How do we become successful in sales?

It’s not from any books you read, any savvy sales strategy learned, or through use of social networking or any ‘linked in’ connections. Simply, you must develop sincere and lasting relationships. Every opportunity you get, you build relationships. You ask open-ended questions, anticipate needs, clarify for understanding, and build trust when talking about your products and services one relationship at a time. You must be friendly and attentive on the phone, firmly shake everyone’s hand, look them in the eye when face to face, and follow up with any promises made.

Following these simple steps will create many satisfied clients which will inevitably bring you new ones as your existing clients tell others. Soon many will be contacting you directly as they too will want to be dealing with a professional who is reputable, understood their needs, and stands behind them in the worst of times. Basically the art of successful selling is having fantastic people skills!!

Research now shows that 85% of our success is built upon our ability to relate well to others.

The lessons for us in sales are simple. They include:

1. Develop your interpersonal skills – Build relationships, be genuine to everyone you meet, SMILE, shake their hand and look them in the eye.

2. Listen…listen…and listen again – This is one of the most common mistakes for those in sales because we all want to get our point across in one breath. Everyone knows that we have two ears and one mouth! That means we should listen twice as much as we speak and our clients will tell us the easiest way to close them

3. Ask open-ended questions – Follow the answer you have obtained with another question…possibly asking your customer to tell you more about that answer.

4. Know what you are talking about – Know your company inside out, know your products, and know what is happening in your community and our world.

5. Have a great attitude – We all want to do business with those that have a positive outlook on life, use plenty of positive affirmations and words

6. Discover needs and present solutions – We all have needs, and will buy from those that provide human connection and VALUE.

7. Paint pictures and tell third party stories – everybody likes to hear success stories so use this as a way to gain rapport and make your prospect visualize their own goals are achievable in this industry.

8. Be polite – always say please and thank you, these simple words which we learn as children go a long way when building relationships.

9. Be strong as salespeople – don’t just accept and agree with whatever the client says. They will respect you more if you have your own opinions and solutions.

10. Take notes and use them the next time you talk to them – find out personal things about your clients: job, kids, pets, hobbies etc. Will really impress them if you mention things they said last time you spoke.

In today’s world, there are many other additional lessons to be recommended. These include working a strong pipeline through technology applications (including social networking, linked in, twitter, blogs, etc.). But the basics still remain key.

Attitude and Energy

When you walk through the doors to the office, nothing else in your life matters except bringing in the deposits! All personal issues and problems must stay out in order for you to be truly committed and dedicated to your goals. Therefore, it is vital that you maintain a “cold blooded killer” type attitude and a burning desire to succeed. These two traits will keep you disciplined and focused throughout the day. (please don’t kill anyone though)

Control your Emotions.

When things are going well, celebrate it with a punch of the air, a little glory dance, or anything else which makes you feel empowered.


Don’t ever take your foot of the gas!

A proper salesperson will always see their basic salary as the bonus! The real money is earned through commissions and hitting targets. If you are happy and content with only your basic, you’re in the wrong industry.

When you love what you do, you do it better so please enjoy your job to get the most out of yourself on a day to day basis. Your clients will feel your energy and passion and be happier to speak with you


Ongoing training and practice:

In skills development there are many similarities to sport i.e. does an athletic champion stop training as soon as they win their first medal? In music, does a concert pianist stop rehearsing as soon as they have given their first recital? In art, does the artist stop improving after they have enjoyed the first exhibition of their work?

The answer in all cases is obvious and we should apply the same common sense principals to the ongoing development of our sales ability.

The reality is that selling in today’s climate is both an art and a science. Selling is a profession that demands a far wider range of skills than ever before, skills that require continual fine-tuning and constant practice.

In Summary – Ongoing Reinforcement and Development Is Essential:

The key word here is “ongoing”. Even if salespeople have undergone progressive sales training, there’s no guarantee that they will be successful. It is common knowledge that skills grow rusty over time and salespeople are prone to pick-up bad habits along the way or to simply skip steps and take shortcuts that can lead to long-term trouble.

Perhaps even more important these days, is the fact that markets, competition, technologies, and customer preferences are all in a constant and accelerating state of change.

This fact requires that sales people are able and willing to rethink their sales strategy and approach frequently and receive a regular top-up of skills and motivational coaching.

Common Objections we will face:

I don’t have money to trade” – then you can’t afford not to learn.

I don’t have time to trade” – markets are open 24/5, surely you can find 15-20 mins a day

Its not a good time to trade” – Its always a good time with endless opportunities, money is made during good and bad news / times etc

I want to, but im new to trading” – We offer Iron education in the form of webinars and the highest level of research

I want to read an email and think about it” – of course, but do ask me your questions now, I am your personal walking talking pool of information

I like really fast trades” – that’s excellent, we allow scalping and can even offer Binary Options with 60 second expiry times.

will I have support? – you will have my office and mobile number along with a support team you can contact at any hour

Can you be sure I will make money?” –  I can be sure you will have all the help and guidance you need to learn. The rest is about your dedication and commitment.

