The Easy Way to Make Piles of Money by Skimming Forex Robot Reviews

There are thousands of forex robot reviews on the Internet. It can be hard to dig through them, and figure out which are honest and which are self-serving. Many people write fake reviews to try to get you to buy the robots.

Luckily, you don’t have to believe them. Just because they say something doesn’t mean it’s true. You’re simply going to use their review as a guide. You can verify their conclusions with only a little bit of work.

Here’s how you can do that…

Go to a forex broker and open a demo account that allows forex robots (expert advisors). There are many of them online, and you might want to try several until you find one you like.

You are going to be testing lots of robots, so you don’t want a broker that is difficult to deal with. Find one that you’re comfortable with.

After you’ve found a good broker, read through the reviews. When you find a robot you want to try, go to the sales page. Make sure that they offer a money-back guarantee.

Most of them offer at least an 8 weeks guarantee. This means that if the robot doesn’t work as advertised, you can get your money back.

After you buy the robot, set it up in your demo account and let it trade for you. You might want to invest in a virtual private server (VPS) so that you don’t have to leave your computer on 24 hours a day. This program runs on your broker’s computer and hosts the robot for you. That way you don’t have to install it on your home PC.

Let the robot trade for you for a few weeks, until you’re sure it’s doing a good job. Then you should test the robot with a live account. Don’t risk a lot of money. Many robots will trade profitably in a demo account, but fall apart when unleashed on a live account.

Remember to only let a robot trade with money you can afford to lose. Don’t let a computer program trade your retirement nest egg.

Finally, remember that not all forex robot reviews are equal. Find some reviewers you can trust, and this will make your life easier.

Clothing Business In Dubai: A Market Overview

The clothing business in Dubai exists in its current scope due to its role as a regional commerce center in the Middle East. Dubai, is an emirate that is part of the United Arab Emirates. Its regional business role is in part due to its geographic location, and to the creation of a free trade zone for trading and labor around its airport, Jebel Ali. The banking sector is very strong since many Middle East based businesses safeguard their deposits in Dubai based banks. Residential and commercial real estate development has also been very strong because of the influx of foreign investment. Tourism and business travel is a major component of Dubai’s economy, with Americans, Africans, Arabs, Iranians, and Europeans conducting business in this city state. Recent trade embargoes have impacted the level of commerce between Dubai and Iran.

Dubai’s clothing market is comprised of both domestic and export related segments. The majority of Dubai’s population of 2.2 million people is Arab, with approximately 5% being comprised of workers from Asian countries, with a smaller percentage of expatriate business people taking full time residency.

Domestic clothing purchases are traditional robes for the male and female Arab population. Female clothing should be long sleeve with high necklines. Because Dubai is a more open society than some of the regional surrounding countries, foreign laborers and expatriate business people can wear their choice of clothing, provided that the clothing that women wear is conservative in appearance. In Dubai’s business circles men will wear suits and dress shirts, with some women wearing suits as well. Clothing is generally sold in gender based stores to accommodate religious views.

The weather in Dubai is hot throughout the year, on average over 80 degrees, with winter temperatures of as low as 73 degrees, and summer temperatures of up to 107 degrees. For this reason cotton apparel is preferred, since it keeps the body temperature low and allows for perspiration. Domestically, clothing is sold from small independent shops and from malls, such as the trendy Deira City Center and the BurJuman shopping center. Popular clothing businesses in Dubai include the Golf Clothing Stores and the UAE National Women’s Clothing Shop. Bloomingdales has two local stores as well.

The second segment of the clothing business in Dubai is comprised of the export market. Due to the active and open business channels that exist in Dubai, and its prime gulf location, wholesale clothing is exported throughout the Middle East, and as far as Turkey and Africa. Brand name closeout lots of clothing are sent by container, often to markets where the brand owners do not have an established presence.

