What is Forex and How to make money with Forex - basics and introduction
In Ideas on how to become rich, we have covered all sorts of money, finance and investment topics ranging from investment basics, to fundamental analysis and technical analysis, CDs, mutual funds, savings and bonds, making money online and getting a good, high paying job, all as ideas on how to become rich by making money.
In the next few posts, I will be dealing with a topic on foreign exchange (forex) and how to make money with forex, and ideas and concepts related to forex. This will get a bit technical, just as it did with the technical analysis part of my writing (no pun intended).
In this post I will be dealing with the basics: what is forex?
In the forex market, what we are doing this time is buying and selling currencies. The goal is still to make money, just the same as investment in stocks and shares and all other financial devices and financial instruments. The object of forex trading is to make money by the buying and selling of currencies, so the key idea is that first you have to exchange one currency for another currency, and then later convert the second currency back into the first, so as to make yourself a profit.
This is because currencies fluctuate, due to many factors, such as economic factors (macroeconomic factors such as balance of payments, inflation, economic growth and others), political conditions, and basic human psychology (the same factors here that affect the stock market and capital gains and losses).
I would say that if you know how to invest in the stock market, picking up forex will be rather easy and a smooth ride for you because there are many similarities between stocks and forex. You will be happy to know that the fundamental analysis and technical analysis skills and concepts that you have learnt or can review in my earlier posts will come in really handy, because there are also two main approaches to trading currencies, and they are, yes you guessed it: technical and fundamental analysis.
However, of course, there are fundamental differences and dissimilarities in technical aspects of forex, which will be dealt with in the course of this Ideas on how to become rich blog.
The reason why I personally think that forex is a bad idea is that it requires monitoring and there are many variables to consider. Monitoring is that you need to have access to data and information, and despite the fact that economics says there is perfect information, there really is no such thing as perfect information. In addition, there are many variables to consider, and many are out of your hands. That is why I strongly prefer stocks and shares to forex. However, if you are good at analysis, and like numbers and math, forex will be very good for you because forex is just the kind of thing that might make you a lot of money. Information and research are key, and if you like doing tracking and investigation, as well as monitoring and evaluating data and prices, forex might turn out to be the correct idea to make you very rich.
More to come on forex on Ideas on how to become rich. Stay tuned!
What is Forex and How to make money with Forex
How to become rich? Skills for getting a job part 7
How to become rich? Skills for getting a job part 7
In this series here on Ideas on How to Become Rich, I am covering a series on how to get a high paying job in order to make money. The aim of this website is of course on ideas on making money, and one of the best ways is to get a good job. The articles covered so far on "How to become rich - Skills for getting a job" have been on articles one to five in this series so far:
1. What job do you really want?
2. Interview skills, tactics and advice for getting that high-paying job
3. How to write an excellent CV that will earn you that good and highly paid job
4. How to get further education which will help you become rich eventually
5. Mentality and attitude for the job and for becoming rich
6. Negotiation tips and tactics
This post will deal with negotiation tips and tactics.
Why do we need to negotiate in order to become rich? Donald Trump and many other rich and powerful businessmen know the answer, and that is because negotiation helps you get what you want. If you want to become rich, and convince other people to give you what you want, then you need to learn the skills and ideas of negotiation to make money, promotion opportunities and more. If you negotiate with your boss for a pay rise cogently, you can make more money and be happier with yourself for the successful negotiation. If you can negotiate well, you will be paid more for your value and contributions to your company, as you can win and earn more contracts for your company.
Nido Qubein's ideas and advice on persuasion can be summed up and analysed as:
Ten Secrets of Persuasion
(1) Be positive. (2) Prospect. (3) Prepare. (4) Perform. (5) Be perceptive. (6) Probe. (7) Personalize. (8) Please (make them happy). (9) Prove. (10) Persist.
Nido Qubein's ideas and advice on persuasion are good, but can be improved by looking at the key elements of other general resources on negotiation skills and techniques.
1. Try to think win win and let both sides have what they want - this approach is always better than thinking in terms of losers and winners. For instance, when negotiating for a higher salary, always justify why you need to earn more money with the value, services, responsibilities and additional benefits you bring to the company that justifies you being paid more money.
2. Always try to have some sweetener to the deal, if it a bad one. For instance, tie one issue that is weaker with another issue that you can give, and that will make the other side happier (at no cost or little cost to yourself).
3. Negotiate with confidence and strength, and not from a position of inferiority - if in such a bad situation, try to make things to your advantage and turn the issues into one of your strengths. For instance, always make the deal in your favour and advantage, so that you can use your confidence and strengths.
4. Sometimes be prepared to walk away from a deal so that you can get either the deal that you want (they come running after you to offer you money or that pay raise) or you can get some better offer elsewhere (if the negotiations don't work out, at least have a plan B).
5. Research and read up more on negotiation skills and tactics. More ideas on deals and deal making can be found in Donald Trump's books, as I have read his Art of the Deal (1987) and his How to Get Rich (2004). Donald Trump seems to be the expert and boss in this area of negotiation and persuasion. Do read his works and judge for yourselves.
This concludes the series on "How to become rich - skills for getting a job". May you get a good job that pays well, and maintain it and keep it so that you can make money via salary increases, promotional opportunities and ever expanding job opportunities and benefits. Take care. Cheers!
