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FIVE SIGNIFICANT TRAITS OF PROFESSIONAL TRADERS

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Traders should develop some traits which will help to gain success. They should not think, by investing money, they might do better. They have to do some paper works before starting trading. Being a trader, if you think, professionals have easily gained success. Because it’s not possible. They have struggled a lot to reach this condition. However, to become successful, it is important to work hard. You need to improve your skills and increase your knowledge. Otherwise, it would become tough for you to do better.

Now we’ll be going to demonstrate the five significant traits of professionals. So, read the article properly which might aid you to do better.

 

Not bothered about the losing streak

Every trader should accept the loss to achieve the goal. However, it is natural that in the trading field, traders have to face the losing and winning streak. So, they should become prepared. If they trade with confidence, they might not face any issues. On the other side, if they lose their confidence level, they might face trouble. However, being a trader, if you can embrace the losses, you may not face any troubles. Take the losing streak as a wake-up call. And then, take the actions which might aid you to do better.  And during the trading, use premium fx trading account from Rakuten to avoid unnecessary technical problems.

 

Take the action based on the journal

You should keep a journal to identify the errors. You need to think, without identifying the errors, it will be possible to get good outcomes. However, traders should know about their strengths and weakness which will help to reduce the weakness and sharpen their skills. You need to develop a good journal which will help to measure the performance. Without measuring the performance, you can’t take the action to make progress. They need to take the notes properly to get the right views of their trading actions.

 

Formulate better plan

If you can make a good strategy, you might carry out the trading process properly. You should follow the plan to do the task appropriately. You should give proper to achieve the goal. Bear in mind, without a plan, if you start trading, you may face troubles. Because, without using a plan, it’s not possible to find out the right ways of trading. So, you should formulate a better plan which might aid you to do better. And don’t take any steps which are not in the plan. Try to learn more about the bulls and bears in the market. It will help you to create a simple plan which will boost your confidence level to a great extent.

 

Take control over the feeling

Pro traders know how to control their emotions. On the other side, newbies take the decision based on their emotions. That’s why they face trouble. So, they should not make any decisions emotionally. Sometimes, traders try to control the situation of the market. And so, they face the worst situation. However, if they can generate positive vibes, they might do better. Because positive vibes will help to reduce the negativity. During the emotional turbulence, try to avoid trading.

 

Not being restless

Professionals keep the patience to grab the right opportunity. To find out the right entry and exit points, it is necessary to wait. But, sometimes, the traders lose their patience and fail to gain success. But, to become the master of trading, they should give time to improve themselves. On the other side, if they try to take quick moves, they may face trouble.

In Forex, traders should work hard to gain success. Otherwise, it would be difficult for them to sustain themselves in the market. However, many traders because of taking the wrong steps, fail to stay in the market. However, as a newcomer, if you face big difficulties, you should choose a mentor. Because the mentor can help you to solve your problems. That’s why try to choose the right mentor who might help you to get success.

 

Finance

Why indirect tax continues to cause headaches for the finance, IT, and tax teams

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By Roger Lindelauf, Director, SAP Centre of Excellence, Vertex Inc

 

Businesses across Europe continue to navigate a complex tax landscape as they attempt to automate their indirect tax determination and calculation requirements. However, many tax professionals use the limited functionality offered by their organisations’ ERP systems, or the in-house software developed by their IT departments to perform the task.

Unfortunately, these solutions are just not sophisticated enough to keep up with the frequent changes to the tax rules and regulations businesses are often subjected to across Europe.

Companies need to deliver accurate and timely finance reports to avoid being fined by tax authorities or being ear-marked for an audit. As a result, tax teams are under increasing pressure to make sure their calculations are right first time, every time. But with organisations typically reliant on the solutions available to them to automate the process, errors are all too frequent and leave businesses wide open to compliance failures.

To look in more depth at the raft of challenges experienced by tax, finance and IT professionals across Europe who use SAP to manage their indirect tax automation process, we recently surveyed their views. The research showed that one of the biggest challenges for 38% of our respondents, is managing tax requirements for multiple geographic jurisdictions, and for a 30%, it’s staying on top of legislative changes to tax and ensuring they’re applied effectively within the solution. And if the tax landscape wasn’t already complicated enough, 30% of respondents cited managing disruption caused by COVID-19 as an ongoing issue, closely followed by Brexit for 29%. Managing accounts payable (AP) determination was also highlighted as a painful task for 29%.

Another cause for concern flagged in the research is the lack of connection between the needs of the tax team and IT’s ability to understand and act upon these requirements using their tax automation solutions. Almost 30% of respondents admit that IT’s lack of knowledge in recognising how to keep up with the solution updates is a real issue. When asked about the limitations of their current indirect tax solutions, 41% agree that there are insufficient internal skills within the business to manage them effectively.

 

Joining forces for a future-proofed tax automation

The frustrations felt by tax and IT when it comes to tax automation are made abundantly clear in the research. Along with finance, tax and IT need to work together to find a better way to manage their indirect tax calculation and determination needs. They also need to agree on a future-proof solution capable of managing whatever changes are likely to be applied to tax rules and legislation further down the line.

