Member Blog

On March 9, 2020, the prices for oil dropped by 30%. Barrel’s cost of the Brent brand produced in the North Sea on this day was $32.83. This is $12.44 lower than the cost of the same petroleum on March 6. The US crude WTI also decreased to $28.84. Why is it happening?

The Main Reason

Last time, the cost of oil fell so quickly nearly 30 years ago when Americans launched the “Desert Storm” Operation. Current conditions are caused by the collapse of the OPEC + agreement, which Russia left on March 6 due to the impossibility to afford a noticeable reduction in rate. As a result, on April 1, OPEC member states will have no obligation to limit production. That is why Saudi Arabian authorities declare record discounts on oil and share plans to dramatically increase extraction.

Coronavirus Effect

The cost of oil largely depends on world economic growth. Currently, the demand for petroleum is falling in China and many other states. Anxiety due to the recession is becoming more widespread and constant fears of COVID-19 cause panic among investors. Major European stocks fell more than 7%, Japanese indices decreased by 5%, and the US ones dropped by 7%.

Key players were already in dire straits due to quarantine around the globe, because governments tried to contain the outbreak of the virus and prevent a pandemic. There is a lot of fear in the finance sector, and if the cost of oil goes down, it suggests that a decline is not far off.

Market Influence

Unlike the exchange rate, the data on the websites is approximately equal and correspond to Forex trading quotes. Based on this info, the situation with the price of oil is more complicated. It depends on:

1) varieties;

2) a contract for delivery in a specific month;

3) the geographical location of the trading floor.

Each broker considers the reaction of the need-to-value changes in relative terms and calls it the elasticity of inquiry of trading stocks. If the cost reduction of 1% leads to a rise in sales of less than 1%, this means that demand is inelastic. In this case, the total profit that the seller receives will not rise among falling expenses. On the other hand, if a 1% decrease would lead to a realisation increment by more than 1%, the total profit would rise as a result of lower costs. Thus, the context reflects a Rialto with a high level of competition and weak consumer reaction in the short term. Even the state of technology and weather conditions affect the request for oil much more than prices. At the same time, producers and individual countries continue to increase their income by selling even more oil. However, a decrease in values does not generate sufficient turnover growth.

What’s Next?

The percentage of market share suggests that it is enough to reach agreements between two or three large producers. For example, Saudis and Russians, who control 10% of supplies, could stop the fall in prices. However, this would only work in the short term. When OPEC skyrocketed rates in the 1970s, it forced other states to think about alternative energy sources, which eventually led to a further drop in oil demand. This is the reason why the current crisis has enough solutions and ways how to handle it.

Tudor Lodge Consultants is very happy to announce a new project with Quick Car Finance. The car finance firm is looking to help boost its website ranking on search engines and improve its overall existing SEO strategy, through the expertise of our white hat SEO specialists.

About Quick Car Finance

Quick Car Finance is a highly respected and trusted car financing company based in the UK, with the main goal of the firm being to become the number one car finance business across the country. The vehicle finance firm provides accurate quotes for a range of products, including not only car finance but bike, van motorhome and caravan finance too.

Launched in 2018, the company is focused on transparency and offers hire purchase only (no PCP) and forces a policy where everyone gets the same rate on buying a new or used vehicle, not influenced by dealerships or broker fees. The startup is based in Bournemouth and has over 15 staff.

How the Tudor Lodge Consultants Team is helping Quick Car Finance

Our team understands that in order for Quick Car Finance to boost its search engine rankings, a comprehensive white hat SEO strategy needs to be implemented. This includes:

●      Finding the right keywords: through in-depth research of the car finance sector, to find relevant, niche keywords that the firm has a strong chance of ranking highly for.

●      Link-building: establishing links is an extremely important part of white hat SEO. Reputable links from car finance related sources and sites help to establish Quick Car Finance’s online authority and overall trustworthiness. This will be hugely useful when it comes to Google’s crawling and indexing of the site.

●      Technical SEO fix-up: this means making sure that all meta-data and descriptions are relevant and where appropriate, contain keywords. We have also ensured that the car financing company’s website has plenty of internal links, and that all images have appropriate alt-titles.  These all play a role in SEO.

