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10 Steps to Building a Winning Trading Plan

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10 Steps to Building a Winning Trading Plan

There is one elegant formula in the materials: “fail to plan = plan to fail”, which is understood as “not to plan anything, it means to plan the failure”. No one starts a business without a business plan, but why does the majority start trading without a plan?

Trade is an occupation that requires constant work on yourself. If in most spheres of life you can remain yourself to be successful, then the market is not going to adapt to anyone.

The market uses the darkest sides of the personality to turn you into fuel. Therefore, think about the main weapon of the trader – a trading plan.

While writing a trading plan, you need to remember one thing – you create it in order to comply. This is the set of rules that must be observed in each situation and never deviate.

This is the set of rules that must be observed in each situation and never deviate.

Setting goals

From the very beginning, accept the fact that the safe market trading plan is not a static thing. As you develop yourself as a trader and improve your skills, the plan will also develop.

You should not look for the perfect plan from other people, it does not exist. Each trader is unique, but there are generally accepted elements that are worth taking into their plan.

Inspection and analysis of the sale point

First, conduct an external examination and analysis of the point of sale. Go to the point and greet the staff and decision makers. Then conduct internal inspection and analysis of sale point, if necessary, adjust the purpose of the visit. Conduct a preliminary survey of sellers and together with the staff of the point take off the leftovers.

Skill assessment

Are you ready to trade? Do you have a proven system you are sure of? Are you ready to follow your rules without hesitation? Understand that you can work by your own rules; the market cannot impose anything on you until you give up the slack. Be a pro and take your profits from a crowd that does not have a winning plan.

Determine how to trade

There are many ways to trade in financial markets, such as scalping, day trading, position trading and more. Some choose one option, others successfully use several. Whatever choice you make, the most important thing is to have an understanding in advance of possible scenarios and actions to be taken. Write them in the trade plan.

Define your market

Register in what market, what tools do you want to trade. Consider that the main movements occur at the same time, be on the market at this time.

Increase your level of knowledge in your tools, see what influences them and take this information into account in trade.

Define your trading system

Trading system – a number of rules that will help bring trade to automatism. Freedom of choice in the market will not give you an advantage, so write it in detail.

Write in which platform the analysis will take place, and in which one – the trading, what additional settings are required. It is a good idea to read trading plan template capstone help, in order to be aware of if your plan is rendered successfully.

Stop loss

This is the thing that, even before entering a trade, will help you determine what potential trade has, as well as a stop loss keeps you trading in the long term. At the same time, the stop may be different for each instrument, depending on its volatility, so it is easier to install it as a percentage of your depot.

Management of risks

Perhaps the most important part of the plan. With the right risk management, you can toss up a coin and stay with your money.

It is necessary to prescribe how much you are willing to risk in each transaction, while you can make it dynamic, depending on how good the transaction is. It is also possible to come from your form – maybe you are now at the peak of your form and have the opportunity to earn a little more.

Way to manage open positions

Greed will always prevent you from closing a profitable position when it is clear that the trend has stopped. Fear and hope will prevent you from closing an unprofitable position.

In order for emotions not to interfere, you need to have a simple strategy to exit.

Keep a trade journal

An important point is also neglected. The magazine is a tool for training and analyzing your activities. Keeping a simple diary will allow you to avoid repeated mistakes, or vice versa will allow you to develop a new trading advantage.

It may seem strange, but the breaks are not less important than the intervals of activity. During the rest you relax, you charge with new forces. You can reflect on your trading and make your trading plan even better.

No one will give you guarantees that trade will bring you money. The chances of success depend on your skill, control system, discipline and much more. But as they say, you can lose the battle, but win the war. And to win the war, you need a good plan that will make you consistently successful and allow you to survive in the market.

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Melissa Cartew is a writer, who enjoys writing on diverse topics. She has education in the realm of marketing and is highly aware of the trade. Her hobbies also include traveling, reading about promotions and psychology.

translation

Is Your Business’ Global Message Lost In Translation?

American businesses with plans to take their products global know they will need to overcome language barriers, but that little chore could prove to be a greater challenge than they realize.

The potential for missteps abounds as companies attempt to translate websites, apps, user manuals, print advertisements, marketing emails, and other materials for a customer base that’s not their usual audience.

“It’s critical that companies be aware of not just how their products will be perceived, purchased, and used in other countries, but also that selling internationally requires tweaking business processes,” says Ian A. Henderson, author of Global Content Quest: In Search of Better Translations and co-founder with his wife, Francoise, of Rubric (www.rubric.com), a global language-service provider.

