What Is a trading Template and Why Do You Need One

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Interview Question: Why Trading?

I’m not sure how to tackle this question when they ask it in an interview. Does anyone here have any advice/tips that they could share? Thanks

“Why Sales and Trading?” Interview Question

In any sales and trading interview on Wall Street, candidates will likely be asked to answer some variation of this question: Why Sales and Trading?

To tackle this broad question, you need to consider two components. Why are you interested in the division and what experiences do you have that can back up this interest? This story should highlight your interest in the markets and in the competitive, fast paced nature of sales and trading. If you can speak to the atmosphere of the trading floor (after having visited), you should touch on that as well.

In many summer analyst positions, candidates will also be asked to preference why sales vs. trading?

Why Do You Want to Work In Trading?

When explaining why you want to work in trading – you should curtail your answer to strengths and experiences that you can speak about. You could use a combination of the reasons below or a myriad of other reasons to explain why you want to work in trading.

Traits to Mention in a Trading Interview:

  • Entrepreneurial / Merit Based – Fast advancement for high performers
  • Client Interaction – Relationship manager and problem solver for clients
  • Passion for the Markets
  • Competitive Nature – Love taking risks and having a “score board” each day

You can also mention that you like the continuously changing nature of the business.

You should structure your interest into a story format. Please see an example below.

My interest in trading started in high school when my economics teacher had all the students complete a mock portfolio challenge. I started trading a mock portfolio of $100,000 which ended up being my favorite assignment throughout high school. Eventually I opened my own personal portfolio and traded micro-cap names. I came to realize that I loved the constantly changing nature of markets and I loved that there was a score board at the end of each trading day in my account. With all this in mind, I spent time networking with NAME OF FIRM and realized that I loved the fast paced nature of the trading floor. All of this led me to want to pursue a career in trading.

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A Forex Trading System: Why You Need One (guest post)

When it comes to important aspects of our lives we always make sure to have a plan in place. We pore over the situation, make preparations and contingencies and make sure that there is a system in place to ensure that everything is working according to plan. We make plans for building a house, for a wedding, for a birthday party. We even make plans for our kids’ first few days in school.
But don’t you think it’s strange that there are forex traders that do not make plans for something as important and financially risky as currency trading? But it’s the truth; there are many forex traders who think they can do well in forex trading without a plan or system in place.
A forex trading system can be considered your masterplan for trading – without it you are more than likely to fail – and who wants that? An effective forex trading system will include a number of elements that will help guide you in your every trade. It contains your trading goals, your entry strategy, the various ways you want to manage your trade, the risk management factors you’ve thought of, account management details and, of course, your plan. If you have one already in place then good for you. But if you still don’t have a forex trading system then there’s no better time to make one than today.
The following are the various parts of a good forex trading system.

The goals you set in your forex trading system provides you with the focus that you need so that you won’t get deterred by failures or setbacks in your trading. Your goals help you crystallize the reason you are trading. Although general goals are helpful, making them as specific as you can is far more effective in giving you the impetus and drive that you need in your journey as a trader. For example, instead of saying “I want to make money trading” make it specific by saying “I want to double the funds in my account within the next two years.” You can also set goals that are more effects-centric for example, saving up for your children’s school expenses through the money you earn from trading.
You can make very detailed goals by establishing one-year, two-year and five-year goals. The exact time frame is up to you.

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Entry Strategy
Your entry strategy is that moment where you are on the brink of the potential to profit. Your entry strategy tells you the point and conditions where you will start a trade. There are many entry strategies you can use – a particular news announcement, technical signals, moving averages, etc. Whatever entry strategy you use, make sure that it is one you are quite familiar with so you won’t have to worry about learning as you go along because it’s potentially disastrous.

Trade Management
While an entry strategy is very important, it is how you manage an ongoing trade that may spell the difference between a good profit or a heart-breaking loss. Good trade management tells you when to make an exit – whether you profit or lose. Knowing when to go out while earning requires more discipline because the potential to get greedy is there but a good exit point should always be in place. Of course, exiting to minimize loss is arguably the best way to mitigate losing a lot of money from your trade. Knowing what to do while the trade is in place and also knowing when to exit should be a staple of a forex management system and one you should always follow.

Account Management
In this section of your forex trading system you should outline what you will do with your funds. Do you only maintain a certain amount in your trading account to trade with our do you exponentially increase the amount based on the profits you gain from previous trades? Discipline is needed when working on this section because it involves money and as many people know, money has a tendency to blind people into doing something stupid.

