E-commerce has become the new direction for many businesses and retailers amid the current pandemic. And perhaps with the popularity of electronic devices such as computers or mobile phones, along with the fear of going to brick-and-mortar stores to buy in person, e-commerce will go even further. again. But that is an overview of the development of an entire field.
Looking a little closer from the side of those who are directly maintaining the stores or webshops, it can be seen that the competition is getting fiercer. If you want to get more sales for your eCommerce store, yours must be truly different. I’m talking about stimulating conversion rates, which is not new to anyone who is working in this industry. Here are a few of my strategies to make your sales more effective and customer visits profitable.
What is the conversion rate? And why is it necessary to optimize this ratio?
Let’s start with what is considered the basis of this entire article: Conversion rate.
This rate simply reflects the percentage of customers that take the desired action on your website. Depending on the goals set by your business and the researcher, this ratio can be expressed as:
- Percentage of people visiting your website
- Percentage of users adding a product to their cart/favorite list
- Percentage of email subscribers to receive notifications from your store
- Percentage of customers sharing on social networks
And when studying sales, conversion rate determines the percentage of website visitors who purchased something from your online store (during a certain period).
And next, depending on the KPI that has been set, each business and store will have different conversion rate targets. In my opinion, an optimal conversion rate would be 2% or more, which means for every 100 visitors that will bring you two checkouts.
So why is it so important to optimize this metric? Oh, I think this is understandable.
First, orders are profitable. Every business or store owner wants their customers to end the process of walking around and looking at the products by pulling out their wallets and completing the checkout process.
Second, a high conversion rate shows how effective your work is. Everything fits together from store layouts and product launches to advertising your e-commerce store and social networking to turn them into marketing channels.
Third, optimizing this parameter gives the seller savings. The same capital is spent on advertising your e-commerce store but you can attract a large number of customers. This makes it easier for you to rotate your capital to continue to reinvest in your business, improve brand awareness as well as build yourself a loyal customer base from previous potential customers.
Strategies to optimize conversion rates in e-commerce
With that basic knowledge, I’m sure many readers have been building their interesting ideas to attract their customers to shop. So I will help you with a few suggestions below!
Set specific goals (KPIs)
For me, there is a saying that has become a maxim when I start building any e-commerce store: “Slowly but surely”. Don’t get me wrong. I don’t mean a delay in keeping up with the trends of the market. I mean you need a foundation, a concrete plan to do your job. Or at least we’ll have something to collate with once we’re done, right?
For faster and more effective conversion rate optimization, you can also apply the way of setting specific goals (KPIs) and based on that, appropriate strategies. When you have a goal and a plan, your business will quickly get in the way.
Website interface optimization
The web interface is the first thing that customers notice when visiting an e-commerce store.
To simulate the behavior of customers on the website, you need to impress them at first sight with an eye-catching interface system, with a clear and professional layout. In addition, adding elements that attract customers’ attention such as buttons, information pop-up frames, videos, animations, etc. is also a way to get more sales for your eCommerce store.
Focus on content, build an attractive and professional content system
Content Marketing strategies in a website are always the best and most effective strategies to attract customers. And of course, it also helps to increase the conversion rate thanks to the volume of customers searching for your business through SEO keywords, article content.
According to the numbers that show that providing valuable quality marketing content to your customers helps your website:
- 3x the number of customers compared to other paid advertising campaigns;
- Your website builds brand trust with customers;
- Likely to lead to a nearly 600% increase in average conversion rates (for companies that don’t use content marketing).
Thus, for customers to stay on your website longer, continue to view pages and other articles, you need to build yourself a solid, attractive, professional content system. Of course, not all content marketing is effective or increases conversion rates quickly. You need to focus on the right potential customers, help them solve problems related to your niche, create valuable content about your brand’s products or services, and countless other content. related, similar to addressing the different needs of customers.
Often content marketing will not directly convert you immediately, but the benefits and value of content will help you get potential customers who are likely to buy from you soon. So to be able to generate more effective conversions for your web content, you can create reviews or promotions that help you gather customer data and recommend products that work best for them.