How to become rich? Skills for getting a job part 6
How to become rich? Skills for getting a job part 6
Mentality and attitude
To become rich, one must not just have the right paying job, which is of course important, but also have the right mentality towards the job and life and making money. This post on Ideas on How to Become Rich is about the right mentality and attitude towards the job, promotions, career opportunities, and making money. I have a earlier post on attitude and more by Nido Qubein (click here to go to Nido Qubein) in Ideas on How to Become Rich, where I wrote about persuasion and success strategies. This is after all an ideas blog, so it is full of various ideas on making money, from finance to investment to making money online. In this series, to recapitulate, we are talking about how to get a high paying job in order to become rich.
Making money and becoming rich is also partly a mindset, rather than merely getting a good job. This post is therefore about having the right mindset. I am going to discuss a few elements: have confidence, be assertive, think positively, and continuously improve yourself.
Have confidence. After you get the job and work at it for a while, when it comes to asking for more pay and getting a higher salary, be confident and go for it. Have confidence in your behaviour and your mind and don't shy away from difficult tasks, difficult decisions and difficult questions. If you have to ask for higher pay, then ask for your deserved higher pay.
Be assertive and firm, but not pushy. There is a fine line between being pushy and being assertive. Being assertive is part of being confident. Why should you deserve a higher pay and more money than your colleagues? Why should you make more money than your colleagues? You need to justify yourself. Your mentality should be: I am worth more than X dollars and I should get paid more because of my talents and skills - I can do this and that, etc, and I have the right attitude and mentality. You may not think so, but having confidence and the assertiveness that goes along with it will enable you to make more money and get promoted faster, or get better tasks and jobs in your department.
Think positively. There is little point looking confident and looking assertive, if you don't think you will get that pay raise or that increase in your salary. Ask for more money with the correct mindset and think that you will get it and believe in it. Making money is partly based on this key aspect of your attitude... if you think you can make more money and actively do it, you will; if you think you cannot make more money, and actively or subconsciously seek to avoid making more money, then you will never improve in your job, because you're afraid of being promoted and getting more responsibilities. The pay in a job is not commensurate with your workload, but with your responsibilities and decision making levels. To make more money, get more responsibilities, and to get that, you need to think positive and have confidence and self assurance. (Some people think that NLP might help you in becoming more self confident. If you're interested in NLP, so look around and find out more about it. It might work for you.)
Get self-improvement books or self-improvement strategies to help you improve yourself. This just means lifelong learning is important... have the right attitude towards learning and always improve yourself. You can always improve your mind and your attitude. You can even improve your money making skills and strategies. However, it's not all about making money. There is sometimes more to life than just making money, so self-improvement is just for yourself. And your successful career. Cheers!
The final post on this series will be about negotiation skills and tactics. Some of the ideas will be from Nido Qubein and others will be from research I have done on ideas on how to become rich.
How to become rich? Skills for getting a job part 5
How to become rich? Skills for getting a job part 5
Here on Ideas on how to become rich, we are covering a series on how to get a high paying job in order to become rich. The articles covered so far have been:
1. What job do you really want? High pay or good job or both?
2. Interview skills for getting that high-paying job.
3. How to write an excellent CV that will earn and land you that high paying job.
4. How to get further education which will help you become rich.
5. Mentality and attitude for the job and for becoming rich.
6. Negotiation tips and tactics.
For your convenience of navigation, here are the links here to the other articles before this post on How to get further education online to become rich eventually.
How to become rich? Skills for getting a job
How to become rich? Skills for getting a job part 2
How to become rich? Skills for getting a job part 3
How to become rich? Skills for getting a job part 4
OK, why is it important to get education and become more educated if you want higher pay and make more money? It is very simple.
1. Educational qualifications are needed for occupational promotion - you will need a masters at least for reaching some managerial positions.
2. In addition, additional educational qualifications can help you make money not just by promotion, but also because certain jobs command more money. Finance, money and banking, investment, and economics are all apparently boring subjects, but they help you make more money because they can get you jobs that pay more.
3. Educational qualifications have been historically proven to be commensurate with salary and pay, which means that the higher your education, the higher your salary and the higher your pay. It's that simple.
How do you get better education, and especially if you do not want to go back to a physical campus? The current solutions to that are distance learning and online learning. Distance learning is when you study at your own time partly at home and partly in an educational institution. Online learning is when you learn entirely at home and from the Internet. This is my Get Your University Online link, if you wish to have a look and compare universities and courses.
As an example, my mother has an MBA. She started out working as a teacher, but the moment she received her MBA from a distance learning school (in Singapore it's called SIM - Singapore Institute of Management, I think), she later became promoted to head of Cambridge International. This shows clearly that further education is good for promotion opportunities, which helps you make more money, while enjoying and loving your job and what you do. You get paid more and you get to enjoy a high paying job.
By the time you have chosen and decided for yourself if you prefer making money or having a less well paying job that is more interesting; have done an excellent CV / resume; have finished your interview with a flourish and with great skill, you should be ready to maintain your job not just with a better education, but also improve on your mentality and attitude to keep that job and to keep on making more and more money, and also know some negotiation skills and tactics. The mentality and attitude aspect will be explored in my next post, and the negotiation skills in the following post after that, so stay tuned! Cheers!
