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Simple output multipliers are then applied in order to measure indirect economic effects. The income received by municipality is also considered. Nevertheless, the estimated impacts from the entertainment and souvenirs sectors are negative.

The study contributes to current academic literature in the field of cultural economics by demonstrating a new approach for assessing the economic impact of the cultural events via combining both supply and demand sides, analyzing specifics of industries, and by presenting the first impact study in Lithuania. Economic Impact 3 Table of contents Introduction The inability to put culture in quantitative terms sometimes leads to the sector being underrated and easy to ignore.

On the one hand, the scarcity of comparable measures can lead to inefficient distribution of funds as well as to funds shifting to sectors and industries perceived as more important. The development of economic impact studies shed some light on the way how cultural events should be assessed and impacts quantified. Economic impact studies inform authorities and business people about the benefits of cooperating and investing in tourism both for enterprises and community. Such studies also broaden the perspective of tourism analysis, which is no longer only the statistics about accommodation places available and the number of nights guests are spending in a place.

They also help tourism- related people to evaluate the effectiveness of their work and understand their role in the development of the sector. Impact studies reveal whether additional tourism development should be increased or avoided. Finally, such studies act as a tool to develop certain laws and policies related to cultural matters Frechtling, Therefore, it is worth to dig deeper into the field of Cultural Economics.

Cultural factors determine economic development in several ways. First of all, cultural activities and cultural heritage generate a series of both direct and indirect economic effects and, therefore, contribute to the growth of seemingly unrelated sectors such as finance, construction, transportation, etc.

Secondly, certain cultural elements especially heritage may be very attractive as the investment items. Moreover, recently increasing popularity of cultural tourism instead of Economic Impact 6 pure leisure tourism has created lots of development opportunities for the areas with cultural attractions Herrero et al.

Economic impact studies are widely used around the world and not only in academic literature. While academics focus on applying different methods and dealing with the new challenges raised by the designs of studies, most of the globally known consulting companies, among variety of other services, are offering economic impact analyses. In the Baltics, however, the studies are not very common.

In there was an attempt to estimate the economic impact of Dzintari Concert Hall in Jurmala, Latvia Zemite, ; nevertheless, a narrow scope of the study does not imply any significant real life changes and analysis provided is rather vague. In Lithuania, on the other hand, no studies have been performed in the field at all. Therefore, Klaipeda Sea Festival is chosen in this study, which creates a perfect setting for the academic experimentation, does not set a limit on the scope of the study and could bring some valuable real life implications not only for the development of the festival, but also to general acknowledgment of economic studies of cultural events.

Klaipeda Sea Festival is one of the oldest and biggest celebrations in Lithuania. In July 30th — August 1st, it was held for the 51st time and, according to the local media, attracted approximately , people. Local festivals, like Klaipeda Sea Festival, are considered to be the means of promoting tourism and increasing the economic development of the area.

As summarized by Felsenstein and Fleischer , there are three most obvious arguments for treating local festivals as promotion tools. Firstly, they boost local tourism sector. Secondly, they can help to form the reputation of the location and in such way become known for potential tourists. Being aware of the ideological and strategic importance of this event to the local residents, organizations, and businesses, the need for the estimation of the economic effects seems to be crucial.

Taking into consideration all of the above, we raise the following research question: Economic Impact 7 What economic impact does the Klaipeda Sea Festival have on the city's economy? What are direct and indirect economic effects of the event? The description of Klaipeda Sea Festival is provided in the subsequent section, which is then followed by the discussion on existing academic literature in the field of Cultural Economics. Due to the fact that several research techniques some being used for the first time in academic literature are employed in the study to answer the questions raised, the detailed discussion on sampling procedures and other methodological tools are provided later in work.

The research then proceeds with the analysis of the results, and conclusions and future research possibilities finalize the paper. Various activities are taking place in the city, mainly in the central area and nearby beaches: a huge variety of entertainment, ranging from the poetry evening to the craftsmen fair, amusement park, open-air concerts, ship races, etc. Over the years it has become the largest cultural event of the city, attracting plenty of guests and generating income to the businesses.

