Practice makes perfect. That is certainly the
case in the exciting world of forex trading.

Most newbies to forex will have to go through a
period of education and learning to gain the fundamentals of how to trade, what
to trade and – arguably most important of all – when to trade.

That will take you from being a trading
newcomer to the position of a novice or amateur. So how do you move on from
there to become a pro trader – one who makes a consistent secondary income from
their trading, with designs on it becoming their primary way of making money in
the future?

Here is one thing that DOES NOT separate a professional
from an amateur: technology.

Some people think that when you have a pro
set-up, with multiple screens, the leading software and an array of technical
indicators, that you suddenly become a professional.

But here’s the thing – you can have a pro
set-up with an amateur mindset, and ultimately that will not take you to where
you want to go with your trading.

Instead, focus on the five pointers listed
below. Master them, and your journey from pup to pro will be a whole lot
quicker and smoother!

#1 – Be professional

Sounds simple, right? If you want to be a
professional, you have to think like a pro and act like one.

One area where amateur traders tend to fall
short is with their mindset. Are you trading as you see it as some kind of ‘get
rich quick’ option? Trust us when we say if money is your only motivation, you
are 99% likely to fail as a trader. You will chase losses, shovel more and more
money into your account and, ultimately, lose the drive required to be
successful in the long-term.

Professional trading is difficult and requires
plenty of effort, research and – in the vast majority of cases – some kind of
learning process. Even pros make mistakes when the market moves against them!

At the very least, pro traders invest in
quality software – asking questions like is OCTAFX a good bet? – and don’t try to cut
corners. They take the time to research their chosen Forex targets every day,
and they rid themselves of distractions – phones, iPads, and social media.
YouTube and the like need to be put on the backburner.

Think like a pro to become a professional.

#2 – Plan your every move

Amateurs dive into the markets with both feet
when they think they have spotted an opportunity, with no real plan on what to
do if prices move against them.

The professional, meanwhile, caters for every
eventuality before they open a position. They know when to green up and exit a
winning position, and they will have contingencies in place when an unforeseen
change undoes their technical analysis.

Patience and planning help to minimise the risk
of amateurish decision-making.

#3 – Get the pro mindset

Charging into a trade after experiencing the
highs of a ‘winning’ run, or in chasing losses after a previous trade goes
wrong, are classic novice tropes.

Professional traders
act without emotion
– executing a trade only when the numbers and visuals stack up correctly.

Novices only have a small sample of trades to
reflect upon, and that can lead to feelings of invincibility when your ‘career’
starts well – you’ve found an edge, right?

Well, come back after a thousand trades and
let’s see.

As far as you are concerned, streaks don’t
exist – and all of your trading decisions are taken with a pro mindset when the
indicators are there.

#4 – Understand risk and reward

Most newcomers to trading will be risk-averse in the
early stages,
and that is understandable as you are learning your craft and looking to
protect your investment capital.

Professional traders, however, don’t consider
the numbers of a trade – they will open and close a position as their analysis
dictates, not thinking about how much cash they might ‘win’ or ‘lose.’

You can see the difference between a pro and an
amateur in the use of stop losses and other automated tools. Professionals realise
they are essential – amateurs let their emotions take over and refuse to use
their software correctly.

#5 – Reflect and analyse

A trade is a trade – some you will close in
profit, others you will have to take a loss on the chin.

The critical point is that one trade should not
affect the next – all of your positions should be taken independent of one
another. You have to fight the desire to be more risk-averse after a loss, or
gung ho after a profit-maker.

That is perhaps the key differentiator that
sets professional traders apart: they make a trade, analyse it and note what
they could have done differently, and then move on to the next.

If you consider yourself an amateur but want to
improve your trading, we heartily recommend keeping a notebook of your trades –
what did you do well and what could have been improved?

By following this, and our other steps, you can
make the leap to professional trading in the future.

Almost
1.5 million Ghanaians that reside abroad feel it is very difficult to send
money to Ghana to drench the thirst for
necessities of their family. The transfer methods are difficult and
time-consuming while the share cut down as a transfer fee is another critical
issue. For them watching a considerable portion of their hard-earned money
going into the pockets of money transfer platforms is a painful experience.

