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This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise. DOI: We hope you enjoy this McGraw-Hill eBook! Dedication I T IS WITH THE utmost respect and my sincere admiration that I dedicate this book to my wife Susan; who has helped me watch my thoughts as they became my words, helped me watch my words as they became my actions, helped me watch my actions as they became my habits, helped me watch my habits as they became my character, and most importantly helped me build my character, which ultimately protected our destiny.
She is my partner for life! I further dedicate it to our eight children and three grand children, who have been a miracle in my life and forced me to stay humble. Thank you for being the grinding stone in my life. May you all enjoy each day of your life—I love you all! Click here for terms of use.
After his speech, the leaders of NASA franti- cally called the White House declaring his proclamation to be impossible. It is their talent and capability that allowed me the freedom to write this book. Her sheer genius never ceases to amaze me. Thank you for opening up your homes and your hearts to me and my family. It has been through your perception of the world, the mar- ket and your countless challenging questions that have allowed me to widen my perception of the world and the market.
In addition, I would like to thank all our staff and worldwide partners at MTI for their dedication, support and belief in our vision. You are not only great business partners, but have become some of my best friends. I am deeply grateful to Jeanne Glasser and all the staff at McGraw-Hill who have participated in bringing this book to market. Thank you for believing in me. I cannot finish my acknowledgements without recognizing my parents who constantly grounded me in an attempt to harness my adventurous spirit.
I give tribute to you all! Forex, or the foreign exchange market, offers incredible financial opportunity for those who are ready for the adventure, but it can be disastrous and financially devastating for those who are unprepared. My focus as an author is to be a mentor to those readers eager to enter the world of Forex trading. Some of the material in this book took me years to discover, develop, and just plain figure out.
I hope you will realize that this book, although written primarily for traders, is ultimately about self-improvement. I have discovered that no one can become successful at trading, or for that matter at anything, without first establishing their personal constitution. It is this aspect of yourself that either destroys you or allows you to succeed in life, and that includes Forex.
To be successful in your financial journey, you will need to be prepared for what the market demands the most—change and discipline! If you can- not find the courage to change and then remain disciplined to that change, you will be unable to develop a trading strategy that aligns with your per- sonality and your perception of life.
If you can learn the when and the why, you will be able to make market movements work for you allowing you to capture the majority of potential profit from the move.
When you do this, you have discovered your personal holy grail in trading! I believe this book can become your holy grail if you let it! Trading needs to be fun, emotionally exciting, personally and finan- cially fulfilling, and stress-free. You will also need to master your emotions. Success lies in mastering four skills, three of them technical. These technical skills include knowing: 1.
How to find market direction in any time frame, anytime, 24 hours a day. How to establish a successful entry strategy that works consistently.
Every trader wants the market to move in his or her direction from entry. How to create two solid exit strategies: one to protect yourself financially should the market not go your way, and one to capture profit if it does. The remaining skill is more difficult; it is learning how to overcome the battle that takes place in your mind.
Believe it or not, our daily destructive habits hold us back from achieving what is rightfully ours in this life. Learning to become a successful currency trader is a dream highly sought after by countless people around the world.
I am here to tell you that it is a worthy and attainable dream. Dreams are attainable! However, there is a set of steps that needs to be mastered in order to make your dreams come true. This book will help you to learn these steps and to acquire the courage and commit- ment to take them. Always remember that man was not created to just get by—he was created to reach his highest potential!
One wolf is very evil. It forces you to deal with anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and a self-centered, destructive ego. The other wolf is good. It helps you to experience joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, faith, self-respect, and to develop a giving, constructive ego.
There are successful people who have either been taught by a mentor, acquired some special knowledge, or implemented disciplines that enabled them to achieve their financial goals. The saddest part about this process is that most people do not display the sufficient humility and open-mindedness to acquire all this information and mentorship at an early stage in their lives. I am adamant about one thing: if you are on the hunt for success in any field or any walk of life and have not yet acquired it, then perhaps you have been looking in the wrong places.
The reason is universal: successful people focus on feeding the good wolf. Individuals who manage their mediocrity or poverty in life are focused on feeding the wrong wolf—the evil wolf. They carry around past emotional baggage and, in time, it becomes so heavy that all they can think about is survival. This mindset seriously affects their personality, performance, and ability to maintain emotional control, which is essential for success in life and success in trading.