●      Fixing landing pages: landing pages are what customers will see first when they arrive on the site. Therefore making sure that these pages have relevant keywords, headings, and important customer information clearly on each page in an organised manner is highly important for SEO. This is something our dedicated team is working hard to update.

Foreceasting Sales as a Foundation For System Shocks The Way Most Businesses Forecast

Most businesses, to a large degree, forecast sales using the naive forecasting method. Put simply, this was what we did this time last year, with a little bit more added on. It may be possible, although I have never been on the receiving end of it, with a little take off. Naive forecasting is the very basis of sales target settting and planning, but it is also the simplest and most prone to error. Naive forecasting may well have been the way of the world at the begining of business. Luckily though, it didn’t take long for people to begin adding their own information into the mix to begin to start to move the goalposts on sales planning. I have worked in very large global companies where the the sales planning strategy is naive forecasting, with a lot of information layered on top of it. In all honesty, this is how a lot of businesses work, and good businesses at that.

However, you can’t turn solely to these feelings with any industry shock, be it an outbreak of a virus, or something more positive effectively with just gut instinct. Sure it was obvious that England making it through to the semi finals of a world cup, along with a hot summer people, would buy more beer. However, through statistical analysis, the true upturn in sales could have been much more widely known, discussed and acted upon.

Why Naive Forecasting In a Shock Might Not Be Enough

For me to comment on what is needed, depends on a business situation and it’s appetite for risk. Why risk? I hear people say. I say risk for a simple reason. With a tighter outlook on sales forecasting, through uncertainty and industry shocks, be it positive or negative, we have a greater need to derisk areas of business and maintain control.The issues faced by big business and SME’s may, at some points, be different. Whilst at others the same. However, the takeaway here is that there are not many business should be actively risk seeking in all of their endeavours. Having a greater level of knowledge can, generally, reduce the risk that is faced by any business. I have outlined some examples of risks that can be mitigated with solid shock planning.

Stock Levels

Having an understanding of the risk and potential impact on stock levels allows a business to order the correct quantities in advance. Don’t forget, these can be peaks, as well as troughs. For example, a pub may have to evaluate how much beer to order based on temperatures expected in the summer period, whilst this can be done with naive forecasting and a little knowledge that a heat wave is imminent. A legitimate data driven approach will give a much tighter start point, than simple naive forecasting. Allowing, if neccessary further input from the team to tighten the forecast further.

Labour Allocation

Knowing a spike or decline is set to occur gives businesses an opportunity to adapt to these changes from a labour perspective effectively. Going back to the beer analogy, knowing there will be a 46% increase in sales through a summer period, begining in 9 weeks, and that it takes a 3 week onboarding cycle. The hiring period would be around 8 weeks prior to the spike starting. Ensuring a good level of staffing where required. Conversely, should there be a decline, it may be best served to begin certain process improvement projects, or reallocate staff to other areas of the business, not over-burdoning the business with extra labour in the wrong areas. Drastically impacting productivity and conversion costs. Adversely affecting the bottom line. 

Direction and Targets

By understanding what the potential peak or trough of any potential impact of such a shock will allow a business to incetivise and retarget staff accordingly. This will reset expectations and instill confidence that management are aware of what the situation is, and are planning accordingly. For situations such as COVID-19 – this could involve release of information on potential sales decline, and what is expected of employees. Allowing management to communicate effectively why decisions are being taken. What the plan is, and how it will progress with ongoing analysis. 

Wider Feedback

If through conducting correct data analysis, it may become apparent that a business fortunes is directly linked to another element. This could be outside of it’s control. It may sound basic, but for ease of understanding, let’s go back to the pub. If a pub only makes profit due to soaring temperature and beer garden sales. What happens if there is an extremely cold winter. Noting just how much the reliance is on external factors allows businesses to diversify. Focussing on revenues not directly linked to that external factor.

Other Options

There are other options open to businesses in such system shock situations, one such being the use of Holts-Winter forecasting methodology. Holts-Winter takes an external data source, and internalises that datas effects on sales. Holts-Winter itself takes into account seasonality, allowing the user to internalise the external dataset to the model. Through trial and error the user can determine if the external dataset is firstly relevant. Secondly, how it can relevant it is, through minimising the standard error and mean squared error. This can be used, in situations such as those we find ourselves in now, to internalise infection numbers and their relevance on sales over time. Or daily average temperatures.