Therefore, in-depth analysis of a project like this is essential in order to see its economic impact on the regional economy. So far local media has been practically the only source of information regarding the economic details of the festival.

The most interesting day to visit the attractions is considered to be Saturday on average 5. The research shows that on average a person spends 50 LTL around The most fascinating attractions are considered to be the fireworks, parades and carnival, music concerts, folklore fair and nautical events. The former group of research consists mostly of case studies with a focus on one individual event Herrero et al. Various approaches of economic impact studies can be applied for a wide set of events that differ in terms of size, purpose, location, funding, etc.

The festival lasted 21 days in September of and offered concerts and Economic Impact 9 fringe events of different genres in various locations. The events attracted more than 95, people, which in fact consisted of approximately 25, individuals attending several concerts. The study shows that MITO produced a total impact on sales of around 6. Moreover, the authors state that MITO should have a more international scale and focus on three main issues: district policy, building an international network, and offering not only concerts but also unique events for socializing and learning.

In the study by Herrero et al. The authors differentiate between cultural spending and spending on facilities and equipment. What is more, they use the Input-Output Tables approach to calculate the impact not only for the autonomous community of Castillia y Leon, but also for the entire Spain and even for the global economy. This definition is further broken down into two categories — leisure tourists and business travelers. However, it is not clear whether this is due to more confidence or simply better weather conditions.

Chhabra also uses OLS regressions to see what factors determine the spending behavior of the day trippers and finds that age has a negative effect, leisure day trippers spend significantly more than business trippers, and the size of the group had a negative effect in , but a positive effect in Regarding the economic impact estimations, the figures are: Leisure day Economic Impact 10 trippers contributed One festival analyzed took place for four days in and attracted slightly more than 17, non-local visitors, while the other festival took place one day in and had slightly more than 4, non-local visitors.

The study shows that the total economic impact of the festivals represent only a tiny percentage of economic activity in the regions due to relatively small multipliers. Lodging expenditures turned out to have the greatest impact for the multi-day festival, while food and beverages expenditures were most important for the single-day festival. The total economic impact meaning direct, indirect, and induced effects altogether of the larger festival was 2. The model enables quantifying the effects of increased government spending on willingness to pay, which in turn means that it can be evaluated whether additional revenues could outweigh the costs.

The research design creates grounds for easier comparison of a number of events by providing easily understandable, more generally applicable results and reducing the amount of necessary data. However, even though the data collection process is not exposed to recall bias as the survey is based on prioritization of different options, the process is affected by other surveying characteristics. Noonan in his meta-analysis of the studies previously performed with the same methodology reveals that the WTP depends not only on objective Economic Impact 11 and logical aspects such as size or topic of the event, but also on factors like format of the survey door-to-door, phone, mail, etc.

Input-Output Model Wassily Leontief, a Russian-American economist, is credited for the development of the economic impact analysis. In he was awarded Nobel Memorial Prize in Economics Science for his research in the field of impacts of economic shocks and simplifying the I-O table making it more convenient to apply.

Therefore, in more than 60 years a considerable amount of literature has been published that discusses the methods used for economic impact studies. This is the largest component of the study; however, the easiest one to miscalculate as sampling techniques and adjustments to make regarding whom to include should be chosen carefully. This means that only new expenditure, also sometimes referred to as in-scope expenditure, is considered as economic impact.

Moreover, indirect multiplier effects have to be taken into account, as money spent by visitors goes through several subsequent rounds in the local economy and increases economic activity. Most studies tend to use a rather unified methodology, but differences appear due to the specifics of the event Herrero et al.

One of the most popular and thus the most criticized methodology is the Input-Output model I-O from hereafter. The I-O model is used widely for different event analyses: Felsenstein and Fleischer apply I-O to measure the economic impact of two music festivals taking place in small towns in Israel; Herrero et al.

Crompton et al. The majority of variations in the methodologies of economic impact studies arise in the very first step — the measuring of visitor expenditure. Frechtling presents and describes six main estimation methods that are officially accepted by the World Tourism Organization.

A method is considered to be appropriate if it complies with three principles: relevance, coverage, and accuracy. The first and the most convenient method is to use existing data; however, such data is usually accessible only on a state level, whereas the economic impact is calculated for the sub-national area. The second method is to carry out household surveys, which is quite straightforward, but is often biased due to recall effects.