In response to strong demand for wholesale American clothing, importers will buy from US wholesalers and resell the clothing to local and foreign boutiques, department stores, and importers. Wholesale showrooms are set up to display merchandise to shoppers that travel to visit the wholesale district. Top sellers are sports wear, jeans, and dresses. Customs in Dubai is strict in monitoring the inflow and sale of apparel, and only authentic clothing is permitted entry into the country.

Why You Should Use an Auto-Adaptive Approach

Today’s markets aren’t the same as 30 years ago. The impact of algorithmic trading on markets is substantial and changes as well as fundamental movements inside markets are much faster than ever before. Today it is more important than ever in history to know how to adapt. And this should also be one of the characteristics of your current ATS.

There are many ways to approach an issue with an adaptive ATS; from simple methods to very sophisticated ones (which are technically far behind the abilities of a common user). Nevertheless, a common user doesn’t have despair, as some solid approaches still exist to ensure a bigger adaptation of our ATS systems within ever-changing markets.

Today I will describe three of these such methods and my experience with them. I would like to remark that these are basic approaches, accessible to any common user.

1. Adaptive indicators

A wide range of auto-adaptive indicators have been around for many years now. Their principle is quite simple – these indicators mostly contain one of the means of volatility measurement or market trending.

A simple example of such indicators can be KAMA (Kaufman´s Adaptive Moving Average). There is nothing complicated about it. You just have to add one more component to a regular moving average – a component that will “calculate” where markets are at the moment; if they are currently in a trending or non-trending phase. For example, Perry Kaufman used another of his own indicators called Efficiency Ratio (ER) for KAMA. This indicator simply fluctuates in the range 0 – 1; a closer to number 1 market is trending and a closer to 0 one would be trending less. Afterwards there is just a need to choose a period range – e.g. from 2 to 50. An interconnection with an ER indicator will result in an auto-adaptive version of a moving average using a higher figure of the set range if the ER is moving closer to 0 (if ER is at 0, EMA will be using period 50). The reason is that there is too much “noise” in the market and therefore lower periods are highly unsuitable. Or the other way around – if the market is trending, then lower figures of EMA will be used automatically and ER will move closer to figure 1 (if ER is at 1, period 2 will be used automatically). The periods of the EMA indicator aren’t fixed here. They are dynamically changing in the range 2 – 50 (or any other chosen range) depending on how the market is moving.

In practice such settings of auto-adaptive indicators look quite simple. For example, AMA has three parameters to be set.

The first parameter states the period calculated by ER indicator, the second and third parameters define the range of EMA period, which will automatically adapt to the current market situation (based on ER indicator).

In practice everything works very well and reliably and the indicator is truly auto-adaptive – it adapts EMA figures to the current market situation without any problems.

My experience with adaptive indicators varies. Most of them are pretty interesting (e.g. KAMA), while some are, according to my experiments, equal to any other ordinary indicators.

This adaptive category isn’t bad at all, but it isn’t as functional as the second category which I am constantly using.

2. Regular reoptimization of systems

Based on my experience and with the benefit of hindsight I find it impossible to have a “universal” combination of parameters in our system. Markets are moving and changing too quickly. With the help of a good quality process, it is possible to find a truly robust combination of parameters for our system (i.e. settings of indicator periods etc.), but nothing can compare to regular, high-quality reoptimization.

Regular reoptimization isn’t complicated. Basically, after a certain previously scheduled time, you carry out a new optimization of your system to gain new parameters that are in compliance with the latest market development. It means those that are more adapted to current environment. The process of regular reoptimization can be also simulated – it is a pretty basic thing called Walk Forward Analysis (WFA) which is possible to simulate in many programs these days.

