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How to Earn Money in Forex Trading

In this article, you’ll encounter:

  • Forex trading basics: Understand the mechanics of currency exchange and how to make sense of the forex market.
  • Profitable strategies: Explore various approaches to forex trading and identify the one that suits your goals.
  • Essential order types: Master the different order options to control your entries and exits in the market.
  • Risk management techniques: Learn how to protect your capital and minimize potential losses, and so much more.

How to Earn Money in Forex Trading: The Complete Guide

Forex trading is by far the largest financial market globally. In 2001, the estimated daily turnover stood at USD$1.24 trillion worldwide. The number rose to USD$7.5 trillion by 2022 and has continued on an upward trajectory ever since.

This consistent movement creates opportunities to make a profit, but it also comes with some risk. That’s why, if you’re curious about how to earn money in forex trading, this guide is your perfect starting point.

Granted it won’t turn you into an overnight millionaire. But it will give you the lowdown on everything you need to know about this trading line. In the end, you’ll find it easier to decide if it’s the path you want to explore with your hard-earned money.

Forex Trading 101

Forex trading, also called foreign exchange trading or FX trading, is the buying and selling of currencies with the goal of profiting from changes in their exchange rates.

Here’s how it works:

  • Currencies are traded in pairs. You don’t directly buy Euros, for example. Instead, you trade them against another currency, like the US dollar (USD). This is why you’ll see currency pairs like EUR/USD. The first currency (EUR) is called the base currency. The second (USD) is the quote currency.
  • The price of a currency pair represents how much of the quote currency you need to buy one unit of the base currency. If you think the Euro will get stronger relative to the US dollar (EUR goes up against USD), you would buy EUR/USD. If you think the Euro will weaken (EUR goes down against USD), you would sell EUR/USD.
  • The two prices you see for a currency pair represent the bid price and the ask price. The former is the price at which a forex broker is willing to buy the base currency from you (think “sell Euros, get Dollars”). The “ask” is the one at which a forex broker is willing to sell you the base currency (think “buy Euros with US dollars”).
  • The difference between the bid and ask prices is called the spread. It’s essentially the broker’s commission for facilitating the trade. Spreads are usually very small and are typically measured in pips or percentage in point (the smallest unit of price movement for most currency pairs.

So, in essence, you profit when you buy a currency pair at a lower price and sell it later at a higher price (considering the spread). You lose money if you buy a currency pair at a higher price and sell it later at a lower price (considering the spread).

As earlier mentioned, the forex market is the world’s largest financial market. That’s why going down this trading route seems like the most natural idea. But before you get in too deep, make sure to hear from forex trading experts on how to go about it.

Get appraised of the different strategies you can exploit, gain in-depth knowledge on how the market moves, and even the best trading platforms that fit your budget and trading style. This way, you’ll put yourself in a prime position to make the best of your forex trading experience.

What Makes Forex Trading Unique?

Forex trading comes with the following selling points for you as a trader:

High Liquidity

The forex market sees trillions of dollars traded daily. This high liquidity means you can typically enter and exit positions quickly and easily without significantly affecting the price you receive.

24-Hour Market Access

The forex market operates 24 hours a day, five days a week. This is atypical of the stock market, which has opening and closing times. This flexibility allows you to trade at times that suit your schedule, regardless of your location.

Leverage

Forex uses leverage. This magnifies your potential returns. A relatively small price movement in your favor can lead to significant gains.

For example, say you buy USD$1,000 worth of EUR/USD with a leverage of 10:1. This means you control a position worth USD$10,000 without putting up the full amount. If the EUR/USD price goes up by just 1%, your position increases in value by USD$100. This translates to a 10% return on your initial USD$1,000 investment.

To control a position using leverage, you need to put up a certain amount of your own capital, which is called the margin. The margin requirement is expressed as a percentage of the total position size. For instance, a 1% margin requirement on a USD$50,000 position would be USD$500 (1% of USD$50,000).

