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Have you looked at your facility management plan lately? Choose a Scalable System: It is tempting for small businesses to order software systems that are one-size-fits-all or, conversely, free or low-cost. Have a Backup Plan: No matter how high tech the software or well thought out the process, ensure that your business has a backup plan for power outages and theft.
Cloud computing is always a better option than a local server. They are trained shallowly, and sometimes they apply only shallow experience to their practices. Sometimes, that works out great. In my 30 years of experience, however, I have seen that a lot of money can be saved by training and managing inventory control in-depth. Companies should be proactive in their sequencing system, rather than reactive—all while making that balance. If you look at the underlying mechanisms during planning, you can go from there.
The system you choose can vary dramatically depending on the situation and can make all the difference in your actual performance. Some methods are too complicated, especially for smaller companies. Some basic systems for tracking inventory include: Manual: Whether via a ledger or a stock book, manually logging inventory with a pen and paper is the simplest way to track what comes in and goes out. Small businesses with few items can get away with using this type of system.
This system can be challenging because it is an actual record that you cannot mine and use for planning purposes. Stock Cards: A slightly more complex method uses stock cards, also called bin cards. A stock card is a table that records the running unit price, sale price and inventory count of each product.
Use individual cards for each product in large warehouses or stock rooms. The system also tracks purchases, sales, returns and other reasons to withdraw stock, such as promotional withdrawals. You can include additional notes on the stock card, such as any problems associated with that item. For a stock card system to be effective, consistent updates are critical. You must also record unusual stock pulls; otherwise, you run the risk of inaccurate data. Simple Spreadsheets: Many companies, especially small businesses, use spreadsheets to track inventory.
Whether they use Microsoft Excel or something similar, spreadsheets are a way to start automating and electronically capturing product data. With consistent updating and basic coding, you can ensure that you have available current stock levels and statistics. Businesses quickly customize these systems to meet their needs. Since everyone who builds a spreadsheet does so slightly differently, users will need intimate knowledge of how the sheet works. This method is also thought of as manual because the only way to automatically update the spreadsheet system is by adding high-level macros or coding that connects them with other systems.
Basic Inventory Software: Simple inventory software is usually low cost and targeted to small and medium-sized businesses. This simple automation is often cloud-based and ties into your point of sale software, so it can generate real-time, automatic stock updates. You can also incorporate analytics and reporting and run cost comparisons, create reorders, identify best and worst-selling products and drill down to order details or customer patterns.
Some simple inventory management software systems can scale to more complex functionality as your business grows. Some businesses prefer to stick to the simple systems of keeping track of inventory. Other companies plan for growth and scaling.
You could also track inventory with: Advanced Software: Designed for tracking inventory, most of these targeted software solutions can integrate with existing software, are scalable and provide analytics and templates. Advanced software is now in reach for many small and midsize businesses because it is no longer cost prohibitive. Types of Inventory Control Systems Inventory control and monitoring systems are accounting approaches to track the number of goods on hand.
Big companies often monitor inventory across stores, warehouses and even websites. The two main systems are periodic and perpetual tracking systems. The Periodic System vs. The Periodic Inventory System Most small businesses still use periodic inventory management because it does not require sophisticated software or inventory scanning. A periodic inventory system relies upon occasional or regular physical counts of the inventory. Instead, you record all purchases to a purchase account.
Once you conduct the physical inventory, you shift the balance in the purchase account into the inventory account. Finally, you adjust the inventory account to match the cost of the ending stock. The challenges of the periodic system are especially apparent when performing a physical inventory count. Most normal business activities must be suspended during this time because it requires significant manual labor.
Many companies hire additional staff and try to perform this outside of regular business hours, such as during a night shift. This type of system incurs more fraud because there is nothing tracking inventory between physical counts, reducing accountability between inventories, and because it is more challenging to determine where any inventory discrepancies occurred.
The Perpetual Inventory System The perpetual system may be more expensive to implement than the periodic system due to equipment and software needs. However, the system continuously and immediately updates inventory numbers. This system calculates inventory based on sales and purchases via the point of sale and asset management software. This way, you have accurate stock on-hand accounting at all times.