What is WFA? It isn’t anything magical or complicated. We simply take data on which we are about to backtest a regular reoptimization of our system. We divide such data into 10 identically large segments (we will try to simulate 10 times regular optimization) and then we divide each segment into two parts – a smaller one and a bigger one. The bigger part, usually 70-80% of data, will be used for optimization called In-Sample (IS). Here, we carry out a basic backtest and we search (optimize) parameters which are making our system more interesting – not only from a profitability point of view, but also from a stability of equity curve point of view. Then we take the selected parameters and test the rest of the data – 20-30% which we haven’t used for the primal backtest and therefore for any optimization of parameters. These remaining data are called Out-Of-Sample (OOS) and show us how the system is capable of constantly adapting. If the system has such an ability, then we carry out a regular reoptimization in live trading as well.

Today, personally, I reoptimize each of my systems on a regular basis, i.e. each system I trade I consider to be auto-adaptive. The process of reoptimization and selection of an ideal period, and particularly when to perform it is very important.

3. To have a plan on when to completely turn the system off and when to start to use it again

This last point may seem like it isn’t relevant to the adaptive issue, but from my experience it is. From my point of view, to know when to turn the system off when the conditions aren’t acceptable and when to turn it on again when we get out of our drawdown is one of the highest levels of adaptiveness.

This task is exceptionally difficult and it can be approached in many ways. From quite complex algorithms which can tell when the system isn’t currently suitable for a given market and which will turn such system off automatically for a certain period of time, to simple rules resulting from our possibilities and our common sense.

The base for such approach should always be a drawdown. Historical drawdown is an important indicator (even if it is “only” the backtest one). Its exceeding in live trading definitely indicates something important, therefore for example, the rule of turning the system off when it exceeds historical DD by 1.5x and its turning on when it reaches again at least 50% of its recent drawdown, can be a fundamental way to use and test.

In regards to this I have to mention another experience I have: What I haven’t found useful at all and what I consider to be one of the worst approaches, is to filter equity with the help of moving average. It means, for example, to turn the system off when its equity drops below its moving average. This method is very treacherous, has many pitfalls, and it simply doesn’t work.

Surprisingly enough, better usage can be found in rules based on drawdown. A conservative and much better approach is with usage of MC and OOS intervals.

Conclusion

In this article I have only “touched” an adaptive issue from the easier point of view, which is accessible to a common user while using approaches I fully support – e.g. WFA. From my experience it isn’t possible to create a good quality ATS without using some adaptive elements in our workflow. On the other hand, in regular intraday or swing ATS there is no need to use an extreme approach and reoptimize the strategy nearly every day or every minute. A few months’ interval is more than enough. Anyhow it is useful to constantly think about how to be as prepared as possible for the ever-changing market environment and have instruments at hand that help us to adapt in a better and faster way.

Happy Trading!

The Importance of Import and Export

No matter how rich a country is, how small or big it is, no nation is self-sufficient. It will never be totally independent from the rest and have everything it needs. Every country, no matter how powerful it is, needs raw materials from other countries to produce products that it needs or that is needed by other countries. In short, every country is involved in import export transactions.

Hundreds of years ago, Europe, the Far East and the United States were already importing and exporting goods between themselves and other countries. It had already set up a simple system of trading and global sourcing, albeit on a smaller scale. Today, import and export has become a very important part of the economy. This business has flourished into a more sophisticated but convenient, smoother and safer business. Risks are minimized with more international trading laws that aim to protect both importers and exporters. Regulating and governing bodies such as the World Trade Organization (WTO) has streamlined the export import system. Trade agreements like the North American Free Trade Agreement (NAFTA) have greatly contributed to the growth of the industry.

It is also now highly possible for small countries to go beyond the borders of their countries and reach out to a wider marketplace that can bring in products and supplies that they need. The businesses in these countries can benefit from having lower product costs and have a competitive edge over bigger countries. The demand for more imported products is growing exponentially and businesses are taking these import export opportunities seriously. There are new international markets open for both importers and exporters that have brought in a lot of opportunities for companies to lower production or buying costs and make higher profits.

Because of global sourcing, businesses have access to more product and technology choices that are up to international standards that are otherwise not available in that particular place. Importing products offers an alternative source of supply so there is reduced dependence on local suppliers for products that may have a limited supply. Exporting products give countries a chance to expand its market outside its territories.