Another way to increase the conversion rate of the website quickly is to use the “call-to-action”. Usually, call-to-action is often used in the following forms:
The button calls, has color, reasonable design, attractive. Click on the link to purchase or register for customer information
Text calls, that is, words that you use to call customers to take action such as calling, contacting, registering for services right away.
In addition, call-to-action is also combined with prompting factors, deadlines (such as action deadlines, the limited number of customers to buy products, limited goods …)
You can display popups in different places during the customer’s visit to your website. Popups can appear as soon as they enter your site, after a scheduled time or when they take a certain action, or when they are about to leave your site. Showing a popup as soon as a customer lands on the page can get you more emails, but it can also backfire by annoying the viewer.
Many experts have said that receiving a lot of emails from this form is often of low quality because many people have not had enough time to explore your page and feel your brand and products will be a good fit. suit them. This can completely lead to poor quality email lists with many people quickly unlinking emails.
Besides, choosing the right content is quite difficult. Just like creating any other form of advertising, your visuals need to be eye-catching and interesting, the content should be straight to the point and provide a clear benefit with a strong call to action. Lots of new and loyal customers turn off pop-ups as soon as they see them, so you only have 1 second to grab their attention and deliver exactly what they love.
Optimize conversion steps in the checkout
If your website already has enough functionality and aesthetics to attract customers; The content on the website has also provided full information and value to customers; quality products, good reviews are also available on the website;
If the payment process is not streamlined, everything you do will not work.
According to Baymard research, up to 28% of customers have abandoned payment because the payment processes are too complicated or have to go through many different steps.
Many websites require membership registration to be able to purchase. We should not do it this way, let’s allow them to purchase as a guest, or you can create a quick login via social networks.
Besides, you should minimize the information to fill in the registration form when making a purchase, only ask to fill in the necessary information so that you can complete the transaction.
We should give our customers an enjoyable checkout experience, but always make sure it’s as simple and quick as possible.
Diversity in payment and shipping options
Users will appreciate it if a website has many forms of payment. Therefore, you need to consider which payment methods are preferred by your target customers, so that you can better serve the needs of your customers.
In your shipping options, you should also give customers a choice between price and convenience, which means that customers can pay extra if they want the item delivered quickly or free shipping in exchange for the delivery in a long time.
Re-engage customers who have left
It’s not uncommon for potential customers to fill their shopping carts and suddenly leave your website without taking the last step in their buying process. There are many reasons for them to leave, but you can do the following to make them come back to buy.
- Identify why they left, find ways to fix that problem if possible;
- Offer attractive promotions by advertising remarketing (Remarketing), Email marketing;
- Consolidate and re-enhance the quality of your products through the above methods.
Your customers are only lost if you give up taking care of them. It can also be understood that as long as you have the right offer, following their needs, they will quickly become loyal customers.
You need to know that customers have a lot of different questions, so sometimes you will come across a few questions, without a satisfactory answer, you will most likely lose the opportunity to generate new customers. Therefore, you should consider providing 24/7 support through different channels. You may need to have a customer care person available via email, social media, direct phone calls, etc.
Your website must also ensure that contact information is easily found, minimizing steps in the search process; You can also use automated questionnaires or helpdesk software. Customers will trust your brand more if their answers are answered promptly, thereby the rate of customers paying for your products and services will be higher.
Satista’s report shows that up to 17% of people abandon their shopping cart during checkout because of website security concerns. Therefore, to drive output in conversions (abandonment in completing cart checkout), you need to prove that your customer’s data is protected. This depends on the field in which you have different proofs.
This is a prerequisite you need to do when creating an e-commerce site, if they cannot trust you, there is no way for them to spend money to buy your product or service.
Re-platform e-commerce store
E-commerce strategies are all very reasonable, right? But they will only really work if your store is built on the right foundation.
You also need to pay attention to customer feedback or the amount of maintenance your site requires to determine if it’s time to migrate to a new platform.