One more alternative method is to collect information on sales from the tourism establishments. Such data is highly reliable; nevertheless, it is hard to distinguish the customers in terms of residence area, i. Another method is to use central bank records of foreign exchange transactions. This method is rarely used due to being subject to serious limitations. Firstly, it is suitable to estimate foreign-visitors spending only, and secondly, it is not possible to apply it to, for example, European Union countries that have a single currency.

The simplest version of this research design is using the expenditure ratio model, where the ratio is calculated as total visitor spending calculated from the survey divided by the total visitor spending on lodging. Then it is multiplied by the receipts gathered from the accommodation businesses in the area. The main drawback of this model is that it does not allow distinguishing visitor expenditures related to a particular event.

Another version of the expenditure models is cost-factor Economic Impact 13 analysis. The most frequently used framework is Travel Economic Impact Model developed by the Travel Industry Association of America which combines the activity levels for trips to certain places with appropriate average costs of each unit of travel activity New Mexico Tourism Department, Unfortunately, this model also lacks the ability to distinguish visitor expenditures for individual events Frechtling, If for I-O analysis knowing the expenditure is enough, the databases for CGE-designed research should in addition include much more information with regard to industry spending, demand elasticity, etc.

The idea behind the theory is that usually economic impacts are not exactly the same as net economic benefits from a cultural event, which in turn means that negative implications should be computed. Similarly, a negative impact can be noticeable accross different states or broader regions, not only industries in particular. Even though the method could bring some interesting results, it is hardly applicable to the case analyzed.

Firstly, the rationale behind using CGE instead of I-O analysis in most of the studies is the fact that the funding a cultural event comes from the government on national level, so it becomes essential to estimate whether the overall impact is positive or negative Dwyer et al. However, in the study by Getz and Andersson on festival stakeholders in four countries, it was concluded that local governments were the second most important stakeholder, while senior levels of government play a rather small role in the financing of an event.

This is also the case with Klaipeda Sea Festival, which is usually funded by Klaipeda City Council and private sponsors, and in was fully financed by businesses Pinigu karta, Nevertheless, Dwyer et al. The research question raised in this work is purely related to the economy of Klaipeda City, which means that the improvement on estimation precision from using the CGE model would hardly be significant. The CGE model is more complex and requires special software for analysis, thus making it costly and impractical to use.

The summary of the models discussed is provided in Appendix B, Table 3. Sampling Techniques The crucial part of every economic impact study on cultural event is the sampling procedure as it creates the basis for the whole research and greatly influences the reliability of the work.

As it has already been mentioned, the first of the adjustments to make to the whole festival audience population is exclusion of local residents of the area of interest, as their spending does not create any additional stimulus to the economy Crompton, Moreover, precise definition of the geographic area is important to successfully identify the outsiders, who are the focus of every economic impact study.

Chhabra et al. People who belong to this type of customers do not create additional economic activity, but rather shift the expenditure in time bringing effects similar to the ones implied by local inhabitants.

Even though conceptually the origin of the groups is opposite, the implications to impact studies are the same and should be adjusted for in direct expenditure calculation. Multiplier Estimating direct effects of visitor spending on the local economy can be easily performed and mainly requires a thorough sampling procedure; calculating indirect effects, Economic Impact 15 on the other hand, can be more challenging as acquiring precise multipliers is essential in order to perform an adequate and reliable analysis.

Most studies use publicly available multipliers, for example published by the Bureau of Economics of the U. It is important to note that multipliers differ among countries and regions, therefore making available multipliers of other regions not applicable. The size of a multiplier is determined by many factors such as the size of the area, internal economic structure, as well as industrial and commercial linkages to the surrounding localities if interregional effects are of the primary interest VanBlarcom, Calculation of multipliers has been researched a lot recently, which leads not only to several different multipliers being applied nowadays, but also to a diversity of names for them, which causes confusion.

Miller and Blair, as stated in Schaffer , in their work distinguish three categories of multipliers: output, income and employment, with several different types included in each of the categories. Employment multipliers are created for evaluating new employment created by the economic shock and are usually calculated using employment-output ratio change in employment proportional to change in output.