Wide Range of Currency Pairs

It goes without saying that the US dollar is the most powerful currency on forex trading platforms. Statistics show that in the first quarter of 2024 alone, claims against the US dollar stood at over USD$6.7 trillion. This is huge, as the second most-claimed was the Euro, which stood at about USD$2.2 trillion.

However, this isn’t to say that these are the only currencies to trade. You’ve still got options such as the South African rand, the Chinese renminbi, the British pound sterling and so on.

What Are the Risks that Come with Forex Trading?

Forex trading also carries significant risks that you should be aware of before starting:

  • The same leverage that can amplify profits can also magnify losses.
  • Exchange rates fluctuate rapidly due to various economic, political, and social factors. This volatility can make it challenging to predict price movements and lead to unexpected losses.

Forex trading can be a rewarding experience, but it’s not a guaranteed path to riches. Matter of fact, studies show that only about 30% of forex traders turn a profit on a consistent basis. Carefully weigh the potential benefits against the risks before deciding if it’s the right fit for you.

What Moves the Markets?

Ever wondered why the exchange rate between your home currency and, say, Euros keeps changing? You’ve got technical and fundamental factors to thank for these fluctuations.

The fundamental ones include:

Interest Rates

Central banks set interest rates to influence economic activity. Higher interest rates in a country generally make its currency more attractive to investors as they get to earn a higher return. This increased demand for the currency can lead to its appreciation (becoming stronger) compared to other currencies.

Inflation

Inflation refers to the rise in prices of goods and services over time. If inflation is high in a country, the purchasing power of its currency weakens. This can lead to a depreciation (becoming weaker) of the currency compared to currencies with lower inflation.

Economic Data

Investors closely monitor economic data releases like GDP growth, unemployment rates, and trade balances. Strong economic data often indicates a stable and growing economy. This can boost investor confidence in a country’s currency.

On the one hand, the technical factors are akin to reading tea leaves:

Price Charts and Trends

Traders use charts that track currency price movements over time. Analyzing these charts can help them identify trends and potential entry and exit points for trades.

Technical Indicators

These are mathematical calculations based on historical price and volume data that aim to forecast future price movements. However, they’re not foolproof. You should use them in conjunction with other analysis methods.

Getting Started with Forex Trading

Before you get into the deep end that’s forex trading, you’ll need a reliable partner: a forex broker. Look for the following factors before swiping right:

  • Ensure your chosen broker is regulated by a reputable financial authority, such as the Financial Conduct Authority (FCA) in the UK or the Commodity Futures Trading Commission (CFTC) in the US.
  • Forex brokers make money through spreads, commissions, and other charges. Compare fees across different brokers to find one that offers a competitive pricing structure that suits your trading style.
  • Look for a user-friendly platform with features like charting tools, market news feeds, and order management functionalities.
  • Choose a broker with responsive and knowledgeable customer service representatives who can answer your questions and address any issues promptly.

Once you’ve shortlisted a few potential brokers based on these criteria, it’s time to open a trading account.

Opening Your Forex Trading Account

The process of opening a forex trading account is generally straightforward.

  • Locate the account opening section on your chosen broker’s website.
  • Provide your personal information, contact details, and trading experience level.
  • Most brokers require identity verification documents like a passport or driver’s license.
  • Deposit the minimum amount required to start trading. This can vary depending on the broker.
  • Many brokers offer demo accounts with virtual funds. This allows you to practice trading in a risk-free environment and get familiar with the platform before using real money.

Remember: Forex trading carries significant risks. Don’t deposit more than you can afford to lose.

Essential Forex Trading Strategies

Now that you know the mechanics of forex trading, here are some core strategies that hardcore traders use to trade:

  • Going long (buying): If you believe the base currency in a pair (e.g., EUR in EUR/USD) will strengthen against the quote currency (USD), you would buy the pair (go long). You profit if the EUR/USD price increases after you buy.
  • Going short (selling): Conversely, if you think the base currency will weaken against the quote currency, you would sell the pair (go short). You profit if the EUR/USD price decreases after you sell.
  • Trend trading: This strategy focuses on capitalizing on established price trends. The point is to buy low and sell high in a rising trend or sell high and buy low in a downtrend.
  • Carry trade: This strategy is all about borrowing a low-interest-rate currency and then ploughing it into a high-interest-rate currency. You then get to pocket the difference in interest rates. However, currency fluctuations can impact profits.
  • Scalping: Scalpers aim to profit from tiny price movements within a short timeframe. Therefore, they open and close numerous positions throughout the day. This isn’t for the faint of heart. It demands a lot of focus and discipline.