With the help of shopping cart migration, you don’t need to worry too much about the complexity of the work you have to do. Prominent in this field can be mentioned Next Cart with a team of dedicated, experienced professionals, ready to support you 24/7 for 365 days a year. The service’s standard 3-step process allows you to migrate large volumes of data in a short time. This is an e-commerce strategy you should also consider if you want to boost your store’s conversion rate.
E-commerce has become a more competitive playground than ever before. You need a specific strategy if you want your store to stand out from your competitors.
Do you know any other methods to get more sales for your eCommerce store? Don’t hesitate to share with us!
Thanks for reading!
How Merchants Can Protect Against Chargebacks
Chargebacks are an unfortunate part of doing business today. They have emerged as one of the primary causes of financial loss for merchants. Merchants are always at risk of chargebacks, but with a little education and preparation, you can keep them in check. Chargeback prevention is important not only because it will reduce your losses but it will also improve your customer relationships. This guide covers what causes chargebacks, how to protect against chargebacks, and the steps to take if they happen.
Why Is Chargeback Prevention Important?
There are multiple reasons why merchants should be concerned about chargebacks. First and foremost, chargebacks are the main cause of buyer abandonment, long-term negative feedback, and loss of customer trust.
Chargeback losses associated with fraud can total up to 10% of your customer base, while friendly fraud can cost up to 15% of a merchant’s revenue. It’s important to note that chargebacks also affect your brand reputation. Even if you’re not losing sales directly due to a chargeback, lost revenue due to a poor reputation still damages your business long-term. That is why it’s very important to prevent chargebacks to grow your business.
Causes Of Chargebacks
There are three main reasons why chargebacks happen, and they can be categorized as either merchant error, criminal fraud, or friendly fraud. The most common chargeback reason is friendly fraud. This occurs when the customer buys goods or services online, uses it, and then claims a chargeback from the merchant, telling him they don’t receive purchases. It looks like a customer wants to use a product or a service without paying for it.
Chargeback Prevention Strategies
The best way to prevent chargebacks is to provide excellent customer service. While blocking the fraudsters and the friendly fraudsters are important, it’s just as, if not more important, to make sure you don’t lose the customers that actually want to pay you.
Improve Customer Service
One of the most effective ways to prevent chargebacks is through excellent customer service. This means communicating with your customers on a regular basis and resolving their issues quickly. You can also try offering better communication channels for support requests, such as phone support or live chat. It is also important to be proactive in order to prevent chargebacks from happening in the first place by improving customer service and dealing with customers’ issues before they resort to chargebacks.
Use Available Chargeback Prevention Tools
Use a flexible merchant chargeback protection platform to grow your business with ease, prevent chargebacks, or resolve them like a pro. Doing so will help you avoid the different types of chargeback fraud, from friendly to criminal.
Better Order Communication
Notifying buyers about the status of their orders is essential in preventing chargebacks. Sending shipping confirmation emails and tracking numbers is one good way to do this, but it can also be done through thank you emails or automated delivery confirmations. You should also make sure that your order communication is clear and concise so customers can easily understand what’s going on with their order during every step of the transaction from beginning to end.
Eliminate Merchant Errors
Eliminating all errors from your system is another way to prevent chargebacks. There are two types of errors: order errors and customer service errors. Order errors include common mistakes such as missing or duplicated items, incorrect shipping information, and incorrect addresses, while customer service errors include the customer not receiving their items or being dissatisfied with the service provided. All these should be avoided at all costs if you want to protect your business from chargebacks.
It’s important to make sure all the material related to your business is authentic so shoppers can trust you. This means having a smooth checkout, accurate prices, and clear product information. All this will build up your brand’s credibility and increase the likelihood of returning customers.
Another way to prevent chargebacks is by managing your subscriptions effectively. If a customer has signed up for a subscription but made a mistake, they might dispute the transaction if they haven’t received their order on time or if they didn’t realize that it was an automatic subscription.