Applying The Data Into An Outcome

Ulimately, the goal of any forecasting isn’t to produce pretty graphs, or range outcomes based on moving datasets. Data is a guide to give direction to how a business should react to potential outcomes. At Akcela, we support businesses not only in producing such data, but implementing actions based on their findings to drive efficiency and positive outomes. Contact Akcela to find out more.

This post is a shorened thought provoker, edited from the original post found at https://akcela.co.uk/sales-forecasting-through-uncertainty/

On 14 March it will be three years since Microsoft rolled out Teams. Since its launch Microsoft Teams has enabled businesses to enhance their productivity through its integration of collaborative technologies. Here are our top five reasons why your business should adopt Microsoft Teams: Communicate efficiently with the right people Within the interface you can set up Team channels to communicate directly with specific departments or project teams. For example, you could set up a marketing channel to include staff who work in that department. Each Team has a ‘Posts’ tab, creating a group chat where you can share files and collaborate. You can tag specific members of the team in your posts if there is something direct you need them to review. Your Team will also have a Files tab which gives access to specific files for that Team. This means there’s no more scrolling through endless folders you don’t need. You can also set up a range of other tabs including to-do lists, notepads, spreadsheets, and so much more! Say goodbye to hundreds of emails We’ve all had that panic of coming back after a holiday to hundreds of emails. In Teams, you can simply check your channels and read the flow of conversation. This eliminates time wasted reading one email at a time to catch up. Collaborate easily On the Teams interface you can create and collaborate on different files without switching apps. Teams has strong integration with Office 365 allowing you to produce Excel, Word and PowerPoint documents. These can then be shared within your Team to gather feedback and make quick changes. More effective meetings If you regularly plan meetings, then Meetings in Teams is great for you! You can invite the meeting participants and share the agenda within the chat. This allows you to then receive quick changes and make updates that all attendees can see. Once you’ve held the meeting a recording is immediately available, meaning there’s no panic if you missed something. You can then create actions in the same channel and follow up on those. Constantly connected Teams is a fully cloud-based solution meaning you can access it anytime, anywhere. There is a mobile Teams app which gives you immediate access to all the apps and documents, same as on your PC. Teams keeps you connected on the go. If you think embracing Microsoft Teams could be the right move for your business, speak to our expert team today to find out how we can support you.

Tudor Lodge Consultants has worked with a number of companies in the gaming industry across casinos, bingo and slots – and remarkably the strategies and marketing techniques are different to any other we work with.

There is a whole story about casinos that goes unnoticed and unacknowledged. The side of casinos that a few people know and talk about gets lost amidst all the horror stories that are often weaved around this industry. Most of us might not even know that casinos are a multi-billion industry unless someone spelt it out for us. Casinos and various other forms of gambling have a significant contribution to the economy of the world.

The industry is closely intertwined with the fate of several other domains, like tourism, real estate and entertainment. Any area that is known to thrive majorly on the footfall of tourists has an inclination towards building casinos, since casinos only help in increasing the revenue garnered from the tourism industry. Having said that, it is important to understand the techniques and the marketing strategies the casino industry uses to attract customers. This information can help one to understand the ways in which casinos function and the reasons why they attract millions of people to them every year. 

Casinos Build their Loyalty by Appealing to the Emotions of their Potential Customers:

One of the biggest marketing strategies of the casino industry is to bank on the emotions of its potential customers. They gauge and understand the pulse of their customers which is quite an essential aspect to factor in while framing other strategies. Human emotions are a massive asset for businesses to bank on, and casinos happen to use this factor to their favor. Everyone loves to earn more money, and when the money comes with the added perk of the rush of adrenaline through the veins, it only enhances the experience. 