Are my funds safe with your company?” –  segregated account in the safest banks, from 0 to 30+ offices in less than 3 years, strict regulation…..your money is very safe

Why Iron FX?” – countless awards for company, platform, CEO, service, ranked in the top 10 global FX companies and we are just getting started.

Am interested in trading xy & z” – great, we have a vast choice of instruments and can consider adding extra product upon request

I need more time” no problem, but until the end of this week we have promotion a, bonus b, service c available!

Slippage and requotes?” – we have 5 servers and will be soon adding a 6th to ensure our instant execution.

Good offer but company x offers y also” – ok good point, but company x does not have ME!!!


How Gold Rallied for Years on a ‘Misunderstanding’

The rally in the gold market over the last several years has been based on a misunderstanding of the global economy’s problems and a misunderstanding of what quantitative easing is.

Investors are just starting to realize that their framework for analysis can’t account for what’s happening in the world right now. They are gradually learning that the economics they learned from textbooks needs updating. That’s why they are starting to throw in the towel on gold and why I expect the price to fall further.

The macroeconomic case for buying gold can be summed up by recent comments by John Reade, partner and gold strategist at Paulson & Co, who said: “federal governments have been printing money at an unprecedented rate creating demand for gold as an alternative currency. It is this expectation of global paper currency debasement which makes gold an attractive long-term investment.” (Financial Times, April 15 2013). This analysis is based on a misunderstanding of quantitative easing. Furthermore, it fails to take into account the unorthodox behavior of an economy facing a “balance sheet recession.”

Governments have indeed been engaging in quantitative easing. But can that be called printing money? True, the central bank’s balance sheet expands, but on the private sector side, all that happens is that banks replace one asset with another – they sell bonds to the central bank and get reserves in their place. Are reserves money? This is a philosophical question akin to asking when life begins – at conception or at birth.

Bank reserves are in effect embryonic money that hasn’t been born yet. The bank can give birth to new money based on those reserves, using the fractional reserve system to create money and lend it out. But until those loans have been made and the new money born, reserves are just potential money sitting in the central bank’s womb.

(Read MoreWhat the Silver Chart Is Telling You About Gold)

At the moment, this birthing process isn’t happening. The money multiplier (the increase in broad monetary aggregates relative to the increase in base money) has collapsed around the developed world as bank lending stagnates or declines.

The reason central banks in effect can’t even give money away for free is that we are in a balance sheet recession. So long as consumers and companies find that the value of their assets – houses, shopping malls or whatever – are below the value of the liabilities they took on to pay for those assets (a situation technically referred to as “bankrupt”), they will not be in a position to take on new loans no matter how cheap they are. They will only be interested in saving money and repaying their loans.

This is the aspect of a balance sheet recession that confounds people who have only experienced a typical recession caused by the central bank raising interest rates. In a normal recession, once the central bank lowers interest rates again, borrowers return and things go back to normal. In a balance sheet recession, such as took place in Japan, this doesn’t happen.

(Read MoreThe Race to Cut Rates: Look What Japan Started)

The problem is compounded nowadays because governments, particularly in Europe, don’t understand this difference. They run afoul of the fallacy of composition: it’s impossible for everyone to save money at the same time, because one person’s spending is another person’s income. There has to be some borrower of last resort to ensure that the money is recycled. The government usually serves that role, but that goes against the trend in official ideology nowadays. On the contrary, governments are trying to save money too. The result is a downward spiral of declining spending, declining incomes and declining prices.

While the gold bugs wait for hyperinflation, the global economy slides first into disinflation and then – who knows? – perhaps deflation. Remember that in Japan, the real estate bubble peaked in 1991 but deflation didn’t start until 1999. It’s still early days.

As people hoarding gold in anticipation of hyperinflation gradually realize that they have things backwards, they are starting to sell and to put their money to work in more productive assets, such as stocks. The physical market may see today’s prices as a fire-sale bargain, but investors holding gold in paper form are likely to be reconsidering the need for an asset to fill the role that gold currently plays in their portfolio.

(Read MoreRelax, India’s Massive Gold Imports Likely a One-Off)

The risks in gold that people in the physical and the paper markets see are different. Many of the people holding physical gold can wear it, will never be marked to market, and if worse comes to worst can pass it down to their children. But many of the people holding paper gold get no particular pleasure from their investment, are marked to market at least every quarter and can lose their jobs (and thereby lose even their debased paper currency!) if their investments go wrong.

I expect more selling to come until the price falls well below the marginal cost of production, estimated to be around $1,100 an ounce, and supply starts to decrease.

