Trading Psychology in 60 seconds – The Disposition effect

In the book called Reminiscences of a Stock Operator, Larry Livingston our hero of the story, committed what we now know as the disposition effect, when he held onto his position in cotton which showed him a loss, but sold his position in wheat which showed him a profit. He came to the conclusion that this was the worst speculative blunder that anyone could ever make in the market.

Consider shareholders in stock code ABC – down 25% in a day. How many of them will continue to hold? It is a tough call to ask anyone to sell a position which shows such a loss. Many holders will be carrying much larger losses because this thing has been at $4.40 12 months ago.

So what can you do?

First of all, you make yourself mindful of the disposition effect and with this in mind you establish investing or trading rules that are directly related to stopping you from finding yourself in this predicament.

We do this by not buying into downtrends for example. We focus on the economic fundamentals of not just the company but the broader economy in which we find ourselves. In a COVID 19 world, this would mean many people would be holding onto travel related stocks and suffering from the same effect – holding onto the Webjet’s in their portfolio, but offloading their ZIP or Afterpay shares which are showing them a profit.

You can take smaller position sizes as a general rule and work out a worst case scenario and see if and when this scenario unfolds, what impact it can have on your overall portfolio.

Maybe you limit yourself to only one stock per sector, such as one building company or one bank and so on, because we often see how bad news affecting one bank, always leads to contagion in other banks. But we are not your financial advisor. We don’t know what is best for you. But we suggest, making the worst speculative blunder that anyone could ever make in the market, is one blunder you should surely strive to avoid.

Trading Psychology in 60 seconds – To be a trader is to be a social loafer

Most of us are not social loafers. What’s a social loafer? It’s someone who tries to do as little as possible of the hard graft in order to get a job done, especially in a group situation. Remember doing those group projects at high school and you always got stuck with the class loser in your group? The loser, who you knew, was not going to bring anything to the table, but at the end of it all, he would share in the great mark you got for the project – which you seemed to do most of the work for. The truth is, when quizzed about our attitude towards social loafers, most of have complete contempt towards them. We feel like they let the side down and often we feel like we were the only one who could see them letting the side down and because of that, we then get annoyed when they get equal share of the glory for a job well done.

The social loafer theory states that as a work group gets larger in size – you know, as more and more people come on board to work on a project, that often an individual’s personal contribution decreases disproportionately to that group size. There is a perceived diffusion of personal responsibility to go above and beyond with personal time and effort as the size of the working group increases. Now you can see the similarities here with the market can’t you.

The truth is, in the market, to be a trader is to be a social loafer. And as I said at the start, most of us – by work ethic and breeding – we all want to contribute to society and therefore are not social loafers by nature, so the idea that, “to be a trader is to be a social loafer” that can be a difficult concept to comprehend or even to accept.

In the market the work group is everybody else – except for us. That includes, fund managers, mum and dad investors, day traders, fundamental and technical traders and investors – give everyone a label, it doesn’t matter because to be a trader is to sit outside of all these other participants and to simply do a disproportionate level of work but ultimately, get a maximum level of glory (profit) as possible.

We might be only one of a hundred buyers at a certain price level. We will definitely be only one of a thousand buyers who collectively help to move the share price. But that’s it. After that, we ride on the coat tails of the collective spirit where others do the work, but in theory, we get the profit. For many commentators and money managers, this social loafing of day traders and short term traders is a bug bear for them. You can hear it in their disparaging comments. You can hear it in the quotes that they sprout time and again such as “its time in the market, not timing the market” that works. God forbid, I even recall hearing a commentator on the old Your Money, Your Call TV program suggest that if you don’t hold onto a stock patiently when it decreases in value, then you don’t deserve to profit from it when it begins to trend upwards again. But to be a successful trader or investor, we must avoid those downtrends and surf the uptrends like a social loafer in dreadlocks. Remain aloof from the market – sure research stocks and the economy – keep abreast of everything, but by all means, be a social loafer without conscience and without care for the group.

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Advantages of private loan

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Easy documentation : A Personal mortgage can be accessed with minimal paperwork or documentation & doesn’t take tons time you acquire as towards a secured loan.

