What to know about trading GBP in a forex pair this year

The British Pound (GBP) continues to be one of the most popular currencies traded in a forex pair with GBP/USD generating the greatest trading volume and other pairings offering value to savvy traders capable of entering and exiting the market at the right time.

With 2021 now well underway, traders are still looking to the US Dollar and the Euro as the most viable pairings for GBP. Following the pound’s market recovery in January as the uncertainty surrounding Brexit subsided and the UK government’s impressive COVID-19 vaccine rollout got underway, GBP is in a much better position than it was last year.

That means EUR/GBP is likely to be a focus for traders. The Eurozone has struggled with its own vaccination plans due to concerns about the efficacy of the AstraZeneca (AZN) drug and delivery delays by Pfizer. The EUR/GBP pair is currently trading at around 0.86 compared to the 0.7000 price prior to the Brexit referendum almost five years ago.

The Bank of England has ruled out any interventions to boost the economy in the short term after continuing with its 0.1% key interest rate. The prospects of a complete vaccine rollout by the summer and an opening up of the economy in the coming months bodes well for the pound.

Keeping up to date with the latest forex broker news is the best way to keep abreast of the latest developments that can impact how GBP is traded with pairs in 2021. Perhaps surprisingly, the Swiss currency (CHF) has emerged as a potential pair for traders in recent months.

Switzerland’s currency has made steady gains on its safe haven status away from general economic uncertainty, and the GBP/CHF has been climbing after slumping to around 1.1500 following Brexit. Five years ago, GBP/CHF was trading at 1.5500.

While some experts are less optimistic about the pound this year, the possibility of a full scale vaccination program and Brexit closure could see the UK become a safe haven of sorts in the coming months. There has been talk of the UK becoming a “Singapore on the Thames”, so its business prospects look favourable. Traders should factor in these potential upsides when trading GBP this year as the pound could finally make a sustained recovery.

When trading pairs, it will be hard for many to look past GBP/USD again. The major pair is still in the top three most traded currencies globally. The liquidity of GBP/USD and easy access to trending news that could impact it makes it the currency pair of choice.

In its recent analysis of GBP/USD, Citibank noted that “there’s no doubt that GBP is cheap based on traditional PPP, which sits around 15 per cent below its long-term average.” 

Prime Minister Boris Johnson’s announcement of a roadmap to bring an end to the lockdown could bring a sense of normality back to the country by June. It could also, according to experts, lead to more gains against USD and EUR. Keeping an eye on its progress will be key to trading GBP in 2021.

Employee listening is the buzzword of 2021: here’s why

The pandemic has changed a lot since it first swept the continents in 2019. Since then, lots of people have been working from home. The result? A complete remote workforce for corporations and medium-sized companies. This did not only pose technical issues but also challenges related to the workforce. How can we see how employees feel? Management is puzzled by this new style of working. How can this be improved? Employee listening is coming to the rescue as a new way to measure employee engagement.

What is employee listening?

Although the term suggests face-to-face meetings to understand the feelings of employees, it is not the case. It encompasses a set of techniques to understand how employees are feeling. This, in fact, could be a face-to-face meeting between manager and employee. Such an honest conversation can help stimulate the relationship and also understand potential bottlenecks. This especially holds true in a remote working environment.

Methods to execute listening

Besides these conversations, there are handy tools available that you can leverage. Do you want to measure employee engagement on a larger scale? In that case, you can consider sending out a specialized survey. This survey consists of questions that measure different aspects related to the feeling of employees. Such an employee engagement survey can be analyzed with dedicated tools. Often, the suppliers of the survey have these analytical capabilities incorporated. There are special surveys tailored to the current COVID-19 pandemic available.

Other methods that focus on employee engagement are revolving around the team. The engagement and feelings of an employee are related to team dynamics. By understanding the team, you will be able to measure how they cooperate. This can be leveraged to improve the team in areas where they appear to be weaker.

