Here Come New Ideas for Email List Building

By offering a collection of these bribes in one, you will skyrocket your email conversions. You don’t have to create each one of those. 2-3 is fine enough.

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Mistake 3: Asking for too much personal information

There is really no need for you to ask for your visitors first name, last name, address…

All you really need to ask for in return for your bribe is their email address.

Even adding a bar which asks for their first name will significantly reduce your email list building effort.

It has been proven by this research done by Getresponse.

The only place where asking for more personal information is acceptable is if you are offering a business service that requires the reader to fill out a bunch of their personal information or…

You are already an established blogger and don’t need to grow your email list fast.

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Other than that, you are basically reducing your opt-in rate significantly.

Mistake 4: Using the default opt-in form call-to-action

Like I mentioned on Mistake 1, there is a phenomenon called reader blindness.

It basically occurs when something is Omni-present or exists everywhere.

Just like the sidebar exists on nearly every single blog that has an email marketing effort, the default call to actions on your opt-in form service are also everywhere.

Never, and I mean Never, use the default call-to-actions.

Here is a basic list of these CTA’s

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  • Submit
  • Subscribe
  • Join The Newsletter
  • Join
  • Sign Up
  • Buy Now
  • Click Here…

 

There are two significant problems that arise when you use these CTA’s

 

  • You Will Cause Reader Blindness: These call to actions are so rampant on the blogging sphere that your blog and most importantly, your freebie, will seem like every other blog’s same generic offer.
  • They Are Vague: Your Call to Actions should blatantly explain to the reader what he is getting in return for his email sacrifice.

 

For example, when you use “Subscribe”, the reader will be confronted with some basic but important questions;

What exactly am I subscribing to? Will this solve my problem? Am I really getting what I am signing up for?

Your CTA has to address these questions emphatically. When you use “Subscribe”, it really does not communicate to your reader what exactly he or she is getting.

Instead you should use more unique and to-the-point CTA’s.

For example, if I am offering a freebie on how to start a blog, your Call-to-Action shouldn’t be one of the default such as “subscribe”.

Instead it should resonate with something like this:

 

  • Start Your Own Blog Easily
  • Download The Step by Step Guide…

 

You see, when the reader subscribes using one of these CTA’s, he/she is sure that their problem is being addressed and most importantly solved.

Mistake 5: Discarding pop-ups because of their intrusiveness

Yes, they are intrusive. Yes, they might get on your reader’s nerves.

But what is ultimately proven is that they will convert interested and targeted readers into subscribers. There is even a case study on the Aweber blog, where a particular blogger got 1375% more subscribers from her light-box pop up than her sidebar.

Recommended for You Webcast, September 29th: The Future of Sales Enablement: Listen To Your Buyers, Speak To Your C-Suite

By using Pop-ups, you can aggressively get an opt-in form right in front of your readers faces.

It is not a question about being polite here. You are here to do one job and one job only.

Get people subscribed and nothing does it more effectively than correctly optimized and targeted pop-ups.

If you are really into politeness, then you can use an exit-intent pop-up that only shows up when your visitors are just about to leave.

Mistake 6: Having no landing pages on your blog

No matter what niche you are in, if your ultimate goal is to increase your subscriber count and grow your email list, you definitely need a landing page for your freebies and your premium services, if you offer them.

A landing page completely removes all obstacles and unnecessary distractions from the eyes of your readers, and they will be faced with one important choice.

To join your email list/buy a product, or to get the hell out!

 

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Easy choice! High Conversion!!

having no landing pages on your blog for mistakes bloggers make

For example, above is Jeff’s landing page for his awesome 101+ Tips to Grow Traffic. If you look closely, there are no distractions (no home page, blog, contact, about us… buttons).

Just a small enticing description with a magnetic yellow opt-in button

Having no landing pages while you are trying to grow your email list is like trying to grow a baby without milk. It can grow, but it will be stunted.

Mistake 7: Having an ugly and scary website

This is an obvious one, but many bloggers still make the mistake of housing a horribly designed blog. When it comes to having an ugly website, there are usually two categories:

Yes, Seth Godin made it without a premium theme, but you aren’t Seth Godin.

He and others who succeeded, without using a properly designed themes, are miracles. And when it comes to miracles, you shouldn’t set your whole success based on them.

 

  • Your whole blog is plastered with Ads: Most probably, you figured out that you could make money from your blog and most of the guides told you that advertising was the ultimate way. So you created a blog and now it is literally a museum of ads.

 

If you didn’t figure it out already, using ads is the least effective way of making money, especially if you still don’t have a lot of traffic coming to your site.

The whole point of ads is to drag and steal your readers to another website. I really don’t understand why anybody without a major traffic source would ever consider ads as a monetization strategy.

You are basically selling your precious readers to other sites for 10 cents.

Anyways, always make sure that you are using a premium theme and have no sneaky ads on your blog.

Mistake 8: Having no personalized landing pages for guest posts

If you know anything about growing your blog and your email list, you probably know that guest posting is a major part of the strategy.

With guest posting, you can appear in front of your target audience without having to pay for anything. You basically write an amazing guide related to your niche and you pitch other bloggers in your niche to post that guide on their website.

You can get massive results from proper guest posting.

Sarah from Unsettle got over 500 subscribers from her first guest post on Fast Company.

