Hungarian FM Szijjártó: International corporate world continues to trust Hungary
Continuous investment records prove that the players in the international corporate world continue to trust Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said on Thursday in Budapest when announcing a HUF 9bn investment by Dutch-owned Aalberts Surface Technologies.
Szijjártó: Hungary needs similar investments
The minister said the metal surface treatment company is expanding capacity at its base in Tatabánya (NW Hungary), increasing headcount to nearly 200, with a HUF 1.1bn grant from the government.
Mr Szijjártó noted the need for similar investments, since the continuously growing automotive and battery production capacities also require local suppliers, so that the supply chains can be as short as possible.
Dutch companies represent the twelfth largest investment community in Hungary and bilateral trade was close to EUR 12bn last year, he said.
Mutual respect characterizes the cooperation between the two countries, with a few exceptions, and we are constantly looking for cooperation opportunities, he added.
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PHOTOS: Hungary takes part in China investment and trade fair
Hungary is participating as a guest of honour at the China International Fair for Investment and Trade (CIFIT) in Xiamen, China, Levente Magyar, a state secretary of the foreign ministry, said in his opening remark at the event.
China International Fair for Investment and Trade
“This is a great opportunity and a great honour for us,” as many companies can present themselves with products, services and innovative solutions, he said. Mr Magyar noted that Xiamen is located in Fujian province, the source of most Chinese FDI, therefore they have held talks with the governor and the city administration on how to further expand relations.
The state secretary noted that next year Xiamen will become the eight city in China that will have a direct flight to it from Budapest. They also discussed cultural ties, he added. The CIFIT events is being organised for the 24th time.
Hungary is being represented at the event by the Hungarian Export Promotion Agency (HEPA), the Hungarian Tourism Agency, national investment promotion agency HIPA, Agrarmarketing Centrum (AMC), the Hungarian Wine Marketing Agency, the National Industrial Park Management and Development Company (NIPUF) and the Hungarian Innovation Agency.
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INTERVIEW – Diplomatic insights: Pakistan’s Ambassador discusses trade, education, and bilateral relations between Pakistan and Hungary
Daily News Hungary had the honour of conducting a rich and lengthy interview with Pakistan’s Ambassador to Hungary, His Excellency Asif Hussain Memon. In this candid conversation, the Ambassador shared insights into Pakistan’s vibrant culture, its growing ties with Hungary, and his views on global geopolitical issues, including the ongoing Russia-Ukraine conflict and the Palestinian-Israeli situation.
Daily News Hungary: Before my interview, I asked people what they knew about Pakistan. They were generally aware of its location, but they didn’t know much more about it, even though it is one of the most populous countries in the world (6th), and it even has one of the 10 strongest militaries in the world. If you were to present 5 things that stand out about your country, what would they be?
H.E. Ambassador Memon: Pakistan is a country with a rich heritage and a great future. It is cradle of one of the most ancient civilizations in the world, the Indus Valley civilization. It is the 6th most populous country in the world having 50 percent of its population below the age of 30. It has incredible people known for their warmth and hospitality, a diverse and breathtaking landscape with one of the highest mountains in the world and also deserts in the south. I must also mention the diversity in cuisine. It is hard to shortlist five things but I would say the people, history, culture, food and the geography make it stand out.
DNH: Today’s geopolitical situation is not exactly simple. How does Pakistan relate to Russia’s war against Ukraine?
H.E. Ambassador Memon: Pakistan maintains excellent bilateral relations with both Russia and Ukraine. Pakistan and Russia relations are strengthened by high level visits, shared perspective and commonality of views. In case of Ukraine, it is important to note that Ukraine’s Foreign Minister Dmytro Kuleba visited Pakistan in July 2023. It was the first-ever visit by a Ukrainian Minister to Pakistan country since the establishment of diplomatic ties in 1993. Pakistan has always advocated for dialogue and diplomacy. We believe that the conflict can only be resolved through dialogue between the two parties. We are always ready to play part in promoting peace and stability.
DNH: Another important conflict that is much closer to you is the Israeli-Palestinian war?
H.E. Ambassador Memon: Pakistan has consistently advocated for a two-state solution as the key to enduring peace in the Middle East, with a just, comprehensive and lasting solution to the Palestinian question. We believe that a viable, sovereign and contiguous State of Palestine should be established on the basis of pre-1967 borders, with Al Quds Al-Sharif as its capital. The current situation is Gaza is a catastrophe. Pakistan has repeatedly called for an immediate and permanent ceasefire, unlimited provision of humanitarian assistance and de-escalation of the tension in the region.
DNH: It is not so obvious to most that Pakistan has a nuclear arsenal. Why was this necessary, and what responsibility is there for countries with nuclear weapons?
H.E. Ambassador Memon: Pakistan believes that any initiative on nuclear disarmament must take into account the vital security considerations of each and every State. Pakistan is committed to the goal of a nuclear weapons free world through the conclusion of a universal, verifiable and non-discriminatory, comprehensive convention on nuclear weapons. This objective can only be achieved as a cooperative and universally agreed undertaking, through a consensus-based process involving all the relevant stakeholders.
DNH: I am also sure that the majority of Hungarians do not know that one of our largest companies, MOL, has a major role in Pakistan’s oil and gas industry?
H.E. Ambassador Memon: Pakistan is rich in oil and gas sector and hence Hungarian company MOL has capitalized on the potential. MOL is a story of success for Hungarian companies. MOL has an investment of $500 million with $2.8 billion with its subsidiaries. MOL has remained an important feature in the bilateral relationship. MOL is celebrating 25 years of its business this year. In view of the potential in the hydrocarbon sector, I think it is high time that MOL expands its operations in Pakistan.
DNH: Are there any other Hungarian companies and products that could prevail in your country?
H.E. Ambassador Memon: As our bilateral trade is increasing with a good pace, there is a great scope for Hungarian exporters to do business in Pakistan. Pakistan is a market of more than 220 million people, hence there is a lot of potential for Hungarian companies to invest in Pakistan. Another Hungarian company Vitafort is also doing great business in Pakistan in the field of animal feed, fisheries and aqua culture. Traditionally, Hungarian exports to Pakistan involve machinery, pharmaceutical products, medical apparatus and optical instruments. However, there is a great scope in investing in agriculture, livestock, fisheries.