With more information available to the businessmen following the advent of the internet and advancement of technology, all types of businesses can take advantage of the many import export business opportunities available. It is not so surprising for a processor to be exported from the Philippines to Taiwan for assembly into laptops.

Singapore then imports the laptop for Asian distribution then re-exports it back to other countries within its Asian sales territory.

Advanced trade systems have given businesses the assurance that transactions can flow smoothly and securely. Several companies have seamlessly integrated its import export business transactions with its operations by bringing in professional manpower that understands the intricacies of the business and who have undergone import export training courses.

With enough information and assistance from knowledgeable personnel, businesses are able to take advantage of the many import export business opportunities for both purchasing and marketing as well as make use of business systems that can help the company achieve maximum advantage in the international market.

The Vulture is a Patient Bird

Lots of people are getting fed up looking at their cash earning next to nothing on deposit. Yes, it seems to make sense to hang on and just sit on the money, and yes, it is nice to have survived all the possible troubles so far, but hey, the boredom of it all!

A friend of mine phoned me recently saying that he is slowly going nuts waiting for some action. I smiled and told him “You mean you are itching to invest into some currency but are scared to take the plunge, right?”

“I guess” he said, waiting for me to come up with a suggestion without having to make it look like he was fishing for advice.

If the urge to get some currency action is strong enough and the feeling of sitting on non working money is unbearable, that is a situation which needs careful handling. One must not get into a state like an alcoholic who craves for a drink, or a gambler who needs to have a bet for the sake of having a bet.

It is not very easy to fall in love with any currency these days. However, it is not hard to feel jittery about holding one type in particular, namely Sterling. Lately, when I think of GBP,I see an acrobat wobbling on a tight rope with no safety net below and a strong gale approaching. Now, getting rid of it, means one has to get into another currency. Personally, I have the feeling that of late, the USD is beckoning and saying “Hey, come and get me before it is too late”. It does not mean that many people do not have a different opinion. This is just as well, since any market needs a buyer and a seller.

It does not need a lot of imagination to come to the conclusion that the USA will be the real first to come out of the recession. Equally, it does not need a lot of imagination to realize that it cannot be possible for GBP to be prodded up for ever or ride on the back of this or that sentiment or risk appetite. Somewhere along the line, all this has to be paid for in full. This will mean that the belt will have to be tightened, and whoever will tighten it, will not be too popular with the masses, as is invariably the case. But that of course, is another matter.

The weapons of opportunity have to be carefully maintained in tip top condition, as must be the knowledge of when and how best to use them to obtain maximum results. Everybody gets a chance to strike it right at least once, and I am sure many of you will admit you have had that chance, only to see it go out of the window due to being totally unprepared to grab it. This does not mean that one should consider dicey prospects. It is prudent to know when not to proceed, let go, and walk away.

With all this in mind, I phoned my friend saying that if the need was so great as to have to get into some action, then I would get rid of my pounds pronto, and get into dollars. I would not expect miracles immediately, but I would expect to go forward in style in due course. The game is not for tame little birds, it is more for vultures. They have a knack for spotting prey, but we know a vulture is a patient bird.

Types of Foreign Currency Hedging Vehicles

The following are some of the most common types of foreign currency hedging vehicles used in today's markets as a foreign currency hedge. While retail forex traders typically use foreign currency options as a hedging vehicle. Banks and commercials are more likely to use options, swaps, swaptions and other more complex derivatives to meet their specific hedging needs.

Spot Contracts – A foreign currency contract to buy or sell at the current foreign currency rate, requiring settlement within two days.

As a foreign currency hedging vehicle, due to the short-term settlement date, spot contracts are not appropriate for many foreign currency hedging and trading strategies. Foreign currency spot contracts are more commonly used in combination with other types of foreign currency hedging vehicles when implementing a foreign currency hedging strategy.