Sarah Peterson for mistakes bloggers make

Bryan Harris from Videofruit also got over 500 subscribers from his guest post on LeadPages.

But, many bloggers fail to replicate this massive success at guest posting and the major reason for that is;

They don’t have a specific landing page for each of their guest posts.

If you are writing guest posts without having a landing page with a freebie related to the post, you are outright wasting your time.

You need to create a landing page for each of your guest posts and make sure you give them a content upgrade. What is that?

Well…

Mistake 9: Offering no content upgrades

If you want your guest posting email list building campaign to be a major success, you absolutely need to offer content upgrades for the readers at your guest blog.

You see, it is not enough to just direct readers from the blog towards your homepage or in fact, your original landing page.

You want the readers of that guest blog to be directed to a landing page that builds upon what they have read. By offering a freebie that is related to the post you wrote, you will significantly increase your subscription rate.

Here is Sarah’s landing page for her Fast Company guest post that contains the content upgrade. She addressed the readers pleasantly by “Welcoming” them which makes them feel exclusive.

offering no content upgrades for mistakes bloggers make

And the best part is that this content upgrade doesn’t even have to be something brilliant.

It can basically be:

 

  • A PDF of the guest post you wrote (use this if the post is massive)
  • A Checklist (If you wrote a step by step guide)
  • A Cheatsheet
  • A Tiny E-Book
  • A Tool Book

 

To ensure the effectiveness of your guest post, your author bio only has to have a link to that specific landing page. If your author bio has links to social media or worse, your homepage, your landing page link will have to fight for attention.

Bonus tip: Amaze your readers by giving them your content upgrade and a small collection of freebies as a bonus.

Mistake 10: Not having a page that shows your subscribers “How to Confirm Their Subscription”

So you finally convince your visitor to subscribe to your email list in return for the freebie, but your fight is not yet over.

Most probably, you are using a double opt-in feature on your email marketing service that requires people to confirm their subscription.

If you don’t notify your potential subscribers that they have to confirm their subscription before they officially become a subscriber, you will lose a significant portion of your readers who gave you their emails.

As a result, you want to have a page (which comes up when someone joins your email list) that tells them emphatically to confirm their subscription before they can receive your freebie.

Here are some examples to imitate:

Here is a simple page from Brian Dean, that is effective.

Brian Dean for mistakes bloggers make

Just tell your subscribers that they are not done yet and show them a simple step by step tutorial on how to officially confirm their subscription.

Mistake 11: Having no call-to-actions on your freebie download page

Yes!!

You made it. You are finally getting your readers and blog visitors to join your email list, but unbeknownst to you, you are actually still sabotaging your email list building campaign.

When people subscribe to your blog, it is because they admired your content or want to receive your freebies.

Now, when bloggers get subscribers, they make the mistake of being too polite to your new subscribers. They basically gave you their email address, you should be more courteous right?

Wrong.

You already convinced them to click on your call to action, what is keeping them from following your next call to action?

If you haven’t figured it out yet, let me bluntly tell you.

It’s you.

You might be saying “How?”

Well, if you are like most bloggers, your freebie download page (which is only visible when someone subscribes), has nothing except the links to the freebies.

What is wrong with that?

When people follow your CTA, they are mostly likely to follow your next CTA.

So if someone subscribes to your email list, he/she will be likely to follow your next call-to-action.

What should your next call to action be?

 

  • You can ask them to share your opt-in page (NOT your download page) so you can capture more email addresses.
  • You can ask them to send you an email with specific questions (More ideas for you) …

 

By taking advantage of your new subscribes momentum to follow call-to-actions, you can increase your email list.

Here is an example from Unsettle:

Unsettle for mistakes bloggers make

You see how she calls on new subscribers to share the post. By doing this, you will definitely increase your subscriber count.

Mistake 12: Having no system of converting people who comment

Why do people comment?

There are many reasons but all of them can be classified into one of the following categories:

 

  • They Like Your Content and Want to Appreciate Your Work
  • They Have a Question Regarding the Topic
  • They Are There to Troll, Spam or Hate

 

Most of the people who will comment on your site will be either in category 1 or 2 or a combination of both.

They like your work. They have a question for you.

Now, if you put up a system where those types of people who comment are redirected to a landing page to subscribe, do you think you will increase your email list?

Hell yeah!

There are several WordPress plugins you can use to put up that system on your blog. You don’t need any coding skills.

Here is one you can use. There are multiple options.

Mistake 13: An about us page with no opt-in forms

If you look closely at your Google Analytics dashboard, you will most probably see that your About us page will be one of the most visited pages on your site.

As a result, it has a higher chance of getting more email subscribers.

Yet, many bloggers’ About Us Page is nothing but a long story of their personal hardship and how they came about growing this blog.

Yes, long stories are inspiring and will help your reader understand you more, but you need multiple opt-in forms on your About Us page.

If properly optimized, your About Us Page can do wonders to your email list.

And do you know why?

Most people who click on the “About” page are already interested in you and want to learn more about you. They are not just random traffic.

Here is a portion of Derek’s About Page. As you can see, he blends in opt-in forms on his about page, because he knows that people who click on his About page are interested in his content or services.

Derek

By embedding some opt-in forms in your long and inspiring story, you can gain a respectable number of subscribers from your About Us Page.