Risk Management
A good risk management plan in place will help you manage not just your profits but also the amount of loss you can safely absorb. Risk management encompasses all aspects of your forex trading system. It is the emergency exit of your plan – the one that tells you the amount of danger you can expose yourself to before it becomes too risky for you. It takes a certain level of maturity to handle risk and know when to quit. Many new traders have a gung-ho attitude about risk and think that if they incurred a loss, they should immediately find a way to win it back.

Trading Plan
Your trading plan is the umbrella under which all of the other elements exist. The trading plan is where all these elements are put together to work seamlessly.

About The Author
This is a guest post by the famous Forex expert Mario Singh. You can read his opinions on FX News at his website Askmariosingh.com.

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What Is A Workflow, And Why Do You Need It?

Today’s the day! You’re getting your productivity in order. You’re finally going to create all your to-do lists. You’re going to clear everything off your plate, and accomplish each task in the correct order to maximize your time. You’re going to remember all the things you’ve left off your list, too.

So you sit down to do some research on the best productivity processes. Whatever that method is—you’re going to step up and DO IT. Only thing is, everyone keeps telling you the same thing: “Set up your workflow.”

Fear not. Let’s take a second to look at some examples, and why you need one. From there, you’ll be able to look at your own workflows and create a digital workflow that works best for you.

What Is A Workflow?

A workflow is, ahem , “the sequence of processes through which a piece of work passes from initiation to completion.” To put it plainly, it’s the method you create for getting your stuff done.

Your “stuff” can be anything: from a weekly to-do list to a more in-depth project like writing a book, or setting up an automatic system for clients to complete invoice payments.

In fact, you probably create these flows every day without even realizing it.

For example, let’s say your dry cleaners is on the way to your kid’s soccer practice venue, which also happens to be the route that passes your favorite dessert shop. So every Wednesday, when your kid has soccer practice, you drop off your dry cleaning on the way and then treat everyone to a fun dessert splurge on the way home. This route-to-experience optimization is essentially a workflow in its simplest form.

When it comes to daily productivity, you might not even realize how much easier your life would be if you had a step-by-step workflow. Digging through emails or a stack of papers to find information is a waste of your time. There’s an easier way, and it’s called workflow automation!

Top Workflows & Examples To Know

Simple To Do’s And Personal Productivity

Here’s one of the most fundamental workflows in Trello board form: To Do, Doing, Done.

Cards are moved across these lists as they’re being worked on or completed.

As a user, you can change the name of your lists to anything you’d like. In addition to To Do, Doing, Done, some people add lists like “Long Term To Dos” or “On Hold” to keep initiatives they’re not actively working on, but don’t want to forget. For example, when onboarding new employees, these lists are easy to understand and learn from.

For a more advanced personal productivity workflow that puts all steps in one place, check out this great step-by-step write up from a very reliable source: one of Trello’s own co-founders and users.

Scrum And Agile Methodology Workflows

Many business teams use a workflow process called agile, which basically structures project tasks in short (one or two week) bursts. These bursts are called Current Sprints. Before going in the sprint period, all task cards are queued up in a “waiting area” called the Backlog list.

As the project progresses, cards move from the Backlog into the Current Sprints list to be worked on until the allotted time is up.

Once the current Sprint ends, progress is recorded and reviewed. Together, the team reflects on the business processes with what went well and what could be improved (this exercise is defined as a retrospective ). Retrospective ideas are executed and then the process starts right up again with a new sprint.

This is a great process for a group of people, each with a different set of individual steps, to stay aligned towards one goal with regular opportunities to check in and keep the process running smoothly thanks to the online template.

Read this full write up on how to get your team up and running with Scrum and Trello’s workflow management software.

Managing Incoming Requests Workflows

Another popular process is one that involves keeping on top of many frequent incoming requests that need to be filtered out to different users or handled in an organized process.

For example, let’s say you’re a busy flower shop and orders are coming in as fast as humanly possible. The best way to manage this is to have all the orders coming into the same place, and then moving them to where they need to go next.

So whether the requests are email inquiries, online order forms, or even web content, they are all automatically becoming a card on the leftmost list of a Trello workflow management board. From there, depending on the order’s needs, each step will be funneled to a different user.

The Incoming Requests workflow can be applied to all sorts of use cases: managing your email inbox, generating leads and improving lead flow, handling asks from managers or other teams, or any kind of incoming ticket systems.

Check out this write up on how to send all different types of tasks onto a Trello board automatically.

Handoff Workflows

Another collaborative workflow is one where, after you’ve created and completed your part of the work, you assign the next step to someone else. When they’ve done their part, they pass it to the next person, and it automates the chain of command.