H.E. Ambassador Memon: During the last 5 years the exports of Pakistan to Hungary have increased at an annualized rate of 15%, from $21.6 million in 2017 to $45 million in 2023.This shows increased interest of Pakistani investors and businessmen in the Hungarian market. The main exports included textile products, cotton, sports equipment and broadcasting equipment. Among the famous Pakistani products available in Hungary are world famous Pakistani mangoes, basmati rice, spices and sports goods. Pakistan is known for manufacturing world class footballs which are used in all major tournaments in the world including the World Cups and EUFA.
DNH: How do you assess the current relationship between the Hungarian and Pakistani governments?
H.E. Ambassador Memon: Due to the special focus of the leadership of both countries, the current state of relationship between the both countries is excellent. I must say that Hungary’s “Look East” Policy and the visit of H.E Peter Szijjártó to Islamabad in April 2021 followed by first ever visit of our Foreign Minister to Budapest in 2023, the relationship has witnessed a monumental growth. Next year, we are also celebrating 60 years of establishment of diplomatic relations. The relationship is multifaceted and has grown in all spheres including political, trade and economic, cultural and people to people ties.
DNH: Stipendium Hungaricum can be a strong link between the two countries in the long run. How many students have come to Hungarian universities in recent years? And what are the experiences of students who have completed the program?
H.E. Ambassador Memon: One of a very important feature in our relationship has been the “Stipendium Hungaricum” scholarship under which many Pakistani students come and study in high quality Hungarian universities. During the visit of our Foreign Minister to Hungary in February 2023, the Hungarian Government increased the quota for Pakistani students. There has been a very keen interest among the Pakistani students to study in Hungary. These students not only prove to be a bridge between our both countries but also play a significant role in promoting the image of Hungary.
DNH: There is a growing labour shortage in Hungary, which is increasingly being addressed by companies using Asian workers. Are Pakistanis also recruiting workers for Hungary? What is your experience?
H.E. Ambassador Memon: Hungary’s economy is growing at an excellent pace due to which there is potential for skilled workers from Pakistan. The number of Pakistani workers in Hungary is not much but we are witnessing increased interest by Hungarian companies in hiring skilled Pakistani workers. I often visit some Hungarian companies who have employed a number of Pakistani workers and I get excellent feedback. Pakistan has a huge potential in offering skilled, semi-skilled workers to countries facing labour shortage.
DNH: Tourism is an important “product” for Hungary. Apart from Budapest, what Hungarian attractions can you recommend to Pakistanis? Why should they come to Hungary?
H.E. Ambassador Memon: Hungary is renowned for its tourism. Budapest is a historical city with rich culture and great architecture. In Budapest, Buda castle, thermal baths, Heroes square, Fisherman Bastion and the majestic Hungarian parliament are jewel of the city. Outside Budapest, Balaton is known for its beauty and landscape. Apart from these amazing places, the friendly people, relaxed atmosphere and excellent connectivity makes Hungary a must-see country in bucket list.
DNH: Pakistan is not really considered a tourist destination at the moment. Why should we, Hungarians go to Pakistan? What are the five must-see tourist attractions for Hungarians visiting Pakistan?
H.E. Ambassador Memon: Pakistan has an amazing and diverse landscape. From the second highest mountain in the world, K-2 to a beautiful sea coast in Karachi and Gwadar and desert in Bahawalpur, it offers a lot for all types of tourism. Anyone who is planning to visit Pakistan, I must say that a visit to northern Pakistan is a must since the nature, beauty and mountains are unmatched. Every year, a large number of mountaineers and hikers visit northern Pakistan to climb highest mountains and enjoy breathtaking scenery. Karachi is the biggest city and an economic hub which offers a mega city lifestyle. For history lovers, Mohenjo-Daro, Harappa and other historical places would be a great option. Lahore is the cultural capital of Pakistan, having architecture from the Mughal era and a variety of cuisines. There are amazing sightseeing places like Swat, Malam Jabba for skiing, not to forget the delicious cuisines.
DNH: Pakistani and Hungarian cuisine differ in many ways, but I am confident that there are Hungarian favourites. If you could choose any, what is the best Hungarian starter-course-dessert trio?
H.E. Ambassador Memon: There are several amazing Hungarian cuisines ranging from street food to high end restaurants with a lot of variety. Goulash soup is similar to Pakistani dish and very unique in taste. Similarly, Langos is a very popular. Then there is a large variety of light snacks which are very tasty. My favourite will be combination of Halaszle soup, and Dobos torte.
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Hungarian economy shows disappointing latest data
Hungary’s trade balance in June posted a surplus of 1.1 billion euros, deteriorating by 411 million euros from the previous year.
KSH said exports dropped by an annual 9.9 percent to 12.3 billion euros, while imports slipped by 7.8 percent to 11.1 billion euros.
In volume terms, exports fell by an annual 8.1 percent, and imports by 5.2 percent.
Month on month, export volume was down a seasonally and working-day adjusted 2.4 percent, while imports were up 4.7 percent.
Compared to a year earlier:
According to calendar-adjusted data, the volume of export decreased by 1.4%, that of import improved by 1.3%.
The balance of the external trade in goods deteriorated by EUR 411 million. (The balance showed a EUR 28 million higher surplus than the one published in the first estimate.)
The HUF price level of the external trade in goods increased by 4.3% in exports and by 3.5% in imports, compared to the same month of the previous year. The terms of trade improved by 0.8%. The HUF exchange rate depreciated by 6.4% against the EUR and by 7.2% against the US dollar.
The export volume of machinery and transport equipment decreased by 15%, their import declined by 8.4%. Both the export and import volume of the commodity group of electrical machinery, apparatus and appliances, n.e.s. decreased sharply. The export volume of the commodity group of road vehicles declined by nearly one-tenth, its import volume fell by nearly one-fifth compared to the base period. The export volume of the commodity group telecommunication and sound recording and reproducing apparatus decreased by more than one-tenth, while its import volume rose by nearly one-tenth, year-on-year. The turnover of the power generating machinery and equipment commodity group decreased in both trade directions equally by nearly one-fifth compared to the same period of the previous year’s level. The aggregate commodity group of machinery and transport equipment contributed to the overall volume decrease in total turnover by 9.0 percentage points on the export side and by 3.9 percentage points on the import one.