It is also important to define direct, indirect, and induced effects, which help to understand the differences between the various types of multipliers within the category. When only direct effect is taken into consideration, the multiplier is 1. Indirect effect grasps effects of a unit change in final demand inter-industry relations , whereas induced effect measures effects of changes in the household income. Economic Impact 16 Methodology Scope of the Study Klaipeda city as referred to in the research question can be defined as a territory in the western part of Lithuania and administered by the Municipality of Klaipeda.

The territory is of Due to the timing of the study several adjustments must be made regarding the usual design of the economic impact study. Both supply approach i. The logic behind it is that if the expenditure would have occurred in the same region independently of whether the event would take place or not, it is not incremental — the money would have been spent anyway Research Resolutions and Consulting Ltd.

Local visitors are likely to spend money in Klaipeda city even if there is no festival, thus their expenditure has to be deducted from the total business revenues. It should also be noted that several simplifications of the general methodology are made in this study. Firstly, we are not able to breakdown those visitors by their accommodation, length of stay, whether they are participants or spectators, etc.

This is quite usual procedure in the economic impact studies; however, impossible when a survey of non-local visitors as such is not conducted. Nevertheless, as said by Dr. The methodology of this study follows three major steps: a survey of the companies operating in the certain business sectors, a survey of the local people, and the estimation of direct and indirect economic effects using the regional industry multipliers.

The business survey is needed in order to estimate how much money locals and visitors from other regions spent during the festival, while locals spending enable grasping the size of expenditure made by locals. The difference between the two then represent the spending of Economic Impact 17 non-local festival attendees, only which is considered to be new expenditure generated in the economy. In the following sections each of the steps is described in more details. That is, to compare the value of sales or turnover during the period of the event with the figure that would have been observed without the event.

As the festival analyzed took place in August , it is not possible to apply intercept interviews exit survey method. The same year is chosen to capture the same general economic situation, while the weekend closest to the event - in order to be able to avoid seasonality effects. We could refer either to the weekend before or after the festival; however, the weather conditions during the weekend after were more similar to the weather during the Klaipeda Sea Festival the week prior to the event was slightly colder.

List of Enterprises In the economic impact studies the categories are usually selected optionally, depending on the event analyzed. The survey of enterprises in our study focuses on six sectors that are directly related to the Klaipeda Sea Festival see Appendix A, Figure 2. We use the website visalietuva. Moreover, the list is supplemented with businesses and individuals that get the special license to trade in the craftsmen fair during the Klaipeda Sea Festival, which is acquired from the organizers of the festival.

Sampling In sectors with relatively small number of companies lodging, transportation, entertainment, souvenirs we take a census for all the operating companies. Other sectors require choosing a sampling technique with available options of a quota sampling or a systematic one. As it is rather complicated to estimate the quotas based, for example, on the number of employees in a firm, this technique is rejected and systematic sampling method is used instead. The systematic sampling method is a version of probability sampling, similar but easier than a simple random sampling.

The main advantages of this method are its simplicity and the assurance of evenly picked items, while the drawback is that the selection frame may contain a hidden pattern that compromises the representativeness of the sample Gray et al. However, this problem is likely to occur when sampling units such as houses or newspapers.

In the case of this research paper the pattern is avoided as the companies have been ranked in an alphabetical order and the typical selection procedure1 has been applied. Label each company as xi, where ; 2. If the response rate is low, more companies are selected in the same way until enough data is collected. Data Collection Procedure The majority of the businesses are contacted via phone. At first we briefly inform them about the research and then ask if they are willing to participate in our survey.

Then we ask if we can e-mail them the letter with a link to the survey. A portion of the companies answer the questions immediately via phone, some also suggest arranging the meeting or refuse to participate at all. Regarding the largest or strategically very important companies the biggest hotels, restaurant chains, or the ones that are usually especially crowded during the festival , we arrange short personal meetings with the managers.