Remember: There’s no guaranteed “get-rich-quick” strategy in forex trading. Each approach has its own merits and risks. Successful implementation requires in-depth understanding and practice.

Types of Forex Orders

Forex brokers offer various order types to give you more control over how you enter and exit positions. Here are some key ones:

Market Orders

These execute your trade immediately at the best available market price. This is a simple way to enter or exit a trade quickly. But the price you receive might be slightly different from what you expected due to market fluctuations.

Limit Orders

These allow you to specify a desired entry or exit price for your trade. A buy limit order gets executed only if the price falls to your specified level or lower (ensuring you buy at a favorable price or lower). Conversely, a sell limit order gets executed only if the price rises to your specified level or higher (ensuring you sell at a profitable price or higher).

Stop-Loss Orders

A stop-loss order automatically exits your position if the price moves against you. This limits your potential losses. You set a stop-loss price at a level you’re comfortable losing at.

With these order types at your disposal, you can fine-tune your forex trading strategy for different market conditions.

Building a Successful Forex Trading Career

Here’s how to set yourself up for success in forex:

Fuel Up Your Forex Knowledge

Before risking real money, invest time in learning. Many platforms offer forex trading courses for beginners. Look for ones that explain the basics, different strategies, and risk management.

There are also fantastic books out there that take a very deep look into technical and fundamental analysis. You can also go for broker resources, which may be present in the educational section of most forex brokers’ websites. These often include helpful articles, tutorials, and webinars.

Practice with Demo Accounts

Forex brokers offer demo accounts that allow you to trade with virtual money. This way, you get to mimic real-life scenarios without risking your own capital.

Use the demo account to get comfortable with the tools and features your broker offers. Try out different trading approaches to see what suits your style. You can also use it to practice placing trades, managing risk, and making informed decisions before going live.

Develop Your Trading Strategy

In forex trading, your strategy is your personal approach. There’s no “one size fits all” solution. Here’s how to find yours:

  • Backtesting: This involves testing your chosen strategy on historical data to see how it would have performed in the past. This helps you identify strengths and weaknesses before risking real money.
  • Consider your risk tolerance: Are you comfortable with short-term, fast-paced trading (scalping) or do you prefer longer-term trends? Choose a strategy that aligns with your risk appetite.
  • Find what clicks: Some people love technical analysis with charts and indicators. Others prefer fundamental analysis based on economic news. Explore different approaches and see what resonates with you.

Getting these three elements right can significantly boost your chances of a profitable run in the forex trading market.

Risk Management

Forex trading, while potentially rewarding, carries inherent risks. That’s why you need to have a risk management plan in place. Try out these strategies to set up a cautious forex trading experience:

  • While leverage can magnify profits, it can also amplify losses. Start with lower leverage ratios, especially as a beginner, to limit potential losses.
  • Don’t risk more than you can afford to lose on margin. Remember, you can potentially lose your entire deposit and even owe additional funds if the market moves against you significantly.
  • Don’t deviate from your plan based on emotions like fear or greed. Let that strategy guide your decisions, not your gut feeling in the heat of the moment.
  • No trader wins every time. Factor potential losses into your strategy and avoid chasing after losing trades to “make up” for them. This can lead to reckless decisions.
  • Forex trading can be mentally demanding. Take breaks to clear your head and avoid trading when stressed or emotionally compromised.

These are some great ways you can manage risk in forex. Remember, when you’re out in the field, any failure can be catastrophic to your financial health.

That’s why you should thoroughly vet and then stick to your risk management strategy for best results. Discipline and emotional control are essential for making sound trading decisions that align with your long-term trading goals.