Perpetual tracking is the best way to avoid stockouts when your customers deplete inventory on a particular product. With a perpetual system, you can achieve minimal employee contact with the goods. The challenges of this type of system occur when you use it without also performing physical inventories. In other words, the recorded inventory may not accurately reflect what is physically in-stock as time goes by, never mind accounting for drop shipments or inventory on order.
You must account for breakage, stolen goods and loss to ensure the system is accurate. Further, errors and improperly scanned items affect the inventory records. You can handle this mathematically by applying corrections that mostly account for these things. Experts agree, though, that even though physical inventories are not common, you should implement some manual stock taking process to complement a perpetual system.
You can integrate these types of systems with supply-chain automation to make quicker decisions informed by data. Barcodes Barcodes can be part of either a perpetual or periodic inventory system. Some may consider the barcodes part of an inventory management system, but in truth, this is equipment that falls under your existing stock management system.
A barcode is essentially a little picture with text or numbers that gets put on each stock item. The text or numbers store a large amount of information. A scanner reads that information and transfers it to a database, which tracks the parts and their locations. The system performs scans when the new product arrives and when it is issued out. Barcodes have a rapid return on investment ROI by lowering operating expenses once implemented, even for small businesses.
Other benefits of barcoding include: The elimination of manual data errors Faster collection of inventory information Automatic inventory updates Streamlining of documentation and reporting Enabling inventory movement between multiple warehouses and departments Easy and quick identification of minimum levels and reordering of necessary levels Implementing barcodes on inventory is a smart idea because they offer scalability and accuracy, even to small and growing businesses.
RFID tags are a type of smart tracking. RFID tags contain electronically stored information, more information than is possible with conventional barcodes. Tags can be passive or active: Active RFID tags include batteries, whereas passive tags do not have batteries.
The RFID reader supplies the power for passive tags through radio waves, whereas active tags send out their radio waves. Both types of tags automatically update to identify the stock and capture any associated data. RFID tags are an effective way to protect high-value items and products that require additional security compliance, such as pharmaceuticals.
Active tags are the best course in businesses where inventory security has been an issue. Although security is the primary benefit of RFID, other features include: Remote Tag Reading: The reading range for passive tags is approximately 40 feet, and the range for active tags is feet.
Simultaneous Tag Reading: The system can read several tags simultaneously so that it can check in an entire pallet of products at once. Unique Tag Codes: To track unique products, not just one type of product, you can give tags unique identification codes.
Constant Updates: Without having to update the physical tag on the item, you can send it updates such as warehouse location via your active tag or by keeping the passive tag system activated. The cost can be prohibitive for some businesses. The supply chain also needs the equipment necessary for RFID tags.
If you are considering using RFID tags, they have become cheaper in recent years. Experts say the best use of RFID tags is to place them at high-risk points close to your stock, such as at exits. Finally, for products with a limited shelf life, an RFID system can provide information to ensure quality control, such as when they were brought in and their expiration dates if relevant.
You can install an app on a smartphone that reads QR codes. They also carry more information than a barcode because of their matrix-like patterns. Effective inventory control balances controlling costs and meeting customer demands. The DIO is an efficiency measure because product stock ties up funds. Programmability: You can program your forex robots to implement your trading strategy automatically. Keep in mind that trading is typically a human activity so the currency markets move based on human psychology that forex robots cannot fully grasp.
Forex robots have a number of other serious drawbacks you should be aware of before putting real money at risk buying or using them. Some of them are summarized below. Unaware of fundamental factors: Trading robots based on technical analysis generally do not take into account current economic, geopolitical and financial news events that can move markets substantially. Profits not guaranteed: While forex robots might increase your response speed and the number of pairs and markets you can scan for opportunities, the end result will depend on how well it trades.
Market conditions change: Forex robots can trade like champs for a while, but they can then give back much of their profits when market conditions shift. Governments disapprove: Trading using forex robots is often unreliable, so some governments consider many of them to be scams guilty of false advertising. Keep in mind that if trading profitably was as easy as getting a forex robot and setting it loose to trade in your account, then virtually anyone with a computer and some risk capital could be making a bundle of money, which is not the case.
Even professional traders who run complex and sophisticated trading algorithms on high-powered computers watch their automated trading software carefully because they understand the importance of the human element in market behavior. Automated trading has evolved considerably in recent years. While they remain imperfect, forex trading robots have improved to the point where they can start to play a significant role in the online forex trading world, and using them may benefit certain traders.
