January 14, 2019, 10:23 am

How a Poker Player’s Mindset is Essential for Financial Investing

by: The Financial Blogger    Category: Investment, Market and Risk

Photo by World Poker Tour / CC BY-ND 2.0
Caption: Vanessa Selbst: Living proof that poker players have the same mindset as financial traders.

There is a reason why the high-stakes financial world employs former professional poker players. It’s because they have a mutually beneficial appetite for risk. They must prepare to make sense of “noise” and patterns to employ informed decisions at the poker table. Recently, a three-time World Series of Poker winner retired from playing cards in favor of signing up to the world’s largest hedge fund, Bridgewater Associates.

Thirty-four-year-old poker sensation Vanessa Selbst is one of the most successful female poker players of all time. With almost $12 million in career earnings to her name, Selbst opted to take a different career path. Selbst already worked for one of the U.S.’ biggest consultants, McKinsey & Company, and graduated with a law degree from Yale University, so the world was her oyster after poker. However, Selbst opted to take a risk and move from one highly-charged industry to another in financial investing. Selbst battled through an intensive nine-month course on economics and Bridgewater Associates’ unique trading philosophy to secure a role as a junior analyst. So, why do poker players make good financial investors? What attributes do these demographics share?

They Have to be Savvy and Know the Right Tables/Markets to Play

Savvy poker players take the time to assess the best deposit bonuses and range of cash games and tournaments offered by the leading “must-have” poker rooms. Even savvier poker players will also choose poker rooms that have the weakest competition, e.g., a large volume of inexperienced, amateur players. That will give them an “edge” and a chance to dominate tables. Savvy investors also seek brokers that offer the most competitive spreads and transaction fees. More importantly, they also only invest in markets they have an “edge” in, founded upon technical or fundamental analysis.

Both Demographics Must Be Well-Acquainted with Risk

The most talented and successful poker players and financial investors know when to take big risks and still maintain a level head. The last thing you want in the trading business is to become overconfident with your decisions. Poker players and financial traders must be capable of taking an unbiased view of their decision-making and the time to understand why certain risks go wrong. Both poker players and financial traders know that without risk, there is no reward.

Poker Players and Investors Must Expect Downswings and Upswings

For both poker players and financial investors, it is critical to be able to adopt a “zero-memory” attitude, as losses are inevitable when it comes to playing poker or investing in the stock market. However, it’s crucial not to let the losses cloud your future judgment. Instead, poker players and financial investors worry about their long-term profitability. Sure, they may have a losing week, or even a month, but if they are profitable throughout the course of a year, that’s all that matters. Those that struggle to maintain profitability in poker and financial trading are those that make different decisions after wins and losses. People who suffer huge losses and become increasingly stubborn take risks.

Both Demographics Must Attune to Patterns and Signals

Poker players must know the right time to strike at the table. It doesn’t matter whether it’s an opponent’s decision-making or even their “tells,” successful poker players are razor-sharp and process everything to make sense of the information they have. It’s the same with financial investors who are sometimes must pore over years of data to understand support and resistance points in the market.

The highs are quite high. Equally, the lows are quite low. That’s the way the cookie crumbles as a poker player and a financial trader.

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December 19, 2018, 7:40 am

5 Quickest Ways to Increase Your Website Traffic

by: The Financial Blogger    Category: Blogging

Have you been struggling to increase your website’s traffic? Are you looking for ways to resolve this issue? It seems that no matter what you do, your site’s traffic does not budge. As a result, you are not making enough money or converting sales.

Fortunately, you don’t have to be an expert in SEO or even at copywriting. There are quick ways to increase website traffic, and all of them can return with satisfactory results. So, without further ado, here they are.

#1. Optimize Your Website Content

This method is the very foundation of the system; hence, it’s important that you dedicate time to cultivate this method. If you really want to increase your site’s traffic, it’s imperative that you optimize your website’s content. This is where you need to use relevant keywords that are within your industry or niche. Also, you need to be more interesting with every article or blog you post. Make sure that readers’ interest will be piqued whenever they read your original and unique write-ups.

#2. Start Email Marketing        

Do you want to find a way to get in touch with your customers and help them stay updated with whatever products or services your website has to offer? If so, then start email marketing now. You can do this by sending out regular informative newsletters or promotional discounts and special offers. Doing so can drive traffic straight to your website. For instance, you want to inform your customers about digital advertising strategies or talk about specific topics like marketing platforms, such as the Bannertbit.com platform. This is where you are going to use email marketing to your advantage, by sending them directly to this newly peace of content or promotion.