Personal meetings allow us to be more convincing, to look more reliable, and also to get more insights on the specific industry matters. Moreover, we have the recommendation letter from the pro-rector, which is sent or shown to those who are quite skeptical about the research. We also reveal our contact information surnames, e-mail addresses, and telephone numbers in every letter, in the survey, and give away our contact cards in the meetings.

Moreover, we ensure that all the data will be used on aggregate level only. To sum up, all these actions are taken up to ensure the companies that so they are not in danger to reveal any strategically important information and would be more willing to co-operate than under other conditions. In addition, the questionnaire is designed so that it would require very little time to fill in: there are only four questions about the sector, whether a company worked during the festival, what revenues the business generated during the festival and the percentage change in turnover in comparison to the weekend after.

The questionnaire for the businesses can be seen in Appendix C. Therefore, a representative survey for basically the entire population of the Klaipeda city is carried following a similar sampling technique as RAIT use. Due to a rather big sample needed several few sampling methods are combined. Proportional Quota Sampling is used when a researcher wants to represent the characteristics of the population by sampling the appropriate portion of each characteristic Research Knowledge Methods Base, In this study, proportional quota sampling is based on age groups.

The sample size implies that most responses are collected via online surveys. Facebook and its Klaipeda related groups are used to spread questionnaire online. Due to respondents in a wide range of age groups needed, the questionnaire is also sent to the companies operating in Klaipeda city and representing variety of industries: manufacturing, food and beverages, energy, etc.

The rest of the survey is carried out in the form of hard copies by questioning people, both visitors and sellers, in the local market. Questionnaire The visitor questionnaires for estimating total expenses are quite standard in the economic impact studies. The online available questionnaire is thus adjusted for the Klaipeda Sea Festival. It consists of three parts. The first part includes general questions on demographics gender, age group, place of residence and the days of attending the event, as well as the question whether a respondent participated in the festival at all.

The full questionnaire can be found in Appendix D. The questionnaire has been translated into Lithuanian and a pilot survey including 8 people conducted. The respondents represent different age groups 3 participants of the pilot survey belong to the age group and remaining 5 people represent each of other groups analyzed.

Some misunderstandings were clarified and the structure of several questions in the third part was changed, which creates grounds to believe that clarity of the questions asked was sufficiently high. Multiplier Due to the fact that neither Statistics Lithuania nor Klaipeda Business Development Agency is calculating regional income multipliers, we construct the multiplier using I-O table provided in Eurostat database n.

The multiplier is computed automatically; nevertheless, the logics behind the calculation of regional multiplier are provided in this section. Wassily Leontief is credited for the development of the model, which is now extensively used in a variety of impact studies and for the identification of economic clusters, or in other words - related sectors in the economy. The total output can be expressed as a sum of intermediate goods inputs and demand of final goods created by a sector.

The core I-O table is constructed of sectors denoted as i and industries j, generated flows of sectors to the industries xij, final consumption ci and total output of the sector xi. Numbers of sectors and industries are similar, except of the fact that payments to employees made by each industry is considered as a sector and is placed in the bottom of the table, which results in table being not symmetric Schaffer, An example of the table with 4 sectors the 4th being labor is provided in Table 1.

Economic Impact 22 Table 1 The core I-O table Final Total 1 2 3 demand output 1 x11 x12 x13 c1 x1 2 x21 x22 x23 c2 x2 3 x31 x32 x33 c3 x3 4 x41 x42 x43 c4 x4 Note: Schaffer, The multipliers calculated measures the economic activity in Lithuania rather than Klaipeda city, which is the focus of this work. This means that the result would most likely be a little upward biased: enterprises in Klaipeda city might not Economic Impact 23 have access to the production of all the suppliers locally, but rather use services and products made in Lithuania, which then should be considered as an interregional flow.

The concert of Mika was organized by the private company Medusa Concert Ltd. According to the media, the concert attracted around people, mostly from Vilnius and Kaunas Delfi, The survey results indicates that only a small portion of Klaipeda residents attended the concert and basically all of them would have participated in the events of the festival in case of no concert.

Employment and grey economy Economic impact studies usually not only measure monetary effects, but also try to evaluate change in employment created in the economy by increase in demand Schaffer, The calculation of the increase is simply made using existing employment-output Economic Impact 24 ratio, or in other words, evaluating the proportional change.

