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27 Ways to Save money to TradeSaving money to trade, or in general, can be a pain. Either it drops your quality of life, or you find that you just can’t save a cent at the end of the month. No matter what you’re earning, I’m going to show you exactly how to save money the easy way. Here are my 27 favourite money savings tips with a couple of personal notes… SAVINGS TIP #1: Stick to your shopping list Write your shopping list down on a piece of paper or on your phone, and stick to it to avoid overspending. When you are prepared for what you have to buy when it comes to your grocery shopping, this will more likely stop you from buying extra items you don’t need. SAVINGS TIP #2: Pay with hard cash Pay using real money instead of swiping your debit or credit cards. When you pay with a card, instead of cash, you’ll find that you’ll spend more money on unnecessary items than you should or with money you don’t even have. Personal note: While I’ve been living and trading in Greece, I find this is the best savings tip I’ve used so far. SAVINGS TIP #3: Pay yourself firstay yourself first As soon as you’re paid your salary, wage or income for the month – deposit a portion of that money straight into your trading or savings account. I like to use the 10% rule, but this all depends on what you can afford to deposit. This means, if you earn R60,000 per month deposit R6,000 into your trading account or savings account each month. SAVINGS TIP #4: Don’t shop when ‘hangry’ or emotional Avoid shopping when you’re feeling hungry, thirsty, angry or upset. You’ll find you’ll spend more money than you should. In a recent study: Hungry mall shoppers who were hungry spent on average 64% MORE than non-hungry shoppers. Make sure you have a nice meal and drink lots of water, before you go on your next shopping trip. SAVINGS TIP #5: The ‘cookie-jar’ approach When you empty your pockets, at the end of the day, drop them into a yearly cookie jar for your savings. You’ll be surprised how many thousands of rands you’ll be able to save, collect and be able to deposit into your trading account for the next year. SAVINGS TIP #6: Use the 24-Hour-Rule Before paying money for non-essential and expensive items on clothes, cosmetics, appliances or even tools, just wait 24 hours before buying it. You may find that you’ll lose that desire to buy them after 24 hours, which will save you tens of thousands of rands a year. Maybe when your parents said “sleep on it”, there was method behind their madness. SAVINGS TIP #7: Go generic Save a ton of money by buying the generic prescription medicines instead of paying a fortune for the name branded drugs. Ask your local pharmacist or physician if you can have the generic prescription drugs instead of the brand-name drugs. You’ll find that the generic products cost far less than the brand names, and will work equally well. SAVINGS TIP #8: A quick breakfast that lasts a week Breakfasts are not only the most important meal of the day, but can also be the quickest, easiest and most inexpensive meal for the day. When you eat a full and healthy breakfast, you’ll find it will keep you from going out to eat an expensive lunch… Personal note: For the last two years, I have had the same breakfast which I make once and it lasts an entire week. This has truly been life-changing as it makes my day start with one less decision to make before I get on with the rest of the day. It’s called “Overnight Oats”. If you’d like to see my personal recipe feel free to click here… SAVINGS TIP #9: Follow the 30-Day-Rule Before you buy something really expensive, give it 30 days and then decide if it’s worth it. I’m talking about items like jewellery, motorbikes, paintings, juice extractors and any other item that can cost over R3,000. SAVINGS TIP #10: Don’t be fooled by sales Avoid sales and don’t be duped by discounts, special offers, buy 1 get one free etc… Remember this for every time you see a sale for 50% at the next Black Friday’s Special. “You’re not saving 50% of your money, you’re spending 50% of your money that you weren’t planning to spend in the first place.” SAVINGS TIP #11: Skip the alcohol and bottled water! When you go out to a restaurant, avoid spending unnecessary money on alcohol and expensive water bottles. A standard restaurant can mark up their cost of alcohol by three to five times. Instead order just plain water or even a sugar free soda. Personal note: In Europe I have noticed that when you ask for tap water, they pour it from a bottle of expensive water (R30) anyway. This is due to the danger of drinking tap water in Europe. SAVINGS TIP #12: Own your doggy bag Ask your waiter to put the food that you didn’t finish in a doggy bag, so you can save money on lunch for the next day. People are far too embarrassed about everything nowadays which I think needs to stop. There should not be a stigma attached to taking leftover food home. Everybody easts, drinks and sleeps. And when it comes to the food you ordered at the restaurant, you paid for it so why waste it? This will also save you money, time and effort the next day for lunch, which will make your trip to the restaurant EVEN MORE WORTH IT. SAVINGS TIP #13: Put three items back after shopping When you’ve added extra items to your shopping that weren’t on the list, to avoid