#3. Guest Blog

Believe it or not, guest posting can help you drive more traffic to your website. Many business owners fail to realize the importance of this practice. Just because you’re writing content for another website doesn’t mean that you won’t benefit from it. The idea here is to use an authoritative site’s to put your content in front of its established readers or visitors. Your goal is to let these people know that you exist – and your golden ticket here is the authoritative site (or sites). Make sure that you follow the guidelines of the blog or website you are hoping to post your content on. Otherwise, you won’t be given the approval to do so.

#4. Engage Online     

Given today’s Internet technology, you have all means to engage people online. You can do so via social media sites, such as Facebook, Twitter, and Instagram, among many others. Post relevant content, share stories about your business and reply to inquiries or comments. The basic idea is to be proactive online, so people will notice your existence. Once you get to pique their interest, they will eventually want to know more about you or website.

#5. Get Listed   

Yes, that’s right – getting listed on various online directories and review sites can help you increase your website’s traffic. These sites give you the means to create a profile that is linked directly to your website. In order to be efficient, you must constantly update your profile every once in a while. Your goal is to receive positive reviews, which is something that can be achieved by responding to inquiries or answering simple questions related to your topic or niche.

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December 13, 2018, 6:09 pm

Financial Tips to Avoid Debt During the Holiday Season

by: The Financial Blogger    Category: Personal Finance

 

 

There is plenty of opportunity to overspend during the holidays, but overspending will only leave you scrambling to pay back your debt in the new year. With the proper planning and foresight, however, you can make it through the holidays without falling into the holiday debt trap.

 

Especially if you’re already juggling debt outside of the holiday season, it can be difficult to enter this time when there are so many expectations and pressure to spend. You might not know what to do if you owe money and still have to pull off the holidays for your family and loved ones, but you don’t have to worry. There are ways you can prepare for the holidays so that you keep your spending in check.

 

Make a List of Gifts

Start with the essentials and make a note about things you will not be buying. Ask yourself: What do I definitely need to get? Who will I definitely be buying for? Typically, people shop for their immediate family, extended family, friends, coworkers, neighbours, and children’s teachers.

 

That isn’t to say you have to buy gifts for all of these people, be realistic about who you will be spending for and from there decide who needs more unique, expensive gifts and who can receive more generic or handmade gifts.

 

Spend Wisely

Take your list with you everywhere. It could be a good idea to have a version on your phone and a backup in your wallet or purse. Stick to the list, it’s important. You can also go into your shopping with cash only, so you know how much you have to spend and so you won’t make impulse buys. If you plan on using credit cards, plan ahead: take the card you’re using and leave the others at home.

 

Prepare for Holiday Expenses

The holidays aren’t just expensive because of gifts, there are other costs that we tend to forget about. There’s decorations, food and drink, travel, charitable donations, and postage and shipping for anything being mailed off.

 

Make a list of these expenses in a spreadsheet or planner and put down your planned spending and actual spending. Be generous with your estimations, you don’t want to spend more than you’ve planned for. If your planned spending is too high, then move some numbers around until you’ve got the right balance.

 

Take Action Against Your Debt

Maybe you’re already struggling with debt and can’t see any way of paying back your creditors on time. If you are in a desperate position of considering bankruptcy, then it’s time to contact David Sklar & Associates for the help of a Licensed Insolvency Trustee. They can help you figure out how to best protect your assets and what steps need to be taken to resolve your situation. A consumer proposal might be what you need, and the sooner you know it, the better. Then you can get back to planning for your financial future and enjoying the holidays without major financial strain.

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November 14, 2018, 6:30 am

Don’t let overconfidence ruin your chances

by: The Financial Blogger    Category: Trading

We are the most intelligent beings on earth. That is because with our brains we have done a lot of things in this world. There are a lot of visible example for this. And using the same quality which is our thinking power, we also have managed to work in different professions. A lot of people have top levels in this world using their calibers and their knowledge in a profession. This is also possible for a normal human being who is willing to lead just a simple life with a decent job. If you are thinking like that, your life will be just fine with proportionate effort. But, people make mistakes still being the most dominating being on this planet. We are talking about the overconfidence in the trading business. Many traders fall from their throne due to the overconfidence in decision making. In the following, we are going to talk about it in more details.