The author is the Head of Global FX Strategy at IronFX, an on-line trading firm specializing in Forex, CFDs on U.S. and U.K. stocks, and commodities. He was previously Head of the Forex Committee at Deutsche Bank Private Wealth Management.

Why People Get So Emotional About Gold

I recently wrote an article for CNBC about why I thought gold was going down. It was a pretty straightforward article, I thought, maybe even a bit dull with its echoes of Economics 101.

Well, I couldn’t have imagined the response I got, which were mostly negative and angry. The experience made me wonder: why were so many people so upset with me for trying to explain why gold has been going down?

Gold peaked in September 2011 and the decline has accelerated recently, with the price down over 20 percent since last October. This is a fact. You would think that investors in gold would want to understand why it’s falling so that they can decide whether to get out now or, if they think the reasons for the decline are wrong, buy more. So why get so upset? The answer to that has a lot to do with what makes someone a good investor. It’s a lesson that everyone should learn if they are going to invest in anything.

The reason is what behavioural finance calls cognitive dissonance. Cognitive dissonance is what you experience when you find out something that goes against your beliefs. The best example is the typical TV news interview with a murderer’s mother. She always says what a good boy her son is, he would never do anything like that, he loves his mother, he loves his dog, etc. etc. This is normal. When faced with some new information that goes against our long-held beliefs, most people prefer to ignore the new information or rationalize it away rather than change their beliefs.

The more time and effort people have invested in those beliefs, and the more costly it would be for them to admit that the new information is true, the greater the dissonance that they experience and the greater the need that they feel to reduce it. Reduce it not by changing their beliefs, but by ignoring or discrediting the new information.

So a mother, who’s spent years and years raising her son and does love him, would naturally just refuse to believe that he’s a murderer. And an investor who owns a lot of gold, subscribes to newsletters about gold, talks about gold with his friends, and has made a lot of money in gold in recent years, is likely to refute or reject any new information that says now might not be the best time to buy gold.

This is especially so because most people have a lot more confidence in themselves, their knowledge and their decision-making abilities than they should. I could see that in the responses to my article, some of which showed an imperfect understanding of economics at best.

For example, one reader who execrated me for saying bank reserves aren’t money, argued that they are money because the U.S. Federal Reserve pays interest on them, which ignores the fact that the Fed didn’t pay interest on them before 2008, the European Central Bank currently doesn’t pay interest on them, and the National Bank of Denmark actually charges a fee for holding them! Yet they were very confident in their opinion. Overconfidence is a big problem in investing.

Unfortunately, if someone does begin to feel unsure about their beliefs, then they usually won’t try to learn more to see if their beliefs really are true. On the contrary, they’ll generally take action to justify their existing beliefs. This is called confirmation bias. They will sort through the article and pay greater attention to any facts that support their position than the facts that don’t. They’ll try to find some small part that they “know” is wrong, and will therefore feel justified in ignoring the whole thing.

The important point to learn from this is that investors have to realize their own biases and tendencies and deal with them when investing. The market doesn’t care what you believe any more than the rain cares whether you get wet. You can’t let your emotions get in the way of your understanding the market, otherwise you can get swept away.

Cognitive dissonance can be deadly when it comes to investing. When you’re investing, it doesn’t matter whether you are right or wrong; what matters is whether you make money. You shouldn’t invest to prove something about yourself, to prove to other people that you’re smart or that you’re right, because at some point you’re definitely going to be proven wrong. Some losses are inevitable in investing. It’s not a shame. It’s not a disgrace. It’s normal. One of the keys to being a good investor is therefore to minimize your losses.

Confirmation bias can also be deadly. Naturally, it’s more pleasant to read things that you agree with than things that you don’t agree with. But if you don’t try at least to understand why some people think differently from you, you’re going to lose money sometime. It doesn’t matter how smart you are; nobody can know everything. That’s why stop-loss orders were invented. As the famous investor Howard Marks said, “you can’t predict. You can prepare.”

You have to have a plan before you go into a trade. You have to understand why you are taking a position, you have to have a target for how far you think it will go (since nothing goes up forever) and you need to decide on the stop loss level: the point at which you decide you were wrong and get out of the trade.

If you want an emotional experience, go on a date! Get married! That’s where your emotions should come into play. In investing, our emotions are our enemies. We have to understand them and conquer them or else they can cause us to defeat ourselves.

The author is the Head of Global FX Strategy at IronFX, an on-line trading firm specializing in Forex, CFDs on U.S. and U.K. stocks, and commodities. He was previously Head of the Forex Committee at Deutsche Bank Private Wealth Management.


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  3. Google play app translation service, Referral tracking(promotion), developer council
  4. Google play music
  5. Samsung Glaxy S4
  6. Chromebook
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