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How to negotiate for a win-win outcome

by Bruno Deshayes on 27 Mar 2016 permalink
Almost everything is negotiable except selling your mother in law to a slave trader.

Your strategy should operate on 3 levels simultaneously.

Information Do your homework and give the impression that you know more about the other person's background and needs than they know about your own history and requirements.

Time Give the impression that you have a rubbery deadline especially if you know the other person is caught by a given date. Your opponent can eventually be worn out by an unfinished business and can eventually give in for the sake of having the matter closed at last.

Power Give some vibes that you have more connections and authority than is really the case. If you have to take some risks make sure you are not the only one to carry the can but that some other partners are sharing the risk with you.

Being a consumer gives you ample occasions to practice your negotiation skills. Instead of walking in a store and portraying yourself as a buyer of goods think of yourself as an investor in technology. What's the difference? You are no longer purchasing an item - you are selling money!

Whenever the salesperson tries a test close on you like: "If you were to take this item home, would you like it in red or in blue?" Of course answering that question implies that you have already mentally bought the thing. They are softening you by shifting the major choice down to a minor choice. Introducing competition will drive your money further. Inadvertently mention the fact that you were tossing the idea of buying a new car or taking the family for an overseas vacation. Suddenly the salesperson is dragged out of his comfort zone having to argue the benefits of cruising in style as opposed to the benefits of experiencing a foreign culture and relaxing from the rat race. He might have to throw in a few extras fro free to tilt the balance in the favour of the car.

Playing dumb is a powerful disarming tactic. Pretending you have a poor grasp of the English language does wonders as every migrant knows or you can try stammering. Ask questions even if you think you know the answer. Asking the same question twice over a period of time may trigger your opponent to soften his stance and offer an alternative. When you listen hear what people say and also what is being omitted.

Never finish with an ultimatum. Don't try to corner your opponent with a "Take it or leave it" confrontation. Instead give the alternative of two options - one being so bad they'll pick the one you want them to choose but you don't want them to lose face.

Finally before you walk away with a great deal - ask yourself: "Was it a great deal for them too?" You never know when you might have to meet with those people again. If you leave behind a bad taste chances are you will pay for it the next time around which could be sooner than you think. Getting what you want doesn't need to be at the expense of someone else. Be creative and go for the top prize. Why not do business and make friends at the same time? Now that the power play is behind, you have a unique opportunity to make it right for both parties. Don't miss a chance to do good. Sow goodwill for the future you never know when it might become handy to call on an old associate's favour.

Only trade money you can afford to lose

by Bruno Deshayes on 19 Mar 2016 permalink
Share trading forex or commodities trading is mainly a game of bluff. You can only take a trade if you find someone else willing to buy when you want to sell or sell when you want to buy.

It stands to reason that you can't be both right. One will end up with a profit and the other with a loss.

At the end of the day you save face by trading anonymously. You probably would never trade again if you saw the professional rubbing his hands after making an easy win at your expense.

The market loves to backtrack over the values reached in the preceding days and it's a game of who blinks first. You can be prudent and go home with a small loss or you can be bold and hold on for sheer perseverance only to be punished with a much bigger loss.

That's where all the psychology comes in. The market rewards you for taking a risk but your risk taking ability depends on your present situation. Are you under stress to make ends meet? That's' the worst situation to trade with a clear head. Are you going through separation or divorce? Please do not trade now. Have you just lost your job? Smell the roses but do not turn yourself into an overnight portfolio manager...

The more desperate you are to pull money out of the market the more likely you are of being fleeced. There is a fine line between trading and gambling. You are crossing that line when

* You place more than 2% of your capital on a single trade. (Instruments that move in unison count as one trade here).

* You have done no specific research and trade on a hunch.

* You do not use technical analysis to indicate objectively when the market changes from rising to falling.

* You do not set a stop loss and a limit target before placing the trade.

* You hide your trading from your spouse.

* You dash off at work to the bathroom to check your stocks on your iPhone.

* You pray to the god of the markets that this stupid stock should turnaround now.

* You double your position to get even with that wild beast and recover your losses before it reaches back your entry point.

* You have visions at night of yourself placing a bomb in the basement of the exchange.

* You take up smoking and upgrade to a supersize meal at the fast food outlet.



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Bruno Deshayes

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