The trading business is adaptive

Those traders who have the most adaptive quality will shine a lot in the trading business. You will almost never experience the same thing in the markets of your choice. So, trades may experience a different type of positions every time. Sometimes, the trades may get a false position which was good in the beginning. But the market started to go into a wrong turn and turn against the suitable condition of the trade. A trader can be only able to deal with all of these things when he or she has the proper knowledge and skills of getting into the markets without hurting the trading account balance. This is a great quality a good trader to have. So, think about it while you are in the trading business.

Focus on your discipline

Confidence is good but when you become an overconfident trader, you actually starting taking unnecessary risk. Though fx trading Australia is a very popular term very few traders are able to make a consistent profit from this market. Most retail traders fail to make money as they don’t know the perfect way to manage their risk exposure. At the starting of your trading career, you need to focus on discipline. Develop a simple trading strategy and stick to the system regardless of the trade outcome.

Traders need to be decent

Just like we talked about in the last segment of this article a trader has to be adaptive to the conditions. And he or she who is trading should not be biased about anything either. You see, in the trading business, a trader has to create a good trading edge first for a good trading process. Then the trades from the account will have to be organized with proper planning and strategies. When all the things are covered from the top to the bottom of a trading process, you would be using it for all the trades. With different conditions, you may modify the process according to the demand. But, sometimes traders may get biased about a certain method. Winning some trades, you may get even more confidence. But, you have to remember, no one is perfect in this world. Any plans are not perfect either in this whole world. If it was then, there was no value in writing this article. So, think about it while you are in this profession or any other.

You also have to be protective

For making a good income in the trading business a trader has to be careful about losing. The number of losses in this business is more than anyone can think about. So, the possibilities of losing money are also high in this business. For that reason, the traders have to be as much protection as they can with money management plans and strategies for closing a trade. You have to do anything that helps with save your capital.

 

Image source: Pixabay

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November 13, 2018, 6:27 am

Importance of using mind map in Forex market

by: The Financial Blogger    Category: Investment, Market and Risk,Trading

Mind map is the diagram that we use to plan our strategy. If you are trading in Forex, you also should use a mind map because it gives you more ways to plan your strategy. There are many strategies but you should not use them in the form they reach to you. Try to develop them, and use them in a demo account to see the result. If you din they are not giving profit, you need to plan them again and trade on demo accounts. If you find they are giving you money, you still need to work on them to make them better. This industry never stops and you also need to change your plan. The mind map is the best way you can plan your strategy for future trends. You do not need any software but your diary and your mind to plan the strategy. Many professional traders use mind map because they want to trade money without losing. It is only possible when you think of all the risks and has planned your trades.

Psychological factors in Forex trading profession

Everyone wants to become a successful trader. But if you do some research, you will be surprised to know the majority of the traders in the United Kingdom is struggling hard. The new traders start their trading career without having a proper knowledge of this market. In their subconscious mind, they always think about the profit factors. This eventually forces them to overtrade the market. You need to have to caliber to control your subconscious mind or else it will be really hard for you to make a profit from this market.

So how do you develop your mentality? First of all, try to keep things clean in your trading platform. Overloading your charts with indicators and EAs is not going to help you. You should rely on a simple trading strategy and focus on the long-term market trend. Try to limit your risk factors by reducing the lot size in each trade. Train your mind to spot the best trades from the very beginning.

How does mind map work?

You may want to know how this mind map works. It is simple and it takes the imaginary form in your mind and uses them to give ideas. If you are thinking to place trade but you do not know what will be the outcome, you need to make a mind map. Imagine a trend where you should place your trades and think of all the strategy. You need to make a plan where to set the stop-loss if the trends go against you, you also need to set the position size so that you are not making a small amount of profit with a good trend and you also need to plan when you should close the trades. This is all possible in mind map. It is also possible to plan this in your mind but when you start giving them form, they become more efficient and you can find out the mistakes. If you have started your trading, it is better if you draw out plans in your diary. Make mind map for every trades and this way you will know if your trades are not working out. Do not think you will make a great plan but make a demo plan. Every time you mind map your trade, it gets better with time.

Is mind mapping necessary?

It is good for your trades. You cannot make money like the other traders and you need to be different. The mind map will give you a chance to make a master plan and place your trades with the right strategy. You should leave any chance and try mind mapping your plan. If you can map all the risks, your chance of losing money will get decreased. It helps to make your strategy better in Forex.

 

Image source: Pixabay

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