Freebies and Bonuses are used to Attract Customers:

The casino industry knows what works and what does not with its customers, and one crucial factor is giving away gifts and bonuses. No one likes to miss out on freebies, and the casino industry understands consumer psychology all too well. Freebies and bonuses are up for grabs most of the time, and they attract even the most unsuspecting lot to the casino floors. People like to grab the bonuses offered because they allow them to place higher bets without the fear of running significant losses. Websites like www.onlinegamblingcalifornia.com offer a plethora of bonuses for their customers, and once people get the taste of these casino games, they keep coming back for more. 

Casinos Dig Into the Demographic Data to Understand the Preferences:

The casino industry functions on well-researched demographic data to understand the preferences of their potential customers. Not everyone would have the heart or mind to indulge in casino games, and research is imperative for the casinos to target the right segment of the population. Plus, research can also help casinos understand what percentage of people like to engage in table games and how much would like to indulge in slot machines. Understanding consumer behavior is one of the primary techniques used by casinos to grab the attention of the right population. 

Casinos Use the Strategy of Partnership to Invite the Right Attention:

It might sometimes be a tough choice for casinos to work on their own, and this is when the technique of partnerships comes into the scene. Casinos partner up with several other companies to get the best deals for their customers; and this is enough to bring in the right attention to the casinos. People would not like to put in their hard-earned money into something that does not promise a good enough reason. Therefore, casinos make sure of the fact that they are partnering up with companies that have a decent reputation in what they do. This lends more credibility to their business and their motto, and as a result, draws more customers.    

Casinos Also Highlight their Community Services to Build their Reputation:

People who invest their money in the games offered by the casinos like to see the money being spent on something good. And casinos use this factor to highlight their community services so that high-rollers know where exactly their money is going. Most of these casinos donate some amount of proceeds to the cause of charities. However, charities are not the only place where casinos invest the money. Industries like healthcare, tourism and other forms of entertainment are also lucrative options for casinos. These help the casino industry to build its reputation because this human value draws the right attention.

Conclusion:

There are a number of strategies that casinos use to target the right customers. It all begins with understanding the pulse of the audience and devising marketing strategies that can fulfil what their potential customers require. Therefore, any casino that is still looking for ways to reach out to their target group might want to invest in the right combination of these strategies. 

When a customer doesn’t pay, they’re hanging on to money that is rightfully yours and you should ask for it. You should have a routine system for following up non-payment that includes letter, email, and telephone, but be prepared to act more quickly if the amount is large or you are concerned about the customer.

Follow these Five Top Tips for chasing payment, or why not give me a call on 01603 319034 for a chat.

Jacksons CRS

Using social video to help your business!

‘We run a business that does Social Videos’ is an answer me and my Brother (Directors of Eastkin) frequently say around the dinner table at family occasions. It’s usually met with an uninterested “ah…” or a “what the hell does that mean?” or our Mother who said “What? Video about seashells?”.   It also seems to be a bit of a buzzword – but despite all this – we think it’s an incredibly important asset for your business to consider. So here is a small rundown of social video. Social Video is essentially video designed specifically for your social platforms. It’s as simple as that. Social media videos.   

Video has always been an incredible tool to  express information in a way that is interesting, engaging and if done well, fun. However, It is also a tool completely underused by SME’s. I personally think this is due to its rather grandiose reputation and how difficult it might be to track its ROI – but there has been a steep rise in use of video marketing through the larger agencies in the last decade. Digital and marketing agencies are starting to recognise that video is no longer a tool used by multi-million pound corporations to run TVC’s, but a tool used widespread by every type of business to increase brand trust, identity and inform their audiences of their ongoing journey.  With the spectacular invention and increased use of paid targeted ads – marketing agencies are now able to directly target your dream demographic (and your already loyal, captured consumer). In the last few years, agencies have started identifying the way videos need to be designed in order to ‘stop the scroll’ and adhere to the modern day attention spans. It’s something that, as a video agency ourselves, has taken some time to adjust to. Instead of giving yourself 30 seconds to get the audiences attention, you now have 3. The most important seconds of all! (Top Tip: Don’t start with a logo!!!)

