During the Black Friday season, most people prepare to spend vast amounts of money. But what if you could flip this? One would be earning money instead—during the most prominent discount period in the world. OctaFX’s experts explain how.
KUALA LUMPUR, MALAYSIA - Media OutReach - 22 November 2021 - The international Forex broker OctaFX has ventured to think outside the box once again. While most people and businesses concentrate on spending and selling stuff at steep discounts, OctaFX offers opportunities to earn money and increase income during this global mass purchase-fest. The fintech firm bundled some influential financial experts to outline five easy approaches to increase income during the Black Friday season.
Take Advantage of Shortages on the Job Market
Searching for a part-time job sounds obvious enough, but surprisingly, people rarely notice this opportunity—at least not as many as one would suspect.
Many employers are actively looking for motivated new team members during those exceedingly busy cycles—this aspect concerns the lack of workforce, especially in sales, IT, or design. Particularly the IT sector is in dire need of supporting its websites' overload with additional personnel. Applying ahead of a season like this can give you another advantage over latecomers.
Investing Ahead of Time
Although this sounds relatively straightforward, the proposal here is that the stock market is expected to be very volatile during such days. Paying attention to some companies' stocks, whose products could very likely be in high demand during sales season, could prove lucrative. If you feel late for Black Friday in this regard, the Christmas season might be just far enough to apply this strategy successfully. The approach gains more traction the earlier you consider and finalise the investment.
Trading Foreign Exchange
Factually, all Forex brokers launch some kind of promotional initiatives during seasons like Black Friday. The secret is how to find the most reliable, profitable and advantageous ones.
You have to research the promotional conditions well. The track record of past events is indicative of a trustworthy broker, too. Usually, you can discover their offers around 1-2 weeks before the event.
'In the financial market, such as Forex, these "promotional" periods apply, too. When we devise technical analysis at such a time, we do it by a method called "seasonal analysis",' explains the recipient of the Most Popular FX Trainers in Malaysia award, Kar Yong Ang.
Likely, your favourite currency pair or the most popular one on the market has some great and unique conditions in terms of special spread or leverage offers. This holds true not only for classical fiat currency pairs but also for the relatively novel market of cryptocurrencies—especially the ones paired with bitcoin (BTC).
Take Advantage of Retail Prices
This option might be obscure since it actually represents the act of purchasing. But again, the more you research the offers, the better chance you'll have at catching the best retail price for an item you would've purchased anyway. This strategy becomes even more powerful if you consider the well-observed fact that an item usually increases in price after the Black Friday season compared to before the season.
The Top Forex Analyst in Asia by WikiFX of 2019, Kar Yong Ang, highlights: 'Implementing a traditional business plan, you could buy certain goods beforehand, only to sell them at a considerably higher price after the season. Leveraging on such promotions can generate decent sales and thereby profits'.
Once again, if the current discount extravaganza has left you unsure about your timing, don't forget about the upcoming Christmas season. In terms of buying goods, it often even surpasses the Black Friday conditions.
Sometimes Not Spending as Much Money Amounts to Having Earned it
If you saved money on a purchase, then this could be considered earning.
Buying products, stocks, real estate, or currencies should never be emotional. When money is involved, you should implement a patiently pre planned strategy. Proceed according to this framework and try to avoid impulsive buying. Purchasing by impulse can make you end up at a loss.
Financial expert Kar Yong Ang agrees and adds, 'I will usually wait for my purchases' discount during those days since we are talking about up to 40% off the original price'.
So the critical point manifests notably in the trader community—developing and holding on to this psychological discipline enriches your overall spending strategy. It becomes even more crucial during the whole sales season. Thus, invest enough time in personal development, and if something goes wrong during the plan implementation, do not worry.
Gero Azrul, who won the Traders Awards Malaysia 2020 award, further extends this piece of advice: 'You should consider mistakes as part of a conscious training process towards greater financial sovereignty later'.