overspending, put back at least three items that you believe you can live without. It’s very easy to walk through the final naughty aisle grabbing a whole bunch of crisps, chocolates, biltong, dried fruit and even a bottle of juice. SAVINGS TIP #15: Cut down on smoking and drinking Try to cut down your smoking and drinking by half the number per day. This is really tricky to do but if you put your mind to it and challenge yourself, I know you can achieve this. Personal note: What I do with smoking is I’ve limited it to two in the morning, two in the afternoon and two at night. This tip has saved me hundreds of rands per week from buying more boxes and I will continue to try cut it down until I’ve quit completely. SAVINGS TIP #16: Fill up your milk with water As soon as the milk reaches, the half way mark – fill it up with water. YOU WON’T TASTE THE DIFFERENCE. As a parent or as a milk drinker, it can be extremely expensive to buy milk on a daily basis. SAVINGS TIP #17: Become a vegetarian (at least once a week) At least once a week, switch to meatless dishes which will help drop your grocery bill. Replace it with: Chickpeas, couscous, okra, rice, sauerkraut, quinoa, beans, nuts, pasta dishes etc… You’ll be surprised what you can find at your local supermarket. Personal note: Inspired by my cousin, she insisted I cut meat out just once a week. I call this day “Meatless Monday”. EXTRA MONEY SAVINGS TIPS #18: Grow your own vegetables #19: Sign up for loyalty cards #20: Track your spending on your finance budget app #21: Make meals that will last a week e.g. Lasagna, casserole, giouvetsi, gemista, soups, roasts, ratatouille etc… #22: Buy the generic foods rather than the expensive name branded foods #23: Pay careful attention to expiration dates #24: Check your eggs in their boxes and your vegetables in their packets #25: Freeze your foods in bulk #26: Eat a meal before going to a restaurant #27: Keep to Pay-As-You-Go with your cell phone account and use the Wi-Fi to call on WhatsAapp This will be fun! With these savings tips you can watch your money grow in your savings and trading account!
JSE:J200Education
by Timonrosso
🎓 EDU 7 of 20: Use the Power of Intermarket Analysis 🔀Intermarket analysis is an often neglected and overlooked type of analysis among traders. However, it's a powerful tool that can help you anticipate future price movements by following the performance of other, closely-related markets. Intermarket analysis refers to the analysis of other asset classes that can provide valuable and actionable insights into related markets, such as forex. In this part of our Intermarket analysis lesson, we'll be focusing on a specific asset class that has a very close connection with currencies: the sovereign bond market and yields. As you already know from my previous educational posts, currencies tend to follow interest rates. With the fall of the Bretton Woods agreement, currencies became freely-floating and capital started to move to places with the highest yields, which meant higher returns for investors. For example, if Australia has a 3% interest rate and Japan a 1% interest rate, investors could buy AUD to collect a 3% rate and short JPY by paying a 1% rate, leaving them with a net profit of 2%. This is how carry trade work, and the long AUD/JPY was one of the most popular carry trades given the large yield differential between Australia and Japan. That's why you need to follow yield differentials in your trading. The chart above shows the EUR/USD pair, and the 2-year yield differentials between 2-year German bonds and 2-year US bonds. Notice that we're using German bonds (also known as "bunds"), since Germany is the largest European economy. To add yield differentials to your chart, simply hit the "+" (compare) above your chart and type in "DE02Y - US02Y" with a space between the symbols. This also works for other currencies. Here is a list of symbols for the major currencies and their respective bond yields: US02Y, CA02Y, GB02Y, DE02Y, JP02Y, AU02Y, and NZ02Y. The currency should be self-explanatory from the symbols (note, we also the German 2-year yield when analyzing CHF.) Notice how the exchange rate closely followed the differentials in yields. When German yields rose compared to US yields, capital inflows to the euro area increased demand for EUR, which lifted the exchange rate. Similarly, when US yields rose compared to German yields, capital inflows to the US increased demand for USD, and the EUR/USD pair fell (meaning a stronger USD.) The dots you see on the chart are the individual bond yields (DE02Y and US02Y), because I like to have a picture of why the yield differential line is rising or falling (i.e., did the line fall because US yields are higher, or because German yields are lower?) We are using the 2-year yields, because they tend to closely follow the monetary policy stance of the respective central bank. In other words, when the ECB turns hawkish, the DE02Y tends to rise (signaling higher interest rate expectations), which in turn would push the yield differential line higher (and most likely the EUR/USD pair as well.) In the next part of Intermarket Analysis, we'll take a look at how other markets can impact currencies, like metals, commodities, and energy. Please hit the "Like" button and follow, so you won't miss future trade ideas and educational posts!