Video production has become incredibly nimble. Instead of spending thousands of pounds on a crew – digitalised cameras and skeleton productions has allowed for video to become affordable and accessible as a marketing tool. No longer are companies spending millions of pounds on 1 TVC that will run for 3 months – but they’re able to make loads of videos, all with different targeting specifics, for the cost of a 6 month print in a local magazine. We’ve even made videos for businesses that didn’t have footage – but rather product images and home iPhone footage. It worked tremendously on the paid social platform and just goes to show what you can do in one morning with your iPhone. You can see that here and here.  We think it’s time for SME’s to embrace the uprise in digital video as a marketing tool. It, of course, needs to be handled delicately, so that creativity isn’t thrown aside – but we want to rid of the reputation of old school video production agencies and bring in a new lease of life.  

Last year, Eastkin Creative delivered 3000 videos – which just goes to show the extent of how in demand video is. Video marketing and social video will dominate the way businesses communicate to their audience. In fact, a Facebook executive has predicted video will dominate their entire platform by 2021 (Quartz). Social Media posts have 48% more views than any other (HubSpot) and Social Video gets shared 1200% more than graphics and images combined (Wordstream).

So, stop printing flyers, or putting entire marketing budgets into print – and start bringing out the Spielberg in you! 

With coronavirus forcing people to self-isolate have you thought about how your current IT infrastructure will support your business if your staff need to work from home? 

If you aren’t already setup for remote working, you need to start exploring your options to make sure that your business is prepared, and your staff are supported.   

Protecting your employees and your business in the event that remote working is needed takes careful planning and strategies should be tested regularly.   

Ask yourself the following questions:  

Can I quickly communicate an office closure to all staff out of working hours? Outside of working hours it cannot be expected that staff will be checking their emails. Do you have a way to text or send push notifications?  

Are all staff able to take their equipment home with them? If employees are restricted by desktop computers, you’ll need a way to relocate equipment, including phones, if needed. Do staff know how to reinstall this equipment at home?  

Will the team be able to effectively collaborate with each other, with contractors or with customers? Collaboration tools and shared documents will ensure that your team are still productive, even if they are miles apart. Does your team have access to Microsoft Teams or other collaboration tools? 

If you need help making sure that your business is ready for remote working send us an email at [email protected]  

Great Yarmouth has a well-earned reputation for fun and frivolity. From its glory days as the go-to seaside resort in the 20th century, to its status today as East Anglia’s entertainment centre, it’s fair to say that the popular Norfolk town knows how to treat its guests. Its attractions include the Golden Mile, maritime museums, and 15 miles of sandy beach. But although Great Yarmouth is a fantastic place for all the family, it also boasts a beguiling after-dark scene – perfect for adults keen for a holiday flutter.

Whether you’re a casual gambler who simply enjoys the thrill, or an old pro with a tried and tested blackjack surrender strategy up your sleeve, Great Yarmouth’s casino scene will have something to keep you happy – and could even rival the best collection in the UK at mansioncasino.com. This post will explain why casinos are so important to the beloved seaside town.

Casinos Are Good for The Economy

When UK gambling laws were relaxed in 2005 with the introduction of the Gambling Act, it sparked concerns that it would encourage reckless spending and addiction. But studies have suggested that the Act has been excellent news for the country’s economy – with £14 billion generated by the gambling industry every year.

Thanks to the growing popularity of iGaming, the market share of this figure which represents revenue from online gambling is increasing. In general, land casinos are falling out of favour, as people choose to pursue the casino experience from the comfort of their sitting room. But in towns such as Great Yarmouth – where pleasure activities draw visitors to the seafront in search of physical entertainment – this isn’t the case.

How do casinos boost Great Yarmouth’s economy?

The Grosvenor Casino can be found on the Marine Parade, the main tourist area of the town. After Norwich, Great Yarmouth has the largest visitor economy in Norfolk. In 2019, it was calculated that tourism brought a staggering £635 million to the borough every year, making visitor attractions a key pillar of its economic growth. This includes the income generated by Great Yarmouth’s casinos, which have held their own against the virtualisation of the gambling industry thanks to their steady client base of tourists.  

Casinos Help Keep Great Yarmouth’s History Alive

Great Yarmouth has a strong heritage when it comes to pleasure, leisure and betting (events at its famous racecourse were first recorded in 1715). As more people choose to go abroad for their holidays, the value of the ‘staycation’ – travelling to places within the UK – is being trumpeted as the responsible option for those of us who want to lower our carbon footprint, support British businesses, and explore more of the country. 

