Tips

Currency trading or as it is widely known as Forex trading is a popular trade market with a daily turnover of 6.6 trillion USD. It is a global marketplace where people trade currencies with other national currencies. It is really exciting to invest in this market, mainly due to it being high in energy and sucks you in. But just like any other form of investment, it is very important that investors strategize wisely before investing in forex. Here are 5 things every trader should know before venturing into the world of Forex trading:

Picking the best Forex broker

Before choosing a forex broker for yourself there are a few factors that you should keep in mind example, regulations, fees, minimum capital in the account, commissions, and platforms. You should always make sure that the Broker you’re choosing is regulated by a qualified regulatory body. It’s necessary that you select a good trading platform as well, as trading platforms are considered as the doorway to the forex world. Normally, the broker would give a good list of platforms that a trader can select. While some brokers also have their own platforms that they’ve developed keeping their clients in mind. These are usually more favorable than other platforms. It is also wise for a trader to know about the spread fees or the commission fees as well as the minimum deposit required for that broker before they decide to engage in trading. 

Currency pairs

Currency pairs are the price quotes of the value of one currency against the value of another currency in the forex trading market. Currency pairs can be classified into three categories include Major, Minor, and Exotic pairs. Major pairs are the most popular in the market and have the US dollar as one of the pairs as it’s the most traded currency in the globe as well. Minor currency pairs are normally the ones that don’t have the US dollar in the combination. Exotic pairs are combinations of currencies in which one of the pairs has the currency of a developing nation (e.g South Africa, Ethiopia, Turkey or, Brazil). It is to be noted that African currency was hit hard due to Covid – 19 and currency value took a dive when compared to major currencies of the world initially. But, after economies got back up in Africa, while major countries were still under lockdown, the value of their currencies strengthened up as well. 

Practice first

Personal development is really important for a forex trader and this is why practicing is necessary. It is highly suggested that traders use a demo account to test out their strategies before actually trading with real money. Forex demo accounts are offered by all brokers and they are free. Different currency pairs can be tried out and once skills have been mastered traders can choose to shift to a live account and use their own capital to make money. A trader would need time to polish their strategy which would help them to be a master in the industry.

Consistent trading

All traders step into the market with strategies and plans but most fail to stick to it and that’s when they mess up. Make sure that you stick to your plan along the way and stay consistent. Educating oneself is important and it’s also good to take risks as you learn along the way. But it’s necessary to stick to a strategy that works with discipline. Also, as time as experience grows it’s necessary for a trader to rework their strategy depending on their financial conditions and gains from the market. There are gonna be losses but it’s important to learn and adapt along the way. 

Predicting the fluctuations in the market

Old traders prefer to use statistical data on fluctuations before trading, while new traders would simply forecast the fluctuations in the market by looking at external events that might affect the economy of a nation resulting in a change in their currency value. There are people who prefer to use a combination of both methods to plan their next move before investing in. For newer traders, there are tonnes of tools on the internet that help out in predicting the changes in the market. Forex traders should also keep an eye on future trade deals or nations that might have an event that may affect the economy directly or indirectly and plan accordingly while investing. Once a trader has gained enough experience, it’s wise enough to use both statistical prediction and predictions according to events together to read the market as it helps reduce the individual cons each method might have.

We have come to the end of the 5 things you should know before trading in forex. Hopefully, this information will help new traders to plan out and apply it in their initial journey. It is very important that traders form up their own trading strategies and refrain from copying others as something that works for them might not work for you. 

For many people, new furniture simply does not have that softened character we see in well-worn antique items. Fortunately, age can be faked.

With solid wood pieces you have so many interesting options that are available. Just think about wood veneers. You can buy something of a very high quality from a reputable shop like Kairos Shop and then just add the veneers. You can use paint with laminates and many other options exist. However, the following are the most common ones that can be considered.

Painting The Furniture

With paint you can add some faux age without causing physical damage. In order to get much better adhesion, you can lightly scuff the surface with the use of fine sandpaper. Then, you would have to apply paint primer. Since you are going for an antique appearance, you want to get a layered look. To achieve this, you want to paint with a minimum of 2 coats of paint, preferable in different colors. Scuff through paint layers with the use of sandpaper. Then, chip away some small areas with the use of a simple paint scraper.