Education
by MujkanovicFX
Fighting the need to be right in the marketsIn most industrial countries the educational system was created not to truly teach students, but to generate good workers for factories and other companies. Yes, we want these highly trained individuals to be able to think critically and generate new ideas. However, we want them to be excellent employees who follow the boss's instructions. So, how do we do that? We do it through our educational process where children learn that the teacher is always right. Children attend school for 12 to 16 years, and it is often reinforced that the instructor is always correct. For example, as a student, you are required to take tests. You learned that if you get fewer than 70% of the questions correct, you are a failure. "Why didn't you receive 100?" your father asks when you show it to him. So, your father expected you to be correct as well. As a result, we have a strong desire to be correct. If you don't get it correctly at least 70% of the time, you're labeled a failure. However, you want to be correct 100% of the time so that your father does not criticize you. As a result, you begin to criticize yourself first in order to solve the problem before your dad does. Let's take that and apply it to the stock market, futures market, or any other investment you could make. You want to be correct, and that to you means making money. Let's assume you buy a stock for $100 and know how to establish a stop loss: if it drops below $95 per share, you'll sell. Let's assume the price falls to $95 per share. You really want to be right, so you'd be wrong if you got out, or at least feel like you were. Your mind races with ideas such as, "It's simply a temporary setback." "Analysts expect a significant boost in earnings this quarter; I'm reluctant to sell at this time." "What if a few traders are manipulating the downturn?" So you hang onto the stock and watch it fall even further. It drops to $90. Now you have a 2R loss. If it was hard to take a 1R loss, it’s even harder to take a 2R loss. And all the same, arguments apply. Thus, you hold onto your stock. Now the stock drops to $85 and you have a 3R loss. You know you really should get out, but now your portfolio is down $4k and you can really write off $3k in losses, so you’d better keep this stock. You know it will turn around. Now you know why a psychologist and an economist won the Nobel Prize in economics for basically showing that it was very hard for people to take losses. People according to those Nobel prize winners become much more “tolerant of risk” when they are behind. The Nobel winners also showed that people tend to tolerate little risk when they are ahead, making it difficult to let profits run. People tolerate risk more when they are behind (i.e won’t cut their losses) and tolerate risk less when they are ahead (i.e they won’t let their profits run). So what can you do about your need to be right? Instead of focusing on being right, focus on not making any mistakes, whereas a mistake occurs when you don’t follow your rules. Your rules should be the golden rules of trading (previous article material). If you consider breaking these rules as being wrong (i.e., making a mistake), you’ll find that suddenly you can make money in the stock market or any other investment field. In short, you must think in terms of probabilities and statistics. As a result, you can pay attention to just following your system, and making as few mistakes as possible, because when you do that, you “know” what your results will be in the long run (knowing the expectancy of your system). Trade with care. If you like our content, please feel free to support our page with a like, comment & subscribe for future educational ideas and trading setups.