No specification approximately the cease use of the loan quantity : You aren’t required to reveal the stop use of the money borrowed. Banks are concerned about the fact that whether or not the borrower is capable of pay lower back the mortgage with interest earlier than the due date or not and they affirm this by using checking the earnings, employment or business & other elements of the borrower.

Huge mortgage quantity : Non-public loan is a method to fulfil a larger mortgage requirement. You can take a Best loan starting from Rs. 50,000 to Rs. 30 lakh. Indexia Finance non-public loan.

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How Human Resource Consulting Can Help With Social Media in the Workplace

Social media in the workplace can be handled with superb human resource consulting. You always want to make sure you make enough allowances available in the workplace. At this particular point, hr consulting is going to be needed as a requirement.

You want to get the perspective of the employee at this point. For some, using social media websites seem reasonable if they are sure that there is nothing left for them to do at their jobs. It is the belief of many that these sites are okay for the workers that have finished all of their tasks. Reaching family members and friends is one personal aspect for employees on this sites.

The point of view of owners of a company are very different from this. Social media sites are not the reason they are paying their employees. For this to work right, you need superb human resource consulting and a healthy balance. A relationship between owners and employees is defined when this particular reaction is handled.

This social media phase can be turned into a great motivational tool. Your company would really benefit from this as a means to which you give a positive view on your business. More customers and more sales is what can form from having your own social media profile. The information from your company will be viewed by quite a number of demographics and could be considered promotion.

Agreements can be worked out between owners and employees to have a healthy balance. The workers can have designated times in which to visit social media sites. The rules of the agreement can be set so that the worker would use the site or not use it; depending on the agreement. As for who would be right in the matter, the human resources department would look at both sides to determine.

Views from both sides are going to come when it is on this particular subject matter. Always make sure that you listen to both sides with the subject of social media in the workplace. Using human resource consulting can help find an answer to the problem quickly.

You need to be able to find that special balance in the workplace, so that employees and employers alike are happy with the resolution. Figuring out what is fair for both sides can be tricky, but with clear communication and respect this too can be resolved. Knowing how to properly communicate expectations is key.

Why Does a Consultative Sales Process Work?

Your company offers a service, something that you can’t take a picture of.

Imagine being your prospect and getting phone calls from a sales person who doesn’t know your industry, your specific challenges and all they do is talk about their great service offering. Do you think you will buy from them? Most likely not…………

To me it’s almost like dating. You are a guy at a bar and there is tons of girls around you. You proceed to walk up to every single girl with the same pick-up line. Do you think you will be successful? Maybe at the end of the line you will wear one of them down, but you certainly won’t take the girl home you had an eye on the entire evening.

The same scenario is true for sales. If you don’t have an ideal prospect profile and you are just having sales people doing the “dialing for dollars”, your success rate will be fairly low.

A consultative sales process is designed to develop an ideal client profile for your unique service offering, tailoring the outreach to be specific, targeted and focused.

How is a consultative sales process different?

Your prospects will feel chosen and special. In an ideal setting, you will hire the sales people best suited for a consultative sales approach, generally the ones you would rather listen than talk. Don’t forget, your prospects are humans and they act and react in a human way. Just like dating, if you feel chosen and the person who reaches out to you gives you the feeling that you have thought about them, their industry and their challenges you will be able to build trust and trust is necessary to succeed in sales.

How will your business benefit?

Once you have developed a sustainable, consultative sales process (which needs to be embraced by your entire company, top down) you can focus on developing marketing materials, events to build a healthy client base. Your team will be happy because they have a proven method that they can follow. Your company will grow as a result and most importantly, your prospects will get a good impression and they will refer your company to other people. That’s really when you know that things are working………

What entails a consultative sales approach? Are your clients H I D D E N from you? No worries. We will work through the process outlined below to build a successful and sustainable process that will ensure that you continuously market to your prospects and your company and service offering are top-of-mind whenever a need arises.