I have noticed a pattern among people around the world, regardless of country, race, or culture; they become what I call rainbow chasers. Every few months they come up with a get-rich-quick plan, but these endeavors are doomed to fail, and then comes the inevitable blaming. Very seldom do those people accept responsibility for their outcome and look inside themselves to discover why they have failed.
They go from one business opportunity to another, never achieving their end result, and are clearly locked into self-destructive habits. They repeat their bad habits, continue to chase rainbows, and fail at just about everything they do. Life is not capricious; it will always provide the rich and poor alike with new opportunities. Forex is such an opportunity. This book will help you understand how to trade in Forex, or the foreign exchange market, and reap the financial outcome you desire.
Please embrace this inform- ation with excitement, because you will be given the exact education and trading tools used by some of the best money managers in the world. Whether you succeed or fail is solely determined by what is in your head and your heart.
Believe it or not, this is how history repeats itself in their lives. If this describes you, then this book can really help you make a change in your life. Not only does it teach the technical side of trading, but also it will force you to address some of those unproductive bad habits.
When trading Forex, your daily actions will be based on a clear productive mindset of: Reappointment versus disappointment Resilience versus resentment Better versus bitter A winner not a whiner A star not a scar A victor not a victim A conquerer not a crumbler The reality in life is that the choice is yours.
Your success will be determined by how confident you feel, what you think, and how you respond when bad things do happen.
In any financial or business endeavor, success starts in your head, is fueled by your heart, and the results are driven by your actions. These will determine your Forex experience. In this book, you will learn certain disciplines and habits that will help you become a better trader. There are three questions you have to ask yourself before you trade: 1.
Do I want to make a lot of money? Do I want to make an average income? Do I just want to get by and break even? You need to understand these things about yourself because the market tends to be self-fulfilling. Remember, you will always find what you are looking for, whether it be good or bad.
Nothing in life is perfect, and if you set yourself up with an unrealistic expectation that things should be perfect, you put yourself in a position to focus only on negative events. If you bring this perspective to the trading table, it will have a similarly destructive effect.
Uncover who you are and what you are looking for before you trade so that you can lay the proper foundation on which to build your trading career. Your moral constitution, work ethic, and personal beliefs will mirror your trading habits. If you are a rule breaker, then there is no point in trying to learn a new successful skill that requires rules to be followed.
If it is in your character to break rules, then learning a new successful skill that can change your financial future is useless. You will simply break the rules and self-destruct. I know a person who is habitually late to work. As a result of his tardiness, he is repeatedly terminated. Yet he refuses to change his behavior. He is more willing to go through the trouble of searching for a new job than he is to change a simple, yet critical, destruc- tive personal habit.
What I find with most unsuccessful people is that they fail to see the importance of following rules that will lead to their success, such as showing up on time. People underestimate how important preparation is for success.
However, the reason they get locked into poverty and mediocrity—only getting by—is that they show up to the battlefield totally unprepared and unprotected. Their focus quickly turns from the cause they were fighting for to survival and self-preservation. To survive the coming learning curve and successfully transition to a productive career trading on Forex, you will need to properly arm yourself.
Creating your personal constitution is like acquiring the best helmet possi- ble to protect your most important asset—your mind. Your mind is the epicenter of your body and the control tower of your destiny. You first need to identify, and perhaps define, who you truly are. The following exercise will help you discover your personal constitution. Once you have completed this exercise, you will be able to see what you need to change in your personal life to become a successful trader.
This exercise is what I call a litmus test. Are you more honest than dishonest? Do you always tell the truth? As a child, I acquired the habit of exaggerating from my dad. He would exaggerate about nearly everything he did, saw, and experienced. When I began dating my wife, she challenged me about my exaggerations the same way I did my dad.
When you exaggerate, you are outright lying. That is not a good habit! It builds relationships and earns security, trust, and respect from those with whom you associate. It helps others know who you truly are. It also prevents future trading missteps.
You will lie to yourself about how well you follow the rules when in reality you are trading on emotion and hunches. And if you lie about your level of success, that bad habit will curse you when everyone wants to see proof of your trading prowess. Be honest in everything you do! Are you a promise keeper or a promise breaker? Integrity is all about making sure your word equals your deed. If your word does not equal your deed, then you are a promise breaker.