When asked about their key requirements from a third-party indirect tax automation solution, tax and finance pointed to reliability, usability, and efficiency for integration as their key priorities. APIs are another future requirement to help build system implementation processes that are more streamlined and create scalability throughout all business and global operations.

Increasingly, we’re seeing more and more businesses across Europe turn to more sophisticated third-party tax automation solutions, accelerated by the adoption of SAP S/4HANA. There’s been a real shift towards organisations opting for a solution that integrates into SAP, improving accuracy for VAT applications on transactions, automatically.

Joining forces with key stakeholders is a crucial step to finding an approach that works successfully for all. However, with tax regulation complications showing no signs of diminishing any time soon, can businesses really afford to stay as they are and take a chance on tax compliance or is it time to invest in a new, more reliable, efficient, and future-proofed approach?

A study carried out by independent market research specialist Vanson Bourne. 420 finance, tax and IT decision makers were questioned across Europe.

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Why the rise of millennials spells change for insurance companies

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By Stephan Kaiser, CEO at KoverNow

 

Most of us, regardless of our age, use our phones to inform shopping decisions, make purchases, order deliveries and carry out even complex banking transactions. What most of us are not doing is managing our insurance policies through our mobiles. This seems odd, and for the millennials amongst us, it’s even more unfathomable. Why should so many other functions of our lives be enabled by mobile apps when accessing a simple insurance arrangement is not?

Much of it has to do with the technology underpinning the insurance value chain. Regulatory changes have put continuous pressure on the cost-income-ratio of banks for the last decade.  This has led to many innovations, including our banking apps (the first mobile banking app was only launched in 2011), but the insurance sector has not kept up, or focused in the same way on efficiency gains and consequently has invested significantly less in IT. We calculate that insurance IT spending as a percentage of revenues has been at about 50% that of banking IT spending over the last 10 years (7-8% for banking and 3-4% for insurance). As a result, we have no apps in insurance for today’s consumers who use their phones to shop around, compare prices, and only pay for what is needed.

Millennials, understandably, want to know why they can’t have more choice, why they can’t select cover just for the items they really value and quickly, without any fuss, from an app. Traditionally selective insurance in which individual items are named comes at a premium price, but not everything that any of us, particularly millennials, own needs to be insured in one job lot.

 

The Millennial mind

In an effort to delve into the attitudes that millennials have to their belongings and insurance, we recently ran a survey targeting 500 people aged between 25 and 39. Our cohort live and work in Singapore, but they are all well-travelled and educated.

We discovered that almost 74% of respondents to our survey already owned health insurance and a fraction below 73% also had life insurance. For this group, this type of insurance was essential. We asked them what items would cause them distress if they were lost, stolen or damaged. Unsurprisingly, given their age and circumstances, almost 80% said it would be a smartphone or tablet, while 71% said it would be their laptop. However, only 12% had taken out insurance cover on these precious belongings.

When we asked further questions, we found that our respondents were willing to purchase insurance for their items, and in fact, just under 80% would pay a monthly amount to secure their electrical goods. The same is true for fashion items such as jewellery, luxury watches and luxury handbags. While they would be less distressed to lose them than their smartphones and laptops, they would still be willing to insure these items.

And how do they seek out suitable financial products or services? Around 45% said they used online search engines and word of mouth recommendations, but 40% said that online reviews, articles and/or videos informed their purchasing decisions.

As expected, most of this young cohort is open to using a mobile app to purchase insurance. When we asked them what the top four most common insurance products they would consider buying through an app were, they said: health, mobile device, life and travel insurance.

This attitude to sourcing services through mobile apps is to be expected. Millennials are a generation that have entered a digitalised workplace and they lead digitalised lives. They expect the services they are offered to be personalised and adaptable, and if they own only a few items that they consider to be precious, why should they have to pay a standard amount for a standard policy? To this cohort, the concept of a mobile insurance app is regarded as convenient, easy to use and user-friendly.

 

Keep up, or lose out

These findings throw out a challenge to the insurance industry to change. What is more, the clock is ticking. While millennials have paved the way for digital transformation, it is the Gen Z generation of digital natives snapping at their heels that will reject anything not available as an app or as part of the digital ecosystem.

So what can insurance companies do to compete? Developing apps is not the difficult part; building them to provide a holistic service that meets the lifestyles of young customers is trickier. When asked what the most important attributes were that would impact their experience when they were using a mobile app, price advantages topped the list, then a hassle-free claims process and easy to use interface, and the responsiveness of the support team.

Millennials are looking for speed and efficiency without compromising their security, which is why banking mobile apps have found such favour. They are also receptive to brand influence, and strategic co-operation with well-regarded brands would be a good step for insurers to take if they want to reach this audience.

Agility, however, is what insurers really need to develop. Standardised policies that cannot be researched, selected, purchased and managed through an app will struggle to find favour with young consumers. But if the policy also lacks flexibility, is too expensive or too complex to provide cover for a handful of precious items, they will reject it outright.

To millennials the apps on their smartphones are the doors to all the services they need and want. If insurance policies cannot be accessed through apps, they are unlikely to be found, let alone used. Insurance companies must change to take advantage of this growing sector of the market, and they need to do it now.

 

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