Social Media Services – How a Social Media Consultant Can Increase Your Business

The invention of the internet has revolutionized the business world by bringing more creativity, effectiveness and efficiency. It has enabled a business to go global overnight. The ripple effect resulted in the emergence of various tools and techniques that made routine business work easier and simpler. Social media is a segment which has changed the daily business life. Social marketing is an economical and the most convenient way to expand your business domain.

Social media services has revived the businesses and internet world. It’s importance cannot be ruled out in the 21st century. Social networking is an online service, site or a platform through which an individual or group of people builds a social network by sharing any kind of news, information, pictures and videos etc. It has a positive impact on business sector. Social networking and its diverse services have diverted marketing activities of a business from traditional media (TV and Radio) to internet social marketing.

Social networking is a huge market with more than 1 billion people using and availing social media services. Online Businesses can grow revenues and profits by effectively utilizing and targeting the social media market. In order to target this whole lot of market, a social media consultant must be hired. Social media consultant can offer various creative and effective services that can help your company to grow at a faster rate.

A social marketing consultant must be present in both small and big businesses, because availing social marketing services requires time, creative thinking and unique idea generation for reaching a specific market. A social marketing consultant helps a business to adopt and follow new techniques that will not only increase business sales but it will also reduce production and marketing cost.

A social marketing consultant can help a business to effectively convey messages to target audience through blog posting, posting statuses on Facebook or twitter, replying to their comments, sharing pictures or videos etc.

Maintaining a long-term relationship in this uncertain environment can be very difficult and challenging. But with the help of a social marketing consultant, he or she can effectively manage your business clients, partners and other stake holders. They help a business to keep in touch with stake holders by giving them a relational feeling about the company. It can be done by regularly replying and sharing news with the stake holders and letting them know about future offerings, discounts or promotions. A social marketing consultant can also increase leads that can generate revenue and lead to a more long term relationship.

Social media services are gaining importance day by day. Factors like its huge market, easy to use and economical costs have revived every sector. The presence of a social marketing consultant can help a business to avail all social media services that a typical manager may not be able to do.

How an Internet Marketing Consultant Helps To Increase Your Business Sales

Every business organizations want to keep themselves a minimum one step ahead of their competitors. But in today’s fast moving world, margin of error has reduced a lot. These business organizations now have to deliver best products at most competitive price. Their thinning profit margin has made them reduce their overhead expenditures. That’s why they are moving from conventional but very costly advertising and marketing tools and campaigns towards more efficient and economical internet advertising and marketing campaigns.

Internet is the most happening platform of this century. This platform which is utilized by mostly every inhabitant of today’s civilization is used for sharing information and exchanging ideas. To exploit this power of internet every business organizations whether small or big have made their presence felt in the form of websites. But designing and development of a website won’t fulfill any organization main motive of being online. To use their website as an effective advertising and marketing tool they need an experienced and knowledgeable internet marketing consultant.

Importance of hiring internet marketing consultant

Every organisation which has web presence needs internet marketing consultant to promote their products and services online. These consultants have years of experience and knowledge about complete web world and knows how it can be effectively used to increase the business sales of their clients. They know the complete aspects of website design, development, advertising and promotion. Taking their help is also very beneficial as they know in details about various different customers’ main need and requirement. By creating web presence keeping users in mind only helps in consolidating the client’s online presence.

But online presence in the form of website alone won’t work. To increase the business sales every organizations should advertise and market their website to more and more people. For that a significant volume of online traffic is required. This need to maintain the regular flow of considerable online traffic volume makes the task of internet marketing consultant more important.

Although every organisation are in a great hurry to hire an internet marketing consultant, but they should look out for some qualities before selecting anyone. The qualities of an ideal internet marketing consultant are:-

• He should be well experienced to deliver best advertising and marketing benefits in a very short duration of time.
• He should have the knowledge to understand client’s different business needs and requirement.
• He should be able to take best decision by keeping client’s best interest in mind.
• Should have the ability to work in disciplined manner.
• Ability to understand client’s complete needs and requirement.

There are many search engine optimization expert available in the market. But not all of them can deliver results. So it is very necessary to have some patience and hire best internet marketing consultant to get best online results.