The Bottom Line
There are several ways to prevent chargebacks, but the most important thing is to keep your customers happy. As long as you provide excellent customer service and get orders done quickly, you will always win back customers who may have been refunded by a fraudster. Even if you never resolve a chargeback, you’ll still be able to prevent future ones from happening.
Top Trends in Mobile App Development in 2022
Mobile app development is an ever-changing industry constantly evolving and adapting to new trends. With the mobile market experiencing rapid growth, every mobile app development company has been scrambling to keep up with their competition and provide innovative tools for people to use, often in the form of apps.
Every year, we see a shift in the field of Mobile App Development. Apps are always developing to meet people’s needs and changes in technology, and as this happens, software for mobile devices has also evolved! This article will go over some of the top mobile app development trends expected to dominate in 2022!
Regarding mobile app development, AR (augmented reality) is one of the biggest things to look forward to. According to Business Insider, by 2021, 60% of global sales will come from AR-enabled mobile apps. That is quite a big change from the 0.01% of the total sales generated by AR that was reported to be in 2017.
Augmented reality is already very popular. It allows you to turn your smartphone into a virtual reality device and play games using the camera. However, augmented reality goes beyond gaming applications. AR has many other uses, such as visualizing a patient’s MRI scan in 3D or giving information on the weather and traffic conditions.
As AR grows, companies will need to develop new platforms that can accommodate these possibilities. The rise of AR and other technologies will require developers to create better user interfaces and understand human psychology.
Artificial Intelligence is expected to grow at a tremendous pace. According to reports, artificial intelligence applications are expected to generate $16.6 billion in revenue in 2020. There will be many new applications for augmented reality and virtual reality. The growth of this technology is expected to continue until 2030.
The growth of artificial intelligence will require developers to create better user interfaces and understand human psychology. With the continued growth of artificial intelligence, more and more people will have access to these advanced apps. As people become more and more reliant on AI, they will need to be able to understand it better.
AI in the future will be able to solve a range of problems that cannot be solved by humans today. It can create new products, develop new services, and improve existing services. It can do all of this faster and more efficiently than any human. In the future, AI will likely have more and more tasks that will require it to do in mobile app development.
There is a trend toward mobile app development that involves blockchain technology. This will lead to a huge increase in demand for blockchain-based mobile apps. The growth of the Internet of Things (IoT) has been a major factor behind the growth of blockchain in mobile apps. People have started to look at ways to make their daily lives easier by using mobile devices. Blockchain in mobile apps will be used to manage the data from sensors and devices.
The growth of IoT has created a big demand for sensors and other devices that people use regularly. All of this data needs to be stored and protected. Blockchain can provide a secure environment for storing and sharing data. It is the ideal solution for IoT devices.
Blockchain is a technology that will be useful in many ways. One of these ways is in the realm of mobile apps. According to a recent study, there will be a huge increase in blockchain-based mobile apps in 2022. Smartphone and tablet owners are looking for ways to make their lives easier. They are looking for ways to make their daily routines more productive. Blockchain is a technology used to handle a lot of this data. Sensors and other devices are being made to monitor the data they collect and send it back to a database.
Rise of 5G in mobile app development
This 5G technology was not widely used until recently. With the rise of mobile applications, developers are taking advantage of this technology. For example, they are using it to monitor the health of patients. They are using it to monitor the progress of the construction industry. The developers are even using it to create a decentralized marketplace. It will help them to avoid third parties and cut down on costs.
There will be an increase in smart contracts in the near future. This means that you will be able to execute transactions online. This will give you access to all your financial and personal data. You can easily use your phone to pay for all kinds of transactions. This is just one of the ways that 5G will be used in the future.
Food & Grocery Delivery Apps
Food & Grocery Delivery Apps are being developed to meet the needs of busy consumers. They would like to be able to shop for groceries and send them home safely. The online grocery stores will use IoT devices to collect data about consumer behavior. They will be able to improve the products and services that they offer. The market is growing because of this. In addition, smart contracts will be widely used shortly. You will be able to pay for everything through them.
What will mobile app development look like in the future?