The export volume of manufactured goods became 1.7% lower, while their import volume decreased by 4.2%. The volume lesseningwas driven by professional, scientific and controlling instruments and apparatus, n.e.s. on the export side, and by chemical materials and products, n.e.s. on the import one. The aggregate commodity group of manufactured goods intensified the overall volume decrease in export by 0.5 percentage points, and in import by 1.6 percentage points.
The export volume of fuels and electric energy increased by 44%, their import volume was 5.3% higher than one year earlier. The turnover growth in both export and import can be explained by the significant increase in the volume of electrical energy. The turnover growth in fuels and electric energy counterbalancedthe decrease of the overall export volume by 1.0 percentage point, and by 0.4 percentage points the import one.
The export volume of food, beverages and tobacco became 8.2% higher, their import volume decreased by 4.0%. The volume growth was driven by cereals and cereal preparations on the export side, and by fruit and vegetables in the decrease on the import one. The volume change realised by the aggregate commodity group slowed the total export decrease by 0.5 percentage points, and contributed to the import decrease by 0.2 percentage points.
The volume of export to the EU-27 Member States became 10% lower and that of import from there decreased by 4.0%. The balance of the external trade in goods declined by EUR 685 million, generating a surplus of EUR 1.3 billion. This group of countries accounted for 76% of exports and 72% of imports.
In the extra-EU-27 trade, the volume of export decreased by 0.2%, that of import declined by 8.3%. The balance of the external trade in goods with these countries improved by EUR 274 million, showing a deficit of EUR 143 million.
Hungarian economy in January–June 2024:
The value of exports amounted to EUR 73.3 billion (HUF 28.6 thousand billion), that of imports to EUR 65.6 billion (HUF 25.6 thousand billion).
In January–June 2024 compared to one year earlier, the volume of export decreased by 2.2%, that of import lessened by 6.4%. The balance of the external trade in goods improved by EUR 3.7 billion, the surplus was EUR 7.8 billion. The HUF price level of the external trade in goods lessened by 1.1% on the export side, and by 2.6% on the import one, compared to the same period of the previous year. The terms of trade improved by 1.5%. The HUF depreciated equally against the EUR and the US dollar, by 2.3%.
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- Europe’s biggest online webshop enters Hungary this year
- Spain blocks Hungarian Talgo train factory deal over Orbán’s Russia ties, details HERE
Boost your earnings with binary options platform trading
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Binary options trading is a form of financial trading where investors predict the outcome of a yes/no proposition within a specific timeframe. The name “binary” comes from the fact that there are only two possible outcomes: the investor either earns a fixed amount or loses their investment. This type of trading has gained popularity due to its simplicity and potential for quick profits.
What is a binary options trading platform?
A binary options trading platform is an online software that allows traders to execute trades, monitor market movements, and manage their accounts. These platforms provide various tools and features to assist traders in making informed decisions.
Where to trade binary options
Binary options can be traded on specialized platforms like Quotex, as well as some traditional brokers that offer this service. It’s crucial to choose a reputable and regulated platform to ensure fair trading conditions and the security of your funds.
Exploring Quotex: A Popular Binary Options Platform
Quotex has emerged as a prominent player in the binary options market. This platform offers a user-friendly interface, a wide range of assets, and various trading tools to support both novice and experienced traders.
Quotex Broker Login: Your Key to the Binary Options Market
To access the Quotex platform, users must create an account and log in. The login process is straightforward and provides access to the trading dashboard, where users can view market data, place trades, and manage their accounts.
Developing Effective Trading Strategies
What is a Quotex strategy?
A Quotex strategy is a systematic approach to trading Quotex binary options on the Quotex platform. These strategies often combine technical analysis, market trends, and risk management techniques to improve the chances of successful trades. Effective trading strategies aim to maximize profits while minimizing risks in the fast-paced world of binary options trading.
Steps to Develop a Proper Strategy on Quotex
- Educate yourself about binary options and market analysis
- Choose your preferred assets and timeframes
- Develop a risk management plan
- Test your strategy using a demo account
- Continuously evaluate and refine your approach
Top Quotex Strategies
Some popular strategies used by Quotex traders include:
- Trend following
- Support and resistance trading
- News trading
- Candlestick pattern analysis
- Martingale and anti-Martingale strategies
Why You Should Use a Trading Strategy
Using a well-defined trading strategy helps maintain discipline, manage risk, and improve overall trading performance. It also allows traders to objectively evaluate their results and make necessary adjustments.
Timeframe-Specific Strategies
Which Strategies Are Best for 1-Minute Trading on Quotex?
For 1-minute trading, strategies that focus on quick market movements and short-term indicators are most effective. These may include:
- Scalping techniques
- Momentum trading
- High-frequency trading algorithms
Which Strategies Are Best for 5-Minute Trading on Quotex?
5-minute trading allows for a slightly longer analysis period. Effective strategies for this timeframe might include:
- Moving average crossovers
- Relative Strength Index (RSI) trading
- Bollinger Bands strategy
Expert Tips to Improve Your Binary Trading
- Start with a demo account to practice risk-free
- Keep up-to-date with market news and economic calendars
- Enhance your exchanges across various resources and time periods
- Set realistic profit targets and stop-loss levels
- Continuously educate yourself and adapt to market changes
Frequently Asked Questions:
How much capital do I need to start trading on Quotex?
The minimum deposit on Quotex varies but is generally accessible for most traders.It is suggested that you begin with a sum that you can afford to lose.
Is binary options trading legal?
The legality of trading binary options varies from country to country. Always check your local regulations before engaging in this type of trading.
Can I use multiple strategies on Quotex?
Yes, many successful traders use a combination of strategies to adapt to different market conditions and maximize their potential profits.
How do I withdraw my profits from Quotex?
Quotex offers various withdrawal methods, including bank transfers and e-wallets. The process is typically straightforward, but withdrawal times may vary depending on the chosen method.
Is it possible to make a living from binary options trading?
While some traders do make a living from binary options, it requires significant skill, experience, and risk management. It’s not recommended as a sole source of income for most people.