How it can help your organization

Using these tools can help you get insight into your employees in teams. Especially in times like these, it is helpful to have a clear view of your employees’ feelings. This can be realized at low costs through vendors that have employee engagement tools available. On the other hand, you can also have one-on-one conversations and get a grasp of what your employees deem as important. In the end, it is about understanding what they need and helping them become more productive.

A productive workforce is key

Having engaged employees will result in a productive workforce that collaborates more fluently. With people working from home, this is even harder to achieve for some organizations. For example, if your people need better software and tooling, this can be communicated through surveys and checkpoints. Hereby you stay up-to-date and can act fast upon changing requirements.

Want to learn more about employee engagement? There are many websites available that provide insight into techniques and tooling. Leveraging these will help you create a happy and productive workforce, and that’s what counts.

Are You Self Employed And In Need Of A Personal Loan? Learn How To Get It Easily

Self-employed individuals work on a contractual basis and don’t receive a fixed salary at the end of the month like most of us. When you’re applying for a personal loan as a self-employed person, you have to make sure that you’ve filed your income tax returns on time.

Most banks give out a personal loan for self-employed individuals running their own business for a stipulated period of time. The best part about these loans is that you don’t require any collateral and the repayment tenure is flexible, ranging from anywhere between 12 to 60 months.

Other Factors To Consider

When you’re applying for a personal loan as a self-employed individual for the first time through a bank or NBFC, here are a few other factors you want to consider:

  • Annual Receipts of Gross Income – Banks and NBFCs require gross annual income receipts for accounting reasons. A majority of banks give out personal loans for self-employed individuals as long as they have a minimum Gross Annual Income of INR 5 lacs. However, some organisations require a GAR of between INR 10 lacs to INR 15 lacs for unsecured personal loans, which is why it’s important to check with the institution before applying.
  • Bank Statements – Your bank statements should demonstrate proof of stable income spanning up to 6 months. This will be evaluated to check your repayment capacity for the borrowed amount. Inbound and outbound cheque bounces will also be used when going through your transaction history to run a check on your financial reliability.
  • CIBIL Score – As a self-employed person, banks and NBFCs will ask for your CIBIL score before lending you money. Some corporations want the CIBIL score of the business firms they’re working with besides self-employed individuals to analyse the credit repayment record. Having a high CIBIL score greatly increases the likelihood of you getting unsecured personal loans for business and other purposes.
  • Age Limit – Most banks are willing to give personal loans to individuals who are 25 years or older. The age limit for unsecured loans can go up to 65 years by the time of maturity, however, some organisations are relaxing this criterion. They are giving borrowers as young as 23 years old the option to apply for such loans as long as they have proof of income and a good financial history.

What Can You Get With A Personal Loan?

A personal loan will help you meet unexpected business expenses when you’re first starting out. You may have to upgrade your office equipment, buy new materials, or get a better workspace. Other expenses like paying your employees, shipping fees, transportation costs, and renovation projects require additional funding which can be met through these loans.

If you’re planning to buy new gadgets, entertainment systems or simply are in a cash crunch due to medical emergencies, these loans can help you out. The best part about these unsecured loans is that you don’t need to give the financial institution an explanation on what you need the money for. As long as you make repayments on time and keep a decent credit utilisation ratio, your credit history will build up, thus resulting in solid financial standing with companies.

Sometimes you just want to take a break from work and go on mini-vacations. These loans can be used for those reasons too. You can apply for gold loans if you have a bad credit history since banks and NBFCs give these out without any financial documents or CIBIL scores to self-employed individuals. You can reach out to the bank or institution to request for an increase in credit limit next time after you clear any past settlements and raise your CIBIL Score.