Staying Updated in the Forex Market

The forex market changes every day. To keep abreast of the happenings, you’ve got no option but to stay up to date. Here’s how to stay informed:

  • Keep an eye on economic data releases like inflation rates, interest rate decisions, and unemployment figures. These can impact currency valuations.
  • Central banks play a major role in influencing exchange rates. Stay updated on their monetary policies and announcements.
  • Global events can trigger currency fluctuations. Keep yourself informed about major news developments that might affect the market.

Stay ahead of the curve. This way, you’ll make the best of your forex trading experience.

In Closing

The forex trading scene can be a source of immense profit. It can also be a source of losses if you’re not careful. Take the tips you’ve gleaned from this guide and make the best of your trading experience. Where you feel out of depth, involve experts who’ve been in the field for years. They can help you avoid potential pitfalls that may prove costly to your finances.

Sources

1. “Daily turnover of global foreign exchange market with 39 different currencies from 2001 to 2022(in billion U.S. dollars)“, Source: https://www.statista.com/statistics/247328/activity-per-trading-day-on-the-global-currency-market/

2. “Currency Composition of Official Foreign Exchange Reserves (COFER)”, Source: https://data.imf.org/?sk=e6a5f467-c14b-4aa8-9f6d-5a09ec4e62a4

3. “The Most Surprising Forex Statistics And Trends in 2024”, Source: https://gitnux.org/forex-statistics/

Comprehensive Review of the Scotiabank Gold American Express Card: Is It Right for You?

The Scotiabank Gold American Express Card is a popular Canadian credit card. Known for its excellent rewards program and various perks, this card can be an attractive option for many. But is it the right card for you? In this comprehensive review, we’ll explore the benefits, features, and potential drawbacks of the Scotiabank Gold American Express Card to help you make an informed decision.

Features and Benefits

Rewards Program

One of the standout features of the Scotiabank Gold American Express Card is its rewards program. Cardholders earn 5 points per dollar on eligible grocery stores, dining, and entertainment purchases. For gas, daily transit, and select streaming services, you earn 3 points per dollar. All other purchases earn 1 point per dollar.

No Foreign Transaction Fees

Unlike many other credit cards, the Scotiabank Gold American Express Card does not charge foreign transaction fees. This can save you significant money if you frequently travel abroad or shop online from international retailers.

Travel Insurance

The card offers an extensive travel insurance package, including travel medical insurance, trip cancellation and interruption insurance, flight delay insurance, and lost baggage insurance. This can provide peace of mind when traveling.

Access to Entertainment and Dining Experiences

Through American Express Invites, cardholders can access exclusive entertainment and dining experiences. These include early access to concerts, special dining events, and more.

Potential Drawbacks

Annual Fee

The Gold American Express Card has an annual fee of $120. While the rewards and benefits can offset this cost, it’s essential to consider whether the yearly fee is worth it based on your spending habits and how much you will use the card.

American Express Acceptance

While American Express is widely accepted, some places, particularly smaller merchants, still require it. Consider this if you frequently shop at locations that may not accept American Express.

Is It Right for You?

The Scotiabank Gold American Express Card can be an excellent choice if you spend a lot on groceries, dining, and entertainment and frequently travel abroad. The rewards program and the fact that there are no foreign transaction fees can provide significant value. However, weighing the annual fee and accepting American Express is crucial when deciding.

Scotiabank Gold American Express Card Points Calculator

Use the Scotiabank Gold American Express Card Points Calculator to maximize your rewards. This tool can help you estimate how many points you can earn based on your spending habits, ensuring you get the most out of your card.

Conclusion

The Scotiabank Gold American Express Card offers numerous benefits and can be a great addition to your wallet if it aligns with your spending habits and financial goals. Consider the features, benefits, and potential drawbacks to determine if this card fits you. Use the Scotiabank Gold American Express Card Points Calculator to maximize your rewards and enjoy this card’s various perks.