Conclusion
Binary options trading on platforms like Quotex can offer exciting opportunities for profit, but it also comes with significant risks. For success in this field, knowledge, strategy, and discipline are necessary. By understanding the basics of binary options, developing effective strategies, and continuously improving your skills, you can increase your chances of success in this dynamic market. Make sure to constantly exchange mindfully and never contribute beyond what you can bear to lose.
Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.
What percentage of Hungarian prefer digital payment methods? Survey results here
Fully 44 percent of consumers prefer digital payment methods, according to a survey commissioned by OTP Bank, Hungary’s leading commercial bank, and published on Monday.
Magyar Target Pulzus Média Kutató conducted a survey of 500 Hungarian micro, small, and medium-sized companies. The Results found that 86 percent of businesses offering digital payments had already offered customers the option of paying by bank transfer or by credit or debit card before the law making digital payments mandatory in certain business segments entered into force.
While most companies did not notice a major change, 12 percent said they had seen a rise in the number of customers, and another 12 percent said customers were buying more on average.
Companies with a cash-only policy, however, faced several problems, with one-third of them saying they have had customers who did not have enough cash on them to pay for their purchase, and more than a third said there have been times when they did not have enough change for a transaction.
OTP said the number of POS terminals among its clients was up almost 9 percent in the first quarter, and the number of businesses using the SimplePay payment platform increased by around 30 percent compared with the same period last year.
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Significant increase in Hungarian trade surplus: latest data encourages economic growth
The Central Statistical Office (KSH) said in a first reading of data released on Monday that Hungary had a 1.1 billion euros trade surplus in June, widening from 1.0 billion in May.
Exports fell by an annual 10 percent to 12.2 billion euros (HUF 4,802 billion), KSH says. Imports dropped by 7.8 percent to 11.1 billion euros (HUF 4,370 billion).
Month on month, exports were up 1.9 percent, while imports rose by 1.3 percent.
Trade with other European Union member states accounted for 76 percent of Hungary’s exports and 72 percent of its monthly imports.
The balance of the external trade in goods was EUR 1.1 billion (HUF 432 billion).
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Worrisome numbers came from the Hungarian economy
Hungary’s trade balance in May posted a surplus of 1.0 billion euros, deteriorating by 218 million euros from the previous year, the Central Statistical Office (KSH) said in a second reading of data on Thursday. Worrisome numbers from the Hungarian economy.
Exports fell by an annual 8.6 percent to 11.9 billion euros, while imports slipped 7.7 percent to 10.9 billion euros, KSH said. In volume terms, exports fell by an annual 5.8 percent, and imports by 5.0 percent.
Month on month, export volume was down a seasonally and working-day adjusted 3.1 percent, while imports were up 1.6 percent. Hungary’s terms of trade deteriorated 0.2 percent during the period as the forint weakened by 4.0 percent against the euro and 4.6 percent to the dollar.
For the period January-May, Hungary had a trade surplus of 6.6 billion euros. Exports fell by 4.8 percent to 61.0 billion euros and imports declined by 11.4 percent to 54.4 billion euros.
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- Controversial use of hotel for Filipino workers in Hungary sparks diplomatic concerns – Read more HERE
- Home construction crisis reached Hungary, prices record-high
Processing News: Your Guide to the Payment World!
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Processing News is an Online Wikipedia of the payment world. They collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
They attract website owners and payment professionals on the portal through marketing channels and personal communication. Also they work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and they introduce clients to PSP.
All the key points about payment industry on the platform and with a team of professionals:
- Worldwide payment habits explained
- The most popular Payment Methods
- Just Payment gateways which you can trust
- Interview with Industry leaders
The platform provides articles focused on various countries, emphasising the best banks and the overall payment penetration landscape. A notable trend across Europe reveals that while countries like Germany and Austria favour Alternative Payment Methods (APMs) such as Sofort and Klarna, Portugal uses Multibanco and MBWay, respectively, Hungary displays a strong preference for traditional payment methods like VISA, Mastercard, and AMEX.
Here are some key figures:
Hungary Population: 9.64 million
Currency: Hungarian forint (HUF)
Real GDP growth: -5.20% (2020), 7.10% (2021), 4.60% (2022), -0.30% (2023), 2.99 (2024f)
GDP per capita (EUR): 21,543
Source: Raiffeisen RESEARCH, as of January 2024
Top 5 banks in Hungary:
Which one do you use?
OTP Bank Group is the largest commercial bank of Hungary and one of the largest independent financial service providers in Central and Eastern Europe, with banking services for private individuals and corporate clients.
(OTP Banks has – HUF 990.5 billion)
K&H Bank is one of the biggest commercial banks in Hungary, owned by the Brussels-based KBC Group since 1999.
(K&H Bank has – HUF 108 billion by 2023)
Erste Bank
Erste Bank (Hungary) is one of the major banks in Hungary and since 1997 is a member of Erste Group (Austria).
(Erste Bank has $411.4 million)
Hungarian Development Bank Private Limited Company or Hungarian Development Bank, in short, is a credit institution fully owned by the government of Hungary.
(Hungarian Development Bank – HUF 26.8bn)
Raiffeisen Bank Zrt is a fully consolidated subsidiary of Raiffeisen Bank International AG (RBI), a provider of corporate and investment banking services in Austria and a universal bank in Central and Eastern Europe (CEE). Raiffeisen Bank Zrt is a universal bank, offering banking products and services in all customer segments – corporate and investment banking, SME and retail banking.
(Raiffeisen Bank – € 11,571 million)
Travelling to Hungary? You can rely on VISA, Mastercard, or AMEX for seamless payments almost anywhere. It’s advisable to check with your bank regarding foreign transaction fees before your trip.
Prepare to have some local currency on hand, as the Hungarian forint (HUF) remains the most commonly used method of payment. Knowing about the top banks is essential for anyone considering relocation, investment, or simple currency exchange.
For online business owners, discovering trusted payment gateways in Hungary is crucial. Don’t hesitate to reach out to us by leaving your email and industry details at Processing News About Us, and the team of professionals will consult you for free.
Stay informed and empowered with Processing News, your go-to portal for understanding payment trends worldwide!
Or find us in upcoming conference Dubai FOREX 7-8 October Booth number: 191
Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.
PayIDGambler Investigates: New Trends in the Development of Payment Methods in Australia
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The rise of digital solutions has not gone unnoticed and has significantly impacted our day-to-day lives. The editor-in-chief of PayIDGambler, Alexis Collins, has provided us with deep insights into the new trends in payment methods among Australians. In this summary, we would like to shed light on the factors that drive the emergence of such payment method trends in daily life and the gambling world and predict the future of popular banking options.
