Here are five tips for institutions, traders and anyone else dealing with lifestyle changes and major shifts in their finances:
• Set the right tone immediately. If you’ve lost a chunk of money and your lifestyle is already compromised, understand that you can get it back. Rather than wasting energy trying to blame someone or something, focus your efforts on problem-solving. Not only does this mindset put time to good use, it also diverts you from negative and painful feelings. On the flip side, if you have recently come into a large amount of money, smart investments and shrewd spending are equally important.
• Take stock of your human assets. Education, experience, skills and knowledge are hard to put a dollar value on, but don’t overlook them as a resource. Talk to other traders about ways to use strengths and skills during this time of income change and in the future.
• Share the burden and ask for advice. During times of stress, the support of friends and acquaintances is critical. New traders, for example, have difficulty revealing their vulnerability and inexperience to more seasoned traders, but when they do, they open the door to receiving excellent advice. The same is true for those who are not marketplace professionals but need encouragement.
• Accept change and uncertainty (be flexible). Traders who adjust well to change know when to hold on to a position and when to let go. Many of us grew up believing strength meant holding on, when it often takes more strength to let go and move on.
• Don’t forget your family. Trading, looking for a job, or studying for a new career can be consuming, but even when things have gone bad — especially when things have gone bad — stay involved with your family and create stability at home. What’s good for the family is also good for you. HBM
Lambros Klouvidakis is the creator of Semathy, an elite foreign exchange consultancy. He is a math expert who has dedicated 12 years of his life to the study of currency exchange behavior. The formula he developed, an algorithm based on the behavior of money and supply and demand, marks current Foreign Exchange rates versus forthcoming rates. The Semathy formula is designed to give financial institutions and governments the ability to capitalize on the foreign exchange market’s unique qualities and make viable trading decisions.
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