So for example, you and a group of people are working on the company’s new website. The first person is in charge of writing the content for the site, and then they pass the document to someone else to copy edit it for grammar and typos, and that person sends it to a designer to create a mockup, and so on until you have a shiny, new website.

Each of these workflow steps can be automated to a different list on a Trello board. So when the card enters the list for which you’re responsible, you do what you need to do, comment and attach relevant communication, and then drag the card over to the next step for the next person. Team integration and the Butler Power-Up makes this automation easier than ever.

In order to make sure the next person knows it’s now their turn, you can remove yourself as a member on the card and add them to it. This automatically sends that person a notification. You can also leave them a customized comment saying something like, “Hey @ericasue, I added in my edits. This card is all ready for your design brilliance!” so they’re clear. You can even use Butler to automate these comment responses.

Handoff workflows are awesome for smooth project management. It reduces the need to have one person overseeing the flow of work, while avoiding confusion or having two people doubling up on the same tasks. A popular handoff workflow is managing an editorial calendar. Read more about that here .

Walk The Talk With Workflows

Hopefully this crash course provides a framework for thinking about what kind of workflow might work best for what you need to do. Oh, and remember: all workflows are flexible, and should be adapted as your needs change.

The most important aspect of any workflow is how effective it makes you. Good luck!

What Is A Content Strategy And Why Do You Need It?

Last week I attended Content Marketing World with over 1,000 other passionate marketing and business professionals. The topic was content marketing and how to effectively deploy content strategies.

Some of the sessions were very specific to content approaches, such as Joe Chernov and Todd Wheatland‘s sessions on slideshare and the opportunity with video content.

But there were a number of sessions, including my own that asked the question “What is Content Marketing?” A few that answered “What is Content Strategy?” And still others that asked “What does it mean for brands to become publishers?”

So here I will define Content Marketing and content strategy. I will provide the simple business case for why you need it and also how you can quickly gain success with a content strategy that deploys effective content marketing techniques.

What is Content Strategy?

Wikipedia describes content strategy as “…the practice of planning the content creation, delivery, and governance. A repeatable system that defines the entire editorial content development process…”

I define it as the mindset, culture and approach to delivering your customer’s information needs in all the places they are searching for it, across each stage of the buying process. It is a strategic approach to managing content as an asset, with a quantifiable ROI.

What is a Content Strategist?

Kristina Halvorson describes the content strategist as the person who defines not only which content will be published but also why it is published in the first place.

I define the content strategist as the change agent required to explain why content strategy is such a huge opportunity for companies to evolve the way they market and sell products, by putting the customer at the center of everything you do. By helping them with content. By answering their top questions with great content.

What is Content Marketing?

Wikipedia defines this as “all marketing formats that involve the creation and sharing of content in order to attract, acquire and engage clearly defined and understood current and potential consumer bases with the objective of driving profitable customer action.”

For me, content strategy is all about the why and how and content marketing is what you actually deliver – the tools, techniques, channels and content types.

Why Do I Need A Content Strategy?

This is a simple argument: The web, social and mobile revolutions have changed the world connecting all of us and enabling the seamless flow of instant information. We are all now the most popular and trusted source of news and information for each other.

Marketing is not just about promotion. Traditional Marketing techniques are no longer as effective as they used to be. The amount of content and messaging being delivered to consumers every day is increasing exponentially. And so, a content strategy can save marketing and maybe your entire business!

In short, your content has to be awesome. It has to be truly helpful. It cannot be about you. It has to be about your customers’ wants and needs.

How To Be Successful With Content Marketing?

  1. It starts with culture and changing the deeply-held belief that marketing has to promote your products. Content Strategists need to be able to articulate why you need a content strategy and start to focus your organization on helping your customers.
  2. Define your measures of success. Look at how many “early-stage” search terms are driving traffic to your website. This tells you if you are answering your customers’ top questions. Look at your percentage of leads from inbound sources. This tells you how well you attract customers and earn their business vs. buy it. Finally, look at how much early-stage content you produce and how well it engages your target audience.
  3. Create an inbound content destination that answers your customers key questions, does not promote your products directly but invites your visitors to explore your solutions. If your content is great, your conversions will be too.
  4. Get a mobile plan so that you can deliver content to your customers in the format that they want.
  5. Think like a publisher and follow these steps to creating great content.
  6. Measure your success. Test. And optimize everything!

Let me know what you think in the comments below and follow the conversation on Twitter, LinkedIn, Facebook or Google+.

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