“Many products designed for and by Americans are in high demand in other countries, but that doesn’t mean the user experience will be exactly the same.”

Some translation complications that businesses encounter could easily be avoided, Rubric’s founders say. A few of those problematic situations include:

Creating poor user journeys. The Hendersons say they sometimes encounter clients who have a general idea of what the content should be in English, but have not thought about what it should be in other languages, or how to adjust it for different cultures. “Because of this,” Ian Henderson says, “people often end up translating for the sake of translating from some vague idea of necessity, rather than to intentionally grow the international market for their product in a strategic way. This leads to a poor user journey.” If you don’t put time and thought into what you are translating and why, he says, you may end up with inconsistency in content.

Using misapplied tools. Companies often look for software that will solve all their problems, and in many cases a multi-language feature is sold as part of a content-management system, or a product-information management system. “Unfortunately, it is often not very effective,” Francoise Henderson says. “Translation is more of an art than a science, and it is rarely as simple as plugging words into a program.” She recommends running a pilot program to test out new software before committing to buying it.

Adding translation to someone’s other responsibilities. Companies often make the mistake of assigning translation duties to someone already on staff simply because they speak the languages in question. “On the surface, that seems to make sense because the person knows your product and is already on your payroll,” Ian Henderson says. But the employee won’t make translation a priority because of competing responsibilities. When the employee does prioritize the translation, the rest of their work suffers. Also, just because they speak the language doesn’t mean they are competent writers who can successfully convey a message from one language to another.

Being stuck in silos. If departments within a company fail to communicate, information might be unintentionally translated multiple times, costing the company thousands in extra translation costs, Ian Henderson says. Other times, different departments will use different vendors to translate. So when put through translation, a product’s packaging claim might not correspond to the material that marketing or legal is sending out. One solution, the Hendersons say, is to have a central communications hub through which everything flows.

“One thing we’ve learned is translation is more than just a language problem,” Francoise Henderson says. “People and the products they buy vary from country to country. As a result, marketing can’t be too uniform because it won’t speak to all the audiences. But if it’s too individualized, you can lose your brand identity. The trick is creating a balance that both preserves the global brand and serves the local needs.”

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About Ian A. Henderson

Ian A. Henderson (www.rubric.com), author of Global Content Quest: In Search of Better Translations, is chief technology officer and co-founder of Rubric, a global language service provider. During the last 25 years, Henderson has partnered with Rubric customers to deliver relevant global content to their end users, enabling them to reap the rewards of globalization, benefit from agile workflows, and guarantee the integrity of their content. Prior to founding Rubric, Henderson worked as a software engineer for Siemens in Germany.

About Francoise Henderson

Francoise Henderson is chief executive officer and co-founder of Rubric, overseeing worldwide operations and Global Content strategy. Under her guidance, Rubric has generated agile KPI-driven globalization workflows for its clients, reducing time to market across multiple groups and increasing quality and ROI. Francoise has over 25 years’ experience in corporate management and translation.

logistics strategy

10 Experts Share Tips on How to Develop a Winning Logistics Strategy

Effective transition of resources cuts production costs, which in turn gives you more maneuvering space to improve other aspects of your business. However, choosing the optimal strategy is demanding, especially for startups. Less experienced business owners can easily fall into a trap and focus their attention on expensive solutions that never show results and live to see their business crumble.

Therefore, we’ve decided to share some of the most constructive pieces of advice from people who mastered logistics strategy development.

Shawn Casemore

Founder and the president of Casemore & Co, Inc. wrote a book on operational management, focusing mainly on sales but most of his ideas are universally applicable. Shawn states that the distribution network holds significant savings potential if properly handled. Leveraging predicted sales volume to negotiate a lower price is one of the key components in logistics. 

Providing long-term cooperation to a courier service often leads to reduced freight costs, meaning more money stays in your pocket. It’s the same as it’s with professional writing services, the more work you need the better terms you get in return. 

Danny Yunes

Coyote Logistics’ Manager of Supply Chain Strategy is a veteran in the industry, with an immense experience that provided him with an important takeaway. Danny Yunes claims that logistics should be calibrated according to the needs of your customers. If your core consumers expect quality service rather than speed because their priority is to receive undamaged goods and according to specifications, your target strategy is clear.

Samuel Levin

SaaS transport management and outsourcing are what MavenWire‘s Managing Director has to say to startups that can’t afford substantial investments in logistics during the first few years. He argues that these options are affordable and easy to keep up with, allowing less experienced managers to stay on top of the process.

