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Five Easy Steps to Master Forex Trading, According to Experts

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The new traders are always looking for the ultimate holy grain in the Forex market. They often think the pro traders in Hong Kong have secret ingredients with which to trade the market. But in reality, there is no Holy Grail or secret ingredients. You have to trade the market using proper logic and time to time, you have to embrace the losing trades. In fact, losing trades are just a part of this profession. The pro traders are making a consistent profit because they know the proper way to recover losses.

Learning the proper way to trade the Forex market is not all hard. In fact, we will highlight the key point which you need to follow to become a successful trader.

Step 1, open a demo account

Those who are looking to develop their trading career should never trade the real market. Open a demo account with a reputed broker like Saxo and try to learn how this market works. Losing or winning doesn’t really matter since you are placing trades in the virtual trading environment. Try to create a simple trading strategy from scratch. New traders often prefer to scalp the market but this is very risky. It’s better to create a position trading strategy since it will help you to become a better trader.

Step 2, Trade with real money

The second step is the most crucial part of your trading career. As a novice trader, you must find the best trading account in the Forex market or else you will not get free access to the premium trading platform. The smart traders in Hong Kong prefer to trade the market with SaxoTraderPro since they can easily analyze the market variables with an extreme level of precision. Trade this market with an extreme level of confidence and never lose hope after losing a few trades. Stick to your goals and you will succeed in trading.

Step 3, learn from your mistakes

New traders are bound to lose money in Forex. Even after having a proper education, they will often make mistakes. Consider these mistakes as blessings since you can easily learn new things. Write down the details of each trade so that you can analyze your past trade during the weekend. Follow a proper trading journal since it will keep discipline. The pro traders often suggest that new trader’s trade with a low leverage trading account since it greatly reduces the risk factors in trading. In fact, you can’t execute a large volume of trades to recover the losses.

Step 4, focus on trend trading strategy

The trend is your friend. In order to make a consistent profit, you must learn to trade with the market trend. Never think you can change your life by trading against the long term prevailing trend. When you look for the overall trend of the market, try to use the daily or weekly time frame. Never execute a trade without doing the proper market analysis. If you are not sure, seek help from the trained traders to learn more about the trend trading strategy.

Step 5, manage your risk exposure

Once you have a complete knowledge about currency trading business, it’s time to learn trade management skills. You might have the best trading system in the world but without having a solid risk management plan you can’t survive in the trading business. Try to find high-risk reward trade setups so that a few winning trades can easily recover the big losses. Consider trading as your business and trade the market with very low-risk factors.

Stop overtrading the market since it always results in heavy losses. If possible use the price action confirmation signal since it will help you trade the market with tight stop loss. Regardless of your trading experience and trade setup, never trade the market with more than a 2% risk. 

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Five Things You Need to Start a Sewing Business

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If sewing has been your passionate hobby for years, and people are constantly telling you that you are so good at it you should start your own business, then maybe it’s time you stop dreaming about it and take the leap into small business ownership!

But once the decision is made, there are some things that you need to do to get started on the right foot—or maybe, you could say, get started on the right presser foot!

The First Step Toward The Big Opening of Your Business

Make a plan. Before you begin, it’s important to map out an entire plan of action. This will give you a step by step plan to follow so that you can check off goals you meet as you go. 

First, choose your specialty, and decide on your target market. Do you want to focus on alterations and repairs? Custom sewing jobs? Designing? Creating women’s wear or children’s clothing? Do you want to be a custom bridal shop? Bridal shops are almost always immediately profitable. Brides enjoy being able to collaborate with a great seamstress in order to design their dream dress and have it be one of a kind. Having a single success with your first bridal party can get your business off to a booming start.

Decide how much money you will need upfront in order to get started, and then estimate your ongoing costs. Estimate how long it will be before you should begin breaking even on your expenses and income.

The Second Step Toward Your New Business

Decide how you will make money. The most common way that sewing businesses make money is in alterations. This can be for everyday clothing, but for the most part the big business will be alterations for formal events such as weddings and proms. Money can also be made by custom designing clothing. You will have to decide if you want to focus on one area of sewing, or several areas. Do you want to alter wedding and bridesmaid gowns? Or are you willing to design and make wedding and bridesmaid gowns? Is custom baby and children clothing your passion? 

The cost of materials and the amount of time necessary for each project will have to be estimated in order for you to set a price that will cover both and encourage a profit. A small sewing business with a single employee can make anywhere from $20,000 per year to $60,000 or more. If you exceed $60,000, you could consider adding an employee and growing your business enough to make a great deal more.

Profit increasing plans can include such additions to your business as adding a quilting club, or sewing classes.

The Third Step Toward Your Successful Sewing Business

Choose a location. Most startup sewing businesses begin in the owner’s home. Once profits are established, you could consider renting a space. Spaces close to a laundromat or specialty clothing shops such as those for formal wear are ideal.

To start your business in your own home, you will need a dedicated space that can be made to look professional. A spare bedroom, or enclosed porch works well. In rural areas, a climate-controlled shed, barn, or garage may also be suitable. You will need plenty of room for tables, equipment, shelves and racks for fabrics, and possibly a dressing area for clients to try on items or be measured for alterations.

The Fourth Step Toward Super Successful Sewing

Gather your equipment. You will need a very good, dependable sewing machine. If you already have one that works well for you and you are comfortable with, it may be all you need to get going. However, if you are expecting a booming business, or when your small business grows, you should consider a commercial—or industrial—sewing machine. These are very heavy-duty machines that can run for long periods of time and function highly efficiently and rarely need maintenance.

You will require a large supply of needles and pins, and that means in nearly every size and variety. Keeping these on hand will save time-consuming trips to the store to get the ones you need for different projects.

You will need a good serger for cutting and surging seams on tailored pants, dresses, and other items. A serger prevents fraying, which is essential when dealing with clientele.

You will need a great clothing steamer, an iron, and an ironing board. Nothing looks less professional than delivering wrinkled items to a customer.

Your new business will require a wide range of cutting tools, including scissors, cutting wheels, and rotary cutters to allow you to cut multiples of the same items in stacks to save time.

Rulers and measuring devices are also critical. A measuring board can be beneficial for sewing business owners.

Basic business supplies such a paper, pens, business cards, staplers, etc. will all have to be on hand and ready before you begin your business.

The Fifth Step Toward Successful Sewing

Advertise! Putting up flyers in places like laundromats, dry cleaners, and fabric shops is extremely helpful. Further, you should have a logo designed and be sure to mark your flyers and business cards with the same logo. You could consider getting your business off to a booming start by adding a coupon deal to your first flyers.

A website is also critical. Having a website designed and set up, with relevant information on your flyers and business cards, allows people to get all of the information they need about your business quickly and easily.

Place ads in local newspapers and get involved in community projects so people know your name and can start recommending you to friends. This is the best way to spread awareness of your business through word of mouth. Some ideas are helping to alter costumes for local school or church plays and getting involved in costumes for your local community theater.

Once you’ve gotten these five critical steps checked off of your list, your brand-new sewing business should be up and running!\. The sewing machine will be whirring away and your brand new customers will soon be ringing your bell and setting up appointments. And you can finally live your dream! Chances are that you’ve always loved sewing, and nothing thrills a sewing enthusiast more than new projects. With your own sewing business, you no longer have to try to tame your desire to sew because you can indulge in your passion for profit!

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