So,
we came up with a solution to these problems, and it is named online money
transfer!

Remittances Inflows to
GDP:

Ghana
is the 1st state of Africa that achieved Millennium Development Goal 1, and
according to a report, remittance flows are an essential reason for this
positive change. The ex-pats added 5.9942% value to the gross domestic product
through their remittance inflows. This value is expected to increase in the
coming years. Still, the issue is Ghanaians are mostly unaware of some
exceptionally well money transfer agencies that can do a lot of profitable
savings. 

Break The Stereotypes
and Explore More:

Mostly
when they intend to send money to Ghana, they go to the banks and sit all day
long, wasting the time they could either have utilized somewhere or got rest in
it. They even have to go through lengthy procedures and unnecessary fillings of
forms and attachments of documents. That all adds misery to their already
complicated life. Here the actual problem is their misconceptions about online
money transfer services, which they think will be challenging to use, time
taking and profoundly changing.

Our
suggestion for them is to break the stereotypes and explore more as an online
money transfer system is a whole new world!

Online Money Transfer
Service; Relief from Modern Problems

Online
money transfer service was introduced to the people as a remedy for their
problems which became standard after the concept of remittance flourished.
Earlier it was used to address the issues like long transfer time, high
transfer fee, and extended tours to banks but over time, it’s circle enlarged
to add other problems too. Currently, the online system of money transfer
mainly includes:

• Faster remittance
• Lower transfer fee
• Liberty to choose transfer method and locations of withdrawal
• Multiple currency exchange

The
services of an online transfer system are still growing, and that’s why we can
say that this system is slowly taking over traditional methods, and so is here
to stay.

Best Among the Rest:

Which
online transfer service can be the best option for overseas Ghanaians to
transfer money to Ghana? The answer to this question lies in the following
queries:

• Do they want to enjoy the transfer procedure from the comfort of their home?
• Do they feel getting an exchange for money is fatigue for them?
• Are they willing to cherish the most reasonable transfer rates?

If
all these questions, bring the answer “YES” then they should try ACE Money
Transfer service. 

ACE
has been there for the ex-pats for the last 18 years to make their experience
worth remembering. The impressive features multiply the comfort and thus
happiness of its customers. It provides challenging and unbeatable transfer
rates. So who can be more worthy than ACE?

How to Use ACE:

For
using ACE for your next transaction, you will need a smartphone or desktop and
an internet connection. 

You
will first have to register yourself by installing the mobile application of
ACE, or you can proceed further through the official website. An extensive
number of installations of this app is recorded this year. After registration,
you will

• Add your details
• Your recipient’s details
• Select the transfer method
• Enter the amount
• And pay easily

In
a matter of 10 minutes, your money will be transferred to your
family waiting in Ghana. For your satisfaction, a notification will send to
both of you.

Wrap Up:

The
increase in remittance can win the fight against poverty and the scarcity of
necessities of life. Today’s world is applying this method, and Ghanaians need
to use it as GDP can be significantly supported by people who send money to
Ghana their homeland. The money which is required for the household
requirements can turn the tables and add significant value to the country’s
development when seen in the big picture.

Research published by the Money Advice Service shows that 40% of British adults have less than £100 in savings. This leaves them exposed to all sorts of financial risks and will make it more expensive to deal with unexpected financial costs.

The figures are even worse when you separate it out by region. While the South East, which is the wealthiest part of the country, has 30% of its adult population with less than £100 in savings, it is worse in Northern Ireland and the West Midlands where the proportion skyrockets to 56.8% and 55.2% respectively. 

Wales and Scotland weren’t far behind, with 50.1% and 48.4% of its adults having less than £100 to their name. 

The research highlights a huge problem, with large proportions of the population not getting into a “saving habit”. Not having a cash reserve means these people will have to borrow money to pay for unexpected bills like a house repair or a garage bill. Borrowing money usually means paying interest, which increases the cost of the expense over the long term. 

Not a Lack of Cash

The Money Advice Service’s research showed that around one quarter of those on low incomes (less than £13,500 per year) still have more than £1,000 saved up. Meanwhile, almost half of the households with no savings earn more than £30,000 per year. 