Like most of the town’s tourist attractions, the Palace Casino – which offers bingo nights, fruit machines and table games – is situated by the seafront. This vibrant area is practically synonymous with Great Yarmouth, attracting millions of tourists annually.

What’s next for Great Yarmouth’s casinos?

With the number of overnight visitors increasing year by year, according to a report by the Great Yarmouth Tourism and Business Improvement Area, the popularity of Great Yarmouth as a holiday destination seems set to skyrocket. Known and loved for its seaside attractions, leisure activities, and entertainment, the town relies on its casinos and other businesses to maintain its fun-loving reputation.

The Edge complex, an extension to the Pleasure Beach which contains a Premier Inn and restaurants as well as one of the biggest casinos in the UK, will help cement this reputation into the future – keeping Great Yarmouth on the map for families, thrill-seekers, and everything in between.

It does not matter how small your business might be, you have to consider the big picture. Your business could consist of just you and your laptop, but that doesn’t stop you adopting a big mindset. You should always have a clear picture in mind of where you want to take the business. Here are some of the reasons why you should always have a big mindset in mind when opening a business, no matter what size it might be.

Worldwide Business

hanks to the internet, even a small business run from your kitchen table has the capacity to operate on a global scale. You can communicate with clients in real-time with programs like Skype while others like cloud software will allow file sharing and other updates no matter where you might be. The internet has transformed how many people have done business. No longer are small businesses kept to their local areas. It can allow you to trade with other companies all around the world. If you have a product or service that could very easily go all around the world, you need to be prepared to accommodate this.

Global Impact

You could easily dedicate your company to creating just a single product or service that could have some major ramifications. London-based entrepreneur and investor Tej Kohli is taking a special interest in small businesses that have a chance to change the world on a global level. There are so many sectors that have wide-ranging reach but areas for focused development. If you want to focus on one of these areas, it could bring you many great opportunities. From new contacts in your network to potential investment or mentorship for bigger companies, you never know what might emerge when you choose to focus on one particular area.

Corporate Growth

No business launches as a full corporate entity. It takes many years and a lot of hard work to grow into a full business. While some start-ups recently have exploded from small businesses to worldwide brands, most businesses build themselves slowly. While you might be content to keep your business small, it might also be worth considering how you would build yourself into a major corporation. Many of the household names everyone knows started from a single shop or just one person working very hard to get things launched. Take a look at the scaling it would take to raise your business. It might be very ambitious, but there is always a chance that you can do it.

Personal Growth

Having a big mindset when it comes to your business can help in more ways than you think. If you have a positive outlook in the world of business, and you are confident in your abilities then you will be able to pitch the business when you need to. You can chase down contracts and opportunities that others might avoid, and you might even be able to secure them for your business.

By giving off an air of confidence and knowing what you want to pursue, you are going to be more successful in business. Chase after the contracts you want and work hard to push your business as far as you can. Believing in your business is the first step to succeeding, no matter how big or small your business might be.

Look at your business with fresh eyes today. There are always going to be opportunities to pursue if you are confident enough to do so. Start applying a big mindset to your business and see what it could bring your business now. It might completely transform your company’s practices.

When hiring new staff, it is crucial to get the right talent through the door, but also make sure you hire someone who is seeking a long-term career. If you hire someone who is only looking for a stop-gap position or a stepping stone in their career until something deemed better comes along, the costs can be high. Having to go through the whole recruitment process again is costly in terms of business time, resources and money. So, it would be best if you got it right at the first attempt. To do that, use the following five tips to find the best fit for your job opening.

1. Create a Detailed Job Description

One of the reasons that new staff members jump ship early is because the role they thought they were getting into does not reflect reality. Their working day is different, and maybe even their responsibilities and tasks are not what was expected. To counter the miscommunication and high turnover rates, you need to create a detailed job description that goes beyond typical phrases. Include a usual daily routine within the narrative, so applicants know how the job really goes down.