No one likes a promise breaker. You will not be able to attract the right people in your life unless you become a promise keeper. When you make commitments to yourself and others, you need to keep them. You will make promises to yourself and then break them. Believe me when I say that if you promise never to trade without a protective stop-loss order, which is an order that protects you from losing all your money in a single trade, and then break that promise, your career as a trader will quickly be over.
Avoid this fate—be a promise keeper. Are you a rule maker or a rule breaker? Freedom is something of a paradox because in order to be free, you must abide by a plethora of rules. Just look at all the rules when driving your car. But the more you obey the rules, the safer you are when driving. Breaking the rules, however, will endanger your life and may cost you your freedom. Our lives are filled with rules. Then we learn rules about school, about dating, about working, about marriage, parenting, and so on.
The rules in our life protect us and help us get where we are going faster and safer. Breaking those rules creates risks, problems, and, eventually, setbacks. These setbacks can take you completely off track and dramatically delay you from achieving your goal in a timely manner. Learning to trade, and being successful at it, requires that you follow certain rules. Ignoring the rules will cause you trouble when you are trading.
You will be driven by your emotions and will be caught up in chasing the market, changing your mind, and breaking every rule in the book in the spirit of trying to save yourself. Are you a good or bad listener? Being a good listener has its rewards. The greatest reward comes to those who develop the art of hearing what is not said.
I used to be a bad listener, constantly interrupting people when they were talking and completing their sentences for them. I assumed I already knew what they were going to say and where they were going with the conversation. And yet I was almost always wrong. To overcome this habit, I had to learn to keep my mouth shut until the person speaking to me finished what they were saying.
Imagine the impact of such an interruption on a trade in process. Learning to be a successful trader requires good listening skills. Because history repeats itself, where the market has been begins to predict where it is going. If you interrupt its story and try to second guess what it is going to say, you will set yourself up to make a poor decision. Although trading charts are unable to express themselves verbally, they do communicate to traders who are good listeners.
Do you think before you speak or speak before you think? Have you ever wished you could take back something you just said? Your words are like the sound of the bell—they resonate! People who speak before they think are often branded as ignorant and annoying; few are respected.
On the other hand, we respect and look up to people who think before they speak; we value their conversation and opinions because they are carefully considered. Which do you do? Are you habitually putting your foot in your mouth?
Or do you respond with educated answers and arguments? As a trader, you must engage in a conversation with the market and your response can either be ignorant or intelligent. If you are disciplined enough to think before you speak, you will probably find success in trading. However, if you insist on speaking before you think, the market will allow you to prove your ignorance.
Do you think before you act or act before you think? The conscious and subconscious parts of your mind are your greatest assets and your greatest liabilities. The conscious mind dissects, considers, and categorizes everything you see and hear. If action is needed, the conscious mind thinks through how it will execute the action. If action is taken, the subconscious mind records the thought with the action and matches the two for future reference. In the future, all we have to do is think that thought, and the subconscious mind stands by to automatically execute the exact action that matched the thought.
That is how a habit is formed. Think about it once, do it once, and you have started a habit. Think about it three times, do it three times, and you now have established an automatic habit—good or bad. That is both good news and bad news. If you are involved in any unproductive actions that have turned into bad habits, you are unconsciously incompetent.
That is when your mind is working on destructive autopilot and you need to regain control. You need to become conscious again in order to recognize your bad habits and admit they are not benefiting you.
When you recognize your bad habits, you are able to learn a new skill or a new habit to replace the unproductive one. Learning a new, productive skill or habit is the first step to managing your success.
When you learn a new skill, you usually have to think through each step of the action. Thinking through that action and success- fully executing it is called conscious competence. When you are disciplined enough to consciously repeat it when the situation requires, your subconscious mind automatically replaces the previously recorded action associated with the thought and forms a new habit.
The subconscious mind does not think, it just recalls and executes the actions that matched the thought. The more you repeat the action—good or bad—the more that habit becomes uncon- sciously automatic. If you are locked into executing bad habits, you are unconsciously incompetent.
If you are locked into executing good habits, you are called unconsciously competent. The road to success involves the recognition of unconscious incompetence, then passing through to conscious incompetence, working your way to conscious competence, and eventually arriving at unconscious com- petence.
In achieving this you have purged yourself of your bad habits and have replaced them with productive, automatic, good habits that allow you to perform successful actions without thinking about them.