For retail investors, in particular, the spot contract and its associated risk are often the underlying reason that a foreign currency hedge must be placed. The spot contract is more often a part of the reason to hedge foreign currency risk exposure rather than the foreign currency hedging solution.

Forward Contracts – A foreign currency contract to buy or sell a foreign currency at a fixed rate for delivery on a specified future date or period.

Foreign currency forward contracts are used as a foreign currency hedge when an investor has an obligation to either make or take a foreign currency payment at some point in the future. If the date of the foreign currency payment and the last trading date of the foreign currency forwards contract are matched up, the investor has in effect "locked in" the exchange rate payment amount.

* Important: Please note that for contracts contracts are different than futures contracts. Foreign currency futures contracts have standard contract sizes, time periods, settlement procedures and are traded on regulated changes throughout the world. Foreign currency forwards contracts may have different contract sizes, time periods and settlement procedures than futures contracts. Foreign currency forwards contracts are considered over-the-counter (OTC) due to the fact that there is no centralized trading location and transactions are directly related between parties via telephone and online trading platforms at thousands of locations worldwide.

Foreign Currency Options – A financial foreign currency contract giving the buyer the right, but not the obligation, to purchase or sell a specific foreign currency contract (the underlining) at a specific price (the strike price) on or before a specific date (the Expiration date). The amount the foreign currency option buyer pays to the foreign currency option seller for the foreign currency option contract rights is called the option "premium."

A foreign currency option can be used as a foreign currency hedge for an open position in the foreign currency spot market. Foreign currency options can also be used in combination with other foreign currency spot and options contracts to create more complex foreign currency hedging strategies. There are many different foreign currency option strategies available to both commercial and retail investors.

Interest Rate Options – A financial interest rate contract giving the buyer the right, but not the obligation, to purchase or sell a specific interest rate contract (the underlining) at a specific price (the strike price) on or before a specific date (the Expiration date). The amount the interest rate option buyer pays to the interest rate option seller for the foreign currency option contract rights is called the option "premium." Interest rate option contracts are more often used by interest rate speculators, commercials and banks rather than retail forex traders as a foreign currency hedging vehicle.

Foreign Currency Swaps – A financial foreign currency contract whereby the buyer and seller exchange equal initial principal amounts of two different currencies at the spot rate. The buyer and seller exchange fixed or floating rate interest payments in their respective swapped currencies over the term of the contract. At maturity, the principal amount is effectively re-swapped at a predetermined exchange rate so that the parties end up with their original treaties. Foreign currency swaps are more often used by commercials as a foreign currency hedging vehicle rather than retail forex traders.

Interest Rate Swaps – A financial interest rate contracts whereby the buyer and seller swap interest rate exposure over the term of the contract. The most common swap contract is the fixed-to-float swap whereby the swap buyer receives a floating rate from the swap seller, and the swap seller receives a fixed rate from the swap buyer. Other types of swap include fixed-to-fixed and float-to-float. Interest rate swaps are more often utilized by commercials to re-allocate interest rate risk exposure.

Forex 12 Major Currency Pairs – What Are They & How Can You Profit From Them?

By sticking to the most popular pairs in Forex (called the MAJORS) you know you’ve got the most liquidity:

PAIR

CURRENCIES (NICKNAME)

EUR/USD

Euro / US Dollar (Fiber)

USD/JPY

US Dollar / Japanese Yen (Gopher)

GBP/USD

UK Sterling / US Dollar (Cable)

USD/CHF

US Dollar / Swiss Franc (Swizzy)

USD/CAD

US Dollar / Canadian Dollar (Loonie)

AUD/USD

Australian Dollar / US Dollar (Aussie)

NZD/USD

New Zealand Dollar / US Dollar (Kiwi)

Some currency pairs are more volatile than others. This makes them better to use in trades as they trend. The best currencies to trade are those of countries that are the major role players in the world economy (these are called “G7” countries). The G7 was formed in 1976, when Canada joined the Group of Six: France, Germany, Italy, Japan, the United Kingdom, and the United States.

