The fintech company OctaFX called several international financial experts together and prepared a top-5 list of valuable tips on how to make your Black Friday experience as smooth as possible.
Since Forex brokers worldwide are in a festive Black Friday mood, they have prepared many promotions and special offers for their clients. It stands to reason that OctaFX, with the help of some prominent financial advisors, went ahead and created a guide with five expert tips on how to get through the Black Friday season with as few bumps in the road as possible. The key principle is to prepare, plan, and act following a well-developed financial strategy.
Move your capital like chess pieces
That's right. You have to strategically manoeuvre your funds in such a way that the sums you are ready to spend are available at the right time if you want to get in on these feverish Black Friday discounts. Moreover, as in Forex trading, you should develop an investment plan beforehand. The better you implement it, the more money you will have at your disposal since profits would enter the process midway through. These excess savings can then be used for further investment or withdrawn and spent.
The cost-benefit ratio of your purchased item plays a role, as well.
'Always double-check other sites and compare item prices. To do that, I usually use Amazon. Remember, only buy what you think you will frequently use in the next six months. Black Friday Sales are generally targeting an impulsive purchase due to the discounts, which might not even be a huge sale at all', says Vito Henjoto, founder and chief analyst at Zenifix.
'To analyse' is the name of the game
As alluded to above, complete preparation is vital. Be mindful of trends and markets. If you know your way around and scout for the best discount offers, your advantage over the competitors will be significant. Always look for products of interest in the markets you are used to analysing. Successful traders come to Forex well-prepared, and immediately distinguish themselves from traders who act on sheer luck and coincidence.
Regulate your emotions
Do not allow yourself to fall into a state of impulsive buying. Saying 'no' to items that weren't originally on your shopping list is the same as sticking to a preconceived investment plan. If you take your time and be mindful of those emotions, you're less likely to succumb to impulsive moves that ultimately lead to losses. Phases like these might appear suddenly, out of a rush of so-called 'fear of missing out'. There will always be new opportunities to invest and buy..
Gero Azrul, the author of the bestselling 'BBmastery The Game Changer', reinforces this point by advising:
'Bear in mind. This is a waiting game. You wait for the exact timing to get more value on your spending. So from now on, save money, remain patient, and maintain a crystal clear picture of what you want. "Impulse buying" is a state of mind you want to avoid at any cost'.
On the lookout for manipulations
Unsuspecting customers usually assume that any marketing campaign has only good intentions implanted in their offers. Unfortunately, this is not the case. Misdirection, and sometimes even outright fraud, is very much in play during such seasons. You certainly don't want to fall prey to them. Instead, investigate the trustworthiness, security, and track record of those online sellers and organisations you engage with. Make sure to compare retail prices before Black Friday sales.
'I participate in sales myself. Discount is significant to justify more value to the customer. But as a customer, you must be able to see real value and real discount and compare the two. Often, these are being manipulated and operated as sales tools', reiterates Gera Azrul, Speaker on the 'International Trader's Fair in Malaysia'.
So do not take steep discount prices for granted—even during Black Friday. Do the research beforehand and double-check prices all the time instead of blindly clicking the 'buy' button.
Getting rid of the fear of spending
Once your financial strategy is in place, it's time to let go of the fear—namely, the fear of spending. Trust the time and intellectual labour you have invested in developing this blueprint of financial conduct and goals. Having that secured, the spending process will have natural boundaries and potentially new purposes even. One such purpose could prove that smart spending (akin to 'investing' at this point) is likely to lead to subsequent earnings, perhaps even to a constant income in the mid- or long-term.
Preparation is fundamental. The best practice is expressed in a well-elaborated financial strategy. Actually, this is as true for the consumer economy as it is for Forex trading. This plan is like a rock in a turbulent sea if by 'turbulent sea' we mean the utter chaos and opportunities that accompany sale seasons such as Black Friday, or periods of high market fluctuations related to the Foreign Exchange domain.
If you stick to your plan, your chances of success in achieving your goals will increase considerably. Of course, the plan should be flexible enough for adjustments if circumstances swing in different directions.
Therefore, at the risk of sounding overcautious or boring: Developing a plan 'B' and even a plan 'C' can help you profitably get throughthe Black Friday season and others like it.