When it comes to starting a small business, it’s essential that you consider as much advice from the people around you as possible to improve your chances of success. With just 50% of small businesses surviving 5 years or more, starting a business is a challenge, so it’s essential that you start your business with a foundation for success.
In today’s post, the financial experts over at Learn to Trade will be outlining some things small businesses can learn from successful forex traders to help you start your business successfully. From time management to having realistic expectations and maintaining excellent levels of discipline and patience, we’ll cover it all, leaving you equipped with the skills to sail into business success.
Tight time management
Typically all forex traders, particularly if they work on a part-time basis, will have tight time management skills. While the forex market operates on a 24/5 basis, not all times of day are a good time to trade – and the window of opportunity to decide on a trade is often very short. As a budding forex trader, you’ll need to decide how to manage your time based on your other commitments, the time you’ll need to spend on training and how long you’ll need to make good trading decisions
The same applies to business – when you’re starting up, you’ll need to define a plan of how many hours you’ll need to work per day in relation to achieving your goals. To ensure that you stay on track, consider using time tracking apps that will help you plan and could even make you more motivated to reach your deadlines. It’s all about making the best use of your working time – after all, there are only so many hours in the day. So, effective time management is the key to getting everything done in your day.
Have realistic expectations
Forex trading isn’t an easy skill to acquire – on the contrary, it takes a lot of time building your skill set so that you’ll recognise a good trading decision. Once you’ve made your decision, you’ll need to maintain realistic expectations to avoid losing money. Often, the market can make a bigger move than you may originally have anticipated, but this doesn’t mean that you’ll earn a substantial sum by investing a small amount. So, traders need to understand the risk versus the reward before placing a trade.
When it comes to setting realistic expectations as a business owner, it’s essential to evaluate your mindset alongside your business goals. If you’re not going to meet a deadline, it’s better to evaluate your expectations with the situation and think commercially to make the most informed decision – whether that means pushing the deadline back or delivering what you have.
You’ll also need to set realistic expectations for clients, which can be quite a delicate process. So, it’s important that you’re always mindful of your limits and don’t over promise when onboarding new clients, making them aware of any potential obstacles to the project as part of the process. Similar to traders, you’ll additionally need to know what may get in the way of you delivering commercial or financial success so that you’re prepared as much as possible.
Be patient and disciplined
Becoming a successful forex trader doesn’t just happen overnight – it takes months (or even years depending if you’re working part time) to build up your trading journal and gain enough practice on demo sites to be confident in a live market environment. Being patient comes hand-in-hand with being disciplined, so crafting one skill will see you perfect the other.
In the business world, it can seem like everything is moving at 100 miles per hour, but by being patient in your day-to-day business, you could save a lot of time through making calculated decisions that don’t result in long-term problems. It’s all about waiting for the right opportunities so that you can make a responsible decision for your business, as well as being disciplined about the resources you can allocate so that you stay within budget and meet your deadlines with a commercial mindset.
When you’re building your business, it’s important to remain patient, disciplined and realistic – all while ensuring that you’re managing your time well to be successful in this fast paced world. Much like forex trading, it’s all about making calculated decisions and taking the time to evaluate them fully while balancing the risk versus reward.
John James is a content writer for Learn To Trade, the foreign exchange education and learning specialists – offering a range of training courses to help people understand the currency trading market, as well as its opportunities and risks.