Fitch Revises Outlook On China To Negative; Affirms At ‘A+’

In the dominance of global economics, China continues to be a giant whose action and inaction reverberates across the market. Most recently, Fitch Ratings, a leading credit rating firm, sent shock waves across financial circles by influencing China’s Long-Term Foreign-Currency Issuer Default Rating outlook to Negative from Stable while its IDR rating was affirmed at ‘A+’. This development sent ripples of shock among financial experts who have continued to discuss the viability of China’s economy amid its potential global influence. Let’s delve deeper into Fitch’s analysis and explore the intricacies of China’s economic landscape.


Negative Outlook Rationale

Fitch Ratings revised China’s public finance outlook from Stable to Negative, highlighting the growth transition and fiscal concerns. A proper growth model is the transition of China’s economy. The ongoing transition needs to change from a growth model that depends largely on the property sector to one that grows more sustainably. However, it could also lead to various uncertainties in terms of continued fiscal deficits and rising government debt. A new growth model brought its challenges.

China’s government has spent more money than it has earned in recent years, leading to fiscal deficits of 8.6 % of GDP. The government has also taken significant loans, which have resulted in a higher debt burden. Fitch is concerned about the high likelihood of the government continuing to use fiscal policy to boost growth, which is believed to fuel more debt.

It cites it as one of the likelihoods, which will see the country’s fiscal policy prompt further growth of debt. Other risks include the increase of contingent liability risks in the capital and banking sector, weakening China’s ability to address its high economy-wide leverage.

Ultimately, lower nominal growth growth rates could also worsen the situation and make difficult to address fiscal imbalances. Fitch’s decision to cut China’s outlook to Negative implies that the agency sees increasing risks concerning China’s public finance outlook. It most appreciates the country’s transition but sees continued high inflation-fiscal challenges on hand without changes.


Key Rating Drivers

Fiscal Stimulus and Deficits
Due to the current economic challenges, Fitch Ratings projects that the Chinese government will implement significantly increased fiscal stimulus. In Fitch’s understanding, increased stimulus, in response to economic headwinds, will contribute to a sharp increase in the general government deficit. More specifically, Fitch Ratings projects the deficit to be 7.1% of the GDP in 2024, a significant rise from the 5.8% of the GDP recorded in the previous year.

Essentially, this a new fiscal expansion policy as opposed to the contractionary fiscal policy that had characterized previous periods. This policy pertains directly to Fitch’s expectations of the possible changes in Chinese fiscal deficits. The current expected increase in fiscal deficits is highly reflective of this fiscal policy.

Fitch’s analysis is comprehensive as it considers not only the primary budget but also the primary fiscal stimulus, including infrastructure, and other officially protected acts. According to Fitch, the current deficits average at about twice as the averages recorded between 2015 and 2019, which is 3.1%.

In fact, even the expected deficit of 7.1% of the GDP foreseen by Fitch in 2024 is substantially higher than many other previous deficits. It is the highest of deficits expected since 2020, which accounted for 8.6% of GDP. The trend of deficits trending higher than in previous years reflects the nature of fiscal support performances in China. In forex trading, such activities are relevant, as they are likely to affect how one currency fares against the other.

Central Government Intervention
As local and regional governments encounter fiscal challenges, China’s central government CG has polled up its financial resources to lessen the pressures. The central government is expected to bear the lion’s share of fiscal burden in 2024 as LRG finances are constrained by dwindling revenue from land-based and debt accumulations.

To align the reduced revenue inflows with CG’s economic priorities, the Chinese central government has projected the issuance of vast amounts of bonds. In 2024, ultra-long debt papers amounting to CNY1 trillion, which represented 0.8% of the GDP, were anticipated by the CG. A parallel bond issuance of the same caliber was issued in 2023 to cope with similar fiscal constraints.

By expanding its issuance of debt papers, the CG demonstrates its determination to offer financial backing to regions grappling with fiscal constraints. The central government aims to offset the adverse effects of LRG financial constraints driven by accumulating debts and declining revenue through heightened fiscal burdens.

Such fiscal measures underscore the central government’s commitment to proactive economic progress by backing sustainable initiatives. As part of its commitment, the CG issuance of bonds aims to inculcate liquidity into the economy while promoting economic activities and sustaining LRG infrastructural development initiatives.