How To Apply For A Personal Loan If You’re Self-Employed

In order to apply for a personal loan as a self-employed individual, you will need the following documents –

  • KYC Documents (proof of identity and address)
  • Office registration papers
  • Proof of income and ITR returns documentation
  • Bank statements

Financial institutions will require you to show that you’ve been having a stable income as a self-employed individual. If your business has been turning profits and you haven’t been running out of projects, you will be on good terms with them. The application process can take anywhere between 3 to 5 business days, depending on which institution you’re applying through, with the entire process being completely paperless.

If you’re applying for multiple personal loans through the same organisation and have built a good credit history with them, the loan disbursal window can be reduced to just a few hours for upcoming transactions. You’ll also enjoy various benefits such as exclusive loan offers, reduced interest rates, and the chance to earn through referral programs once you become a valuable customer.

What Are The Interest Rates Like?

Interest rates for personal loans can vary between 16% to 25% if you’re self-employed. The deciding criteria used to determine these rates is your age, income status, location of residence, employment type, repayment capacity, loan tenure, and CIBIL Score. Your CIBIL Score is a great indicator of your financial standing as a borrower.

It is important that you have a high CIBIL score of at least 750 or more prior to applying. If you don’t have a CIBIL Score, it means you lack a credit history. The good news is that taking personal loans can be a great way to build a good credit history over a period of time. All you have to do is make sure you do timely repayments and utilise your credit line as needed, instead of maxing out on it. You can opt for SMS reminders to stay on track with your EMI repayments when applying for a personal loan through Stashfin.

Conclusion

Starting a business is hard and if you’re just getting used to the freelancing lifestyle or are new to self-employment, you may find yourself enjoying an advantage when you have a secure line of credit. A personal loan is risk-free since you don’t have to put up any collateral, plus the amounts you can borrow can be good for starting rates.

You can get Payback Rewards for these loans whenever you make repayments on time. Online EMI Calculators can be used to figure out what your repayment tenure and interest rates will be like for these types of loans. Overall, if you’re in a cash crunch or simply require additional spending money for running your business, a personal loan can be a great way to fill in those financial gaps.

Eight Tips For Building & Growing A Successful Small Business

Building and growing a small business isn’t easy, and it also doesn’t happen overnight. It is one of the most difficult tasks, requiring considerable effort and a huge amount of time. 

Also, the success of your company depends on your actions and the methods you use to keep your business moving forward. In case you want your small business to be more successful and profitable, here are eight tips to consider.

Update Your Business Plan

You drew up a business plan before starting your own business, right? Well, you need to keep that plan up-to-date. From testing the viability of your business idea to securing debt or equity financing, a business plan is vital for small companies and start-ups for many reasons.

Successful and mature businesses update their business plan every year to review progress and establish new goals or directions for the company’s growth.

The financial condition of your organisation is summarised by the income statement, cash flow forecast and balance sheet, which are included in the financial section of the business plan. From there, you can identify ways to make your business more profitable by cutting costs, increasing sales or reducing losses. If you want to build a more successful business, you need a proper plan for how to get there. 

Ensure You Have A Solid Team

Before you can even think about the growth trajectory of your organisation, you need to be sure you have the right people in your team that can help you achieve it. It is rare when a company can successfully operate and grow without a talented workforce.

Getting and retaining the right people on board is one of the most crucial things you can do with your business. While hiring and training new employees every other month or even a week can be common for a fast-food restaurant, most successful businesses rely on finding quality staff and keeping them for the long term.

Train Your Employees

Having competent team members will help you assign responsibilities and ensure the success of your business. Therefore, try to focus on training your staff to give them the opportunity to learn and improve their knowledge base, which in turn can give them more incentives to work and help to boost their performance. 

As a leader, you can train your employees or use the expertise of your team members to train new people who will join your company. The main goal here is to impart the skills needed to create a consistent organisational process in your business. For instance, you can schedule weekly or monthly training where each employee can add to the list of things what he or she wants to teach the rest of the team. You can focus your training on various categories, such as management, marketing, sales and other essential assets of your business. 