In the near future, you really might be able to get rid of your wallet and use your smartphone to manage all your transactions. With smart contracts, you will be able to make payments in ways that are very convenient. Instead of going to a bank and getting cash or paying with a credit card, you can transfer funds using your phone. The smartphone will be able to store your data and analyze it to ensure that it is secure.
Blockchain will make your life easier. Every mobile app development company is making their apps available in this way. They want to help people save time and money. Your bank may already be using blockchain to do this. You may have already seen this at some point.
If you are looking for ways to make your life easier, you should consider using mobile apps. These apps are a great way to save time and money. By using them, you will be able to communicate with others without having to spend a lot of time doing it.
Trusted Software Engineering Solutions to Help Your Business Succeed!
In today’s business world, it is essential to have reliable software engineering solutions in order to succeed. Many businesses turn to trusted software engineering companies in order to help them with their software development needs. These companies typically have a wealth of experience and knowledge when it comes to building reliable software. They can also offer a variety of services, such as project management, code inspection, and testing. By working with a trusted software engineering company, your business can ensure that its software is error-free and meets all the necessary requirements.
What is software engineering services?
Software engineering services are a type of professional service that provide software development and related support to businesses. They can include everything from project management to testing and bug fixing. Software engineering services can be used by businesses of all sizes, but are particularly popular with larger organizations that need help with complex software projects.
Why these services are important for your businesses?
Software engineering services are important for businesses because they help companies build and maintain their software products. A software product is a collection of computer code that performs a specific task or functions. Most businesses rely on software to run their operations, so it’s important that the software is reliable and error-free.
Software engineering services help companies by creating and maintaining the software products, ensuring they meet customer requirements and are maintained in a consistent manner. Services also provide guidance on how to improve the code base, identify and address defects, and create test cases. In addition, these services can help companies with other aspects of their software development process such as market research, business analysis, design, testing, documentation and packaging.
The benefits of using trusted software engineering solutions:
When it comes to software development, choosing the right tools is key. But which tools are the right ones for you? And what are the benefits of using them? To answer these questions, it’s important to consider your specific needs and goals as a developer. That’s where trusted software engineering solutions come in.
Trusted software engineering solutions provide features and functionality that can help streamline your workflow and make your development process more efficient. They also offer security enhancements and protection against potential threats. In addition, trusty engineering solutions can often save you time and money by automating certain tasks or providing extended functionality not available from other sources. So if you’re looking for ways to improve your development process, consider using trusted software engineering solutions. They may just be what you need to get ahead in the industry.
https://geniusee.com/software Software engineering solutions can help organizations manage complexity and improve reliability and performance. Solutions can be used to create prototypes, design software, test and deploy software, and manage changes to software. Organizations can use these solutions to improve their own management of software development, as well as the overall quality of their products.
Top 3 Custom Aviation Software Solutions for Your Business
Commercial airlines face high demand in today’s evolving market, and aviation solutions might just be the right tools that help companies stay competitive. The challenge is to effectively balance profitability and customer satisfaction without compromising security and stringent regulatory compliance. Plus, the changing technological landscape is a condition that supports surging customer expectations and a more competitive market.
Working in a bespoke software development company with more than ten years of experience in partnering with aviation companies, I can confidently say that this is one of the most modernised businesses in terms of technology. If you think about it, custom aviation software solutions are the backbone of each airline company, be it commercial or private. For airline companies, automation of routine tasks through custom aviation software solutions means that they can speed up their daily operation. Above all, improving operational efficiency will help your company achieve seamless processes that save money and time.
So, in case you’re considering innovating your airline business, here are the top 3 custom aviation software solutions to keep in mind:
- Custom Compliance Solutions for Aviation
It’s no secret that the aviation sector is among the most heavily regulated industries in the world. International agreements apply when several countries are affected, for example, when using foreign airspace or landing rights. For example, The International Civil Aviation Organization (ICAO), founded during the Chicago Convention of 1944, focuses on key objectives such as flight safety, capacity and efficiency, sustainable economic growth, environmental development and of course, (cyber) security.