From Wallets to Smartphones
Australians continue to show a preference for digital payments, while cash transactions fade into oblivion. The statistics found by the Reserve Bank of Australia prove our point, showing that only about 13% of Aussies made payments in cash during 2022, which is 14% less than a year before. So, what are these new banking methods that attract more and more people?
New Payments Platform
First and foremost, let’s talk about the Australian innovative program New Payments Platform. The platform focuses on developing infrastructure for real-time payment transactions. NPP was launched back in 2018 and aimed to create solutions for instant transactions. Among the options operating on the base of the program are:
- PayID — addressing service that simplifies peer-to-peer transactions and eliminates the chance of sending money to the wrong person. PayIDGambler experts definitely know a few things about this one, therefore, read on to learn more useful info!
- Osko — payment service that provides instant transactions between Australian bank accounts.
- PayTo — the newest payment option offered by NPP, created for managing recurring or future-dated payments, is mostly suitable for businesses.
Legal Framework: The Reserve Bank of Australia regulates the NPP as part of its role in overseeing payment systems. The Australian Prudential Regulation Authority supervises financial institutions participating in the NPP. There are specific rules governing the operation of the NPP, agreed upon by participating institutions. The NPP must meet stringent security standards to protect against fraud and data breaches.
Mobile Payments
In this day and age, you are much more likely to see a person paying for their morning coffee with their phone rather than paper dollars. The emergence and wide spread of digital wallets have brought a massive shift from cash to electronic payments via phone, which we now can’t imagine our casual lives without. Studies show that over 35% of face-to-face transactions were made via phone instead of physical banking cards. The most common and efficient mobile payment options are e-wallets, like ApplePay, PayPal, GooglePay, Afterpay, Neteller, and so on.
Legal Framework: The Australian Prudential Regulation Authority oversees financial institutions offering mobile payment services. Administered by ASIC, the e-payments code sets out consumer protections for electronic payments, including mobile payments. Mobile payments fall under the Australian Consumer Law, enforced by the ACCC.
Cryptocurrency
The number of cryptocurrency users is growing exponentially. According to Statista, in 2020, only 1.35 million Aussies were active crypto-users, while now this number is more than 8 times bigger — 11.32 million. This proves that people nowadays strive for a higher level of anonymity and freedom from government control. Additionally, crypto provides instant transactions with lower fees in comparison to bank cards, e-wallets, prepaid cards, etc. Cryptocurrency is also often used for online gambling activity. The PayID Gambler’s expert team claims that right now, there is no reliable online casino on the Internet that would not offer crypto as a banking option. What’s more, they often refer to crypto as one of the safest payment methods to use in online casinos.
Legal Framework: Cryptocurrency in Australia is under control of the Australian Securities and Investments Commission. Crypto-exchanges must be registered with the Australian Transaction Reports and Analysis Centre and comply with AML/CTF laws. Additionally, in 2018, Australia introduced regulations for cryptocurrency exchanges, requiring them to meet specific standards and register with AUSTRAC.
Buy Now Pay Later Services
“Buy Now, Pay Later” is not a separate payment method but rather a service often offered by certain banking brands. However, this is one of the insights PayID expert Alexis Collins shared with us, highlighting the tremendous market relevancy of such products. Around 40% of Australians have recently used BNPL, which is proved by Finder research. The BNPl services are offered by such banking brands as Klarna, considered to be a leader in this field, Afterpay, PayPal, and more.
However, if you are a fan of gambling and looking for suitable methods to deposit at online casinos, a team of experienced gambling experts from PayID-Gambler.com emphasise the fact that BNPL services are strictly prohibited from gambling use, similarly to credit card use. Australia has banned both credit cards and “Buy Now, Pay Later” services for gambling to prevent betting with borrowed money and reduce financial harm. The aim of the ban is to ensure players only play with funds they actually have, compiling with the basic rules of responsible gambling initiatives in the country.
Legal Framework: Most BNPL services are currently exempt from the National Credit Code, meaning they don’t require a credit license. Providers of such services operate under a voluntary code of practice developed by the Australian Finance Industry Association. BNPL providers must comply with general consumer protection laws under the Australian Consumer Law. Additionally, the Australian government is continually assessing the need for stricter regulation, with potential changes under consideration.
PayIDGambler’s Expert Opinion on How PayID Fits into Australia’s Payment Scene
PayID-Gambler.com specialises in one of the NPP innovations — PayID. The idea behind this product is relatively novel, as it is the first similar solution in Australia. Like BNPL, PayID is not a payment method itself, but a service facilitating the transactions. The service is linked to your bank account, meaning that all the transactions are done through it.
One of the main reasons behind creating PayID is to confirm the payee in order to eliminate the possibility of sending money to the wrong person because of a typo. According to statistics made before the launch of PayID, 47% worry about making mistakes when using an account number and BSB for payments. That is why, when using PayID, you can make transactions, using your phone number or email. What’s more, when a payor has already entered your identifier, PayID shows them your name, which lets a person double-check who they send money to.
Since 2018, the year of the introduction of PayID, the service has gained decent popularity. In 2024, not only over 100 banks support the service, but also over 25% of all online transactions in Australia were completed using the service.
Disclaimer: the author(s) of the sponsored article(s) are solely responsible for any opinions expressed or offers made. These opinions do not necessarily reflect the official position of Daily News Hungary, and the editorial staff cannot be held responsible for their veracity.
Hungarian EU presidency working to develop EU-Chile economic ties
Hungary’s EU presidency is striving to develop economic and trade cooperation between the European Union and Chile, Péter Szijjártó, the minister of foreign affairs and trade, said in Santiago de Chile on Monday.
The European Union is becoming less competitive, Szijjártó said before meeting Chilean counterpart Alberto van Klaveren Stork, listing “flawed” policies in connection with the war in Ukraine which, he insisted, had led to higher energy prices and the “politicising of economic and commercial relations in Brussels”.
EU’s external economic and trade relations “are narrowing continually”, he added.
He said Hungary’s EU presidency is focusing on shaping the bloc’s external economic and trade relations. Chile’s economy is deeply integrated into world trade, enjoying free trade agreements with 30 states.