Use Your Social Media

Social media is not only a powerful marketing tool but also an obligatory aspect of any company these days, which reach out to hundreds and thousands of different people at once. Therefore, you need to make sure your company is engaged in social media. By listening to customers and reading their comments, you can find out what they are saying about you and understand how to make them more satisfied. You will also gain insight into their behaviour and find a way to improve your customer service and meet their demands. 

Study Your Competitors

Competition tends to bring the best results. To run a successful company, you shouldn’t be afraid to learn from your competitors. After all, they can do something new and innovative that you can implement in your business as well to make more money.

Keep Improving

Modern technology has a heavy impact on our lives and is changing the way we learn, work and interact with each other every day. To stay relevant, it is crucial to innovate and strive to become better, regardless of your industry. These can be new processes, programs or new thinking. Try to always keep looking for ways to improve your end product, your customer service skills and become more effective in what you do, which ultimately drives profitability. You are either moving forward with your business or becoming obsolete. 

However, refrain from engaging in comment wars. Try to keep a positive attitude and let your potential or existing customers feel that they are heard.

Don’t Hesitate To Get Loans

Starting out your own business requires significant amounts of money. The same is true even for old hand business owners that have decided to take things to another level. If you need loans for the operation and growth of your small business, consider getting them. To do so, make sure you partner with the right lending companies or banks. You will also need to provide all the requirements and fill out the application forms as well as ensure that your loan is in good standing so that your application can be easily approved.

Since nowadays many organisations are losing revenue and seeing their cash flow disrupted due to the COVID-19 pandemic, you can apply for the Coronavirus Business Interruption Loan Scheme (CBILS scheme) to get financial support with two quick lending options. Check whether your business is eligible for CBILS criteria and choose between CBILS loans and CBILS revolving credit facilities to get funds for your business. Whether you need to reopen your business, hire more employees or create an emergency fund during these tough times, make sure to apply for different grants, loans and programs to cover costs and keep your funds safe. 

Invest In Your Organisation

Growing a successful company usually means spending money. Although this can be tricky, especially in the early stages of your business when you make little to no profits, you should invest any money you do toward helping you grow. The company’s ability to invest heavily in itself in those early years helps to accelerate growth, so make sure that you are redirecting any profit back into the organisation.

America’s $600 Stimulus Check ‘Not Sufficient’ to Help Welfare

The second stimulus check has now been distributed by the U.S. Government. Households received $600 to help them cover the financial damage/losses throughout the coronavirus pandemic. 

The amount of this second stimulus check is significantly lower than the first round distributed towards the start of the pandemic in March 2020 – these being $1,200.

Households are only eligible for this financial support if their income is $75,000 or under a year. For joint couple income households, this income limit is raised to $150,000 a year. Those receiving the stimulus check get $600 and a further $600 for children under 17 years old.

What the Industry Says

Those in the finance and loans industry have raised concerns regarding the effectiveness of these stimulus checks, U.S. Lender Pheabs’ Dan Kettle (founder) commenting the following on the matter: 

“Receiving a one-off payment of $1,200 or $600 is useful and will certainly help some households, but it falls well below the national monthly average wage of Americans which is around $2,500.”

“When calculating the loss of income for millions of Americans, the injection of $600 will probably not make much of a difference and it still gives money to people who are working and earning as normal. It could be argued that regular employees do not need this income and it should go to those that need it most.”

“A large proportion of Americans will struggle to claim their stimulus checks and resort to things like payday loans, borrowing from friends or selling their homes or cars to get by – at least until the economy picks up again.”

How Does the U.S. Stimulus Check Compare to Support in Other Countries?

The stimulus check can be seen as comparatively low compared to the financial aid given in such countries as the U.K – where a number of working Brits were granted 80% of their typical monthly wage via the furlough scheme. 

Through the furlough scheme, employers were able to grant selected employees furlough. These selected employees were expected not to work throughout the period they were on furlough, offered 80% of their monthly wage to do this. 

