How Big data can be useful for Forex Brokers?
What’s Big Data? Big data is referred to a data set which is so complex or large that traditional data processing applications are not enough to handle it. Some of the challenges which into your way arecapturing, analysis, search, data curation, transfer, sharing, visualization, updating, querying and information privacy. Big data provides accuracy which could result into confident and reliable decision making process due to which there would be efficient operations and reduction of costs along with reduction in risk. Big data varies based on the capabilities of users and their expanding techniques make them a moving target. For few of the organizations, handling hundreds of gigabytes of data for the first time could trigger the requirement to reconsider the data management options. For other it could take hundreds or tens of terabytes before the data size which has become significant consideration. How Big data can be Beneficial for Forex Brokers? The major impact of the Big data in the market of Forex trading across globe is quite extensive, but many of the brokers have not yet accepted its power. With the focus on the cloud computing, software could analyze each and every broker’s trade in the real time stamp and could spot the patterns which are based on the actions of numerous of trades which have gone before them. The only means to understand is by building a reliable model which is based on what has moved before. With most of the trading platforms, you must have observed that numbers of trades are depicting the details like when they occurred, what specific time of the day, who has done it and many more options. Even though it could be mind-boggling for individuals to analyse, advanced tools and data scientists could crack the codes and provide you with required insights with comfort. What does Big Data analysis means to you? It refers that you could analyze your customer’s data, as a group and come up with the new ways to sell your deals and services. You would be aware that when you need to ping your customer and congratulate him on their performance on the demo account and then can recommend them based on their trading to move ahead with the live trading account. Even with help of the Big data, you could mass mail at the peak times, or individually at the point when they are thinking about you. It also means that you would come to know in advance that when the trader is slowing down or losing interest and even at some point can prevent them from becoming a former client.
If a basic level trader, is able to get the statistical analysis on their finger tips then surely be quite effective for whatever sales or marketing activity you are doing. Then you would be having a more effective brokerage with suitable trades which could be on your finger tips. With the basic level, you could suggest if demo traders is consecutively making 3 positive trades and based on which they do send the personalized mails and focus on upgrading to the live accounts. Read More Mandatory Tools for MT4 Forex Brokers