Mistake 14: Using default email templates

Never… ever… use the default email templates that are written by computers.

You should personalize each of the emails that your potential subscriber will get:

 

  • The “Confirm Your Subscription” Email
  • The “Welcome” Email
  • Future Emails You Will Send

 

Never use emails that were written by emotionless computers. Humans are creatures of emotion. You have to evoke feelings in them to capture their interest. http://www.mobileoptin2.com/

You can’t just be using regurgitated lackluster emails.

Using these default email templates will increase your unsubscribe rate. You will lose the potential subscribers that you worked hard for.

Write personalized and well thought out emails. If you are funny, be humorous on your emails. If you have a story that relates to your reader’s fears, tell them the story (don’t make it a novel)

It will cause your readers to view you as a real person who they can relate to rather than just some robotic freak on the other side of their screen.

You can even take this even further by…

Mistake 15: Forgetting to ask your new subscribers to reply back with their specific problems

There are two massive reasons for why you should blatantly ask your new subscribers to reply to your “welcome email” with a specific question they have.

 

  • It Builds Trust with your subscribers. If you potentially solve their problem or answer their question, they will start seeing you as a mentor and will recommend and forward your offers to their friends and acquaintances. This effect will then ultimately help you grow your blog and your email list.

 

If you can start building these types of relationships with your new subscribers, they will also be 100X more likely to buy and support your future premium offers and services.

 

  • It helps you come up with ideas for a blog post, guest post or even better, a future product. You no longer have to guess blindly what your readers want. You can basically identify what they want by connecting with them on a personal level.

Mistake 16: Buying a list

 

This shouldn’t even be an option in the first place, but I am still amazed by how some people believe that they can succeed by taking a shortcut.

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Don’t even consider buying an email list.

There are several reasons why buying an email list is a waste of your money and time, but the major ones are:

 

  • Major Email Marketing Services won’t allow you to send emails to lists that you bought. Email providers such as Aweber explicitly state that they will not accept email lists that are bought. You may be fined if you don’t follow their regulations.
  • Your Email List Will Be Dirty: Yes, they claim that you will get clean email lists, but that is far from the fact. You will get spammers, that is an obvious fact. The quality of the email’s will also be low and most of them won’t even be active email’s.

 

Rather than causing yourself a headache and beating yourself up later on, you are just better off by building an email list the right way (which is obviously the slow way).

There really is no shortcut to building an email list.

Over to you

Stop sabotaging your email list building efforts by committing those 16 email list building crimes.

Avoid them and you shall prosper.

There really is no reason for why some bloggers still make these mistakes.

If you want to succeed at growing your email list, you have to completely eliminate and obliterate these mistakes from your list building strategy.

Some of these mistakes might be knew to you and will require you to make some radical, yet important, changes to your blog.

But identifying what is wrong is only half the battle.

When it comes to growing your email list, you have to not only avoid the wrong steps but you also have to start taking the right steps. http://www.mobileoptin.review/ 

9 Best Email Subject Lines to Your Increase Open Rates

You can boost your conversion rate optimization by engineering your website to offer a valuable customer journey. In actual fact, it would be absolutely wrong to lead every user to your opt-in landing page or your sales letter. Don’t be a pushy sales man because customer journey optimization strategy is about directing your visitors to the right page and engage with them to encourage them to jump into your sales funnel.

I’ve outlined four essential steps to an efficient customer journey optimization that you can implement right away and improve your conversion rate.

1. Understand your customer’s persona.
Understanding your customer’s persona plays a great role in optimizing your business for higher conversion. The first step is to define your customer segment precisely.

Begin with exploring your prospective customer’s desires, pains, attitude, and understand their needs. If you’ve discovered a new customer segment, you may modify your business model to accommodate the new opportunity.

Using empathy map not only helps you to speed up the customer discovery process, it also provides you with actionable tools to explore different aspects of your customer’s persona, and craft innovative business models.

Print a copy of the empathy map template and place it on a wall. You can use the template to categorize your questions and focus on what your customers say, do, think, feel, hear and see. Empathy map also enables you to discover more about your customer’s pains and desires.

Gather your team together and answer the following questions but do not limit yourself to this set.

What hinders her?
What does she dream to achieve?
How does she perceive success?
What influences her to make a purchase?
How much social media and communities influence her decisions?
What worries her?
How does she behave in public, and among friends?
Even if you target the same customer group as your competitors, it’s vital not to copy and implement their conversion optimization strategies. For instance, offering free trials or unlimited access to the basic version of your product might sound very intriguing to a group of customers, however, it might not be the right strategy for your business to adopt.

2. Leverage on historical data.
You must be able to back up your CRO strategies with historical data before thinking about which growth hacking strategy to implement. For example, extracting data about your existing customers who have subscribed to your monthly plan can be a great guide to learn more about your customer lifetime value (LTV).

Related: Why Smart Companies Are Making Customer Experience a C-Suite Job

Knowing how long a customer stays with you before they quit and use a competitor’s product enables you to craft engagement strategies that result in higher retention rate. The same scenario applies to businesses who offer one-off deals and generate revenue from selling tangible products.

You can use retargeting strategies and enhance your conversion rate optimization initiative based on your customer’s purchasing behavior. Simply, highlight the group that has made follow up purchases or have referred new customers to your business and engage them with new deals or ask them to join your loyalty program.