Although the U.K.’s furlough system has been praised by some, providing employees and businesses effective support throughout this turbulent period in time – especially useful for those in the events, hospitality and travel industries – others have taken a more critical perspective on this. 

Some view the U.K.’s furlough scheme as being ‘too generous’, offering employees a significant chunk of their normal wage essentially for doing nothing. 

Pheab’s Kettle comments that “The UK version is not perfect” however, “for a lot of individuals and businesses, the amounts are so large that they will not negatively affect their financial positions.” 

“There will be some people who have fallen on hard times, but generally people should more or less be able to stay on top of their finances. Especially, if you are receiving 80% of your wage, but do not have to pay for travel, dry cleaning or things like office socials.”

Lenders Looking to Return to Half Capacity in 2021

The coronavirus pandemic has been a testing time for all different industries throughout the past year – lending being no exception to this. 

Amidst a combination of compensation claims and COVID-19, many lenders have found it hard to operate at a profitable level, some even stopping completely.

While the past year has been a testing one for lenders, 2021 may be looking a little more optimistic – some even starting to lend again at 25% their typical lending capacity, or even higher than this, with some hoping for a 50% capacity as the world attempts to emerge from the global health crisis. 

With lenders slowly but surely starting to come back from the damages of the pandemic, and payday loans likely to still be popular to the substantial figure of Brits who use them yearly (3 million), the industry could therefore see promising progression during 2021 onwards.

What Other Loan Options Are There During the Pandemic?   

While the payday loan sector could see promising progression throughout the next year there’s a range of other loan options that those in need of finance might also want to explore – including loan options for people with bad credit.

The U.K. Government, for example, is currently offering a coronavirus Bounce Back Loan Scheme (BBLS). This scheme helps small- and medium-sized businesses to access the financial support they need throughout the coronavirus pandemic.

Businesses can borrow from £2,000 up to 25% their turnover (up to a maximum £50,000), with no interest or fees for the initial 12 months. Applications for this type of loan can be made up until the 31st March 2021. 

While COVID-19 has significantly impacted both those in need of loans and lenders who help to provide them, with the providers starting to lend again, alongside a plethora of other loan alternatives, 2021 could be an interesting year for the industry. 

What’s the difference between primary and secondary markets?

The total size of the world’s financial markets and its cumulative assets is hard to quantify, especially as values continue to fluctuate on an hourly basis.

To provide some context, however, the world’s stock market exchanges boast a combined market capitalisation of $89.5 trillion alone, with this largely driven by vast global entities such as the Nasdaq and the New York Stock Exchange.

The financial marketplace is also a complex and multi-layered entity, and one that can be hard to comprehend at first glance. It’s often split into ‘primary’ and ‘secondary’ markets, for example, each of which serve a different but equally important purpose within the financial space.

But what are primary and secondary markets, and why are they both important in the financial realm? Let’s find out.

What are Primary Markets?

In simple terms, the primary market refers to the place where tradable securities are created. In fact, it’s in these markets that firms and organisations sell or float new stocks and bonds to the public for the first time, through vehicles such as initial public offering (IPO).

These large-scale trades provide an opportunity for investors to buy such securities from a bank (which will typically have completed the initial underwriting for a particular stock or asset).

As the name suggests, the primary market provides the first opportunity for investors to contribute capital and secure a stake, whether they’re investing in new stocks or bonds.

Historically, the primary market has been largely frequented by experienced or institutional investors, as there’s no corporeal marketplace where traders can congregate. As a result of this, the primary market also works on fixed and immutable prices, creating a degree of clarity and understanding for participating investors.

You should also note that securities can only be sold once in the primary market, with this providing a huge point of difference with the secondary marketplace and its associated entities.

What’s the Secondary Market?

The secondary market will probably be more familiar to traders, as this refers to the global entities where investors buy, sell and exchange securities that have previously been issued (without the issuing companies’ involvement).

