Traversing text in Insert mode

Question

While in Insert Mode in Vim, is there any way to traverse the text moving some characters forward and backward other than using the arrow keys?

If I

Answer 1

For some frequently used movements and actions, I have defined the following mappings. This saves a keystroke compared to the CTRL+O combination and since I need them frequently, they pay off in the long run.

inoremap  $
inoremap  ^
inoremap  
inoremap  
inoremap  O
inoremap  o