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Besides, discovering whether these customer segments are referred to you through social networks or backlinks from a partner allows you to adjust your landing page optimization strategies accordingly.

3. Educate your customers.
Instead of driving all traffics to your signup page hoping that they will love your product and make a payment, you should concentrate on setting up an automated process to help your visitors to have a pleasant and educational tour in your website. Take to account that each customer segment has a set of unique needs that must be addressed accordingly.

Whether you are using paid marketing strategies or leveraging on white hat SEO techniques to attract customers to your business, it’s essential to engineer your campaigns to lead your visitors to the right landing page.

For instance, you may publish a beginner’s guide about how to get the best out of your product on your blog and drive unexperienced visitors and new users to your blog before pushing them to your conversion funnel.

Related: 3 Ways to Strengthen Your Email Marketing Impact

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On the other hand, you can set up a separate ad for expert users and get them to visit your limited-offer product page. This way, you are addressing your customer segments the right way, as well as improving your conversion rate that consequently results in higher ROI.

Truthfully, focusing on numbers and prompting visitors with ‘signup now’ popups before they even know what values your product can offer will impact your conversion rate, negatively.

4. Engage with your customers.
One of the common mistakes that online marketers make about conversion rate optimization strategy is to call it a day the moment the customer make a purchase. According to Econsultancy, 82 percent of companies admitted that customer retention is significantly cheaper than customer acquisition. It was also reported by Ipsos that customer acquisition costs 500 percent more than retaining customers.

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Setting up a blog, and putting together a solid email marketing strategy to keep your customers engaged with useful tips will invigorate your customer retention strategy. Simply leverage on strategies such as content marketing to craft a piece of content, preferably a step by step guide and share it with your customers.

You must take your business relationship more serious than whatever is defined in your terms and conditions. Engaging with customers after they buy your product can result in stronger customer loyalty. You could even make them love your business by finding the most challenging issues that your customer face when they use your product and help them to address it for free.
Marketing and advertising are realms with untold possibilities, especially in the modern digital age. There are literally hundreds of different strategies and tactics you can employ to improve your brand’s visibility, acquire new customers and retain the customers you already have, longer. But having all these options calls up the paradox of choice:

How can you be sure you’re choosing the right combination of tactics?

Related: How to Implement a Killer Online-Marketing Strategy for $15 a Week

One of the best solutions I’ve found is to treat your marketing strategy as an “all-in-one” seamless unification of tactics, rather than individualized execution plans. The ultimate goal here is to create a kind of engine that consistently funnels traffic back to your site, where you’ll be better able to convert that traffic to actual customers.

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3 basic realms
For this strategy, three main realms are important, with each drawing power from and contributing to, the others, in terms of reach and significance. Because these areas are mutually beneficial, they’re especially powerful:

Content. Content marketing has generated a lot of buzz in the past few years. With a sufficient content strategy, you can improve the results of your SEO and social media campaigns (thereby drawing more traffic to your site), build your brand visibility and reputation and even give yourself a higher conversion rate, if you include good calls-to-action (CTAs).
SEO. Search engine optimization (SEO) is a realm that depends on content marketing for success. With good SEO, you’ll help your site rank higher in Google searches, yielding more organic search traffic for your site.

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Social media. Finally, there’s social media marketing, which can complement and enhance both your content marketing and SEO efforts; here, you’ll build a following and make your content more available for other people to read and share.
Related: The 6 Online Marketing Strategies Every Entrepreneur Needs

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The foundation: your website
By necessity, everything needs to start with your website. This is where the majority of your traffic is going to be funneled, so you need to have a good foundation. Your website will also serve as the hub for the three realms listed above. You’ll want to pay special attention to three areas:

Branding and design. Your website will form most users’ first impressions, so make sure you’re showing off your brand fully and accurately. You’ll also want to make sure your design and functionality are in order, as these can make or break a user’s experience.

 

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Search optimization. Outlining the technical factors here would require more space, but clearly you’ll have to work on your on-site optimization before you get involved with any ongoing strategies. Title tags, meta descriptions, responsiveness, your sitemap and your robots.txt file are just a few major considerations here. For more factors, see The Ultimate On-Site SEO Guide.
Conversion optimization. You’ll also need to make sure your site is capable of producing conversions, the lifeblood of your online marketing strategy. Include CTAs throughout your site, and optimize them to maximize your potential conversion rates.
Once your website is in order, you can focus on your supportive ongoing strategies. http://www.reviewengin.com/

FOREX LIBRA CODE REVIEW

There are numerous assets accessible to somebody inspired by getting to be included in this kind of preparing. The Federal Reserve Bank’s site is only one case of the data accessible — http://www.ny.frb.org/markets/foreignex.html. Here is another article that you will discover supportive in beginning in this field. . I have additionally included one of the locales that offers a free lesson.

While there are numerous advantages to this sort of preparing, as I specified above, there are positively hazards required too. There are dangers with trade rates, national banks in remote nations, and dangers including loan costs and credit. Forex is rapidly turning into a mainstream approach to enhance your speculation portfolio. On the off chance that you are great with comprehension contributing ideas and appreciate doing it this might be the home business open door for you. Simply do your exploration and attempt to discover one of the destinations offering the free trial record to rehearse with and you are well on your way not far off to Riches.

