Since Forex brokers worldwide are in a festive
Black Friday mood, they have prepared many promotions and special offers for
their clients. It stands to reason that OctaFX, with the help of some prominent
financial advisors, went ahead and created a guide with five expert tips on how
to get through the Black Friday season with as few bumps in the road as
possible. The key principle is to prepare, plan, and act following a
well-developed financial strategy.
capital like chess pieces
That's right. You have to strategically
manoeuvre your funds in such a way that the sums you are ready to spend are
available at the right time if you want to get in on these feverish Black
Friday discounts. Moreover, as in Forex trading, you should develop an
investment plan beforehand. The better you implement it, the more money you
will have at your disposal since profits would enter the process midway
through. These excess savings can then be used for further investment or
withdrawn and spent.
The cost-benefit ratio of your purchased item
plays a role, as well.
double-check other sites and compare item prices. To do that, I usually use
Amazon. Remember, only buy what you think you will frequently use in the next
six months. Black Friday Sales are generally targeting an impulsive purchase
due to the discounts, which might not even be a huge sale at all', says Vito Henjoto,
founder and chief analyst at Zenifix.
analyse' is the name of the game
As alluded to above, complete preparation is
vital. Be mindful of trends and markets. If you know your way around and scout
for the best discount offers, your advantage over the competitors will be
significant. Always look for products of interest in the markets you are used
to analysing. Successful traders come to Forex well-prepared, and immediately
distinguish themselves from traders who act on sheer luck and coincidence.
Do not allow yourself to fall into a state of
impulsive buying. Saying 'no' to items that weren't originally on your shopping
list is the same as sticking to a preconceived investment plan. If you take
your time and be mindful of those emotions, you're less likely to succumb to
impulsive moves that ultimately lead to losses. Phases like these might appear
suddenly, out of a rush of so-called 'fear of missing out'. There will always
be new opportunities to invest and buy..
Gero Azrul, the author of the bestselling
'BBmastery The Game Changer', reinforces this point by advising:
'Bear in mind. This is a waiting game. You
wait for the exact timing to get more value on your spending. So from now on,
save money, remain patient, and maintain a crystal clear picture of what you
want. "Impulse buying" is a state of mind you want to avoid at any cost'.
lookout for manipulations
Unsuspecting customers usually assume that any
marketing campaign has only good intentions implanted in their offers.
Unfortunately, this is not the case. Misdirection, and sometimes even outright
fraud, is very much in play during such seasons. You certainly don't want to fall prey to
them. Instead, investigate the trustworthiness, security, and track record of those
online sellers and organisations you engage with. Make sure to compare retail
prices before Black Friday sales.
'I participate in sales myself. Discount is
significant to justify more value to the customer. But as a customer, you must
be able to see real value and real discount and compare the two. Often, these
are being manipulated and operated as sales tools', reiterates Gera Azrul, Speaker
on the 'International Trader's Fair in Malaysia'.
So do not take steep discount prices for
granted—even during Black Friday. Do the research
beforehand and double-check prices all the time instead of blindly clicking the
of the fear of spending
Once your financial strategy is in place, it's
time to let go of the fear—namely, the fear of spending. Trust the time and
intellectual labour you have invested in developing this blueprint of financial
conduct and goals. Having that secured, the spending process will have natural
boundaries and potentially new purposes even. One such purpose could prove that
smart spending (akin to 'investing' at this point) is likely to lead to
subsequent earnings, perhaps even to a constant income in the mid- or
Preparation is fundamental. The best practice
is expressed in a well-elaborated financial strategy. Actually, this is as true
for the consumer economy as it is for Forex trading. This plan is like a rock
in a turbulent sea if by 'turbulent sea' we mean the utter chaos and
opportunities that accompany sale seasons such as Black Friday, or periods of
high market fluctuations related to the Foreign Exchange domain.
If you stick to your plan, your chances of
success in achieving your goals will increase considerably. Of course, the plan
should be flexible enough for adjustments if circumstances swing in different
Therefore, at the risk of sounding
overcautious or boring: Developing a plan 'B' and even a plan 'C' can help you
profitably get throughthe Black Friday season and others like it.
OctaFX is a global broker that provides online
trading services worldwide since 2011. It offers a state-of-the-art trading
experience to over 6.6 million trading accounts worldwide. In addition, the
company is well-known for its promotions and high service standards. OctaFX has
won more than 45 awards since its foundation, including the Best ECN Broker
2020 award from World Finance and, more recently, the 2021 'Best Forex Broker Asia'
award and the 2020 'Most Transparent Broker' award from Global Banking & Finance Review and Forex
Awards, respectively. The company is well-known for its social and charity