If you are into an FX business or want to take entry into it, then keep the following basic points in mind.
Try to Fix Your Basics right!
It means serve your customers and the clients to the fullest. All of their queries and issues shall be adhered to and resolved in time. Excellent client support will be applauded by your existing and new customers and they would continue to do business with you.
If you serve your customers well, then you will be able to make some gains and earn profits. There is no use of you providing your customers with tight spreads, low commission, and high technology etc unless you attend them well. As your business is run on goodwill basis as well; make sure you maintain a personal touch with your clients so that your pains maximize your gains.
Know yourself and your strengths
Before taking any step forward, make it sure that you are good at the stuff you are providing. If you have entered this industry as a trader or partner or manager or as a a company, keep it in mind that you demarcate your advantages from the others in the business. But if you are not good at something, delegate it to others or consult to those whom you have trust upon.
Judge your choices before choosing
Being in this business, many parties like liquidity providers, technology providers, Forex forums etc. would approach you for their benefit. Negotiate with them and try to judge their purpose of approaching you and make efficient decision. As the forex business is a risky business, don’t make your money suffer more if you have not done your homework or not reviewed the terms and conditions thoroughly. Make intelligent decisions, where everyone is planning to magnify its gains.
Implement your plan effectively
Since beginning you must have a business plan in mind. The plan goes like having an inter-bank liquidity access, getting in touch with the technology provider, opening a corporate bank account, using various marketing strategies etc. Once you have started upon this path, stick to this and act prudently. Don’t get driven by the outside factors which will distract you for sure, be focused so that your business gets a solid framework.