. In addition, if you’re not confident with your trading strategy, you’ll have a hard time managing your trades in the first place. With confidence in your strategy comes confidence in the exit points and in the trade setups you take.

Always use stop-losses: Using stop-losses is an essential part of successful trading. You never know what the market is going to do next, and you want to have a safe pillow when times get tough. Always place your stop-losses based on market conditions, and keep in mind that your stop-loss level determines the overall risk of a trade. Your stop-loss also impacts your position size, and not the other way around. By placing your stop-loss based on market conditions, you’ll determine the maximum position size you can trade in order to remain in your pre-set risk per trade.

Have a daily trading routine: Your trading day should start by taking a look at important market news and data scheduled to be released that day. Unexpected reports have a big impact on currencies and can ruin your trade setup, even if you’re a purely technical trader. Political and social factors can also have long-lasting effects on a currency’s exchange rate. Always follow market news to stay updated on key developments in the Forex market.

Make entries in your trading journal: A trading journal is simply a place where you write down the trades you take, including other important information like entry and exit points, position size used, entry trigger, and profit/loss. Regularly checking your journal entries can help you identify your weaknesses and improve your trading.

Keep practicing: You need to devote long hours to the charts and screen to get a feeling for the market and price fluctuations. The best way to do so is to follow the market regularly. Pay attention to various trade setups and how news and market reports impact exchange rates. Stick to your trading strategy and try to find as many trading opportunities as possible.

Don’t spend too much time on demo trading: Trading on a demo account is a must for new traders, but don’t fall into the trap of wasting months on demo trading. There are many benefits of demo trading, but trading with real money is where you’ll find out how you perform. Beginners in the Forex market try hard to perform perfectly on a demo account, only to find out that they can’t handle the emotions attached to winning or losing real money.

Demo trading involves no risk, which creates a trading condition very different to real trading. Aim to spend a maximum of three months on a demo account, depending on how fast you learn and how your trading strategy performs. You still need to be profitable on a demo before going real, although it doesn’t mean that you’ll see the same results on a real account. On the other hand, if you can’t make money demo trading, you certainly won’t make any profit on a real account.

Step 3: Don’t deviate from your plan

Once you finished your entire trading plan, never deviate from it and start following it right now. Waiting for the right time will leave you in your current situation forever, which means missed opportunities for trading and learning. Instead of procrastinating, you should take action right now! Start making your plans a reality today and bask in the feeling of getting something done.

That’s the sole purpose of a trading plan. Without respecting the rules that you’ve written down yourself, you won’t be able to develop discipline in trading and all your previous trading mistakes will repeat again and again. Your trading plan needs to become a habit, so that you don’t “shoot in the dark” when trading.

It always takes a while to get used to doing something new, but once you start doing it you’ll feel better than ever. Follow the market every day, keep learning, and have your goal in mind. This way, you’re already ahead of the game.

Conclusion

These are some of the key principles you need to adopt to become a successful trader. They’re easy to follow, but many traders lack the discipline to adhere to them rigorously. Staying disciplined when trading is one of the most important aspects of trading that you need to develop from the first day you decide to trade.

There is no master without experience, and experience is gained with practise. Like anything else, Forex trading is a skill that can be developed over time.

How to Become a Professional Trader

Take Your Trading to the Next Level

To become a professional trader, you must learn trading basics and advanced basics. Once these are mastered, you can learn proven strategies and gain experience in implementing them.

Also, it’s important to be realistic about this profession. There is no perfect method of trading that consistently produces only winning results. However, if you practice learning to discriminate accurate information from that which is incorrect or misleading, you can spend most of your time focusing on information that will make you a more efficient and profitable trader.

Trading Basics

One of the most efficient methods for learning to trade is learning market and trading basics. A solid understanding of the basics provides the foundation that will support your entire career. This first level of knowledge is required before more advanced trading information can be successfully implemented.

Books on trading found at your local bookstore or reputable trading websites can provide you with all the trading basics you need at a relatively low cost or no cost. The basics include all of the factual information about trading, such as:

  • What markets to trade
  • How prices move (bid and ask prices)
  • Order types and how to place them
  • Risk management
  • Trading hours
  • How to monitor trading performance
  • How much capital is required to trade efficiently

Trading basics are typically factual in nature, and there isn’t much subjectivity. One information source may say to start currency or forex trading with at least $500, while another source may say to start with at least $1,000. One source isn’t necessarily right or wrong. The information from multiple sources is indicating that you should definitely start with at least $500 and ideally with $1,000 or more.

The exchanges themselves provide traders with most of the market basics. For example, the New York Stock Exchange and NASDAQ provide educational resources on how the stock market operates through the main menus on their websites. The Chicago Mercantile Exchange does this for futures and the Chicago Board Options Exchange does the same for those wanting to learn about options trading.

Learning the Advanced Basics

Learning trading basics gives new traders an opportunity to learn about the various markets and the one in which they want to trade.