So what is Forex exchanging you may inquire? Forex is the trade you can purchase and offer monetary forms. For instance, you may purchase British pounds (by trading them to the dollars you had), then, after pounds/dollar proportion goes up, you offer pounds and purchase dollars once more. Toward the end of this operation you are going to have more dollars, then you had toward the starting.

The Forex market has much higher liquidity, then the share trading system, as significantly more cash is being traded. Forex is spread between banks everywhere throughout the planet and thus it implies 24 hour exchanging.http://forexlibracodes.com/

Not at all like stocks, Forex exchanges are performed with high influence, normally it is 100. It implies that by contributing $1000 you can control $100,000, and expand potential benefits as needs be. A few specialists give likewise supposed small scale Forex, where the extent of least store approaches $100. It makes feasible for people to enter this business sector effectively.

The name tradition. In Forex, the name of an “image” is made out of two sections — one for first coin, and another for the second cash. For instance, the image usdjpy remains for US dollars (usd) to Japanese yen (jpy).

Similarly as with stocks, you can apply devices of the specialized investigation to Forex outlines. Merchant’s records can be enhanced for Forex “images”, permitting you to discover winning procedure.

Case Forex exchange

Accept you have an exchanging record of $25,000 and you are exchanging with a 1% edge prerequisite. The present quote for EUR/USD is 1.3225/28 and you put in a business sector request to purchase 1 parcel of 100,000 Euros at 1.3228, anticipating that the euro should ascend against the dollar.

There are not a considerable measure of banks or individuals who might loan you cash with the goal that you can utilize it to exchange offers. Also, if there are, it would be hard for you to persuade them to put resources into you and in your thought that a specific offer is going to go up or down. Along these lines, more often than not, on the off chance that you have a $10,000 account, you can just truly stand to purchase $10,000 worth of stocks.

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In coin exchanging in any case, since you utilize ‘obtained cash’, you can exchange $10,000 of a money and you just need anyplace between fifty (For an edge loaning proportion of 200:1) to two hundred dollars ( For an edge loaning proportion of 50:1) in your exchanging account. This makes it feasible for a normal broker with a little exchanging account, under $10,000 to have the capacity to benefit adequately from the developments of the money trade rates. This idea is clarified further in The Part-Time Currency Trader.

Benefit From A Bull And Bear Market

When you are exchanging offers, you can just benefit when the cost of a stock goes up. When you think that it is going to go down or that it is simply going to move sideways, then the main thing you can do is offer your shares and stand aside. One of the dissatisfactions of exchanging shares is that an individual can’t benefit when costs are going down. In the cash market, it is simple for you to exchange a coin descending with the goal that you can benefit when you think it will lose esteem. This is anything but difficult to do in light of the fact that money exchanging just includes purchasing one cash and offering another, there is no auxiliary predisposition that makes it hard to exchange ‘downwards’. This is the reason the money market has been every so often alluded to as the unceasing positively trending market.

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This is an extract, adjusted from the book: The Part-Time Currency Trader.
Traders often search for that missing ‘ingredient’ that they think will solve all their trading problems and start the dollars rolling into their trading account. Whether it’s some ‘magic’ indicator or some ‘insiders’ views into fundamentals and news reports; there’s no shortage of things that traders think will be that missing ‘key’ to trading success.
As with many things in life, in trading we are often our own worst enemy, and the key to trading success for most people is not adding some indicator or some new trading software, rather it is doing less, being less involved with your trades and essentially just doing ‘nothing’ most of the time. Over-involvement with, over-thinking and over-analysing one’s trades seems to be the most ubiquitous trading mistake that people make, and if you want to make money in the market you’re going to have learn to get out of your own way and let the market do the ‘thinking’ for you.