It is like learning to drive a car. That process took about 15 minutes because you had to consciously think through everything you did. You were consciously competent. Now, if you began to drive and received speeding tickets and got into accidents, you became unconsciously incompetent. It was when you consciously commit- ted yourself to stop speeding and to look in every direction to avoid accidents that you became a consciously competent driver.
You have now become unconsciously competent in your successful driving habits. You probably take about three seconds to pull out of the driveway, probably driving part of the way with your knee as you juggle a cup of coffee in one hand and a cell phone in the other, focusing on the conversation rather than each individual skill needed to drive the car.
Can you see how powerful your mind is and how critically important it is to properly think through everything before you act? When it is time to trade, you must think before you act. If you act before you think and make mistakes, your subconscious mind will take over and record all your ignorant actions and subconsciously create bad trading habits. That is how you start to lose money or just get by in trading. Successful traders think before they act to execute successful trading habits.
Failure is like cancer. If you have to remove the cancer, much of the time it is too late. You treat cancer by preventing it and you treat success by creating good habits from the beginning. This way you are preventing failure. As you learn to trade, you will need to get in the habit of thinking through all the details potentially involved with that trade. You will need to have checklists that cover all the details. You will need to get in the habit of creating a trading plan and maintaining the discipline of trading your plan.
That habit forces you to think before you act, avoiding impulsive, emotional actions that generate unsuccessful trades. The market has no remorse for ignorance and impulsive action. The ignorant will suffer. Think before you act. Do you manage your emotions or do your emotions manage you? Most financially successful people are very unemotional when it comes to business decisions. Believe it or not, successful business is nothing more than making and executing unemotional decisions that make economic sense.
It is no different than unemotionally figuring out a mathematical equation. Two plus two will always equal four, regardless of how desperately you wanted it to be five—it will always equal four. For example, holding onto unproductive employees because you like them, does not make economic sense and is a bad business decision rooted in emotion.
When it comes to business, you need to make all your decisions unemotionally. Your decision process needs to be educated, logical, and unemotional.
Any financial decision made in the heat of negative emotion will hurt you much more than it will ever help you. When it is time to trade, the more you rely on your emotions to make your decisions, the more money you will lose. The more you rely on your education and logic, the more money you will make.
Thinking through problems unemotionally allows you to stay focused on achieving long-term happiness and success. Bad things happen to all of us, and many times we have no control over them. The reality is that we have no control over the cards we are dealt, we only have control over what we do with those cards. What we do have control over is how we handle the situation—emotionally or unemotionally.
Successful traders manage their emotions; unsuc- cessful traders let their emotions manage them. Are you responsive or reactive? Unsuccessful people usually do. Successful and positive-thinking people are able to process properly the negative things that happen to them, put them into perspective, and move on.
Historically, customers have expected basics like quality service and fair pricing — but modern customers have much higher expectations, such as proactive service, personalized interactions, and connected experiences across channels. They are extremely versatile and efficient in drawing attention to the trend. Meta Tag Meta tags are snippets of text that describe a page's content. The meta tags don't appear on the page itself, but only in the source code of the page. Meta tags are just little content descriptors that help in telling the search engines what a web page is about.
Meta tags only exist in HTML , usually at the head of the page, and thus are only visible to search engines. Dendrogram A dendrogram is a type of tree diagram representing hierarchical clustering - relationships between a similar set of data.
They are used more often in biology to show clustering between samples or genes, but they can represent any grouped data. A dendrogram can be a column graph, row graph, circular, or can have a fluid shape as well. Word Cloud A word cloud or a tag cloud is the name of the data visualization tool that depicts a logical arrangement of keywords within the textual content.
Tags are usually single words, and the size of each word in the depiction usually indicates the frequency or importance of the word. They can also provide insights when comparing two texts against each other, like product reviews or political speeches. Answer Detailed Solution Below Option 3 : 1. Customer retention rate: Customer retention rate measures the number of customers a company retains over a given period of time.
It's expressed as a percentage of a company's existing customers who remain loyal within that specific time frame. Monitoring the retention metrics is critical for a business to understand lifetime customer value and to quanitfy the efficacy of its customer service program or marketing strategy. The survival rate is the percentage of customers that stayed during a given period of time.
Solution: As mentioned in the question, the retention rate is 1. RFM is a marketing analysis tool that helps to i dentify an organization's best customers by using a few measures. RFM model is based on three quantitative factors: Recency: The more recently a customer has made a purchase with an organization, the more likely is the chance that they will continue to keep the business and brand in mind for subsequent purchases.