Nevertheless, in this way the level of resources utilization before the demand shock is not taken into account, so the estimation is likely to be upward biased. On the other hand, in this study a question about new hires during the festival could have been included into the business survey; however, we believe that inclusion of it would have caused lower response rate and receiving less reliable data.

Employment could be even more sensitive topic to businesses than revealing revenues if some illegal activities have been undertaken, and with short-term seasonal employment in mind it is more likely to be the case. Therefore, not being able to precisely measure the effect on employment we cautiously exclude the aspect from the analysis. We also abstain from trying to evaluate the size of grey economy as it is beyond the scope of this study and would require a different research design. Empirical findings In the subsequent paragraphs the results of our study are presented.

Firstly, the direct impacts from each sector to the economy of Klaipeda are calculated and explained. Then the multipliers and total economic effects resulting from each industry are computed and explained. Businesses Survey Results Lodging; Accommodation sector is usually included in the methodology of the economic impact studies which analyze the several-day events.

Hotels, hostels, and guest houses by nature attract revenue from the people who are not residents of the area; therefore, the estimation of the direct and indirect effects is vital for the event studies. Moreover, locals do not contribute to the revenues of the lodging industry, so there is no need to deduct their expenditure from the total income, as it is the case in other sectors.

There are 41 accommodation services providing companies registered in Klaipeda city that suit our research design. The average increase in revenue during the Klaipeda Sea Festival was During the phone interviews and meetings the representatives of the hotels claimed that such increase is not a significant portion of their usual turnover. The reason behind this is that the Klaipeda Sea Festival takes place during Economic Impact 25 the peak of the summer holiday season, when the hotels are already working at their full capacity.

Therefore, the increase in revenues comes from slightly raised prices during the festival days personal communication, January, Food and beverages; The food and beverage industry is vital for the Klaipeda Sea Festival study as most of the events and performances in the crowded city center are accompanied by bars, restaurants and outdoor food stalls. The primary list, downloaded from the yellow pages directory, contains entries in this sector. More details in this sector cannot be provided due to a couple reasons.

Firstly, part of the data was acquired solely via questionnaire, while the major restaurant chains were approached separately and provided the information in a different format. Secondly, the estimation of the direct impact would be more accurate if we would have obtained the distribution of companies based on their size, location, and the number of sites owned. However, we do not include such questions in the survey because of confidentiality concerns — with such information it is quite easy to identify which company reported what figures.

The companies could perceive such questions as suspicious and this could have resulted in a dramatically lower response rate. On the one hand, cafes, bars and restaurants that are located in the Old Town, which is the main site of the Festival activities, experience a sharp increase in customer flow and thus in revenues.

On the other hand, those businesses that are situated elsewhere do not attract additional customers. Some even face a decline in turnover because their usual customers switch to places in the city center during the festival personal communication, January, Retail shopping; Retail sector appeared to be the most complicated to analyze in the case of Klaipeda Sea Festival To obtain a representative sample, we would need to classify the retailers according the goods they offer.

Moreover, even if we were able to identify the business spheres of the retailers, it would still be unclear how to treat them. Thus the final estimation would depend purely on our subjective judgment. Moreover, the large retailers are very unlikely to share their financial information even for the research purposes.

Even though it is too complicated to estimate the change in revenues in this sector, it is possible to ratiocinate at least the general trends of money flows during the festival. If we would be able to look at the revenue composition in the large shopping malls Akropolis, Banginis, BIG during the days of the event, we would probably see a shift in terms of the origin of the customers.

The people who come to the Klaipeda Sea Festival from the small towns or villages usually use the opportunity to shop for clothes, outfits, or other items in the large shopping centers. For Klaipeda residents it is easier to shift their shopping patterns for non-essential goods to a later period in time so they are less likely to go shopping during the festival. Smaller grocery stores are likely to demonstrate a slightly different pattern. Festival visitors who come to the city for the celebration are likely to eat out if they stay in the hotel or to have their meals with friends or relatives who live in Klaipeda if they stay with them.