2. Cast the Net Far and Wide

Most jobs receive a staggering number of applicants and far too many for an employer to go through in detail. However, that doesn’t mean you should not try to advertise your role using the best job search websites, as well as LinkedIn and maybe even using employer referral schemes as an incentive. However, just because you want a larger pool to pick from does not mean you should advertise on every site available. Try to choose websites to advertise jobs that reflect your industry. For example, Jobrapido is a UK recruitment site specialising in engineering, tech and the service sector.

3. Do Use Personality and Skill Testing

It would help if you tried to test your shortlisted applicants with skill-based tests within the recruitment process and on interview days. Combining these tests with personality and character assessments will enlace you to not only find the best suited for the role but the people that will stick around and are hungry for a career. You can always outsource these tests to recruitment companies if needed.

4. Meticulous Reference Checking

When a boss has seemingly found the perfect person for the job, it is common to rush through reference checks to get the process over with and move on to integrating the staff member. However, reference checking is arguably the essential part of the process with plenty of people prepared to lie on their CV. Yet, you can go even further by referencing their references. Prepare to start digging on social media and especially on LinkedIn to spot potential connections between applicants and their references!

5. Trust Your Gut Feeling!

And finally, if all else has not helped you pick between a couple of applicants, you can always count on your gut feeling. Bosses and employers can usually judge someone and how they will fit into an existing team within the first few minutes of meeting them. Don’t downplay this internal skill! Once you have onboarded new staff, it is then your responsibility to keep them engaged and help them develop. This is often achieved through training.

Forex is not rocket science, but learning to profit from currency values requires time and intellectual effort. Before engaging in real trading, it’s worth exploring all the educational opportunities the platform can offer. Aside from training with the risk-free demo account, newbies have another valuable option – copy trading. This article reveals the basics of copy trading with FXTM, one of the most prominent UK brokers.            

The Basic Principle

The idea of copying trades is based on delegation, and it is also used in the realm of stocks. Rather than analysing currency trends and placing orders by yourself, you trust a finance expert with managing a portion of your money. Subsequently, all the operations they perform are replicated – or copied – into your account. Basically, it looks as if you were making identical decisions.

For a rookie, it is a good opportunity to improve their understanding of Forex trading. Fear of making costly mistakes is a common motivation. Confidence is not gained overnight. However, it is also used by exchange veterans when they are pushed for time.

By connecting traders, the phenomenon has essentially given rise to a social trading network. Since its emergence, it has fundamentally transfigured the realm of currency exchange. Copy trading saves time and effort while ensuring the funds are being managed by a professional.

How It Works

Any client of a reliable broker like FXTM can sign up for the service. This will connect a share of their personal funds with the account of a professional known as strategy manager. The actions taken on the market get replicated based on a pre-set proportion. This includes opened and closed positions, Stop Loss and Take Profit orders.

Once the accounts are linked, you will see the expert’s open trades and future actions copied. The process is automatic, with zero effort required on your part. The arrangement makes a trader’s life easier by helping to invest wisely – essentially, by proxy. Hence, it is not rendered free of charge.

The size of the commission varies from broker to broker. It is often paid as a fixed monthly subscription. In another existing scenario, it constitutes 10% of the profit. From $500 gained by investing $1000 of your funds, $50 goes to the copied trader.

Retain Full Control

Importantly, you still have the freedom to manage the copied trades as you see fit. Even though the scheme involves an experienced currency trader, it should not be perceived as completely risk-free. Therefore, credible brokers allow you to terminate the relationship when necessary.

Start small to test the waters. If the strategy manager’s behaviour is effective, you can increase the portion of funds to the maximum. Since no legal investment is completely risk-free, remember that higher amounts come with higher risks.

This also explains why diversifying makes sense. Connect to several traders and monitor their results closely. If you find some of the trades unacceptable, most platforms will allow you to cancel their replication.

Limitations That Apply

In most cases, certain restrictions are imposed on how much you can invest through a copied trader. For instance, this may be limited to 20% of your total funds. Hence, with $2,000 in your account, you may choose to trust the trader with $200, or 10%, increasing the share later.

What Traders Copy

FXTM monitors the performance of all available experts and ranks them for your convenience. The rating is based on several performance indicators, including the length of experience, investment return, and more. This way, you can easily see how well a manager has been doing to understand their potential.