BINANCE:BTCUSDEducation
by financialflagship
30
DXY (US DOLLAR INDEX) LONG BIASIf Dollar Index Weakens XXX/USD goes up. If Dollar Index Strengthens XXX/USD does down. Looking at DXY I can see a Reversal Pattern form inside the box with a Pin Bar, Doji and what looks to be a Bearish Engulfing Candle. However, the market is uptrending & this could easily be a retest on 98.00 for a continuation upwards to fulfill the -0.27% extension. Plan A: We have got a fair bit of USD news coming out in 5 hours following this week will be NFP and Client Sentiments show that the vast majority of Retail-Traders are Shorting the USD and Longing XXX/USD, So I choose to observe the masses and do the opposite which is have a long Bias on USD...Also I dislike going against the trend of the market;) Plan B: I will not be looking to Short the USD unless there is a clear break of the Counter-Trend line. Targets at -0.27%
TVC:DXYEducation
by Lm7ee
How MacD Plays An Important Role In Divergence?Hey Traders, Here is my idea about divergence by using macd. First thing first, trend never stays in one direction forever. Sometimes it moves up and sometimes it moves down but how do we know that in anytime of near future we are expecting a reversal. In the pic below, we can clearly see that on AUDUSD trend is massively down from arrow area and everyone is looking to sel l this pair. And every time when this down trend pullbacks we get a better price to sell (as if we are getting a higher price to sell) but think for a minute, when everyone is looking to sell and waiting for a pullback to happen so they can join the massive downtrend who will be the buyer? And how long we can sell a currency? Obviously, it can't remain in one direction (sell in this case) forever. Now in the next picture notice one thing when the price starts to fall down we see a LL and LH and we start selling this AUDUSD pair then another LL and LH and another sell then another LL and LH and another sell. Now we all now that we are making a LL and LH so when market is making LL and LH who will be interested in buying? NO ONE... After first 4 big pushes down, notice one thing all trend pushes seem to be weaker than they were initially and pullbacks are coming in deep. When momentum starts to fade out that will be the first sign that market may REVERSE in near future. A healthy trend always have momentum and health in it. If momentum starts to fade out and trend starts to loose its health what happens that those trend pushes starts to become smaller and weaker and pullback starts to come in deep. This is when Macd comes in handy. In the next pic, you will see after being in a downtrend for so long when you get the first sign of trend is now loosing its power (momentum and health) how you can use macd to confirm. This pic shows that when we were making LL and LH, on Macd we were also getting the same thing, but at the very right bottom of the pic we can see that we had LL and LH but on macd , story was totally different, we had HH and HL so this is the 2nd sign of possible trend reversal and this is time when Macd comes in handy on finding the reversal with divergence. So, in order to confirm we just have to go 1 time frame lower which is 4h in this case to see either we have a HH and HL on 1 smaller tf or not. We can see in above pic after ranging for quite long on 4h we finally had a HH and HL and then the buyers started to kick in. After divergence, buyers came in hot.
Education
by TheFalconTraderOfficial
1
Why its SO important to stay DISCIPLINED!!!Here is a great example on why it's so important to stick to your plan and follow your rules 100%! GBPAUD 60min Bear TCT: Notes are on the chart Would you have been disciplined enough to watch the market get 99.9% to Target #1 and sit through a 150 Pip Reversal and losing half of your profits? Then watch the market come down and Double Bottom just ahead of Target #1. Seeing a Bullish Hammer at the Double Bottom? If you did have enough Discipline/Focus then you would have been rewarded with a lot of Pips! In these situations I always remember what my Mentor preaches... "It's all about Process over Outcome". What this means is that it's not about the money or pips you make but its about your process of trading. Will you follow your Trading Plan that you have backtested? Will you stay Disciplined? Will you stay Focused? Will you forget about the money and just focus on the Process!!!??? If you can then you will be that much closer to succeeding in this business!! Happy Trading :)
Education
by PateSkpate
28