Higher Government Debt
General government debt in China will continue its rising trajectory, with forecasts indicating the rise to 61.3% of GDP in 2024. The rising debt levels result from continued implementation of fiscal support measures to counter economic challenges. The rising debt leaves questions regarding its sustainability and the implications for fiscal stability.

Based on the forecasts, general government debt, which includes local and central government explicit debt, is forecasted to be 61.3% of GDP in 2024, up from 56.1% in 2023. This indicates a significant deterioration compared to the 2019 level of 38.5%, which was much below the median peer. The driver of rising debt is the continuous fiscal support to address economic challenges.

The debt-to-revenue ratio is forecasted at 234% in 2024, significantly surpassing the median peer of 145% for ‘A’ rated. Forecasts also show an increase in the debt ratio to 64.2% in 2025 and almost 70% in 2028, more than previous forecasts.

The uncertainty regarding the extent to which fiscal support can re-ignite the underlying GDP growth remains a key factor contributing to a rising trajectory of debt. Nevertheless, risks stemming from higher government debts are partly cushioned by the high domestic savings rate, which underpins debt affordability and finance distribution. Despite these cushions, continuous rising debt implies the need for prudent fiscal and other measures to ensure long-term sustainability.

Uncertainty in Growth Trajectory
On the economic front, the growth trajectory is likely to envision a moderation phase in China because of the witness of the property sector’s weaknesses and even littler household consumption. The fiscal has remained abnormally accommodative in an attempt to stimulate growth. It is uncertain whether these measures will be sufficient for economic expansion.

Contingent Liabilities and Risks
The risks contingent on liabilities, including LGFVs, also remain a worry – though more such risks are visible even as incremental measures are put in measures to mitigate existing and emerging risks. They present a risk to fiscal resources: some fiscal entities are considered to benefit from expected government support – according to letters obtained.

Meanwhile, nonfinancial corporate liabilities, at 167% of GDP as at end-3Q23, underline the immense size of these risks. In our baseline scenario, we do not foresee large-scale balance sheet support. Instead, incremental support will likely be dispensed through policy institutions and state banks to address possible financial stability risks and preserve economic and social stability.


Implications for Forex Trading

Given the pivotal role of China in the global economy, Fitch’s negative outlook revision has multiple implications for forex trading. As China faces the following challenges, forex traders need to monitor the following factors to interact with this country’s economy effectively.

Investor sentiment and currency valuation
The increased fiscal stimulus and government debt levels implemented in China may negatively affect investors’ sentiment, undermining various currencies’ valuations. Therefore, traders should watch the changes in the attitude toward Chinese assets, as this will have a far-reaching effect on currencies worldwide. This sentiment change may also result in the worsening valuation of the Chinese yuan against other significant currencies, affecting the strategy of forex trading.

Policy developments and market dynamics
In light of economic difficulties, China’s policymakers can introduce certain measures to stabilize the economy. These interventions can include interest rates adjustments and capital controls which impact the overall dynamics of the market and shape the currency’s valuation. Therefore, it is critical to monitor the updates on policies and speculate on their impact on traders’ sentiment and trading volume.

Economic indicators and market sentiment
Forex traders should also follow the Chinese economic health signs that influence the market. Key indicators include GDP growth, inflation rates, and financial losses, each of which can reveal valuable insights into the Chinese economy’s performance. In case any of those indicators are changed, they will cause a change in traders’ sentiment, and their trading strategy as well.

Geopolitical factors and Chinese trade
Geopolitical and trading relations between China and its most active trading partner – the U.S. are also highly influential. Trading negotiations, tariffs increase, or diplomatic tensions tend to cause the currency volatility and market mater uncertainty. Therefore, you should follow the publications concerning those issues and modify the strategy accordingly.


Conclusively
In conclusion, Fitch Ratings’ pays close attention to China’s Long-Term Foreign-Currency Issuer Default Rating following the downgrade of the outlook to Negative. This choice reflects the numerous obstacles that China’s economy faces, from surging fiscal deficits to escalating levels of state debts to doubts about its forecasts of economic expansion. Traders must follow these events carefully in forex trading.