Steve Murray

Experienced Chief Researcher at Chain Supply Visions claims that implementation of Sales and Operation planning is the most effective way to build up the performance of each company department to its full potential. This strategy includes cooperation among departments, synchronization of each operational process to reduce loses, avoid penalties, keep data updated, and keeping this harmony in place through constant process auditing and dealing with every issue as a team.

Imagine running an assignment service and your writers sit idle because the orders are not coming through. The whole team should work on finding the solution that will allow seamless workflow and keep the customers happy with the turnaround time. 

Nick Martin

Founder of RiskLogic says that logistics strategy should be resilient. His thoughts are that Just-in-Time strategy seems perfect in the short run but it is fragile because minor setbacks can put your entire operation to a halt. A resilient strategy is one where you are prepared for every eventuality and there’s not much that can disrupt your flow.

Rick Blasgen

Council of Supply Chain Management President and CEO, Rick Blasgen, keeps it simple. His advice is to hire a logistics expert with a proven track record and let that person analyze your options and start working on your strategy. You could start your hunt on LinkedIn and carefully pick top candidates. You could also visit professional conferences for potential hires. Think of it like googling to decide would you hire AssignmentMasters, Assignment Geek, or Grademiners review service to develop marketing content for you.

Clay Gentry

Transportation Insight’s VP of Logistic Operations says that one should develop a strategy according to its impact on your business goals and customers’ operations. His advice is to focus on fulfilling service level goals while implementing the most cost-effective method of resource distribution. Moreover, Clay suggests that outsourcing is sometimes more effective than investing in the development of logistics infrastructure.

Mark Broussard 

CEO of SAMI emphasizes the importance to keep investments in logistics rational, especially in the early days of conducting business. His idea is to be clear that each action you take makes perfect sense for your business at the time that action is taken. Mr. Broussard thinks that every investment and step forward in the development of your strategy needs to support your entire process. 

Kenneth B. Ackerman

Mr. Ackerman devoted his entire professional life to logistics and warehousing management, eventually founding Warehousing Forum, a vault of industry wisdom. His advice is to follow the corporate strategy. Let’s say you decide to start a business and write custom papers for college students and your goal is to provide the fastest service on the internet to take over the market from bestessays.com.au and myassignmenthelp review because they are your main competitors. From the moment you pick up an order to the moment of delivery, the process efficiency depends on flawless logistics. 

Tim Garcia

As it’s to be expected from one of the leaders in the chain management software development industry, Mr. Garcia suggests you should invest in digital solutions to enhance your logistics. His arguments include commonly understaffed supply-chain which makes people work faster and make more mistakes, ability to keep track of each item and financial leverage against a team of experts that would do the same job for much more money.

Conclusion

Enhancing your logistics doesn’t necessarily mean you should pour money into expensive infrastructure or state of the art management software. In most cases, it’s all about organizing that which you already have to serve your purpose the best. However, working with limited resources makes planning and organizing the chain that binds the production somewhat of a challenge. We hope these words of wisdom will help you in achieving your goals.

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This guest post is contributed by Kurt Walker who is a blogger and college paper writer. In the course of his studies, he developed an interest in innovative technology and likes to keep business owners informed about the latest technology to use to transform their operations. He writes for companies such as Edu BirdieXpertWriters and uk.bestessays.com on various academic and business topics.

5 KEYS TO EFFECTIVE PLANNING FOR CAT EVENTS

The National Oceanic and Atmospheric Administration (NOAA) recently issued its forecast for the 2019 Atlantic and Pacific Hurricane Seasons. Specifically, NOAA forecast 9-15 named storms, 4-8 hurricanes and 2-4 major (Category 3+) hurricanes between June and November for the Atlantic Basin. It also forecast 15-22 named storms, 8-13 hurricanes, including 4-8 major hurricanes, through November for the Eastern Pacific Basin.

Although NOAA indicated its forecasts are “near normal” for the Atlantic Basin and “above average” for the Pacific, even one storm making landfall in a populated area can have dire consequences for local residents and businesses, as well as their trading partners and customers. 

Business leaders and managers whose enterprises and key trading partners are located in areas vulnerable to catastrophes need to plan effectively and well in advance for any potential disaster. Here are five keys for effective disaster planning and management.

1. Develop and test an emergency response plan.

Create a team of key personnel and external resources needed to prepare for and respond to a disaster affecting your operations. Besides members from your risk management, executive, legal, accounting/finance, IT, HR, operations, and communications, the team should include your insurance broker, risk consultant, claims adjuster, and restoration contractors for emergency repairs of damaged facilities.

Have multiple contact information (including office, home and cellular phones; business and personal email) for each individual and create call trees to contact everyone on a timely basis.

