With OpenBook’s CopyTrader You are the Sales Manager
I have been involved in Sales and Marketing for over a decade now. I have worked in all arenas of Sales. I have also led a highly profitable, professional and well-oiled sales team.
What I’m trying to get at is that I know the sales environment and how to manage it.
When I first started on eToro, it was more for learning purposes. After a while I learnt that if I implement a few principles I used during my Sales management days, then I can achieve lots of success.
Normally, within any sales team, you have 20% of the team bringing in 80% of the production. Fortunately, with eToro, you can select and choose your very highly productive sales team. You can also fire non-producing team members whenever you want to.
So let’s go over a few rules and responsibilities of a Sales Manager:
- Achieve team targets.
- Pulling resources from within the Sales team in order to achieve these targets. The sales manager cannot do it alone.
- Devising strategies to effectively reach these targets.
- Motivation, which is two-fold:
- Motivating your team members to achieve these targets.
- Motivating team members when they are not producing and on an emotional low.
Ok, so let me expand on these few rules and demonstrate how to adapt this in CopyTrader.
Achieve team targets:
I set a daily/weekly/monthly target which is based on how much I would like to make from trading. I used a set of rules and principles in order to achieve these targets.
Pulling resources from within the team:
I do not use indicators on daily charts or any trading strategy. The only indicator I use is the open and exit points used by the Guru. This is how I pull my resources together. Once I see a Guru entering a trade, I shadow him/her. Once they close the trade, so do I.
You cannot depend and trust your sales team all the time. So I ensure that all winning trades are closed at 30% profit. In this way, it ensures that you are taking profit most of the time. I also use a lot of discretion whenever I enter and exit any trade.
It is very difficult to motivate a Guru to make profit. The only way you can motivate a Guru is by stroking their ego when they are winning or encouraging them whenever they lose a trade. You can use OpenBook in order to achieve this very easily.
These are some very interesting concepts which I have tested and utilised in order to achieve a little bit of success from trading on eToro.
I hope some of you use this and the power of CopyTrader in order to also achieve success.