From this, it has concluded that for a large proportion of the population the barrier to saving is that people adopt a “live for today” attitude instead of one that sets and works towards financial goals.

If you are one of these people and would like to begin building yourself a nest egg, then consider some of these options.

Set a Budget

Setting a budget is the first step towards saving money. You need to list out all of your fixed expenses; things like your rent/mortgage, utility bills, mobile phone, council tax, and commuting costs. These are bills you need to pay no matter what.

Then count up expenses that you can vary. These can include, food, meals out, entertainment, satellite TV, new clothes, and other discretionary spending.

You may also want to set aside a small amount each month for expenses you know you have to pay for every year. For example, dentist checkups, car servicing and MOT, Christmas and birthday presents. Add them together and divide the total by 12 to get your monthly cost. 

If the total of these three categories of expenses is higher than your monthly earnings, you need to start cutting. You can’t usually cut the first group (apart from some exceptions we’ll get to shortly), so you’ll need to start reducing your discretionary spending (we’ll get to how later).

Keep going until you have an amount of money left over at the end of the month that will help you achieve your financial goal. For example, if you want £2,000 of savings after a year, you’ll need to set aside £167 each month. 

Cut Discretionary Spending and Variable Bills

Now you have to find ways to make your spending habits fit your budget. Here are some ways you can do that.

Use Promotions, Vouchers and Coupons

Using vouchers and coupons may not make you look cool, but they will let you keep more money in your pocket. You can use them for almost everything too, so you’ll find ways to save money in just about every category.

Supermarkets and food manufacturers offer discounts and freebies to encourage you to try new products to promote loyalty. You can also find discounts and promotions offered by restaurants, entertainment businesses like cinemas and bowling alleys, and online casinos like Paddy Power Casino. 

Remember to only use them if you were going to spend the money anyway. Visiting a restaurant because you have a voucher means you spent money you wouldn’t have otherwise, so it’s not a saving. 

Use Loyalty Cards

Loyalty cards are another great way to cut your spending; they let you earn points and get discounts off spending in stores like Tesco and Boots. Again, just be sure you only buy things you would normally, otherwise you’ll not actually be saving money.

Ditch Satellite TV

Expensive TV packages from the likes of Sky and Virgin Media can really hurt your bank balance. You can find alternative options for TV, movies and even live sport through streaming services. 

Many providers, including Amazon Prime Video, offer free trials, so use these first and then you can choose one to subscribe to for the longer term. At around £9 per month, these services cost much less than the most expensive TV packages from Sky and Virgin which can cost upwards of £50 per month. If you watch live sport, you may find that a NowTV Sky Sports pass is a cheaper way to watch games. 

Some money transfer services help not only to speed up and secure the transaction, but also save money on it. With online systems, the user does not need to open a bank account or wallet.

One of the most convenient options for both the sender and the recipient is an online transfer to a bank account. The sender can quickly carry out an operation without having to go to a bank, or collect a large package of documents, while the recipient does not need to pay a withdrawal fee. In addition, you can get by with a minimum of documents. You can transfer money through international payment systems in different ways: online and offline.

Cut Fixed Expenses

While you can’t usually cut your fixed expenses by much, there are some ways you can find savings. 

Switch Your Energy Provider

Although you can’t change your water company in England, you can switch to a different electricity and gas supplier. Online price comparison sites like USwitch and Money Super Market provide you with a list of suitable alternative companies. If you haven’t switched before or for several years, you’ll likely save hundreds of pounds per year by moving to a new company.

Remortgage

If you own your home with a mortgage, you may find you can reduce your interest rate (and therefore your monthly cost) by switching to a new lender. If you are not on a fixed rate/term mortgage, then you will likely be able to switch.

You can do it yourself, with several sites online that can offer help. Alternatively, you can use a mortgage broker or independent financial advisor to find you the best deal. 

Check Your Mobile Contract

If you pay for your mobile phone on a contract and you’ve had it for more than two years, you are likely paying more than you need to be. Contracts usually last for two to three years, after which you will have paid off the cost of the handset. 

Some companies don’t lower the monthly fee afterwards though. So if you’re happy to keep your current phone for a while, look at switching to a SIM-only contract, which will be significantly cheaper.