Seeking Out Coffee Business Consulting – 5 Elements of Expert Coffee Business Consulting

Running a coffee business may look easy to the typical outsider, but think again: running any type of potentially lucrative business always has special challenges unique to that industry. If that weren’t the case, just any capable person could launch a coffee house and immediately find success. This would in turn drive everyone’s profit opportunities down to zero due to the unlimited competition it would create. It’s simple economics.

No, running a coffee business is not as easy as it looks. Service businesses such as coffee shops and coffee houses must be able excel on multiple fronts if they want to survive and thrive. At the bare minimum, they must master the following skills:

* creating and maintaining a business plan that is tailored specifically to the coffee business

* understanding how to select and maintain the proper equipment

* knowing something about layout and design

* understanding how to keep costs down by running an efficient operation

* ensuring that your employees have not only the proper technical skills, but also a customer service-oriented approach to their work

Even if you already have years of business experience – or even a degree in business – there likely remain a number of surprises lying in wait for you just around the corner once you launch your new coffee business.

Or, maybe you have already started your own business in this industry already but now realize that you need to bolster certain skills in order to bring your business to the next level. For those involved in the ownership and management of a coffee house or related business, seeking out coffee business consulting can be a very wise move.

Here are 5 things that a coffee consultant can teach you that can help you get ahead in this lucrative, but competitive, industry:

1. Planning and forecasting:

Building a good coffee-related business means understanding how to set up the necessary infrastructure. It also involves understanding how to create sales and cost forecasts so that you can estimate your future profit potential. It is important to never underestimate the importance of forecasting during the business plan-building phase of your new venture.

2. Equipment selection and coffee sourcing:

Do you know the secrets behind selecting the right equipment? Do you have the necessary skills to choose your coffee wholesaler? These, too, are important elements in any solid coffee business plan.

3. Floor plan layout, coffee shop design and menu planning:

Good coffee house design rests on two factors, which can be summarized as “form” and “function.” In other words: you need a beautiful layout and design, of course, but you also need a facility that supports efficient operations. Day-to-day efficiency is achieved not just by good employee training, but also through having the proper physical layout.

4. Operations and quality control:

Your ability to run a lucrative business will be largely dependent upon how efficiently you run your operations. In addition, you cannot overlook the importance of maintaining the quality of your coffee and other ingredients while in storage within your facility.

5. Developing winning employees:

One of the most important factors in terms of how your customers will perceive your brand is that of how you approach employee hiring and training. You need to place the proper focus in two areas of employee training: technical knowledge and customer interaction. Supporting a positive customer experience needs to be at the heart of every action your employees take.

Of course, there are other important factors to your future success, as well. For example, understanding how to promote your brand on a shoestring budget and knowing how to promote your brand online are going to be useful as you move forward with your plans to dominate your corner of the coffee world.

So, make the commitment to get yourself and your employees trained by top coffee industry consultants. Make sure you choose a training company which has helped hundreds of other coffee professionals prepare themselves for success. And, when shopping around, be sure to make sure that the consultant you choose offers the above-mentioned 5 elements of training.

How Accountants Can Mindfully Cope With Changes To The Accounting Profession

The accounting profession is on the same roller coaster of unprecedented levels of change as the rest of the world. We think we are used to change because that is the nature of accounting thanks to the changing landscapes of courts, the business environment, technology and government. Now we are also experiencing a world where books, DVDs, taxis and hotels are being replaced by other alternatives. Banks are experiencing pressures from peer to peer lending and accountants from software which can rapidly provide the same advice that previously only we could. Lawyers are staring down the barrel of intelligent software which can predict court rulings.