“Brussels bureaucrats would do well to enroll on a course in Santiago on how to conclude free trade agreements effectively,” he said.
Closer cooperation with Chile would give the European economy a new impetus, the minister said, noting that Hungary wants to see through the ratification of the so-called modern framework agreement between the EU and Chile this year.
“Naturally, Hungary wishes to be leading this process, so the issue of ratifying the EU-Chile modern framework agreement will be on the agenda during parliament’s autumn session. We trust the other countries will also do so, and Brussels institutions won’t delay the process,” he said.
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Coca-Cola scandal? Hit drink strikingly different in Hungary than elsewhere
Coca-Cola has confirmed that the Fanta Orange sold in Hungary has a different composition than in several other countries.
Coca-Cola’s Fanta: different, but not worse?
A reader of Pénzcentrum recently compared the Hungarian version of the drink to the one available in Italy and found that the Italian version contains significantly more orange juice. The National Food Chain Safety Office (Nemzeti Élelmiszerlánc-biztonsági Hivatal, Nébih) has previously investigated the manufacturer’s products for similar reasons and found no legal violations. The agency explained that having the same branded product with different compositions in different countries does not necessarily breach dual quality regulations.
Lajos Braunmüller, editor-in-chief of Agrárszektor, commented that it is sometimes possible to find better-quality food products in other countries. This variation is often due to manufacturers using locally available, interchangeable materials.
A frequent accusation is that large food multinationals sell lower quality, differently composed products in Eastern Europe, including Hungary, compared to Western markets. This suspicion was confirmed by a reader who noticed something unusual about the Fanta Orange sold in Italy during a holiday.
Italian Fanta more “orangey”
The reader of Pénzcentrum posed the question, “Which one is Hungarian and which one is Italian?” alongside a photo showing both products, which you can check out HERE. The branding was identical, but the colour of the drinks was noticeably different.
Coca-Cola’s Fanta sold in Hungary appeared more artificial, and upon checking the ingredients, the reader found that the Italian version contained more real orange juice. When poured into glasses, the difference was evident, and taste tests revealed significant disparities. The Hungarian Fanta tasted more artificial and sweeter, while the Italian version tasted more like real oranges and was slightly tart.
The company confirmed the observations
Coca-Cola Hungary confirmed these observations, stating on its website that the fruit juice content of Fanta Orange can vary by country. The juice content usually aligns with similar local products and complies with local regulations. They also noted ongoing efforts to reduce sugar content in their drinks, which means the ratio of sweeteners and sugar can differ between countries. The local product characteristics are always listed on the packaging to provide complete ingredient and nutritional information.
Differences in the composition of the drinks
In Hungary, the Fanta Orange composition is:
- Water
- Fructose-glucose syrup
- Orange juice from concentrate (5%)
- Carbon dioxide
- Citric acid
- Natural orange flavour with other natural flavors
- Ascorbic acid (antioxidant)
- Carotenes (colouring)
- Guar gum (stabiliser)
In contrast, the Italian Fanta Orange contains:
- Water
- Orange juice from concentrate (12%)
- Sugar
- Carbon dioxide
- Citric acid
- Natural citrus flavours
- Acacia gum (stabiliser)
- Ascorbic acid (antioxidant)
As can be seen, Coca-Cola’s Fanta sold in Italy has more than double the orange content compared to the Hungarian version.
According to the National Food Chain Safety Office, “the composition set by the manufacturer is influenced by the preferences of consumers in each country, referred to as “national taste preferences”.”
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Featured image: illustration, depositphotos.com
Brutal drop in battery production in Hungary in May
According to recent data from the Hungarian Central Statistical Office (KSH), the volume of battery production, a key sector, fell by 32% in May compared to the same month last year.
Battery production falls brutally in Hungary
Overall industrial production was also worse than a year earlier. In May, it dropped by an annual 5.2% based on unadjusted data, and by 4.9% according to working-day adjusted data, the Central Statistical Office (KSH) confirmed in its second estimate on Friday.
Most manufacturing sub-sectors saw a decline, with the largest fall in electrical equipment. Output of the automotive industry, fell by 14.5% year on year. Seasonally and working day-adjusted data showed May industrial output down 1.1% compared with the previous month.
Electrical equipment production was 18.7% down on a year earlier, but the worst performer was battery production:
The volume of battery and dry cell production fell by 32%, and that of electric motor, generator, distributor and controller production by 12.0%.
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Orbán envisions a war between China and the EU
Prime Minister Viktor Orbán has criticised the European Union’s tariffs on China’s biggest electric vehicle manufacturers as “bad and ill-thought-out”, warning that the measure could trigger a trade war.
Trade war between China and the EU?
Orbán said the “biggest aim and the strongest hope” was that the tariffs would only be temporary and would be lifted after four months.
He said the European Commission had justified the introduction of the tariffs with the need to protect the interests of European manufacturers, adding, at the same time, that the leaders of the major carmakers he had spoken to ahead of the start of Hungary’s EU presidency had strongly opposed the measure.
“These kinds of bad and ill-thought-out decisions can push economic life towards a trade war”, the prime minister warned, saying this “decision by the bureaucrats” could trigger counter-measures from the East.
Hungary’s interests, he said, lay in averting a trade war, because “we make our living by being able to sell what we produce in Hungary all over the world”. “But if there’s going to be a trade war then we won’t be able to sell the products produced in Hungary, and this could eventually threaten jobs,” he added.
Official: EC’s temporary tariffs on Chinese electric cars bad for European customers
The European Commission is implementing temporary punitive tariffs on electric cars imported from China, a government commissioner noted on Facebook on Friday, adding that the decision was “certainly not good for European customers”.
István Joó, who is also the head of national investment promotion agency HIPA, said the tariffs hampered competition when it came to price and quality and would harm Europe’s car industry, especially German companies manufacturing in China. Further, the measure would hold back research and development as protectionism “does not help these processes”.
Moreover, economic ties between Europe and China would suffer, he said, insisting that the EC was acting willfully and its policy was not supported by the biggest automotive industry players.
“Hopefully the measure genuinely will be temporary,” Joó wrote.