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What’s truly your biggest obstacle to trading success?
Think about all the losing trades you’ve had. Some, I’m sure were normal losses, as every trading strategy will have some losers randomly distributed amongst the winners. I’m not talking about those losers, the losers I’m talking about are the ones that really made you frustrated because you ‘knew’ that you lost due to something you did that was not part of your trading plan or was otherwise an undisciplined action.
Let’s be honest here; how much money have you lost trading due to over-trading or being over-involved with your trades by trying to ‘micromanage’ them?
I’m willing to bet that if you’re really BEING HONEST, the reason you may not be profitable at this point in the year, can be summed up by saying that you are simply doing too much. Traders often search high and low for some ‘magic key’ to trading success; they look everywhere except inwards, at themselves.
The true ‘key’ to trading success, is nothing. Simply doing nothing, most of the time, is the key, and it’s probably not what you’ve been doing.
To be clear, I am talking about doing nothing more than you are doing something, not doing nothing at all. This means, you are out of the market more than you’re in it and you are leaving your trades alone and ignoring them more than you are sitting there watching them and trying to ‘figure out’ what you ‘should do next’.
So, the biggest obstacle to your trading success is the simple fact that you are doing too much; you’re thinking too much and you’re making too many trades and adjustments to your trades in the market.
A trade management experiment…
experimentHere’s your ‘homework’: On the next trade you take, I want you to set it up and then do nothing with it for one week. Set the trade entry, stop loss and target and do not look at the charts again for 7 full days.
If you do this, and actually do it properly (don’t cheat), you will probably be amazed at the outcome. You will either have hit your profit target, got stopped out for a predetermined amount of money you were OK with losing, or the trade might still be open.
The thing all three of these scenarios has in common is that the MOST you can lose is your 1r predetermined risk amount in a 7 day period. Alternatively, the upside is much better at hopefully a 2r profit or greater.
Now, ask yourself this, if left to your own devices, how many trades would you have entered and exited over those 7 days? How much stress and negative emotions would you have experienced? I’m willing to bet the answer to both questions is: A LOT.
Do this experiment and do it right and you will learn something. If you cannot at least be disciplined enough for 7 days to not look at a trade, you probably don’t have what it takes to be a successful trader, so keep that in mind as well.
Get the most out of your trading strategy
If you have a trading strategy that you’ve mastered, like my price action strategies, but you’re constantly interfering with your trades or over-trading, I have news for you….you aren’t really using your trading strategy.
Your trading edge (or strategy) can’t work for you if you don’t let it play out, and that means leaving the market alone after you enter a trade.
Letting your edge play out means doing nothing most of the time. Let the market do the ‘work’ and you go do something else, or nothing. But, interfering with your trades is only going to lead to sabotaging yourself and losing money.
The cost of doing business in the market
One interesting way to help you change how you think about trading so that you are less inclined to mess around with and screw up your trades, is to think about each trade as a potential loss (because it is) and the money you risk on that trade is just the cost of doing business in the market.
In any business, you have to take a risk; you have costs that you need to cover in hopes that you will make more revenue than your costs, resulting in profit. Trading is no different; your costs are losing trades and your revenue is winning trades
You cannot avoid costs in business, and in trading you cannot avoid losses (your costs). Since this is a fact and you accept it (you do, don’t you?), then you should be operating under the assumption that any trade could be a loser, but since you don’t know which ones, you have to just leave them alone for the most part and let the market do its thing.
Over time, you will see that by doing ‘nothing’, or at least a lot less than you are now, you will be much further ahead both in your trading performance, account balance, skill and confidence as a trader.
The best and easiest way to manage your trades
manage-forex-tradesYou’ve probably heard me talk about set and forget trading if you’ve been following me for a while already. The truth is, I am reminded on a near weekly basis why simply leaving our trades alone, is the best way to ‘manage’ them.
You are not going to ‘figure out’ where the market is going for sure before it gets there. You are not going to make more money by micro-managing your trades and reading a hundred trading blogs and analysing news data. The only way you will make money in this business is by following proven trading strategies that you’ve mastered, strictly controlling your risk and allowing your trades enough space and time to play out without your interference.

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Ordinary, monetary standards are exchanged a global remote trade market, also called the forex market, with the fundamental commercial centers (also called bourses) existing on the planet’s money related centes New York, London, Tokyo, Frankfurt and Zurich. Generally, the best way to take an interest was from the exchanging floor of one of these bourses, however today, individuals can exchange forex from anyplace through a safe web association and a PC.

Today’s merchants work in a worldwide system, taking positions in the business sector and settling on speculation choices in light of either relative quality between two monetary standards, or a specific coin’s real cost. Coin esteem variances are continually renegotiated through exchanging movement, and this action, and the comparing money qualities are likewise pointers of the levels of cash supply.

A case of business sector conduct more noteworthy interest for the Euro may demonstrate a debilitating supply. Low supply and expanded interest will drive the cost of the Euro up against different monetary standards like the dollar, until the value better reflects what brokers are set up to pay when short supply exists. Another approach to take a gander at this circumstance is this higher interest implies it will cost more dollars to purchase the Euro, which likens to a debilitating of the dollar in examination. Investigation of circumstances, for example, in this illustration shapes the premise for a dealer’s venture choices, and they will buy or offer cash in like manner.

This ought to be recalled, as while numerous see the remote trade market as the vehicle for changing over their home cash while voyaging abroad, numerous others utilize the business sector to propel their money related position and secure their future.

There are various favorable circumstances to exchanging forex rather than fates or stocks, for example,

1. Lower Margin

Much the same as fates and stock hypothesis, a forex dealer can control a lot of the coin fundamentally by setting up a little measure of edge. Nonetheless, the edge necessities that are required for exchanging prospects are as a rule around 5% of the full estimation of the holding, or half of the aggregate estimation of the stocks, the edge prerequisites for forex is around 1%. For instance, edge required to exchange outside trade is $1000 for each $100,000. This means exchanging forex, a coin broker’s cash can play with 5-times as much estimation of item as a fates trader’s, or 50 times more than a stock trader’s. When you are exchanging on edge, this can be an exceptionally gainful approach to make a speculation methodology, yet it’s imperative that you require the investment to comprehend the dangers that are included too. You ought to ensure that you completely see how your edge record is going to work. You will need to make certain that you read the edge understanding amongst you and you’re clearing firm. You will likewise need to converse with your record delegate on the off chance that you have any inquiries.

The positions that you have in your record could be somewhat or totally exchanged on the chance that the accessible edge in your record falls underneath a foreordained sum. You may not really get an edge call before your positions are exchanged. As a result of this, you ought to screen your edge equalization all the time and use stop-misfortune orders on each vacant position to breaking point drawback hazard.