You’ll see that the spread on the “major pairs” from the G7s is much lower than on less popular pairs from weak countries with chronic economic and political instability. Example: The spread on the EUR/USD is between 1.5 and 3 pips because the major countries making up the Euro Currency and the United States are BOTH G7 countries.

Take South Africa for instance. I think Nelson Mandela is a pretty cool guy. His story is a classic “Think and Grow Rich” example of a definite major purpose and definite desire having transmuted his dream to reality. But I DON’T trust the WACKO government that has evolved from the hatred not only of whites against blacks (apartheid) but also of blacks against whites. Change happened WAY TOO FAST IN SOUTH AFRICA and because of that it is now an unstable 3rd world political economy. The law of an equal or greater benefit will come of the political economic tragedy that is South Africa but it will be in the future as I write this.

Because of this the spread on the USD/ZAR pair is about 60 pips – 20 times more expensive to trade than the EUR/USD – reflecting the high instability of this African political economy.

The safest place to learn Forex trading is in the EUR/USD pair where a full 1/3 of all Forex trades occur. Then, after you know what you’re doing, you can venture out into other pairs on the list below. For instance, there are some CROSS PAIRS that are also good for trading. So when we add the two strongest CROSSES and delete the two weakest MAJORS from your list of TRADABLES above here’s an alternative group to trade:

PAIR

CURRENCIES (NICKNAME)

EUR/USD

Euro / US Dollar (Fiber)

USD/JPY

US Dollar / Japanese Yen (Gopher)

GBP/USD

UK Sterling / US Dollar (Cable)

USD/CHF

US Dollar / Swiss Franc (Swizzy)

USD/CAD

US Dollar / Canadian Dollar (Loonie)

GBP/JPY

Euro/Yen Cross (Geppy)

EUR/GBP

Euro/Cable Cross (Chunnel)

THE TRADABLE EIGHTEEN

There are many official currencies that are used all over the world, but there only a handful of currencies that are traded actively in the Forex market. In currency trading, only the most economically and politically stable countries have currencies that are traded enough to be liquid. For example, due to the size and strength of the United States economy, the American dollar is the world’s most actively traded currency.

Benefits of Digital Currency

If you are a technology reader, you know about the new type of currency that has been created. You may have read about Bitcoin for instance. If you have not gone into the details, you may be asking yourself questions about the benefits of this digital currency. If you have no idea about it, you should read this article.

The Benefits of Digital Currency

Inexpensive transactions

The transaction fees with digital currency are a lot lower than the transactions made with PayPal or credit cards. At times, you don’t have to pay any transaction fee. So, this saves you plenty of money.

No fees for international transfers

Since digital money is used on the Net, no borders are involved. Typically, you have to pay fees should you want to send money abroad, which excludes the costs for currency conversion. On the other hand, sending digital currency to anywhere in the world costs nothing. You will pay nothing as long as you can wait for a while for the currency to be sent.

No Account fees

Today, most banks charge their clients a fee on a monthly basis. At times, some banks also charge hidden fees from time to time. As a matter of fact, anyone can sign up for a free digital wallet online without paying any fees or hidden charges.

Simple account creation

You know that opening an account with a bank is a laborious process since you have to provide a lot of personal details, such as address and identity proof. Aside from this, they carry out backgrounds checks as well.

On the other hand, you can create a currency account without providing personal details as long as you don’t want to benefit from a service that asks for personal details. And the beauty of the system is that it offers 100% acceptance rate. All you have to do is open the digital currency site on your computer or mobile phone and then create the account. You don’t have to go to the office of a company for account creation. Within a few minutes, the account will be created.

It’s an Investment

The conventional form of money tends to lose its value with the passage of time because of several factors, such as inflation. However, the digital currency is a form of investment. Most types of currency features a fixed period upon the creation of new coins.

