A theory: Elon Musk will hand Tesla Inc (NASDAQ: TSLA) over to a successor when Tesla can no longer generate much fanfare. At least, not as much as they currently do. This point in time will come once legacy car manufactures are firmly entrenched in the EV space. It is likely General Motors Company (NYSE: GM), Stellantis NV (BIT: STLA), and the dominant Asian brands will outcompete Tesla on price, range, and looks. Consequently, Tesla will be relegated to a periphery player. If legacy car brands convert their production to EV as fast as they say they will, I expect Musk will move on to his next project before 2030.
To stay in the game, Tesla will have to double down on its status as a luxury vehicle. I think this would be the right move for Tesla in the long run. Imagine this; Tesla becomes an electric equivalent of Ferrari, Lamborghini, or McLaren.
Last week, Ferrari NV (BIT: RACE) announced Benedetto Vigna as its new CEO. The appointment of Vigna surprised the market as his background is in computer engineering rather than the automotive or luxury goods sector.
The appointment strongly indicates a new priority for vehicle manufacturers. Moving forward, the success of their respective businesses will be heavily dependent on their electronic and computing technology.
Tesla's CFO (Master of Coin), Zachary Kirkhorn, easily fulfils the criteria to lead the Company. After all, Kirkhorn holds degrees in both economics and engineering. Tesla's Senior VP, Andrew Baglino, an electrical engineer, is an equally appropriate choice to head the Company.
However, Elon probably won't play by the industry rules. Instead, Elon may hand the reins over to his little brother, Kimbal Musk, a Tesla board member and a self-described chef, restauranteur, and philanthropist. I am not hinting that Kimbal's Directorship is undeserved. Rather, I am noting the unconventional choice in the same manner that his ascension to CEO would be unconventional.
While Kimbal Musk does not profess a penchant for electrical or computer engineering, he is very successful in his own right within the technology space. In addition to his culinary pursuits, Kimbal has co-founded and directed many of Elon's technology companies, including Zip2, SpaceX and X.com.
If your aim is to create a second income through forex trading, then you will know the difficulty of fitting trading in around a full-time job. We are all on the verge of a time management crisis. Luckily, with the right approach, the amount of time required to trade can fit easily into a busy schedule.
In this article, we go through five tips to help get you started. But first, it is important to be clear on your motivation for trading.
For most people, spending a few hours a week learning to take charge of their financial future should be considered essential. Think of it like getting a master’s degree. You are studying a craft that you will be able to carry with you for the rest of your life. The initial sacrifice of a few hours a week will seem minuscule in the grand scheme of things, and the benefits can be significant.
Truth be told, you need to take control of your own financial future. Nobody else is going to do it for you. Make the commitment and share it with others who will hold you accountable. It is you in the driver’s seat, but an audience will keep you on track. Start small, and if you do not like it, there is no pressure to keep going. With that in mind, let’s get into our top five tips for a trader with a full-time job.
No matter how much you do it, staring at the screen does not make the prices change. Nor do your trades require constant attention. As famous trader Jesse Livermore said, “The money is made in the sitting”.
Look to build a forex trading strategy that is either:
Of course an approach where you monitor the markets more often than that is certainly doable. The key is to know that you can structure your trading around your lifestyle and that it does not have to take up all your time. There is another big benefit to not watching the markets 24/7. By separating yourself from the markets, you avoid making emotionally driven mistakes. Instead, you trade your plan, leaving your orders to enter and exit the market while you are away. This is a big – yet somewhat unappreciated – advantage for the trader with a full-time job.
A disorganised trader is a bad trader. And needless to say, one of the greatest challenges the trader who is also holding down a full-time job has is to get organised. You want to make sure your forex trading routine is well structured. Have a set list of activities that you conduct each time you go to trade.
This should include (but not be limited to):
How long should each of these activities take? It does not have to take long at all. You need to divide your allotted time amongst each of these activities. If you don’t have time to conduct all these activities, it probably means you are placing too many trades. If that is the case, then cut back to something more manageable.
One of the challenges traders face is they have too many good ideas for trading strategies. Not only does this result in their best ideas not getting the attention they deserve, but it is also very time-consuming. Instead, be ruthless. Choose only your very best strategies to focus on. This could be your highest quality set-ups or the currency pair where you feel you have the greatest edge.
It could very well be best that you only trade one or two of your favourite currencies. Apply the KISS (Keep It Simple, Stupid) approach, use a simple set of indicators, and don’t overcomplicate things. This will save you a ton of time and keep your trading manageable.
Automating your Forex trading ideas is not as hard as it seems, yet the benefits can be significant.
By using a robot you can:
The good news is you don’t have to program the forex trading strategy yourself. There is a large community of developers that can program your ideas and an even larger number of strategies available that you can pick from. A more recent innovation has been the advent of social trading. Social trading allows you to automatically follow the strategies of other traders around the globe.
You simply connect your account to a social trading provider and then select the strategy you want to follow. You can check out these providers:
Note that there are several factors for you to consider when selecting a forex trader to follow.
These days trading platforms come complete with alerts that will notify you in a variety of ways.
In your trading platform, you can configure alerts based on:
Alerts can be delivered to your desktop and email. These tools can make your trading life much easier, so be sure to use them.
These alerts can be set in your forex trading platform or you could use a service like TradingView.
It is very easy to find excuses not to make the changes that matter in your life. If you want to be a trader, don’t let them get in your way. Keep your eyes on the prize and take the steps you need to take to see this through. If this requires re-organising or restructuring your life, then do it. Don’t let the excuse of a busy life get to you. If you truly want something, there is always a way.
Start by testing a Demo Account and you can set one up with BlackBull Markets here: old.blackbullmarkets.com/en/demo-account/ and when you are ready, try it out with a small Live Account. We are always here to help, so feel free to contact our friendly support team by phone or email at email@example.com.
Award-Winning New Zealand Forex Broker Two-Years Running
For the second consecutive year, BlackBull Group Limited has been listed on the Deloitte Fast 50 Index.
This index represents the fastest growing companies in New Zealand and after a stand-out premier season in 2018 [550%+], BlackBull Group Limited continue to establish themselves as one of the fastest growing Companies within the country.
As a leading fin-tech and Financial Services provider in New Zealand, BlackBull Markets has rapidly grown to being one of the region's most reputable broker and with an agile corporate culture, the firm hopes to dominate the Fast 50 Index for years to come.
We sat down with Michael Walker, Managing Director of BlackBull Group Limited and about the 2019 ranking, he said “I am very pleased about the current growth path of the business, it is a testament to the hard work the team has put in. We have recently hired more experienced people, who will be valuable in helping us continue our upward trend and to further establish ourselves as an industry leader. In the past year, we’ve increased our number of active clients by 50% and average trading volumes were also higher by around 30%, with key growth in our core European markets and with our strategic partners.”
BlackBull Markets is an award-winning New Zealand Forex Broker. Founded in 2014 with the goal of becoming the leading online Financial Technology and Foreign Exchange Broker, BlackBull Markets is a true ECN, no Dealing Desk brokerage specialising in Forex, CFDs, Commodities, Fibre Optic Communications and Fintech solutions for traders globally.
If you would like more information about this article, please call Anish Lal on +64 9 558 5142 or email firstname.lastname@example.org.