What Is Changing For Accountants?
The following five trends are impacting the accounting profession:

  1. Outsourcing: You know this has a very real impact on the profession when the number one Google hit for this is an advertisement for a company which does nothing other than provide outsourcing for accounting firms. It is a wonderful way to save you time and money, but comes with a range of issues such as the need to check accuracy and the development of the profession.
  2. Advances In Software And Artificial Intelligence: Accounting and tax research has been done online for some time, but artificial intelligence will only become cleverer at predicting rulings, conducting research and making recommendations. Although it will make our roles much more efficient, it will also come with a whole new set of challenges in how we charge for time and how we ensure the advice we are giving is correct. Advances in software bring with them new and wonderful ways to commit financial fraud, that we as accountants will be expected to detect and advise our clients on as well.
  3. Social Media: It has now become part of how we market our accounting services, how we recruit and how we conduct research into the people we are recruiting. When it comes to our clients and investments, it may be that social media will reveal more data than any corporate assurance report ever could on a company. It has become so ingrained in some of our lives, that one accountant I know touches her smartphone in the morning to check social media before she says good morning to her partner.
  4. Regulation: Although it isn’t new in our profession, it would appear that even more regulation may be on the way in the wake of massive tax avoidance, transfer pricing and money laundering as exposed via things such as the Panama papers. Our profession may also be part of enforcing regulations we cannot even envisage yet such as how ethical an organisation is in its behaviour towards the environment or people. We may have to find ways to account for environmental or social impacts of business policies.
  5. A Multi-Generational Workforce: For the first time in history we now have four generations working side by side in the accounting workspace. We have traditionalists, baby boomers, generation X and generation Y working together. People are now working longer and it means in some situations there is a gap of over 50 years between the youngest and the oldest employees.
  6. Alternative Billing Models: The traditional billable hours model was not popular with our clients and could even be seen as rewarding inefficiency. New models for billing have arrived and will continue to evolve as the use of artificial intelligence becomes more common in our roles. You will be faced with difficult choices about how much to bill a client when what would previously have taken you 30 hours of detailed research and accounting can now be done in minutes thanks to intelligent software. Clients are also seeking certainty in relation to their accounting fees for the year and in some cases would prefer paying a monthly retainer rather than paying for piecemeal accounting advice.

Greg Hayes from the firm Hayes Knight has recently hit back at all the doom and gloom that accountants are being told about these changes. He is of the belief that while there are government regulators and while there are small businesses, there will always be the need for someone to stand between them. He says that accountants have always been the business owner’s trusted and adviser, and will continue to be, “You can’t automate relationships and you can’t automate trust.”

Interesting Changes That Have Already Happened
What changes have I already seen professionals undertake? Here are some:

  • A not for profit family law firm.
  • The use of emoticons in all emails by one firm because putting a happy face at the end of an email makes sure the other party knows you aren’t looking to escalate a dispute.
  • Networking with other professionals such as lawyers, bankers, financial planners, insurance brokers, health professionals or anyone else who may potentially make referrals to you (and vice versa). This networking is being done not only face to face over coffee, but also via monthly seminars where clients and a range of professionals are invited. In one case, each month three people are invited to make a ten-minute pitch on what they are doing to see if there are avenues for working together with anyone else in the room.
  • One firm has a ‘digital festival’ every six months to keep clients up to date on some of the latest technology they could be using in their business and any legal or accounting issues associated with it.
  • Apps which help people track what stage their file is at (eg text alert when a tax return is submitted or when monthly expenditure has exceeded budget), when their next meeting is, the government bodies they will need for different issues etc.
  • Strategic positioning of accounting offices into non-traditional physical locations such as health or innovation hubs.

How To Mindfully Embrace The Change
As accountants and business advisers, we are traditional and conservative and now we are being asked to embrace some of the biggest changes our profession has seen in years if we are to stay relevant. Change requires energy, motivation and some level of discomfort as we are heading into uncharted waters.

Change can be a good thing. If you are old enough to remember cassette tapes you had to wind with a pencil when they broke, you will know what I am talking about. Have you ever been in a home that was sold? There was a frenzy of cleaning, moving and fixing things you had tolerated for years. The day before the first open home, you step back and look at this sparkling house and wonder why you ever wanted to leave such a lovely place? Your accounting practice could probably benefit from the same treatment. Take this disruption as an opportunity to practice innovation and see new ways of operating which you hadn’t previously paid attention to. You have a golden opportunity to transform the nature of your role from, for example, trusted accountant to strategic business advisor.