You can also use crackle paint, which is a great technique. A shade is covering the furniture (even coat) and you then add a crackling medium. In the top coat we see shrinkage so cracks are produced. Then, the base coat peeks through. When you want to get the lighter antique appearance, the furniture needs to be coated with the use of off-white paint. Then, wipe darker shades like golden brown into corners, seams, and all the other recessed areas.

Staining Wood

When the wood is pale, it looks new, no matter what species it is. Even light pine ends up aging to a shade of warmer gold after a couple of years of sunlight exposure. Darker wood stains automatically imply age. When you look at antique furniture, you see a shade that is close to black. Dark tones can be enhanced with the addition of lampblack. Use a spoon and put it over an oil lamp or a lit candle. Then, collect the residue. Stir it inside stain small bits. Do this until the color is what you want to achieve.

Scarring Wood

Wood furniture is well-worn and has an imperfect surface. This happens because of years of constant wear appearing around edges. There are also accidental dings, burns, and scratches. You can mimic marks with the use of your ingenuity and imagination.

Use sandpaper to round off the sharp edges and use a simple ice pick to produce the worm holes. Heavy objects, like a thick chain, can add dents we often see in antique furniture. Then, a wood-burning tool can leave dark spots here and there.

Wood Finishes

Nowadays, polyurethane is the very common protective wood finish. The problem is that the result is not antique-like. It is patently. You need a finish that is more convincing when the furniture was stained, scarred, or even both. Go for something more suitable, like beeswax. You can warm it and blend it with some mineral oil in order to make a paste. That paste would offer a soft sheen if lightly buffed. You just need some extra buffing or new was for touch-ups. Shellac will protect furniture surface more than wax and removes the need of sanding.

For many people, new furniture simply does not have that softened character we see in well-worn antique items. Fortunately, age can be faked.

With solid wood pieces you have so many interesting options that are available. Just think about wood veneers. You can buy something of a very high quality from a reputable shop like Kairos Shop and then just add the veneers. You can use paint with laminates and many other options exist. However, the following are the most common ones that can be considered.

Painting The Furniture

With paint you can add some faux age without causing physical damage. In order to get much better adhesion, you can lightly scuff the surface with the use of fine sandpaper. Then, you would have to apply paint primer. Since you are going for an antique appearance, you want to get a layered look. To achieve this, you want to paint with a minimum of 2 coats of paint, preferable in different colors. Scuff through paint layers with the use of sandpaper. Then, chip away some small areas with the use of a simple paint scraper.

You can also use crackle paint, which is a great technique. A shade is covering the furniture (even coat) and you then add a crackling medium. In the top coat we see shrinkage so cracks are produced. Then, the base coat peeks through. When you want to get the lighter antique appearance, the furniture needs to be coated with the use of off-white paint. Then, wipe darker shades like golden brown into corners, seams, and all the other recessed areas.

Staining Wood

When the wood is pale, it looks new, no matter what species it is. Even light pine ends up aging to a shade of warmer gold after a couple of years of sunlight exposure. Darker wood stains automatically imply age. When you look at antique furniture, you see a shade that is close to black. Dark tones can be enhanced with the addition of lampblack. Use a spoon and put it over an oil lamp or a lit candle. Then, collect the residue. Stir it inside stain small bits. Do this until the color is what you want to achieve.

Scarring Wood

Wood furniture is well-worn and has an imperfect surface. This happens because of years of constant wear appearing around edges. There are also accidental dings, burns, and scratches. You can mimic marks with the use of your ingenuity and imagination.

Use sandpaper to round off the sharp edges and use a simple ice pick to produce the worm holes. Heavy objects, like a thick chain, can add dents we often see in antique furniture. Then, a wood-burning tool can leave dark spots here and there.

Wood Finishes

Nowadays, polyurethane is the very common protective wood finish. The problem is that the result is not antique-like. It is patently. You need a finish that is more convincing when the furniture was stained, scarred, or even both. Go for something more suitable, like beeswax. You can warm it and blend it with some mineral oil in order to make a paste. That paste would offer a soft sheen if lightly buffed. You just need some extra buffing or new was for touch-ups. Shellac will protect furniture surface more than wax and removes the need of sanding.

Whether you’re looking to land a CEO position or seeking to hire a CEO for your organisation, certain qualities constitute the ideal candidate.

Is Education Important to Become a CEO?  

Although several well-publicised college dropouts have gone on to become successful entrepreneurs and CEOs, Forbes reports nearly 40% of the Fortune 100 CEOs achieved an MBA status — and 60% were elite school graduates.  