When buying equities, for example, the secondary market is commonly referred to as the ‘stock market’. This description includes the New York Stock Exchange (NYSE) and Nasdaq, which are also amongst the biggest markets of this type in the world.

Other secondary markets are traded over-the-counter (OTC), rather than through centralised and marketplaces. One example is bond trading which occurs through a dealer network. The defining characteristic of the secondary market is that investors trade various asset classes amongst themselves.

Within secondary markets, prices also fluctuate frequently, depending primarily on the asset in question, the specific market’s liquidity and the daily trading volumes involved.

The price points in secondary markets are also influenced by a range of geopolitical and macroeconomic factors, with the foreign exchange offering a prime example of this.

Why do we Need Both Primary and Secondary Markets?

Both markets perform an important function in the wider financial space, and in this respect, they should be considered as two intersecting cogs within an engine.

While both move independently to one another, they’re also reliant on each other to power the global financial system and maintain a continual flow of funds.

For example, it’s the initial influx of money from the primary market that allows for growth and economic expansion, while this space also enables new companies to sell shares and generate a formative source of revenue.

Conversely, it’s the liquidity and accessibility of secondary markets that introduces both flexibility and stability, allowing for continued investment and the distribution of assets across the globe.

How freelancers can have healthy client relationships

As a freelancer, it’s important you understand that work relies more on relationships than most other jobs. The longer clients stay with you, the more projects you will have to work on, and the more cash flows in for you.

A healthy and honest relationship with your clients is extremely important to the longevity of your business. The following tips will help ensure successful client relationships for you as a freelancer.

Outline deliverables and payment terms in your contract

If the terms and deliverables are not clearly outlined in the contract, there can be confusion between the freelancer and the client. This mix-up of expectations can create contractual disputes that may damage a relationship in its early stages after having worked together for years.

Working with clients on projects is much like dating; you want your client to have a good experience with you and continue to come back repeatedly, making you money! Setting clear terms and payment terms at the beginning helps your clients understand what they are getting into while creating a healthy relationship between you.

Ask questions and communicate effectively

Clients place a high premium on working with freelancers who are communicative and ask the right questions.

Having a healthy client relationship is built upon mutual trust and respect. As such, effective and efficient communication is key to having long-term relationships with your clients. Communication also helps to clarify each other’s expectations and even differences.

Stay close and  add a human touch to your business

As a freelancer, it’s critical to keep your clients happy and make them feel valued for future opportunities. Keep in touch with your clients frequently. Otherwise, they might forget that you exist and not think of you when they need additional work.

Also, having a strong human touch in your freelance business is essential to building trust, credibility, and greater profitability than can be achieved strictly online. A “thank you message” with a digital card or birthday wishes will do nothing but make your relationship with them stronger.

Set boundaries and keep to them

Establishing boundaries within the scope of the relationship can help a freelancer build a healthy client relationship.

If your client is someone you interact with routinely, it may be beneficial to set up ground rules for how they can contact you. Ideally, these rules should include respect for certain periods of time in which you choose not to be disturbed, whether for performance or personal reasons.

These types of boundaries allow for both parties to feel comfortable working together without fear of having their space invaded.

Step up your game  with professional indemnity insurance

Professional indemnity insurance is vital for freelancers to build a healthy relationship with their clients. It protects your business and safeguards your clients from any risks that may occur. With this type of insurance, you’ll be fully covered for a range of issues where a client is has suffered as a result of your advice or business. Having this protection in place means that all parties involved can be covered.

Conclusion

The best way to become profitable as a freelancer is by developing positive client relationships. With healthy client relationships, you can build a long-term connection with companies that might even ensure you get more work in the future.

“Open Banking Will Have Positive Impact on Customer Choice,” explains Financial Expert

Open Banking is becoming increasingly popular as a financial management option. But what exactly is it? Financial expert David Beard, from financial services Lending Expert, describes Open Banking and why it is becoming the preferred option for many. 