Rapidly changing requirements due to the Covid-19 pandemic provoke an increased need for aviation solutions for compliance. Airline businesses thus need to constantly keep track of newly updated Covid-19 country policies and prohibitions and adhere to changing regulations. To overcome these difficulties, airline companies need reliable technology that helps them stay on track in this dynamic environment. Custom aviation solutions that are specially designed to comply with international and country-specific regulations are one of the essential success elements. Not only can compliance software solutions automatically make all necessary documentation changes, but they can also take corrective actions as they perform compliance monitoring management (e.g. important policies, reports, reconfigurations, etc.).
- Aviation Software for Flight Planning
In the aviation industry, reliable flight planning software is of utmost importance for numerous reasons. First, well-thought-out flight planning software promotes drastic reductions in dispatch workload. Second, automation lies at the core of workflow efficiency, and when you can rely on a secure software solution, flight planning can cut down the flight costs as the program automatically choose the most appropriate and short flight route, saving valuable time, fuel and financial resources. Third, flight planning software is also essential for maintaining top security levels in aviation. Each moment, nearly 10,000 airplanes are somewhere in the sky above us, which calls for careful coordination and route planning.
At the time of writing this article, the world is still shaken by the Russian invasion of Ukraine. The neighbouring countries have been in a state of military conflict since February 24, 2022, and as a part of all the sanctions and restrictions, almost all European countries have closed their airspace. Reuters shares an image where we can see that shows what a massive impact this military operation has on aviation. With this newly imposed ban from and to Russia and Russia-supporting countries, flight planning has become an extremely challenging task. Many airline companies such as Lufthansa, British Airways and United Airlines have to divert their flying routes to comply with the current ban. Besides, during routine flights, flight planning software plays an utterly important role in such extreme situations.
- Aviation Solutions for Airline Financial Management
According to Statista, the global airline industry is estimated to be worth $471,8 billion in 2021. Despite the major Covid-19-related losses such as cancelled flights, lower passenger traffic and grounded fleets, aviation remains one of the most expensive and most profitable business domains worldwide. Be it cargo air traffic, regular passenger flights or private jets – all these need proper aviation finance software to manage all ongoing expenses and profits. In most cases, airline companies will require a custom software solution for finance that successfully can integrate with third-party systems and performs payment operations, produce electronic invoices and calculate airport cost estimates.
Just think of all the necessary steps needed to perform a single flight. From pre-flight approval procedures, scheduling time slots, crew assignments, passenger communication, check-ins, onboarding, etc. – behind all of them are financial elements. For example, we all know that airline companies must pay harsh airport fines in case they miss their open slots for departure or landing. Plus, airlines also have regular ongoing expenses such as salaries, payments for various services, maintenance, crew safety trainings, etc. Custom aviation software solutions for airline financial management can easily produce electronic invoices for third-party vendors such as airports, the IATA (International Air Transport Association), insurance providers, contractors, food suppliers, etc.
All in all, modern aviation is heavily dependent on technological advancements. Not only do custom aviation software solutions reshape the everyday job of all aviation professionals who might require some digital upskilling, but they also help businesses save time and money, provide higher passenger satisfaction and improve flight security. Readapting to the new normal and more digital than ever business landscape, compliance software in aviation are a must-have for companies that want to remain competitive and avoid potential heavy sanctions.
Besides, custom flight planning solutions are also an inseparable part of today’s modern aviation. Failing to do adequate pre-flight planning can lead to unnecessary airport costs, more expensive routes and longer flight duration. Since the beginning of the pandemic, flight planning software solutions can also assist companies in managing passenger volume. A document by the European Commission regarding slot relief measures from 2020 states that the pandemic provoked changes in the booking behaviour of passenger decisions, and now these are made within weeks or even days of scheduled flights. In these highly unpredictable situations, technology comes to the rescue and helps companies better manage their resource and minimise risks and potential business losses.
Author Biography Aleksandrina Vasileva
Aleksandrina is a Content Creator at Dreamix, a custom software development company, and is keen on innovative technological solutions with a positive impact on our world. Her teaching background mixed with interests in psychology drives her to share knowledge. She is an avid reader and enthusiastic blogger, always looking for the next inspiration.
