Are we going into recession or not? Should I be cashing out all my assets? There are many questions in our minds as the news of impeachment, Uber layoffs, and Wework being on lifeline funding is going around. So there are 5 podcasts to make sure we are staying on top of it.
We get you don't have much time and a podcast can be 20 to 30 minutes long or even longer, ranging to an even the length of an hour or two. Here are the ones we think would be essential and bullshit-free.
1. CHAT WITH TRADERSChat With Traders by Aaron Fifield is a podcast that is true to its name and can be listened to on Android, iTunes or the website: https://chatwithtraders.com/podcast/. It features an episode that includes the appearance of a famous trader being interviewed by Aaron weekly. The traders commonly talk about what you can look forward to or usually discuss trading strategies.
Some of the famous names that have appeared on this podcast are, Jack Schwager, Linda Raschkeetc. and have spoken on a myriad of topics relevant to trading.
2. TREND FOLLOWINGTrend Following is a podcast authored by Michael Cove who is a well-known name in the Industry. He has also written some books on trading, one of the most popular ones being obviously, Trend Following.
An episode of this is uploaded almost every 4 to 5 days and can be found on iTunes or Android or even his website: http://www.trendfollowing.com/podcasts/. Archives of his older podcasts are also available here.
His book Trend Following was so famous because it was based on Turtle Trading System making use of Donchian Channels. Even though his podcast is not limited to only interviewing renowned people from the trading industry, there’s still a great deal of information available to hold the interest of a trader.
3. DAY TRADING ACADEMYDay Trading Academy is a podcast founded by Marcello Arrambide who has been in the market for almost 18 years and has been teaching those new in the market for almost 10 years. This podcast can be tuned in from https://player.fm/series/day-trading-academy or can also be downloaded on Android or iTunes. This is an educational channel that teaches you how to trade and invest in stocks along with providing a recap of financial markets and economy in past weeks to help you better understand.
4. BETTER SYSTEM TRADER
Better system trader is not only a podcast but also a blog founded by Andrew Swanscott. This is your go-to podcast if you are looking for new trading strategies or want to improve your current strategies. This podcast by Swanscott not only focuses on trading concepts and strategies but also speaks a great deal on money management. It has received a lot of trade from within the trading circles and can be listened to from iTunes or Soundcloud or directly from the website: http://bettersystemtrader.com/category/podcast/
5. TWO BLOKES TRADINGTwo blokes trading is a podcast that is featured weekly and is kind of a talk show or review show hosted by Tom and Owen. This podcast is a conversation between these two people Tom and Owen who discuss trading, cover the topics of trade and finance from the previous week and also invite over guests from industry to talk more about trading with them.
This program also does reviews of many tools and software related to or used in trading. Both these folks are in their early 30s, while one is an ex-army officer the other is an Oxford graduate. This is an interesting podcast to listen to, but the language can get explicit sometimes.
This podcast can also be listened to via Android, iTunes or from the website:
WHY LISTEN TO A DAY TRADING PODCAST?
Day trading podcasts are ideal to learn about recent market developments, for discussions on a trading concept or to grab chunks of wisdom from the interviews of those who are already big in this market.
A podcast has the freedom to be as long as one wants it to be, it doesn’t have to be restricted within a word limit, hence an idea can be better explained through it. Also, a podcast can be downloaded, kept safe on your smart devices and is always available to listen to whenever on the go.
It is a time saving and smart program to invest your time in for some quick and reliable learning. Plus the various variety and timely new updates ensure that there is always new content available and you stay up to date.
Podcasts are a helpful and productive means of killing time. Many commuters rely on podcasts to expand their knowledge and spend their time learning something new. Even though listening to music is the new method of killing boredom during a long journey, many people consider this practice a waste of their precious time.