When learning the basics, traders determine if they want to trade stocks, futures, options or forex trading. Upon making this choice, they can then delve deeper into the trading basics specific to that market.

For example, a new options trader needs to learn about options Greeks, which help determine the price of an option. Those interested in futures trading need to learn about ticks, points, and the various specifications for each futures contract they may want to trade. Stock traders need to learn how to short sell, how dividends work, and the differences between pre-market trading and trading during normal hours. Forex traders need to learn about pip values and daily rollover rates.

Books on trading and instructional websites can offer information and lessons on these and other more advanced basics topics.

Trading Systems and Techniques

The next step is to learn strategies that will produce a profit in whatever market you want to trade. Such strategies are subjective, which means the source of the information matters. Free resources may provide generic strategies that worked at one time, but no longer work.

Finding viable strategies requires much more research and verification than learning trading basics. When learning strategies, review charts and look for examples of the strategy at work. If it seems it could be profitable on your own small real-world test, then continue investing some time in the method. If not, leave the method alone.

The best method of learning a trading technique is to find a professional trader that will teach you their trading technique. Some professional traders offer websites or books highlighting their methods. They may also provide personal mentoring, which is the most direct approach to learning how to trade.

It is also possible to learn a discretionary trading technique without any form of instruction. Self-learning is fine, but it may take longer to come up with a profitable system when compared to learning a system that is already profitable.

Many professional traders develop their own trading methods by continually studying charts, noticing certain patterns or tendencies, and then developing a system that exploits those tendencies. This may take months or even years of testing before the trader finds a viable method that produces profits consistently.

Gain Some Trading Experience

Practice doesn’t make perfect, but in trading at least, perfect practice makes improvements. You’ll never achieve perfect results because not all trades are won, even by professional traders. And that is okay.

You don’t need to win every trade to produce a good living. What is required, though, is implementing your method nearly perfectly. This is within your control, while results are not. If you do the right thing, favorable results are more likely. Doing the right thing is following the methods you have learned and opted to use.

Use Paper Trading for Training

When first learning a trading method it may seem very easy. However, once you begin to implement it, it may be harder in actuality than you had anticipated. Most traders quit at this stage and seek out another strategy. Unfortunately, these types of people rarely become successful. Even a simple trading strategy often requires at least several months of hands-on experience before the method starts producing profitable results.

Many trading platforms offer a paper trading capability, which is trading with “fake” money instead of your own, real dollars. As you develop trading strategies, you can try them out with paper money and real-time market movements. Some platforms also offer historical market data, and many professionals use this to back-test their trading strategies to test whether the trades would work under various known market conditions.

As a trader progresses and gains more experience, they will likely find ways to improve their strategies or notice other market tendencies that can be exploited if another strategy is formulated. A successful trader may also find that a strategy that once worked is no longer performing well. In this way, a trader is always learning from their experiences and trying to find better ways of performing their job. They are simply adapting to changes in the market that may make current strategies obsolete but provides an opportunity for a new strategy to be deployed.

The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

How to Become a Successful Forex Trader

Starting out in the forex market can often result in a life cycle that involves diving in head first, giving up or taking a step back to do more research and open a demo account to practice. From there, new traders might feel more confident to open another live account, experience more success, and break-even or turn a profit. That is why it’s important to build a framework for trading in the forex markets, which we outline below.

Why Should We Focus on Medium-Term Forex Trading?

Why are we focusing on medium-term forex trading rather than long- or short-term strategies? To answer that question, let’s take a look at the following comparison table:

Type of Trader Definition Good Points Bad Points
Short-Term (Scalper) A trader who looks to open and close a trade within minutes, often taking advantage of small price movements with a large amount of leverage Quick realization of profits or losses due to the rapid-fire nature of this type of trading Large capital and/or risk requirements due to the large amount of leverage needed to profit from such small movements
Medium-Term A trader typically looking to hold positions for one or more days, often taking advantage of opportunistic technical situations Lowest capital requirements of the three because leverage is necessary only to boost profits Fewer opportunities because these types of trades are more difficult to find and execute
Long-Term A trader looking to hold positions for months or years, often basing decisions on long-term fundamental factors More reliable long-run profits because this depends on reliable fundamental factors Large capital requirements to cover volatile movements against any open position

Now, you will notice that both short-term and long-term traders require a large amount of capital – the first type needs it to generate enough leverage, and the other to cover volatility. Although these two types of traders exist in the marketplace, they are comprised of high-net-worth individuals, asset managers or larger institutional investors. For these reasons, retail traders are most likely to succeed using a medium-term strategy.

The Basic Forex Trading Framework

The framework covered in this article will focus on one central concept: trading with the odds. To do this, we will look at a variety of techniques in multiple timeframes to determine whether a given trade is worth taking. Keep in mind, however, that this is not a mechanical/automatic trading system; rather, it is a system by which you will receive technical input and make a decision. The key is finding situations where all (or most) of the technical signals point in the same direction. These high-probability trading situations will, in turn, generally be profitable.

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