“Open banking is a safe way for you to allow trusted lenders and providers access to your personal financial data. Information like your income and spending habits can now be shared with lenders which allows them to make more informed and smarter lending decisions when it comes to applying for credit and loans.”

“Back in the ‘old days’ if you wanted a mortgage or a loan then the lender may have asked you to provide copies of bank statements,” Beard continues. “And an underwriter may have had to read through these to assess and verify your bank accounts and spending habits. However this can now all be done digitally and much faster with Open Banking.”

Who is Using Open Banking?

The UK’s 9 largest banks and building societies are already making client data available through Open Banking. These are: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander. However, Open Banking is becoming more widely used, with many smaller banking and building societies choosing to participate.

Benefits of Open Banking

It is evident from the many banks and building societies choosing to take part in Open Banking that there are many clear benefits.

David Beard at Lending Expert, who specialise in second charge loans, comments on how both customers and lenders can benefit: “Open Banking benefits customers by allowing lenders and financial institutions to offer a much more tailored and individual service based upon your own personal financial data. In turn this should mean lower rates of credit, and better affordability checks. This means customers will only be provided with loans then can afford to repay.”

Potential Dangers of Open Banking

One of the main deterrents of open banking for many is concerns about privacy policy and data protection as it allows access to private financial data from different sources. However, it must be noted that Open Banking is a choice and one which may be opted out of at any time. David Beard explains “you have the ability to stop providing access to your financial data at any time. It is designed to keep you in control at all times, and was created for the benefit of both the customer and provider”.

Key tools to use in forex trading 2021

There’s no doubt that the forex market is a huge financial entity, and one that sees an estimated $6.6 trillion traded globally each day. However, this is also a fast-paced and volatile space, and one that remains constantly at the mercy of macroeconomic and geopolitical factors.

To help negate these factors and the inherent risk associated with forex trading, there are a myriad of tools that you can use to trade forex more effectively in 2021.

Below, we’ve listed some of the most commonly used tools and provided some information on how they help traders in the forex market.

1. The MetaTrader 4 & 5

If you’re focused primarily on forex trading, the MetaTrader 4 (MT4) is quite possibly the single most important tool in your investment armoury.

Launched back in 2005, the MT4 has managed to enjoy enduring popularity despite the subsequent release of the MetaTrader 5 five years later, with the latter designed to target an array of other assets such as stocks and commodities.

Using these tools, you can also develop and utilise expert advisor (EA) software to automate your trades and trading signals, improving efficiency and optimising the volume of your orders over time.

The MT4 also offers access to real-time trading functionality and fully customisable charts through a single interface, making it easier than ever to process data quickly and execute orders that optimise your chances of financial success.

2. Forex Calculators

At its core, forex market transactions are driven by a number of calculations, with real-time currency conversions offering a relevant case in point.

In fact, there are a number of specialist forex calculators that can be used at different stages of the forex journey, starting with a pip calculator. The pip represents the smallest whole unit of movement in a currency pair’s exchange rate, and this calculator helps you to determine its value based on the precise position size.

There’s also a margin calculator, which is crucial in the field of forex. Margin refers to the percentage amount required to open and maintain a forex position in your trading account, with a dedicated calculator used to compute the required margin in each individual circumstance.

You can also use a profit calculator as a trader, with this simple tool allowing you to determine a trading position’s profit or loss at various exchange rate levels.

3. A Trade Journal

Finally, we’d also recommend using a trade journal when trading forex over an extended period of time.

In simple terms, this allows you to keep accurate records of each individual trade that you make, creating a clear history of your activity and an invaluable insight into your success or failure over time.

To keep the most detailed records, you should include a brief explanation of the trade’s motivation and its profitability (or otherwise), along with the signals used to execute the order.

Make no mistake; a detailed trade journal can help you to review individual trades and learn directly from your mistakes, while enabling you to copy successful orders and use these to inspire growth in the future.