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Brutal fall in export turnover in Hungary
Hungary’s trade balance in May posted a surplus of 1.146 billion euros, narrowing from 1.750 billion in April, the Central Statistical Office (KSH) said on Friday in a first reading of data.
Export and import fall
Exports fell by an annual 8.8 percent to 11.922 billion euros, while imports dropped by 9.0 percent to 10.776 billion.
In the January-May period, Hungary posted a trade surplus of 6.739 billion euros, with exports down 4.9 percent to 60.945 billion euros and imports 11.6 percent lower at 54.406 billion.
May industrial output falls
Hungarian industrial output in May fell by an unadjusted 5.2 percent, KSH said.
Adjusted for the number of working days, output fell by 4.9 percent.
Output of most manufacturing sector branches fell, KSH said. Among the biggest segments, output of the automotive, the electrical equipment, and the computer, electronics and optical equipment segments dropped, while output of the food, drink and tobacco segment grew from a year earlier, it added.
Month on month, output was down 1.1 percent based on seasonally and working day-adjusted data.
In the January-May period, industrial output declined by an annual 2.4 percent.
May retail sales up
Retail sales in Hungary grew by an annual 3.6 percent in May, down from 3.7 percent in April, KSH said.
Adjusted for calendar-year effects, the May figure was 3.6 percent higher.
Adjusted food sales grew by 6.3 percent, non-food sales by 1.8 percent, while vehicle fuel sales eased by 0.7 percent.
Month on month, sales edged up 0.1 percent, adjusted for seasonal and calendar-year effects.
In the January-May period, retail sales rose by an unadjusted 3.3 percent and an adjusted 2.7 percent from the same period a year earlier.
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Significant boost in Hungary’s trade balance, PMI points to contraction – UPDATE
The Central Statistical Office (KSH) said in a second reading of data on Monday that Hungary had a 1.7 billion euro trade balance surplus in April, expanding from 1.6 billion in March.
Trade balance in Hungary
KSH says exports rose by an annual 9.2 percent to 12.5 billion euros, while imports slipped by 2.9 percent to 10.8 billion.
The volume of exports to the EU-27 Member States became 11% higher, and that of imports from there increased by 12%. The trade balance of the external trade in goods improved by EUR 16 million, generating a surplus of EUR 1.4 billion. Trade with other European Union member states accounted for 76 percent of Hungary’s exports and 75 percent of its monthly imports.
Hungary’s terms of trade improved by 1.7 percent during the period as the forint weakened 4.4 percent against the euro and 6.8 percent to the dollar.
For January-April, Hungary had a trade surplus of 5.6 billion euros. Exports fell by 3.9 percent to 49.0 billion, and imports declined by 12.3 percent to EUR 43.4 billion.
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UPDATE
Hungary PMI points to contraction in June
Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) stood at 49.4 points in June, down from 51.3 points in May, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim) said on Monday.
The PMI was below the 50-point threshold that signals expansion in the manufacturing sector.
Among the PMI sub-indices, the new orders index fell but was over the 50-point mark.
The production volume index dropped and indicated stagnation.
The employment index declined and continued to show a contraction.
The delivery times index rose.
The gauge of purchased inventories decreased but was over the 50-point mark.
The Intricacies of Market Timing Techniques
Market timing is the art of predicting market movements to optimize buying and selling decisions. By leveraging various strategies, investors aim to enhance returns and minimize risks. Understanding the nuances of market timing can give traders a significant edge in the fast-paced world of investing. Let’s explore the sophisticated techniques that can turn market timing into a powerful tool for savvy investors. Timing the market is vital but how do you know the right time to invest? That’s where investment education comes into play! Consider Immediate Peak to learn more about timing the market and concepts related to investing.
Key Market Timing Strategies
Market timing strategies help investors decide when to buy or sell assets. One popular method is technical analysis, which uses historical price and volume data to forecast future movements.
This involves studying chart patterns, such as head and shoulders or double bottoms, which suggest potential market reversals. Technical analysts also use indicators like moving averages and the Relative Strength Index (RSI) to identify trends and momentum.
Another approach is fundamental analysis, which assesses an asset’s intrinsic value by examining economic indicators and financial statements. Investors look at factors such as a company’s earnings, revenue, and growth potential.
They also consider broader economic conditions, like interest rates and inflation, to determine how these might affect the asset’s future performance. This method is more about understanding the health of an asset rather than its market trends.
Contrarian investing is a less conventional strategy. Contrarians go against prevailing market trends, buying when others are selling and vice versa. They believe that markets often overreact to news, creating opportunities to buy undervalued assets or sell overvalued ones. This approach requires a strong understanding of market psychology and a willingness to take risks.
Lastly, there’s the seasonal trading strategy. This involves timing trades based on historical seasonal trends. For instance, some sectors tend to perform better at certain times of the year.
Retail stocks, for example, often see gains during the holiday season. By identifying these patterns, investors can time their trades to maximize profits.
Advanced Market Timing Techniques
Advanced market timing techniques go beyond basic strategies, incorporating sophisticated tools and methods to improve accuracy. Quantitative models are one such technique.
These models use complex mathematical formulas and algorithms to analyze vast amounts of data and predict market movements. By processing data faster and more accurately than humans, quantitative models can identify patterns and trends that might be missed otherwise. This approach is often used by institutional investors and hedge funds.
Algorithmic trading is a related method. It uses pre-programmed instructions to execute trades at high speeds and volumes. These algorithms can analyze multiple market variables simultaneously, making split-second decisions that capitalize on short-term opportunities.
High-frequency trading (HFT) is a subset of algorithmic trading that executes thousands of trades per second, exploiting tiny price discrepancies for profit.
Machine learning and artificial intelligence (AI) have become increasingly important in advanced market timing. These technologies can learn from past data and improve their predictions over time. For example, machine learning algorithms can analyze historical market data to identify patterns and predict future price movements.
AI can also process unstructured data, such as news articles and social media posts, to gauge market sentiment and anticipate shifts.
Sentiment analysis is another advanced technique. By analyzing the tone and context of news articles, social media posts, and other text sources, sentiment analysis tools can assess the overall mood of the market.
Positive sentiment might indicate a buying opportunity, while negative sentiment could suggest selling. This method helps investors understand the emotional drivers behind market movements.