A wide variety of day trading podcasts are available nowadays catering to almost everyone’s interest in some way. While some focus on discussing the status of stocks, others might speak of the marketability and demand of an idea. Some podcasts are also entirely about interviewing the big names of the trading and finance industry, which allows the audience to learn from their experiences and often pick on some worthy advice they can incorporate in their professional experiments.
Running a business in today’s world is risky and one must always be ready for some kickback. Especially with the volatility of the market every day. With the volatility comes rumors, and the latest rumor is that the recession is coming. The best time to prepare for a recession is when the business is still running. You will have the chance to make your choices playing offense instead of reacting to circumstances playing defense to make sure that your business survives.
Because the recessions are unpredictable and can occur anytime without any prior notice, you will be learning the tips & tricks to get your business ready for recession. Currently, the yield curve is looking bearish, as in a bear market is coming. But judging from the current world situation, anything could happen.
One of the very first signs of a recession is that invoice payments of the companies become slower and start demanding earlier payment from their clients. The flow of cash is disturbed and without that, the survival of the company during a recession is not possible.
The idea of cash flow and cash reserves are two different things so make sure not to confuse those two. Of course, a business can be profitable even when the cash flow is not good and you do not have any cash reserves, but you do not want to do that when the economy is not going great.
If you want your business to build a cash reserve, then the idea is simple but acting upon it is not that easy. Make sure to store enough money in your bank account for the times of recession. The longer period your cash reserve covers, the better. It depends upon your business how much you can cut and put aside. Coworking can definitely help you save money so you can put more aside.
One disadvantage of putting money in a bank account is that the money just sits there without giving you any profit since you are not reinvesting that money. The money sitting there without being invested can hinder the growth of the company.
Payment and Invoice Management:
As mentioned earlier, during the recession your clients will take longer to pay and some may never pay because they went bankrupt. The times of recession are really hard and can impact your business even if you are stable. The best you can do is manage your invoice and collection more carefully.
Most of the clients may want an extension of terms, make sure that you check the credits of the client before you offer them a term. If they have been paying their other vendors on time then they might be worth giving an extension.
In the end, if you do not have any means to know the track the invoices then implement a system to do so so that you can collect the overdue invoices.
Another reason for having a good invoice and tracking system is that you will get to know when the clients will change their methods of payments. The change in habits of payments can be used as a measurement for the indication of recession. If the clients have not been paying immediately then it means they are getting ready for downtimes.
The mistake most of the business owners make is that they do not give any attention to the new costs, probably because the business is good and the cash is flowing smoothly. When not given any attention, new costs can pile up and cause a problem. The worst-case scenario is that this pile of costs can pose a threat during a recession and maybe too late to go back. This is the reason you must not spend the money on something unnecessary. You can spend the money on things that can improve the business but be fair with the cash.
Keep track of the financial statements of a company is crucial and it is a good practice to be followed by good company owners, does not matter if the times are good or bad.
Keep the reports and accounts updated while reviewing them regularly so that there is not anything missing from the picture.
If you want to prepare your business for a recession that you will have to expand your client base. A wise man once said not to put all your eggs in one basket. Most of the businessmen make the mistake of keeping only a few clients and only concentrating on them. This can cause problems for you in the future if you do not diversify your client base because with the few clients that you have if they start to leave then you can go out of business. This happens very often when the recession hits.
To make sure that you survive, diversify your client base to fix the situation. If the cash reserve is more important, diversifying the client base can become the second priority. During peaceful times, if you diversify your client base then you can have the chance to try different techniques and strategies to get a better hold of the business. Diversifying your client base can make the recession times easier for you and increase the survival chances of your business.
Similar to the diversification of the clients, diversify the means through which you acquire your clientage. Do not depend on a single channel through which you get your channels, it can pose a threat to your business if that single mean of getting clients ceases to exist. Diversification of your channel for getting clients shall be on your list of priorities. If you prepare when the times are good then you will not have to worry much when the recession hits.
Come to Treehouse Society to cowork and ensure to meet others so you can diversify your client base and get creative on how to tackle your upcoming project!