2. No Commission and No Exchange Fees

When you exchange fates, you need to pay trade and business expenses. Exchanging forex has the benefit of being sans commission. This is much better for you. Coin exchanging is an overall between bank showcase that lets purchasers to be coordinated with dealers in a moment.

Despite the fact that you don’t need to pay a commission charge to a specialist to coordinate the purchaser up with the merchant, the spread is typically bigger than it is the point at which you are exchanging prospects. For instance, in the event that you were exchanging a Japanese Yen/US Dollar pair, forex exchange would have around a 3 point spread (worth $30). Exchanging a JY prospects exchange would undoubtedly have a spread of 1 point (worth $10) yet you would likewise be charged the specialist’s bonus on top of that. This cost could be as low as $10 in-and-out for self-coordinated web exchanging, or as high as $50 for full-benefit exchanging. It is anyway, comprehensive evaluating however. You must analyze both online forex and your particular fates bonus charge to see which commission is the more noteworthy one.

3. Restricted Risk and Guaranteed Stops

When you are exchanging prospects, your danger can be boundless. For instance, in the event that you suspected that the costs for Live Cattle were going to proceed with their upward pattern in December 2003, just before the disclosure of Mad Cow Disease found in US steers. The cost for it after that fell drastically, which moved the cutoff during a few time in succession. You would not have possessed the capacity to leave your position and this could have wiped out the whole value in your record therefore. As the cost simply continued falling, you would have been committed to discover significantly more cash to make up the shortfall in your record.

4. Rollover of Positions

At the point when fates contracts terminate, you need to arrange ahead on the off chance that you are going to rollover your exchanges. Forex positions terminate at regular intervals and you have to rollover every exchange just with the goal that you can stay in your position.

5. 24-Hour Marketplace

With prospects, you are for the most part restricted to exchanging just amid the couple of hours that every business sector is open in any one day. In the event that a noteworthy news story breaks out when the business sectors are shut, you won’t have a method for receiving in return until the business sector revives, which could be numerous hours away. Forex, then again, is a 24/5 market. The day starts in New York, and pursues the sun the world over through Europe, Asia, Australia and back to the US once more. You can exchange whenever you like Monday-Friday.

6. Free commercial center

Outside trade is maybe the biggest business sector on the planet with a normal day by day volume of US$1.4 trillion. That is 46 times as extensive as every one of the fates markets set up together! With the tremendous number of individuals exchanging forex around the world, it is hard for even governments to control the cost of their own money.

The forex business sector is what is called a global trade money market, where monetary standards are traded once a day. There are five forex market revolves far and wide — New York, London, Tokyo, Frankfurt and Zurich. One doesn’t should be on the exchanging floor, so to address be included in the forex market. Today, forex exchanging should be possible from home on a PC.

The forex market itself is essentially an overall association of merchants, who make venture moves taking into account the cost of coinage, or their qualities with respect to different monetary standards. These dealers always arrange costs with different merchants bringing about the change or development of a money’s quality. The estimation of a coin on the forex showcase additionally relates with supply. On the off chance that there is more noteworthy interest for the Euro, suppose, then there will be less supply of it on the forex market, which implies, in time, it will make an Euro more important contrasted with suppose the dollar. So, in this forex market circumstance, one Euro would yield more dollars, consequently debilitating the dollar also. Breaking down the forex business sector’s changes permits financial specialists to make forecasts on how a cash will move in connection to another money. They then can make forecasts and purchase and offer coin in like manner.

While a few people see the forex market as a spot to see what their conversion scale will be the point at which they travel abroad, others view it as a chance to make extraordinary additions in their monetary arranging and future.

The Foreign Exchange Market — otherwise called Forex — is an overall business sector for purchasing and offering monetary standards. It handles a tremendous volume of exchanges 24 hours a day, 5 days a week. Day by day trades are worth roughly $1.5 trillion (US dollars). In correlation, the United States Treasury Bond market midpoints $300 billion a day and American securities exchanges trade about $100 billion a day.

The Foreign Exchange Market was set up in 1971 with the abolishment of altered cash trades. Monetary standards got to be esteemed at “gliding” rates dictated by
Regardless of the school of analysis we belong to, most of us will have few problems with the statement that the price action is all that matters to trading, ultimately, because the only determinant of our profits or losses is the price itself. We may have very sensible, well-thought justifications for our Forex analysis and Forex strategy, but if we cannot confirm them with the price action, the sad fact is that they are worthless.

Technical analysis takes this concept one step further, and claims that all that matters to trading is the price action itself. In other words, traders should disregard news events, statistics and data, along with economic and political developments, and concentrate all their attention on the price itself. This attitude is justified on the basis of the belief that the price action, created by knowledgeable and profit-hungry traders, reflects all the information available to the public at any one time, and it is futile so seek an edge over the market by trying to stay updated on all data. Not only is it impossible, technical analysts contend, but also useless, since the price already incorporates all the available information in itself according to the interpretation of the best and most powerful minds in the market. Technical analysts exhort us to study the markets, and ignore everything else, thus gaining a strong focus on the only piece of information that matters, the price.