Designate an internal leader, such as the risk manager or CFO, and alternates to coordinate  response and claims teams, and oversee the plan’s implementation.

Next, carefully assess the potential vulnerabilities of each facility, such as wind damage, flooding, and fire. Conduct a comprehensive evaluation of your organization’s facilities and locations situated in regions prone to hurricanes so you have a full understanding of business interruption and asset values at risk from these events.

A key lesson from past storms: Planning must address not only wind-related loss, but also storm surge, flooding, extended power outages, and interruption of land line, cell phone and internet access, as well as the potential for sustained site inaccessibility.

List all measures needed to prepare for such events in advance, as well as to respond at each stage as they unfold, including pending, immediately prior, during, following, preparation of the insurance claim, process management or repair and restoration through full recovery.

Develop a project flowchart or playbook so everyone involved understands the plan and their responsibilities. New planning “apps” on mobile devices can ensure all team members have ready access to all required details as storms approach and their actions are needed.

Rehearse the plan and test it using tabletop exercises. Be sure to update it regularly to account for any changes in personnel, operations, and activity.  

2. Know emergency procedures and resources.

Well in advance of any event, contact the local Emergency Management Office to gain an understanding of community evacuation plans. Have a citizen band radio system at each facility to track storms and obtain critical government notifications.

3. Engage employees.

Inform all employees of your hurricane and natural disaster plan and have supervisors explain elements that apply to them, including their individual responsibilities when storms occur in areas where they live and work. They should know facility shutdown procedures, including how, when and by whom they are to be implemented and communicated.

Prepare for events that occur when employees are at any facility; make sure they have access to adequate emergency supplies (such as 72 hours of nonperishable food, potable water, first aid kits, lighting and communications devices) and safe locations onsite if they need refuge from floodwaters or structural collapse.

4. Safeguard facilities and critical equipment.

Plan to protect or secure outside equipment and inventory. Safeguard windows against breakage with permanent storm shutters or cover them with marine plywood as storms approach. Divert water from holes in foundations, doorways and sills, and other openings. Inspect roofs, HVAC systems, elevators, and loading docks for potential exposures.

Be prepared to anchor or move yard structures and equipment (trailers, cranes, loose yard storage, high profile materials, storage racks, etc.) that may be vulnerable to high winds. If sites contain drums of hazardous chemicals, move them to sheltered areas.

If your inventory includes perishable goods, have back-up generators for refrigerators/freezers or arrange transport to another facility. If possible, move susceptible equipment to higher levels.

5. Create a detailed business continuity plan.

Building on the measures taken in the emergency response plan, work with your team to create a comprehensive business continuity plan. Set priorities by identifying critical operations where any downtime or outages will have the greatest impact on the company’s revenues and business, including potential loss of market share, customers and key employees.

Be prepared to move records, computer equipment, and other sensitive equipment/valuable items to other locations in the event of a pending disaster. Additional advance steps include:

-Create electronic back-ups of critical paper documentation.

-Prepare for disruptions in telecommunications, including email and internet access.

-Plan for electric power outages and utility service disruption. Fill diesel engine-driven emergency generators and fire pump fuel tanks. Maintain extra supplies of fuel.  

-Develop a system to advise customers and suppliers of a potential disruption in operations, as well as for keeping them informed of progress in restoring operations after an outage.

-Check key suppliers’ plans to address any disruptions in service or the supply chain.

All measures should be documented, communicated to individuals involved, and the entire plan should be reviewed and updated regularly.

Besides helping protect employees and properties, emergency response and business continuity plans are a key part of a company’s property and business interruption insurance application process. Often, evidence of comprehensive and robust preparation may have an impact on the availability and cost of related insurance protection.

With appropriate planning, businesses can help minimize the potential impacts of hurricanes and other disasters on their operations. As the 2019 hurricane season progresses, these measures can reduce the chances of storm-related employee injuries and property damage, as well as accelerate recovery and reduce potential losses.

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Peter Jagger, a managing director, Aon Global Risk Consulting, works with the firm’s clients on their pre-loss and post-loss planning and risk mitigation. During an insurance industry career that has spanned more than 25 years, he has been involved in claims program design and development, and the preparation of property claims for a variety of industries. Previously, at Aon, he served as director of Property/Casualty Claims/Specialty Services responsible for the oversight and management of the property and casualty claim staff. Over the years, he advised clients around the world that have sustained losses due from such large-scale disaster events as Hurricane Georges, Super Typhoon Pongsona, Hurricane Katrina, Hurricane Wilma, Hurricane Ike, Thailand flood, and Super Storm Sandy.