Compared to the customers who have not purchased from the business in months or even longer periods, the likelihood of engaging with recent customers is higher. Frequency: The frequency refers to the fact that how many times a customer makes a purchase of the product.
The frequency of the customer's transaction can be affected based on the factors such as the type of product, the price point of the product, and the need for replacement or replenishment. Monetary Value: Monetary value refers to the amount of expenditure the customers make with the business during their transactions. Here, a natural inclination is to encourage customers who spend the most money to continue to do so.
With the help of these three factors of the RFM model, firms are able to reasonably predict which customer is more likely to make purchases again, how much revenue could be generated from new customers, and how to turn occasional buyers into habitual ones. Dendrogram tool: Dendrogram for clustering retail items is a tool used in customer relationship management CRM for implementing homogeneous schemes for all the items in one cluster.
These entities may be the customers, retail items, business units, etc. In the above example, we can see that E and F are most similar, as the height of the link that joins them together is the smallest.
The next two most similar objects are A and B. The dendrogram tool is also used in CRM in conjunction with Cluster Analysis as represented below: Here, o bservations are allocated to clusters by drawing a horizontal line through the dendrogram. Observations that are joined together below the line are in clusters.
In the example above, we have two clusters. Cluster Record Factor Flow. It provides business insights that enable firms to offer specific, personalized services and products to their customers. Clustering is used in a commercial environment for Cross-marketing, cross-selling, deciding media, understanding other goals, etc. Record In a CRM database, a set of information stored in a row of the database and pertaining to one customer is called Record. A customer record holds critical data about a customer including the standard data such as name, order data, billing information, and credit information.
Factor In CRM, factors are agents or representatives that help in achieving organizational goals. People, processes, and technology are the three most important factors of CRM.
It is essential to ensure that the process is in place and accounts for the people involved in the organization before selecting the right technology. Flow In CRM, the flow starts from typically capturing new leads, and the sales team will then work on these new leads and try to close the deal. It can be done by using CRM features like events, tasks, email marketing, reminder and quotes, etc. Upon close, the CRM flow then moves to projects and operations. It is an important metric used by marketing managers while making decisions regarding sales, marketing, product development, and customer support.
Ideally, lifetime value should be greater than the cost of acquiring a customer. Customer Click-Through Value Customer Click Through Rate refers to the ratio of the number of customers exposed to a link on a specific website page or in an email who clicks the link and visits the advertisement of the product or service.
This technique is primarily used by digital marketers to quantify the success and effectiveness of an email or advertising campaign. Customer Referral Value The value that is obtained from a customer's positive word of mouth through which one can get an additional customers is called Customer Referral Value CRV. CRV requires rigorous, time-intensive methodology, as it must be determined by how many referrals a customer will make when directly prompted, usually through incentive offered by the firm.
CRV helps in determining which customers should be targeted for word of mouth and referral campaigns. You may also see plan samples.
The green mermaid can bring with it the distinct aroma of coffee that Starbucks peddles. Without a doubt, good branding allows for great brand awareness.
Higher brand awareness can bring in loads of customers. You can also read sample brand strategy templates. Brand Development Plan Sample lgnsw. Brands are defined as the name, design, symbol, or other distinguishing feature that an organization or product has that sets it apart from its rivals in the eyes of the customer.
They are essential tools in business, marketing, and advertising. The practice of branding which begun with the ancient Egyptians as a way to somehow prevent theft, has it meaning extended to a strategic personality for a product or company.
You may also see Plan Templates in Word. In time, branding became a set of marketing and communication methods that help to distinguish a company or products from its rivals.
It aims to craft an enduring image in the minds of customers. With the growing belief that there is often little things left to differentiate between several types of products in the 21 st century, branding has become one of a few remaining forms of product differentiation.
You can also like brand strategic plans. Tangible elements can include the product itself, its look, price and packaging among others.
You can also see marketing plan templates in PDF. The intangible elements meanwhile refer to things like consumer experience with the brand as well as the relationship that they have with that brand. You may also read brand proposal. Branding Marketing Plan Sample gracesystem.
Essentially, it is your long-term plan for the development of a successful brand in order to reach its specific goals. It can affect all aspects of a business especially if it is well-defined and executed.
Branding strategy is directly concerned with its consumer needs, emotions, and competitive environments.
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