Mindfulness asks that you acknowledge and accept the need for change. It is neither good nor bad, it is what it is. The coming changes are inevitable and we can embrace and prepare for them or we can practice denial and play catch up at a later time.

Acceptance requires us to look honestly at where we are and then start gently taking the steps we need to get to where we want to be. Tackling change in one huge leap is overwhelming, but if you can find one small thing at a time to change, you will slowly but surely absorb the changes that are coming. Start with something easy such as meeting or ringing one new contact a week who could be part of your referral network.

Each time you take a step however small towards changing the way your business is done, your brain gives you a squirt of its internal reward drug, dopamine. Each time you take a step towards a goal or cross something off your ‘to do’ list, dopamine is also the reason you get that nice little ‘feel good’. Open a Twitter account and get the feel good. Set up a Facebook page for your business and feel good. Look at ways of expanding your network of referrals and feel good. Start small. Start anywhere and begin embracing the journey of change which is coming our way.

Remember it is neither good nor bad, it is merely an opportunity.

How your customers can prepare their HVAC systems for a bad storm

Before the next storm arrives in the UK, make sure your customers know how to prepare their HVAC systems for weather that could damage their units.

After last week’s extreme weather,Guest Posting 1.4 million homes in the UK were left without power and some without water. The three storms that hit the country caused chaos as homes were damaged, rail and air travel services were suspended, schools shut down, and roads and bridges closed due to heavy snow and damaging winds. The country is still recovering from the effects of storms Dudley, Eunice, and Franklin, but there are no signs that the weather will let up, with warnings issued for high winds, snow, and flooding for the coming week.

As an HVAC expert, you can help customers prepare for bad weather and storms in the future. You can share your knowledge on HVAC safety, including how to prevent damage and keep HVAC units safe. Share these suggestions with your customers, so they’re ready the next time there’s a storm.

Turn off the system before the storm starts

When severe weather warnings are issued, customers must turn off their HVAC systems. If the HVAC unit is left on during a storm, flooding and lightning could cause electrical damage. Fortunately, the damage can be minimised if the system is turned off. If your customers are concerned about keeping their home as warm as possible without heating, recommend that they close their curtains to reduce heat loss through windows and doors.

Install HVAC surge protectors

As HVAC systems are expensive, your clients will want to protect theirs at all costs. Surge protectors can stop the damage from power surges caused by lightning. A surge protector provides a barrier between the HVAC unit and power surges. If lightning strikes the home or somewhere nearby, the device can stop a power surge from causing irreparable damage. They’re also a relatively inexpensive way to protect your HVAC system during a storm.

Cover and protect your outdoor units

Customers with outdoors HVAC units should protect them before a storm. They can cover their outdoor units with a plywood sheet to minimise damage from debris or rubble. If they have a garden, it would be wise to store or secure gardening equipment or outdoor furniture to stop the wind from blowing them away, potentially damaging the HVAC unit or other parts of the home. While outdoor HVAC units are designed to withstand rain, flooding can cause damage that only you’ll be able to fix. A cover over the outdoor unit won’t be enough to protect it from floodwaters, so advise them to elevate HVAC units if they live in a flood-prone area.

Invest in a generator

After the recent storms, many homes were left without power for several days, without knowledge of when the power would be restored. Encourage your customers to invest in generators so they can keep their homes warm and advise them to elevate the machine if flood warnings have been issued. If the generator gets wet, it may get damaged or cause electrocution. If a customer decides to use a generator and they’re not sure whether the HVAC system has been damaged, urge them to reach out to you for assistance.

Schedule inspections after the storm with HVAC Software

After a storm, you’ll need to inspect your customers’ HVAC systems to ensure they’re safe to use. If you’re expecting several customers to contact you for inspections, schedule as many appointments in advance as possible with HVAC Software. The software streamlines the job management process, as you can create and assign digital job cards to your technicians ahead of time. If a client has an emergency, you can create a new job and send the nearest available mobile worker to the job site.