When more and more people go for digital currency, the demand goes up. As a result, the value of your digital money goes up. This is kind of the return on your investment. So, you don’t have to go to a rich country just to see the value of your money go up. Since the digital currency is growing at a rapid pace, the number of users is increasing. So, it’s the right time to make the investment and reap the benefits.

The takeaway

So, if you have been looking forward to investing in digital currency, we suggest that you re-read this article again. Hopefully, you will be able to get the most out of your investment down the road.

What Is Bitcoin And How To Learn About It?

Bitcoin is a decentralized digital currency which is owned by none. Government has no control over it. It uses peer to peer networking and cryptographic proofs to operate the system. The system is controlled and made fraud free by recording transactions in block chain, a public history record, once they are validated with a proof of work system.

The network began operating in 2009 and is a concept involving virtual currency which has no link to government regulated currency. The Bitcoin system has few advantages like:

• It is less expensive to operate and use this virtual money.

• It can be instantaneously transferred throughout the world and there will be no transaction fees. Moreover, you can use it and transfer it anonymously as well.

• Like other currencies, the quantity of this virtual money is fixed and no one has the right to create new Bitcoins. However, people can mine Bitcoins but there is a limit to it and mining Bitcoins is not at all cheap.

• Bitcoin is an independent currency; no organization has any control over it

• It is a democratic currency.

• It is the digital equivalent of something of value.

• As it uses a digital medium, it has the potential to become even more valuable than gold.

How to Learn About Bitcoin Conveniently

You can learn about Bitcoin from various sources on the internet. You can check blogs, magazines, articles etc. Internet is a very good source for a newbie to learn more about Bitcoin. Through blogs and forums, you’ll learn technical, economical and political issues related to the Bitcoin system. These mediums are rich source of information and you can learn everything about this virtual currency. Furthermore, even if you are already in the system and know quite a lot about how it works, you can stay updated on every news and issue about the new digital currency system. It’s also wise to get registered on related forums and start discussion with the experts. Post threads and ask whatever you are unclear about. Many forums also have blog section where experts post informative articles. This is the best learning source as you get benefited from other’s experience.

The digital system of Bitcoin currency seems complicated to those who know nothing about it and most people find the concept hard to grasp and trust. It will not take long before people start accepting and then adopting to this virtual currency system, which is more secure, open and independent.

Doing Business in Vietnam – Minimizing the Language Barriers With English, Chinese and Vietnamese

For many companies outside of Vietnam, doing business in Vietnam is like a gold mine which is loaded with business opportunities. Many companies aspire to tap on this raising Asian market to increase the returns of their business. Vietnam is a favourable destination for business because of the large size of the Vietnamese market itself, increasing purchasing power of the Vietnamese and its ideal geographical location. Other reasons include low labour costs and established political stability. As with all international dealings, companies doing business with Vietnam may find some challenges. One such clear challenge is the language barrier.

No doubt English is the official working language in Vietnam, it is but true that only very few Vietnamese actually speak it. Almost 90% of the Vietnamese populations speaks Vietnamese while the rest speak either Chinese or both Chinese and Vietnamese. English sufficient enough to conduct business is largely only spoken by foreign-educated Vietnamese professionals who may have obtained even higher degrees from other English-speaking nations. While it may not be difficult to go about with daily routine speaking English, this poses as a problem when engaging clients and businesses in Vietnam in Business English. Much of the understanding of the Vietnamese society comes about by understanding what lies between the lines. These lines can only be understood with a basic knowledge of the local language.

As such, the language barrier between English, Chinese and Vietnamese needs to be minimized. This is where multilingual B2B websites come into play. Multilingual websites have been introduced primarily for reducing the language barriers between local Vietnam suppliers and manufacturers and global companies wanting to trade with them. One such multilingual B2B website which helps to minimize the language barrier is Vigogo. The large trading platform allows users to instantly switch into English, Chinese and Vietnamese. This allows Vietnam suppliers to reach out to a large consumer than suppliers on a monolingual English only B2B site would be able to.