Critics of technical analysis counter that while the price does represent the total amount of bulls and bears in the market, it doesn’t reflect a consensus, and as such cannot be taken as a speaking the opinion of market participants at large. In other words, there is no such thing as a market opinion. In addition, they add, although in the short term the price action is difficult to predict, in the longer term economic events establish clear trends which can easily be anticipated and exploited through fundamental analysis. Technical analysts defend their school by positing that fundamental analysis is difficult, no more reliable than technical studies, and more time-consuming.

The tools of technical analysis are all applied on the price action as depicted on charts. Indicators are used to evaluate any price pattern to generate buy or sell signals, while price patterns are interpreted to identify the underlying momentum. Technical analysis does not claim to create error-free, concrete answers to questions in traders’ minds, but it does offer to identify the scenarios where the potential for a profitable trade is greatest. A technical trader must have a mind adapted and used to dealing with probabilities, and he must be ready to take losses when they are unavoidable as well.

Let’s conclude this brief study by noting that in the chaotic environment of the Forex market diligent money management methods, and emotional control are just as important, if not more important than any kind of strategy or analysis. To learn Forex, we need to preserve our capital. And money management is what teaches us how to preserve it. With patience and commitment, it is not hard to succeed in Forex, but without those two, there’s no point in entertaining dreams about bathing in pools of gold and silver either.
You may feel as if you’re at a disadvantage starting your trading career with a relatively small trading account. But, as we will discuss in today’s lesson, that feeling is simply an illusion that stems from focusing on the wrong things.
One of the biggest challenges that most of you face as you trade is thinking that if you ‘only had more money’ you would somehow become a profitable trader faster. If you measure you profitability over one or two weeks, sure you may get lucky on a big account and make a good chunk of change real quick, but if you give it all back right after that, what does it matter? Profitability should be measured over a much longer period of time; at least six months to one year.
The point is this; if you don’t know how to trade profitably on small account, you won’t trade profitably on a big account either. Simply having more money to trade with does not mean you will become a successful trader faster. In fact, if you don’t know what you’re doing, it can mean just the opposite; that you can lose MORE money faster than if you had a small account.
You should read the rest of this article because it will help you…
I know exactly how you feel, I’ve been right where you are myself. You feel like you take one step forward and two steps back with your trading. You feel like ‘if only I had more money I could just make a bunch of money real quick in the market and quit my job’.
Sadly, my friend, it doesn’t work that way…
Do you think if you gave a $100,000 trading account to someone with absolutely no trading experience, they would do well with it? I’m sure you’ll agree they would probably not do well, at least not over a period of six months. In fact, they’d probably be down to 50k or less within a few months.
So, why do you believe that if you ‘just had more money’ it would dramatically improve your trading results? Not that you have ‘absolutely no trading experience’, but it’s safe to say if you’re reading this article, you probably are looking for some help for one reason or another and you haven’t quite become a master of your trading strategy yet. So, the problem is not money, the problem lies within you, and until you fix it, you will continue to experience disappointment and loss in the market.
You should actually consider yourself lucky if you don’t have a large trading account right now, because it’s better to learn and make mistakes on a small account than on a big one where there’s potential for greater financial and emotional loss / stress.
Change your mindset
The first thing you need to do is adjust your mindset from one of ‘I want to make a lot of money trading’ to one of ‘HOW can I make a lot of money trading?’ Once you do this, you will experience a change in what you are focusing on…
Think about this…how WOULD you think IF YOU DID have a big trading account? Well, you would not be thinking ‘if only I had a big trading account’…because you have it, so you would instead be focused on learning to trade properly and developing a successful trading strategy and plan.
Thus, you NEED to think ‘as if’ you have a big trading account already, because if you don’t trade ‘as if’ you will never make money. Instead, you will be constantly forcing the issue by risking too much and over-trading, since you believe so deeply that ‘money’ is the issue.
Your trading mindset NEEDS to make a switch from ‘money’ to ‘the process’. I’ve said it before and I’ll say it again; if you want to become a successful trader you have to focus on the process of trading, not on the money.
So, if you have a small trading account…
Here’s where the ‘rubber meets the road’, so to speak…
If you are going to trade as if you’re a millionaire, THEN you’re going to have to accept some realities of the situation…
Those are,
You won’t be taking a lot of trades, instead you’ll be trading like a sniper.
You will be trading small position sizes on a small account, that is if you want to manage risk properly, and trust me, you do want to do that, you NEED to do that to not only build your account up but to stick around long enough to learn proper trading skills.
Money cannot motivate you at this point. Instead, be motivated by learning proper trading processes and habits, i.e., staying disciplined and patient / following your trading strategy to the T.
You cannot think about ‘recovering’ your losses…that’s the wrong mindset and it will only lead to more losses.
Why it’s ‘so hard’ to build a small account
As I mentioned earlier…you probably feel like you take one step forward and two steps back sometimes with your trading. On a small account this can be maddening because you feel like you’re never going to build it up.
Well, you need to also focus on holding onto profits. Don’t give back your winnings on the very next trade because you over-traded and were greedy. Imagine you are trading a 100,000 account…let’s say you made 10 grand on a trade…how would you feel if you immediately gave that much money back? Well, if you are giving back $100 winners on small account, you would be giving back $10,000 winners on a big account. You need to get all of these issues fixed before you trade bigger amounts of money. So, once again, be glad you don’t have a big account yet and focus on the process and on becoming a good trader.
Conclusion

FOREX LIBRA CODE