How to Prosper as a Part-Time Forex Trader
The forex market remains one of the biggest entities of its type anywhere in the world, with an estimated daily global trading volume in excess of $6.6 trillion.
What’s more, this value has increased markedly since 2016, from a starting point of just $5.1 trillion. This has been driven by a combination of technological advancement and continued economic volatility, which has driven part-time traders to the market in their droves.
While the market may be more accessible than ever before and open 24/7, however, this remains a volatile entity that’s incredibly difficult to master. So, here are some tips to potentially help you prosper as a part-time trader.
#1. Find the Right Pairs and Times to Trade
If there’s two things that will shape your journey as a forex trader, it’s your choice of currency pairings and the timing of individual orders.
In terms of timing, it’s best to trade during peak volume hours as a way of optimising liquidity and your ability to sell assets in real-time. Of course, optimal timing also depends on your choice of currency pairings, alongside the commitments imposed by your day job.
For example, if you work a traditional nine-to-five job, you may be looking to trade during the evening or early morning. In this case, you could target minor pairings like the GBP/JPY, trading between 7am and 8am GMT to capitalise on the crossover between the European and Tokyo trading sessions.
This hour (during which both the London and Tokyo stock exchanges are open) will see a marked increase in liquidity and volumes for this pairing, while you can execute orders before you start your day at work.
Other prominent crossovers include the European and North American session, with both entities open and trading between midday and 4pm GMT.
So, if you have the time and trade major assets like the USD/GBP or USD/EUR, you should target this window as a way of optimising potential profitability and ability to sell assets or implement short-term scalping strategies.
#2. Create an Automated Trading System
There’s no doubt that forex automated trading systems are all the rage in the digital age, and such algorithm-driven robots offer a unique opportunity to optimise both the volume and timing of your individual trades.
Forex trading systems work by automating trades, while deploying features such as the real-time tracking of currency prices and market order placement to afford you control over how your strategy is implemented.
A good example of this lies in the form of stop losses. This refers to a limit that’s imposed on an open position, requesting that this be automatically closed once it has incurred a predetermined level of loss.
This way, you can execute orders automatically while you’re at work, without sacrificing control and ensuring that the risk and scale of loss is minimised.
As a beginner or part-time trader, you may also want to utilise software that’s capable of making automated decisions on your behalf.
This is commonly referred to as ‘plug and play’ capability, which underpins disciplined and strategic decisions that are completely free of human error, emotion and preconceived notions.
While more experienced traders will evolve their knowledge base and often come to rely on more hands-on trading over time, there’s no doubt that automated forex systems offer immense value to novices in the forex marketplace.
#3. Leverage Disciplined and Deterministic Decision Making
As we’ve already touched on, discipline is crucial to successful trading decisions, particularly if you want to record a viable profit over an extended period of time.
Conversely, emotion and passion are the enemies of sustainable profitability, as such feelings can compel you to make rash and ill-considered decisions that ultimately cost you significant sums of cash.
Remember, trading is built on the nation of accepting profits when they materialise, rather than following unrealistic expectations that you can access wider spreads and vast returns continually.
This type of cold, hard outlook requires a keen sense of discipline and determinism, as you’ll need to recognise that there remain a number of underlying rules that govern market shifts and create the type of volatility that influences the scale of your gains and losses.
When it comes to individual decision making, part-time traders should always manage their expectations from the outset and start by trading a relatively small number (perhaps one or two) major currency pairings. Such assets minimise volatility while optimising liquidity, and enable you to establish a foothold in the market before you diversify into minor and exotic assets.
A similar mindset should also influence your use of leverage. More specifically, you should cap your leverage at a reasonable percentage of your starting capital or margin, in order to minimise losses and protect your assets as effectively as possible.
Of course, this type of disciplined and reasonable decision making is at odds with the romantic perception of financial market trading, which is why it’s crucial that you enter the market with the right mindset as a part-time operator!
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