Therefore, it is likely that the food stores do not feel any significant effect of the Klaipeda Sea Festival. However, the stores offering a more limited number of goods mostly alcohol beverages, cigarettes, snacks, and ice-cream usually experience a substantial rise in turnover. As such stores are usually located in the city center, they Economic Impact 27 become the usual choice for festival visitors wishing to buy snacks or refreshments but not willing to pay high prices in bar and cafes.

Also, as many of the activities during the festival are outdoors, the possibility to carry the food or beverage with you is another advantage of small beverage and snack retailers. To sum up, from all the retail sector the small stores that sell refreshments and snacks are most likely to feel a significant change in revenues during the festival.

However, the impact is not estimated in this study. It is interesting not only to see the monetary impact, but also to look at what actions different transportation providers take up during the festival and how they are interconnected. Per diena po viena sandori. Jei taip, tai zavioji "Ponia Rinka" ilgai netruks mane pasodinti i vieta. Tada teks strategija truputeli pakoreguoti arba mastyti kazka naujo. Taigi strategija - testuojama, saskaita - demo, euru.

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See if you would have profited if you had followed the cue. Repeat this 10 times and do this in writing. This will show whether you are on the right track. Manage Money Properly The right mindset is one of the primary trading secrets. Individual investors need to learn to accept small losses, as these are inevitable.

In this regard, forex may be viewed as your vacation money. When it is gone, you gain some useful experience. Do not assume forex trading experts never fail — the risk of losing money is always present. No matter how polished your skills are, prices may always move against you.

Mistakes should help you learn and improve your trading strategies to achieve better results. Leverage is also crucial. Leverage is double-edged. It maximizes losses as well as profits. Build Your Confidence Confidence and mental resilience are trading secrets, too. Record Everything Writing everything down is the best way to stay objective about your decision making. Yes, keeping a diary is also one of the most powerful secrets of forex trading. When considering a position, create a chart, listing reasons for opening it, both technical and fundamental.

Why do you think it will be a good trade? This will involve placing orders to buy or sell currency pairings. If your prediction turns out to be correct, you will make a profit when you close your trade. This will help you keep your losses to a minimum while still learning the ropes.

Trade with leverage One of the great things about forex trading is that you can trade with leverage. Leverage is a feature that allows you to control more money in the market than you have in your account balance. While leverage can help you make bigger profits, it can also amplify your losses. There are a few different ways to manage risk in forex trading. This is an order to sell a currency pair that your broker offers when it reaches a specific price.

This means that if the currency pair reaches 1. Stop-loss orders can help you limit your losses if the market goes against you. Use a trading system. Another way to manage risk is to use a trading system. A trading system is a set of rules that you use to place trades. For example, you might have a system that only allows you to trade with a certain amount of money. Or you might have a system that only allows you to trade certain currency pairs.

Use proper Market Analytics. Forex trading is risky, and proper market analytics is necessary to make informed decisions. When studying the forex market, investors typically rely on one of two methods: fundamental analysis or technical analysis. Fundamental analysis Fundamental analysis is the study of economic factors that can affect the price of a currency. This includes things like interest rates, inflation, and economic growth.

Technical analysis On the other hand, technical analysis is the study of past market data to try and predict future price movements. This means you can learn the ropes and gain experience without worrying about losing a large amount of money. You can use it to test out different trading strategies and get a feel for how the forex market works. But by starting small and gradually increasing your investment amount, you can build your confidence and become more comfortable with trading.

You can experiment with different approaches and find one that suits your needs. Lower profits. You may need to accept lower profits. As you can see, the potential profits are much higher for forex traders with larger forex trading accounts or balances. Time taking you should also be aware that it may take longer to reach your goals. You may also find that your account balance is too small to cover the costs of some of the more advanced trading strategies.

Here are a few ideas: Use a micro lot size. You can trade in smaller increments and better manage your risk with a micro lot. This gives you much more flexibility in your trading. This means limiting your position size and only taking trades that have a high probability of success.

By doing this, you can ensure that your losses are kept to a minimum, and you have a better chance of making profits. This involves taking trades that you expect to hold for weeks or even months. The answer will depend on your circumstances. Pepperstone: Pepperstone is a broker that offers leverage of up to

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