Ongoing Plan
It is a set of laws, legislation, and regulations in which any trader adheres to all activities related to trade, and the plan varies from one merchant to another according to the work and the nature of the commercial activity. It works to avoid random activities. It includes the following:
- The reasons behind your trade.
- Ability to take risks.
- Timeline.
- The goal you seek to achieve with your business.
- Special rules for taking the risk.
- What is the target market.
- Merchant Strategies and policies.
Also read: Tips to Starting your Entrepreneurial Project
A Special Project
You must master the work and take care of it, and you must take into account the fixed and variable costs and the time, effort, fatigue, tension and pressure that the project requires in its different stages, and the project may not succeed in the first stages, and the merchant may have to stop the project for several reasons.
Technology
You should take advantage of it. Technology helps make projects and businesses successful. For example, take advantage of the information and data available on the Internet to help you track purchasing movement, selling expectations, and needs, and predicting the drop of the commercial movement in difficult economic conditions. You can start managing business activities via the Internet, anywhere and anytime in the world
Also read: Learn the Basics of Entrepreneurship
Capital
It is done through the management of the merchant’s capital. Any financial decision related to the capital must be studied several times, because capital is the essence of the merchant and trade in general, and try to avoid unsecured decisions, excluding commercial activities that have a high risk.
Markets
The trader learns new information because the market is full of information. The search process is long-term and continuous, and business activities are usually affected by anything, whether by government decisions, the price of the currency, weather, or the entry of new merchants to the market, so the young trader has to be fully knowledgeable, with a high sense of speed, understanding, and high ability to follow all the details, data, and facts, and can take advantage of these details and invest them in the right way to achieve more profits.
Also read: Online Platforms for Project Financing
The Risk
It is necessary to know how take the risks. If you do not know this, you will not reach the successful trade that you seek, it is necessary to know what is the capital that you used to trade. You may still take some risks but should study the risks and prepare for them ahead.
Learn When to Stop Losing
One of the success secrets in trading is that the trader should learn when to stop losing, each trader has his own philosophy and extent of risk, and when the trader reaches the loss he must stop at a certain percentage. For example, if someone entered a certain business deal, and at first, he determined the percentage of loss and risk to be 2 % of the capital that he provided, when he loses 1%, he should continue to work. Even if he reaches 2% of the capital, there is no problem with continuing to work. If losses exceed 3%, he must stop working.
Also read: Important Goals of Entrepreneurship
Learn When to Stop
This is due to several reasons including the inability to implement the plan or change in market conditions, for example, a drop in prices, severe economic crisis, external or internal obstacles that compel you to exit the market and stop the project, so you must learn when to stop or not to stop the project in order to avoid risks and losses, and withdrawal from any project is not always the only solution, you can say that changing the course of the plan or redefining the strategic goals is the best solution instead of stopping the project.
Do not Violate your Own Rules
Traders adhere to their rules and principles that they work for, and the successes they achieve depend on the laws and principles that they adhere to, as this secret is considered one of the best and most prominent trade secrets.