In the context of the global market, the state’s policy alterations and economic and geopolitical performance may influence skilled judgements. With that reality in mind, China’s geo-economic tact has a significant influence on forex trading, and therefore accurate, and real-time trading cannot occur without understanding the ever-changing state of China’s trading affairs.

Everand Business Model – How Does the Digital Library Everand Make Money?

The internet is meant for sharing—and when it comes to distributing documents online, few do it better than Scribd. Dubbed the “YouTube for documents” upon its founding in 2007, it’s grown into a platform that doesn’t just share papers, but also ebooks, audiobooks, and even magazine articles. By the time the company began to consider going public in 2021, Bloomberg believed any such deal would value Scribd at over $1 billion. 

Given its exponential growth, it’s no surprise that the platform continues to update its offerings. It now provides different products and services, including SlideShare for professional documents (think infographics and presentations), the original Scribd website for community-shared files—and Everand for key products including ebooks and audiobooks. 

With KWQC reporting that libraries across the US are particularly struggling to keep up with rising demand for ebooks and audiobooks, Scribd’s offerings through Everand provide an accessible way for bookworms to get their fix. But how exactly does Everand’s business model allow it to meet this demand and make money in the process?

About Everand 

Everand’s digital library takes on its parent company’s former role in offering thousands of ebooks and audiobooks through a subscription plan—along with podcasts, magazines, newspapers, and even sheet music. It’s got something for everyone: the works available on its app range from all-time bestsellers like The Lord of the Rings and more obscure titles like Interpreting Themes in Textile Art to exclusive originals like essay collections curated by Roxane Gay.

Everand also goes the extra mile to do right by its publishers and authors. Through the BookID system, its rapid response group can quickly and accurately respond to valid complaints of copyright infringement. As part of Scribd, Everand is also addressing the rise of AI in publishing by changing its terms of service. Its data can no longer be used by subscribers or partner companies for monetization or to train large language models. These steps have helped Everand better protect the various creators that contribute to its library. 

How Everand works 

Much like Canva’s design platform, Everand works via subscription. Anyone can access its digital library via iOS or Android by paying a flat monthly fee, including people with an existing Scribd subscription. Unlike Canva, though, it doesn’t work on a “freemium” model—instead, users can start out with a free 30-day trial to see if the platform is right for them. Subscriptions can also be canceled at any time, and users can still access Everand until the end of their last billing cycle. 

Everand also boasts a few additional features for readers. Its interface allows users to change color themes and font sizes, highlight text and make notes, organize reading lists, add bookmarks, set a sleep timer on audiobooks, and even find new works thanks to tailored recommendations powered by machine learning. Anything from its catalog can be downloaded for offline consumption, enhancing its convenience and ease of use and providing a more seamless user experience. 

How Everand makes money 

In a nutshell, Everand can keep its subscription at the same price as a single book because it minimizes its advertising costs. The platform instead relies on word of mouth to endorse its features, meaning what users see or hear about it is exactly what they get. Everand also makes money by working directly with publishers. 

In a 2020 interview with Latka, Scribd founder Trip Adler explained that they switched from a freemium to a subscription business model at a time when book subscription services were unheard of. The company thus began its subscription journey working with small publishers, paying them every time readers would get 20% through a book. This strategy eventually drew in bigger names like HarperCollins, allowing the company’s catalog to expand into what’s now Everand’s digital library—and making its subscription services appealing to more readers. 

With demand for ebooks and audiobooks on the rise, Everand is revolutionizing the industry by making money with a subscription business model. In doing so, it’s earned yet another nickname—the “Netflix of books.” Want more posts like this? Check out our other articles here on Postling.

Your Guide To Pursuing a Career in Medical Lab Science

The healthcare industry is vast and ever-evolving, offering a wide range of career opportunities to those interested in science and medicine. A critical yet often underappreciated realm within this field is that of medical laboratory science. This career path draws individuals passionate about driving patient care through the power of lab analysis and technological advancements. If you’re intrigued by a profession that combines cutting-edge science with the satisfaction of contributing to health diagnostics, then a career as a medical laboratory scientist may be right for you. Keep reading to discover how you can embark on this fulfilling journey.