A growing portion of daily forex trading is done automatically using different algorithms, so you might benefit from a forex robot, even if you only use the signal generation component it offers. Forex robot trading might be especially helpful for the following types of trader: New forex traders: Those unfamiliar with the forex market and how to identify potentially profitable trading opportunities can use a forex robot to get them started while they increase their knowledge base.
Unsuccessful forex traders: Those who have been trading the forex market with poor results might consider using a forex robot to fully automate their trades or help them make better trading decisions by generating signals. Traders with complicated trade plans: Forex robots can quickly scan various markets and make complicated calculations to speed up your responsiveness as a trader. Traders involved in many markets: If you need to keep track of the market in many currency pairs, a forex robot might be useful to identify more potentially profitable trade opportunities.
Frequently Asked Questions.
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But before you go any further, you need to understand what high probability trading is. So what percentage success are we talking about here? As a matter of fact, nobody can tell you what percentage of trading success rate would count as high probability trading. But that fact is they are very few or very rare indeed. What are my reasons then? Well, in terms of support and resistance levels, these levels stand out.
Every Tom, Dick and Harry traders in the world can see it. The big financial institutions that trade the forex market can also see it. So the natural human response kicks in and prices behave predictably when it hits levels of support or resistance.
Now, I also am of the opinion that support and resistance levels you see on smaller time frames are not as important as those seen on the larger time frames. Therefore, the larger time frames play a significant role in this argument that high probability trading setups happen in them. They can be seen clearly by every trader. Examples of High Probability Trading Setups On Support And Resistance Levels On Larger Time frames I will show you a few examples of how prices react to support and resistance levels on larger time frames so you will understand what I talking about and I may just turn you into a believer.
This first chart below is of GBPUSD on the monthly time frame and what is important to note here is the fact that: there were obvious support and resistance levels and when price hit those those level, it reacted as anticipated. Price hits support levels and bounce back up or price hits resistance levels and drops down.
I wont. Would you? Look for the formation of the M pattern near the bottom of the chart. The M pattern should be formed by the purple color line segment. As the M or the bullish Gartley pattern is identified, you should be waiting for a bullish bounce in the price or look for a bullish price action confirmation signal. If you are not familiar with price action trading strategy, look for a candle that has a higher closing than the opening price. It should act as the bullish confirmation signal.
Once you have checked all these essential features in the market, you should be to open the long trade. Stop loss The last point of the bullish Gartley pattern should be acting as the reference point of the SL price. To be technical, we should be placing the stop below point D of the bullish Gartley pattern. Take profit The take profit should be set by evaluating the resistance level in the chart.
If you analyze the pattern correctly, you should be able to take the trades with a minimum risk to reward ratio with the help of the High Probability Gartley Pattern Forex Trading Strategy For MT4. To make things easier, we will be using the bearish engulfing and the pin bar pattern as the price action confirmation signals.
Conditions to execute the short trade Select your preferred trading instrument by analyzing the existing price momentum. Avoid the choppy market as it is hard to identify the pattern. Wait for the formation of the bearish Gartley pattern near the critical resistance level. The patterns should look like the English alphabet W. The formation of the bearish Gartley pattern should be considered complete once the price rejects the resistance level.
Wait for the bearish pin bar or the engulfing pattern at the resistance. Since we will be taking the trades in the lower time frame, it is better to trade with the highly reliable candlestick pattern. Once the bearish candlestick pattern is formed near the resistance level, we should be able to take the trade trades. After checking all these essential factors, you may sell the asset with low-risk exposure. Set your SL above point D of the Gartley pattern.
You may also use the bearish price action confirmation signals to determine the SL price. Take profit To be on the safe side of trading, you may set the take profit to the nearest support level. However, if you wish to ride the newly formed bearish trend, you may use the trailing stop loss features.
But remember, while using the trailing stops, the false spike will often hunt down the running trades. It is recommended that the rookies start using this strategy in the paper trading account.
