“Failure is a man who has not learnt from his blunders. If you are able to cash in on that experience you are,on the path to success” – Jay Lakhani, Forex Trader
It is a sad fact that 90% of traders fail, and many very quickly give up. Why? When I went through a phase of losing trades I treated it as a temporary setback and went back to the drawing board. I analysed the reasons of my failure and I sought the guidance of Top Traders,Mentors and Coaches to put me back on the path of success and profitability.In my opinion the high rate of failure for a new trader can be related to the six major obstacles that a trader faces, which are summarised as follows -
1. Poor Skills
2. Lack of adequate capital
3. Setting unrealistic targets and goals
4. Lack of Patience
5. Lack of discipline
6. High risk aversion.
If we look at the list, it becomes apparent that the failure is as a result of trading without having in place a proper Trading System and a Trading Plan– One that includes mind training,quality Forex education and strategies and sound money management rules.So what are the Characteristics of a Successful Trader? All we have to do is to reframe the liabilities listed above;
1. Adequate trading knowledge and understanding. You should seek services of good quality mentors and a trading coach.
2. Adequate capitalisation – Don’t be fooled that you can earn thousands every week from a starting capital of $500
3. Realistic Goals – don’t expect 100% profit each month, it simply is not possible.
4. Have patience – don’t trade if you don’t have to. You should wait for a set-up according to your trading plan and system.
5. Have Discipline to follow your rules
6. Understanding and Managing Risk
7. And lastly the most important is having a Trading System and a Trading Plan. Virtually
90% of Traders that I have coached have never had one!
If you look at the advice from the world’s most successful people or traders today, you will notice that they follow the guidelines as identified above.
“Define first the level of risk you dare assume. Start with a small position, and then build it up if it works” – George Soros
“Give me a stock clerk with a goal and I’ll give you a man who will make history. Give me a man with no goals and I’ll give you a stock clerk” – J.C. Penny
“ If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.” – Jim Rohn
“I can show you the path to successful trading – but YOU have to make a choice to follow it or not.”– Jay Lakhani, Forex Trader
Amazon does it, EBAY does it, so why can’t you?
After all, up-selling is a technique employed by leading
e-commerce sites to boost their sales and though you may
be some light years away from them, this could be used by
you effectively too. And though this is a technique,
there is not a lot different from up-selling and selling
by themselves!
There are many ways you could up-sell a product, but before
we get into knowing the easiest method, know that an up-sell
is a product you wish to sell immediately after he has bought
the first one. Needless to say, the second product or the
product to be up-sold has to be related to the first product
bought by the customer.
To the point – The easiest method to up-sell is to work on
the 'checkout' page!
What you can do with the Checkout Page?
I’m not asking you to redesign the entire webpage. Follow
this process to uncover the easiest method to up-sell.
First, identify your webpage which you want to include the
upsell. It could be your product page, salesletter page,
your newsletter subscription page, your thank you page and
so on.
Then just add an option for them to include MORE products
before they 'checkout'.
So if it’s a newsletter subscription page, ask them if they
want to include a free trial offer to your other paid product
before they click "Register" on your newsletter page.
If your page is a salesletter webpage, give them an option
to include another of your product before they click the
"Order Now" button.
Here’s another example – if your webpage is a shopping cart,
you can always 'upsell' your prospects for them to add more
quantity of the product that they're buying.
The list goes on.
Here are some things you would like to watch out for while
up-selling:
- The product you up-sell needs to be somewhat related to
the product the customer bought. The closer the correlation,
the better it is for you because you'll get more sales.
- Write your up-selling ad as carefully and diligently as you
would have designed your sales ad. Just the fact that the
customer bought one product from you doesn’t mean he is sure
to buy another!
- Up-sell but don’t push – Pushing is bad for any form of
selling and the same applies in up-selling too. Inform the
customer about your product and leave the choice to him.
Also, bear in mind that you're adding more value to your
customer by offering greater solutions to them in your upsell
products.
The method to up-sell your product is not as tough as you
would have thought it to be. Basically, if you’re not
integrating any upsell in your sales funnel, you’re literally
losing money.
It'll cost you more time, effort and money to acquire a new
customer compare to selling to an existing customer who already
trust you and like your product.
Although the technicalities surrounding the deal make it a
slightly tough nut to crack, but I can tell you that it's
worth your time to explore this powerful marketing strategy.UY5USM33JGAV
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