The Role of Technology in Modern Market Timing
Technology plays a crucial role in modern market timing, revolutionizing how investors make decisions. High-frequency trading (HFT) is one example. HFT uses powerful computers to execute trades at incredibly high speeds, often within milliseconds.
This allows traders to capitalize on small price changes that occur within fractions of a second. While controversial, HFT has significantly impacted market liquidity and efficiency.
Blockchain technology is also changing market timing strategies. Blockchain provides a transparent and secure way to record transactions, which can reduce fraud and increase trust in financial markets.
Decentralized finance (DeFi) platforms, built on blockchain, offer innovative financial products and services that operate without traditional intermediaries. This can streamline trading processes and offer new opportunities for market timing.
Artificial intelligence (AI) and machine learning are transforming data analysis in market timing. AI can analyze vast amounts of data much faster than humans, identifying patterns and trends that might be missed.
For instance, AI algorithms can process news articles, social media posts, and other unstructured data to assess market sentiment. This real-time analysis helps traders anticipate market movements and make more informed decisions.
Algorithmic trading is another technology-driven strategy. Algorithms can be programmed to execute trades based on predefined criteria, such as price movements or volume changes.
This automation reduces human error and allows for more precise market timing. Additionally, algorithmic trading can operate 24/7, taking advantage of opportunities in global markets.
Conclusion
Mastering market timing involves a blend of technical, fundamental, and advanced strategies, all powered by cutting-edge technology. While challenging, effective market timing can greatly enhance investment returns. By staying informed and leveraging the latest tools, investors can navigate the complexities of market timing and make more informed trading decisions, ultimately achieving their financial goals.
Techniques for Successful Commodity Trading
Commodity trading offers vast opportunities, but mastering it requires skill and strategy. From understanding market fundamentals to using advanced analysis techniques, successful trading demands knowledge and discipline. Whether you’re trading oil, gold, or agricultural products, this guide will help you navigate the market and boost your trading prowess. Ready to unlock the secrets of successful commodity trading? There is a fixed blueprint for successful trading, but some tricks and tips can be handy. Eager? Click to find out more here and get a chance to learn investing from professional education firms.
Mastering Market Fundamentals
To succeed in commodity trading, you must understand the basics. Start with supply and demand. When demand for a commodity like oil or gold rises and supply can’t keep up, prices go up. If supply exceeds demand, prices drop. Think of the oil crisis in the 1970s; limited supply pushed prices sky-high.
Economic indicators also play a big role. Look at GDP growth, unemployment rates, and inflation. When the economy is strong, people buy more goods, increasing demand for commodities. In contrast, during a recession, demand falls, and so do prices. For example, during the 2008 financial crisis, commodity prices plummeted as economic activity slowed.
Geopolitical events can shake up commodity markets too. Political instability in oil-rich regions can disrupt supply, causing prices to spike. The Russia-Ukraine conflict in 2022 is a recent example. It caused significant fluctuations in energy prices due to concerns over supply disruptions.
Technical Analysis in Commodity Trading
Technical analysis is a key tool for commodity traders. It involves analyzing price charts and using various indicators to predict future price movements. One popular technique is identifying chart patterns, such as head and shoulders, triangles, and flags. These patterns can indicate potential price reversals or continuations. For example, a head and shoulders pattern often signals a market reversal.
Technical indicators like moving averages and the Relative Strength Index (RSI) are also crucial. Moving averages smooth out price data to identify trends, while RSI measures the speed and change of price movements, helping traders spot overbought or oversold conditions.
Volume and open interest are other important factors. Volume shows the number of contracts traded, indicating market strength. Open interest represents the total number of outstanding contracts, giving insights into market trends. An increase in volume and open interest typically suggests a strong trend.
Fundamental Analysis Strategies
Fundamental analysis involves evaluating the intrinsic value of a commodity by examining various factors. One key strategy is understanding seasonality.
Many commodities have seasonal patterns. For example, agricultural products like wheat and corn have harvest seasons that affect their prices. Traders can capitalize on these seasonal trends.
Analyzing industry reports and data is another crucial aspect. Organizations like the USDA, OPEC, and EIA provide valuable reports on supply, demand, and other market factors.
These reports can offer insights into potential price movements. For instance, an OPEC report indicating reduced oil production can signal higher prices.
It’s also essential to monitor macroeconomic factors. Economic indicators like GDP growth, inflation, and employment rates impact commodity prices. A robust economy typically drives higher demand for commodities, while a weak economy can lead to lower demand and prices.
Risk Management Techniques
Effective risk management is crucial for successful commodity trading. One key technique is diversification. By spreading investments across different commodities, traders can reduce their exposure to any single market’s volatility.
For instance, if you invest in both oil and gold, a drop in oil prices might be offset by a rise in gold prices.
Hedging is another vital strategy. Traders use financial instruments like futures and options to protect against price fluctuations. For example, a farmer might use futures contracts to lock in the price of their crop, safeguarding against potential price drops at harvest time.
Setting stop-loss orders is essential for limiting losses. A stop-loss order automatically sells a commodity when its price falls to a predetermined level. This helps prevent significant losses and protects the trader’s capital.
Managing leverage is also important. While leverage can amplify gains, it can also increase losses. Traders should use leverage cautiously and ensure they have sufficient margin to cover potential losses.
Psychological Aspects of Trading
The psychological aspects of trading are often overlooked but play a crucial role in success. Maintaining discipline is key. Traders need to stick to their trading plans and avoid making impulsive decisions based on emotions. It’s easy to get swayed by market hype, but disciplined traders remain focused on their strategies.
Developing a trading plan is essential. A well-defined plan includes entry and exit points, risk management strategies, and clear goals. Sticking to this plan helps traders stay on track and avoid emotional trading.
Learning from mistakes is part of the process. Every trader experiences losses, but successful traders analyze their mistakes and learn from them. Keeping a trading journal to record trades and reflect on them can be beneficial.
The fear of missing out (FOMO) and greed can lead to poor decision-making. Traders should be aware of these emotions and manage them effectively. Setting realistic goals and maintaining a long-term perspective can help.
Conclusion
Mastering commodity trading is a journey of continuous learning and strategic planning. By understanding market fundamentals, employing technical and fundamental analysis, managing risks, and staying disciplined, traders can achieve success. Keep learning, stay informed, and always be prepared to adapt. Are you ready to take your commodity trading to the next level?