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How to Find High Probability Supply and Demand Setups in ForexBETTINGEN SCHWIMMBADBAU
Hence making this Doji a Bullish Doji. But we can use the aid of chart patterns to give us an idea of whether the market has a higher probability of going up or down. With that said, there is only one Doji that is neutral. And that is a Doji with the same wick length on both sides: Apart from this Doji, we can classify the other Dojis as either Bullish Dojis or Bearish Dojis. Bullish Dojis There are only two types of Bullish Dojis and as long as the open and close is above the halfway mark, we consider it a Bullish Doji.
The first type of Bullish Doji has an open and close in-between the halfway mark and the high. The second type of Bullish Doji has an open and close right at the high. The technical name for this Doji is the Dragonfly Doji. This is not an exam. As long as the market opens and closes below the halfway mark, we consider it a Bearish Doji. The first type is the Bearish Doji with an open and close in-between the halfway mark and the low.
The second type is the Bearish Doji with an open and close right at the low. Its technical name is called the Gravestone Doji. But before we get into that, you first need to know… The Wrong Way to Trade Dojis Many traders, especially newer traders, tend to make a grave mistake when trading these Dojis… They see a Doji on the chart at either the top or bottom of a trend and then immediately enter into a trade.
And at the top of this move is a Bearish Doji. Now, this can also be considered a Bearish Pin Bar. For this example, I will refer to it as Bearish Doji. And again, there is another Bearish Doji formed at the top of that upward move.
So what do some traders do again? They go Short again. And they get stopped out again. This time it will go down because the market has already gone up so much. This way I can win back all my losses and more! You can see that the market just kept going up and up. If you had been Short, you would have been stopped out over and over again. This line of thinking is incorrect since past events do not change the probability that certain events will occur in the future.
For example, the gambler might have a strategy that if the red or black number comes out 5 times in a row, he will bet the opposite color. So if the red number has come out 5 times in a row, the gambler would bet on black the next time. And if after betting on black, a red number shows up again, the gambler will double his bet and put it on black again.
He will keep doing this until a black finally comes up or until he loses all his money. Unfortunately, in the long run, he will inevitably lose all his money. And that is why many people go broke using that strategy in the casino, and the markets.
In fact, never get into a trade just because you see a bearish candlestick or a bullish candlestick pattern. So how then should you trade the Dojis? That means you want to take into consideration several factors before getting into a trade like… Is the bigger timeframe in an uptrend or a downtrend? Are there any support or resistance levels nearby? Is there a divergence in the market?
Are there any news releases coming up? Is the chart pattern bullish or bearish? To get into a pullback trade, what you want to look out for is either a strong uptrend or a strong downtrend. There are two ways to identify whether a trend is strong or not. Firstly, it has to be forming wave patterns. In an uptrend, the market has to be forming higher highs and higher lows like this: And in a downtrend, the market has to be forming lower lows and lower highs like this: Secondly, we use two EMAs — the 20 EMA and the 50 EMA.
To get into a trade for pullbacks, we want to only trade in the direction of the trend. That means if the market is in an uptrend, then we only want to go Long. And if the market is in a downtrend, then we only want to go Short. The market has just transitioned from an uptrend on the left-hand side of the chart to a downtrend as the 20 EMA crossed below the 50 EMA. The market started to form lower lows and lower highs as it trades below the 20 EMA. The 20 EMA, in this case, has become a dynamic resistance level for the market.
After Bearish Doji is formed, the market started to go down very strongly. However, there was no Bearish Doji formed, so there was no trade entry. The market soon went back down below the 20 EMA and created this long bearish bar. From there, the market started to tank.
The market then formed a Bullish Doji. If you noticed, I drew a horizontal blue line at the swing low where the market made a pullback to the 20 EMA. This swing low serves as a support level. Because of this, the formation of the Bullish Doji is a significant one. The market broke below the previous swing low, touched the 50 EMA, then went back up to close above the previous swing low. If price pullback to an area of support, then wait for failure test entry my entry trigger.
If a trade is entered, then place a stop loss below the low of the candle, and take profit at nearest swing high my exit and profit target. Past performance is not an indication of future performance. Please do your own due diligence before risking your hard earned money. But ultimately, your trading strategy needs to answer these 7 questions: 1.
How are you going to define a trend? You can consider moving average, trendline , structure etc. How are you going to define an area of value? How are you going to enter your trade? You can consider pullbacks, breakouts , failure test, moving average crossover etc.
How are you going to exit your trade? How much are you going to risk on each trade? How are you going to manage your trade?
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