10% Equity increase every monthSimple rules 1 - Never trade with money you cannot lose. 2 - Always stick to your plan. 3 - The 1% rule is 1% of your total funds / 4 = how much you should risk per trade. For example: if you have 20000$, 1% = 200/4 =50$ risk 4 - There are around 20 trading days in a month since trading is closed on weekends. You want to enjoy freedom. 5 - After you reach your monthly or daily goal, stop. 6 - During the first year you increase your equity; during the second year you will earn profit and increase your equity. 7 - Have patience; making money consistently takes time and research. 8 - Never ever lose a trade that is in the green. When trades go sideways, take your profit. 9 - Keep practicing to keep your winrate above 30%, fail to do so and you will lose money!! 10-Get the right tools for your job. If you have to spend 40$ or 100$ to get your winrate to 60%, it's worth it. s27.postimg.org Winrate/Profit with R/R 2.5 10 trades 100$ loss 250$ win 20% good 80% wrong (2*250)-(8*100) = -300 30% 70% = (3*250)-(7*100) = 50$ profit 40% 60% = 4*250 - 6*100 = 400 profit 50 50 = 5*250 - 5*100 = 750 profit 60 40 = 6*250 - 4*100 = 1100 profit 70 30 = 1750 - 300 = 1450 80 20 = 2000 - 200 = 1800 90 10 = 2250 - 100 = 2150 100 winrate = 2500 profits. If you like this plan then thank you hope it will help u understand abit about the risk and goals u need to set to take this sage. I means if u do so according to this plan u can make 2k profits before TAX in the bank the 2nd year u start with 20k giving u a nice 1500 buck profit a month (depending where u live) working from ur home. You can start @15k , i suggest 20k , if u have spare money u can do 50k and start earning 2k in de bank in year 1. It`s possible tostart with 10k and 1k but that will means that ur earnings will decrease compared to the tabel. I made this plan for 20k and 50k and is doing what its supposed to do , making money and Equity wil grow. 1st year Equity growth. 2nd year start earning 2k amonth before tax. 3rd 4k bfore tax a month 4th 8k a month 5th 10k a month 6th 10k a month 7th 10k a month 8th 10k a month 9th 10k a month 10th year Equity @ 300 mil
Education
by r.d.b.solutionz
3
The benefits of trading a demo account Forward testing your strategy : After you have made up your mind about what and how you are going to trade, there are 2 options, backtesting and forwardtesting. The benefits of backtesting is that you gather a lot of data about your trading plan in a short amount of time. The drawback however is that there is very little involvement or emotion in it. In hindsight it's easy to see if your plan would have worked or not, but how would you have reacted while in a trade. That's where forward testing comes in. Admitted it takes a lot more time to get confirmation of your trading plan, but you get the feeling that you are really trading, including the emotions (if you take it seriously). Learn from your mistakes : While forward testing on a demo account you will make mistakes like entering trades early, overtrading (too many trades), cutting profits short, being biased about direction etc ... All kinds of mistakes you make at the beginning of your trading career which will cost you a lot if you're not on your demo account. Make those mistakes and learn from them, eliminate your mistakes one by one while on a demo ! Fine-tune your trading plan : Once most of your mistakes have been ruled out, you can really start to see the potential of your trading plan. Is it profitable ? Does it meet your expectations ? While on a demo account you can tweak it or even go back to the drawing board, it does not cost you anything except some effort. Deal with drawdowns : No matter how good your trading plan, eventually you will have to deal with a drawdown, days or even weeks that the market seems to turn against you. This is an awful experience but it's something we have to learn to deal with. Perfect opportunity to stick to your plan and gain confidence, eventually trade smaller position sizes until things start to work out again. All reasons above are why I suggest trading on a demo account for a longer period of time before trading live. There are a couple of things to keep in mind though if you want it to work : treat your demo account as if it were real money, set your starting equity of your demo to the amount that you would start your live trading account with live the emotions of trading and learn to control them take your demo account seriously, follow your plan, use risk, money and position size management learn from your mistakes and gain complete confidence in your trading plan Conclusion : Yes, demo trading is and always is trading with virtual money, however the reality factor depends highly on yourself and how you consider it. Treat your demo account as if it was real money, follow your trading plan and gain confidence that it works (if it doesn’t go back to the drawing board). That, for me, is the best possible preparation before spending any money in the market. One last thing : don't feel bad about the money that you would potentially have won if you were trading live, I'm sure you would feel a lot worse about the money that you would have lost. Trade your demo account as long as it takes, don't be in a rush to loose money. What's your view on trading demo ? Do you think it's beneficial ? Leave your comments below !
Education
by Nico.Muselle
29