Credentials from the world’s top academic institutions will not harm a candidate’s chances of becoming a successful CEO. However, having an elite education doesn’t guarantee success. In fact, some of the world’s most famous business brains have landed the top job with little academic achievement.

Egon Zehnder recently surveyed 800 executives. 78% of them believed a person’s track record is a poor indicator of future success.  A notable, 87% also stated an individual’s qualities and personal traits “explain the difference in performance between good and great.”

Qualities of an Effective CEO

Whether you’re part of a big business, or you choose to register as a sole trader and self-identify as a CEO,  the following qualities are worth noting. 

1. Be a Good Strategist

You should be able to effectively collaborate with fellow employees at all levels, know what is required and explore potential opportunities. In an interview with Forbes, Cathy Anterasian points out a worthy CEO candidate can be a great strategist without mentioning “strategy” in their resume. She illustrates this point with an example from her time working with a healthcare board. The board was evaluating a candidate for employment who used the word “strategy” in his job application. However,  he failed to convince them he was the right candidate for the job because of his inability to act in an ever-changing market. 

“When we assessed his actual work, we discovered he was brilliant in ‘keeping the trains running on time’, “Anterasian explained, “but less prepared to deal with the ambiguity and complex market dynamics created by ObamaCare.” 

2. Be an Excellent Operator

Although the previously mentioned candidate may only have kept the trains running on time, the ability to do so is, in fact, a valuable skill. If a candidate is good at planning a company’s next steps — but incapable of mobilising processes to get results — it’s unlikely he or she will become a successful CEO.

An excellent operator should have the ability to analyse the company’s options and put them into action. Anterasian recalls a situation where a candidate missed out on a position because he was unnecessarily over analytical. His actions immobilised the company because important decisions were left unsettled and the candidate was unable to take action in critical situations. “Strong operators deliver performance. They cascade vision down to specific goals, objectives and metrics,” explains Anterasian.

3. Be Compatible with the Company’s Culture 

An organisation’s board members will pay particular attention to whether an individual can fit into the company culture and ethos. Anterasian reveals a damning statistic that suggests 70% of failed hires across all positions result from incompatibility. 

Anterasian worked with a board in a family-owned agribusiness that was looking for a new CEO. The board decided to reject the application of an internal candidate because they felt the leader had to be performance-driven and less “family-oriented”.

An ideal candidate should find the right balance between the ruthless nature of achieving results and adapting and having an impact on existing company culture.

4. Create a “Followership”

A good CEO must inspire the whole team, from board members right down to the rank-and-file employees, so creating a sustainable, healthy work environment that reaps positive results.

To achieve this, you must be clear when communicating your company’s plans for reaching its goals. You must also provide incentives for reaching those targets that will motivate your team. As a result, you will meet your objectives and your employees and fellow executives will trust you enough to follow your subsequent actions. The following 3-step plan is a good way to communicate goals and create an atmosphere of trust and teamwork.

1)   Set a clear and compelling target

2)   Communicate how you plan to achieve that target

3)   Give an encouraging and results-driven purpose for reaching that target

Anterasian suggests that “followership” — where a leader creates an inspirational path and “following” for their employees or audiences— could be a deal-breaker if you can’t evoke passion, creativity and a sense of fulfilment. In an insurance succession she handled, one candidate appeared to be an excellent candidate for the CEO position, demonstrating a strong set of skills and experience. But he didn’t land the role.

His application was unsuccessful because Anterasian and the board heard some employees say that they would “march forward – but with no passion” if he became CEO. So they chose another candidate with less experience but with much more positive employee feedback.

5. Be a Flexible Leader

With technological, financial and political circumstances ever-changing, it’s important to demonstrate your ability to adapt to the variables that may affect your company. 

“No one survives as CEO who doesn’t have the aptitude and potential to adapt to suddenly changing circumstances,” says Anterasian. “Boards look for that, especially with internal candidates who, by definition, are unproven at the CEO level.”

The most telling sign of a candidate’s inability to adapt — and one that will result in rejection — is a distinct arrogance.  A good CEO needs a sense of humility and the ability to take on new ideas and accept changes. They will not believe they are above everyone else. 

 It can be challenging to embrace new techniques and processes if you can’t adapt. The only way out of this is to align your perspective with current trends that could directly impact your company’s longevity. 

Be Shortlisted!

Take on board the tips discussed in this article,  and you should persuade the board you are the perfect candidate for CEO. You’ll also convince them you are the right person to keep the company fresh and profitable.

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