Exploring the Role of Medical Laboratory Scientists in Healthcare

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Medical laboratory scientists are unsung heroes in healthcare, conducting vital analyses behind the scenes. They analyze biological specimens, interpret data, and provide essential results crucial for patient diagnosis and treatment. Accurate testing influences clinical decisions, from prescriptions to surgeries.

These professionals conduct routine and advanced diagnostic work, including genetic testing and biomarker detection, aiding in preventive medicine and treatment customization. They contribute to understanding various medical conditions, from infections to chronic disorders.

Medical laboratory scientists collaborate with clinicians, providing crucial health information and operating complex equipment. They uphold stringent quality control protocols for accurate results.

Despite working behind the scenes, the role is immensely rewarding, offering the satisfaction of directly impacting patient care. For those who value precision and solving healthcare puzzles, it’s a fulfilling career.

Educational Pathways for Aspiring Medical Lab Professionals

Becoming a medical laboratory scientist begins with a strong foundation in science and laboratory techniques, typically pursued through a bachelor’s degree in medical laboratory science, biology, or chemistry.

Undergraduate studies encompass microbiology, hematology, and clinical chemistry, accompanied by hands-on lab training. Accessing financial aid, including scholarships for college freshman, can significantly ease the cost of education for aspiring professionals.

Tailored programs at colleges/universities blend classroom instruction with practical lab experience. Online options like the Online BS in Med Lab Science offer flexibility.

Graduate education allows specialization and advancement, offering research and leadership opportunities in laboratory medicine. Master’s and doctoral programs enable professionals to contribute to the field’s progress and educate future scientists.

Essential Skills and Qualities for Success in Medical Lab Science

A successful career in medical laboratory science demands a robust skill set encompassing both technical and interpersonal abilities. Essential technical skills include proficiency in operating laboratory equipment, conducting complex tests accurately, and adeptness in data analysis and computer literacy.

Attention to detail is crucial to prevent errors that could affect patient care, requiring meticulousness and adherence to industry standards. Effective communication skills are vital for articulating findings to healthcare professionals and collaborating within a team under pressure.

Ethical considerations, such as patient confidentiality and result integrity, are paramount, reflecting a strong sense of responsibility. Continuous learning to stay updated with technological and medical advancements is imperative for professional growth in this field.

Certification and Licensure: Your Keys to a Medical Lab Science Career

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Education forms the foundation for medical laboratory science, while certification and licensure serve as essential gateways to practice and advancement. Certification demonstrates competency and may be mandated by employers, while licensure is a legal requirement, varying by state.

After graduating from an accredited program, candidates can sit for nationally recognized certification exams, such as those offered by ASCP. Certification involves rigorous standardized testing to ensure practitioners meet industry competencies. Maintaining certification often requires ongoing education to stay abreast of evolving practices and technologies.

Licensure ensures that only qualified individuals conduct medical laboratory tests, protecting patients. Each state sets its licensure regulations, necessitating familiarity and compliance for aspiring medical laboratory scientists throughout their careers.

Career Outlook and Advancement Opportunities in Medical Lab Science

Medical laboratory science offers promising growth and stability, fueled by rising demand for diagnostic services due to an aging population and advanced lab tests. The Bureau of Labor Statistics forecasts rapid job growth for medical laboratory technologists and technicians.

Career progression in this field involves gaining experience, further education, and specialization in areas like molecular diagnostics or immunology. Advancement opportunities include transitioning into management, consulting, or establishing private labs. Educational advancement enables roles in research, procedure innovation, or education.

The evolving medical technology landscape offers a dynamic environment for professionals. Adaptability and a commitment to lifelong learning are essential for maximizing career potential. Despite challenges, the opportunities and rewards in medical lab science are abundant and fulfilling.

Overall, a career in medical laboratory science offers challenges, rewards, and growth opportunities. With the right education, skills, and credentials, becoming a medical laboratory scientist is clear. This profession offers stability, promising career prospects, and a chance to impact patient care and public health significantly.

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