Cutting Expenses and Increasing Income
There are steps you can take to get a handle on your finances – and your financial stress. The very first step is to figure out if your income covers all of your current expenses. An increase in expenses or a drop in income usually means a change in lifestyle. The sooner you look at your household budget, the more options you have and the better off you will be in the long run. Once you have a better understanding of where your money is going, it’s time to look at ways to make the best use of your hard-earned dollar.
Cutting Expenses
If you find that your expenses are more than your income, you can take steps to develop a spending plan and move toward balancing your budget.
Begin by listing your expenses, starting with expenses that provide basic needs for living. Some of these are fixed, such as rent or mortgage payments, car payments, or installment loan payments. Some are variable, such as clothing or consumer goods. These expenses have some flexibility.
It is important to know what you are currently spending to find ways to reduce spending and balance your budget.
After you have your list, the next step is think about what can be reduced or completely cut out. Think about how a repeating weekly or daily expense will add up over an entire year.
How can you save more?
Buy gently used clothing. Instead of spending BMV:60 or more on name brand jeans with holes, your teenager may find “cool” jeans for $6.
Save on energy costs. Turn down the thermostat 5 degrees. Turn off lights or a television when no one is in the room to save money on the electric bill.
Deferring on a repair or doing it yourself. If you don’t have the skills or the tools, perhaps there is a neighbor or friend that can help.
It is essential to stick to your spending plan. With less income, each spending decision is critical. Finding ways to pinch pennies can add up to dollars you can use to make ends meet
Even in good economic times, financial experts recommend a spending plan for effective money management. But good financial planning is an even more essential tool in tough times. Setting priorities for spending is a necessary step in finding a way to balance your budget-especially when you have less money available to spend.
What do you want to learn in the next post?
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How to trade Support and Resistance levels? BINANCE:BTCUSDTPERP
Support and resistance levels - are price areas on the chart where the price has ever changed its direction. This place always attracts traders, because near the levels there are obvious places for setting stop losses and entering a trade. Also, there are always limit orders of large buyers or sellers near the levels.
We can say that the level is the price area in the market, where traders consider the price to be too high or too low, depending on the current market dynamics. Therefore, it is always important to pay attention to key levels at which support and resistance have reversed roles or there has been a strong price rebound. We can designate support and resistance levels as the place in the market where traders are more willing to buy or sell, depending on current market conditions. This creates a collision zone between buyers and sellers, which often causes the market to change direction.
What are levels?
Support level is an area on the chart with the potential strength of buyers. The moment when buyers enter the market. The resistance level is an area on the chart with the potential strength of sellers. The moment when sellers enter the market with a large volume, which allows them to take advantage of the buyers and stop the price increase.
When the price breaks the support level, the support becomes resistance.
Conversely, if the price breaks through the resistance level, the resistance becomes support.
- On higher timeframes, support and resistance levels gain more strength. It is important to pay attention to the nature of the price movement from the level:
- If the price immediately turned from the level into the opposite trend, then this level can be considered significant.
- If the price tests a certain area several times, making a small pullback, most likely, this level will be subsequently broken.
How to draw levels on the chart?
Support and resistance levels are not lines on the chart, but areas or zones. No need to try to draw them exactly according to the shadows or bodies of the candles. Strive to achieve the maximum possible number of price touches of the levels. This will usually require you to move the level up and down until you find a spot where the market touches that level the maximum number of times.
You do not need to rewind the chart far to mark all the important levels. Most often, traders look only at the current monitor screen. Therefore, 100-150 candles will be enough. Most of the levels you will need will be based on price action over the past six months.
Focus on key levels that are immediately visible. Don't draw too many levels on the chart. Try to keep only the main ones and discard the secondary ones. If you find yourself wasting too much energy looking for levels, you are probably drawing more levels than you really need.
How to use support and resistance levels in trading?
A level is a place for a possible entry into a trade. If an additional confirming signal appears at the level, you can think about opening a position. Stop losses are placed by levels and possible targets for profit fixation are determined.
In books on technical analysis and on the Internet, you can often read that the more often the price tests the level, the stronger it is. But this is a gross mistake. In fact, the more the price touches the level, the weaker it becomes.
Imagine that we have a support level. The price bounces from this level because there are buyers in the market. If the price often returns to the level, this means that buy orders are gradually being executed. And when they are fully executed, then who will buy? Therefore, when there are no buyers at all, the price breaks through the level.
It is important not to forget that support and resistance levels are, first of all, zones, and not exact lines on the chart. Otherwise, you may encounter two problems in your trading: the price does not reach the level and the price goes beyond it.
When the market gets close enough to the level without hitting it, you may miss the trade because you were expecting a trading setup to appear exactly at the level you chose.
In a situation where the price goes beyond the level, you think that the level has been broken out and you try to trade the breakout, but this often turns out to be a false breakout.
How to solve these two problems? Very simple. Always treat support and resistance as zones on your chart, not exact lines.
How to find out what will break the level?
As we already know, support is an area with potential buying pressure. Therefore, when the price approaches the support level, it should turn into the opposite trend. But what if this does not happen and the price starts consolidating at the support level?
This is a sign of weakness as the bulls are unable to forcefully push the price up. Or there is strong selling pressure in the market. In any case, this situation does not look optimistic for the bulls and the support will probably not be able to resist.
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✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes.
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Pitchfork and Its Modifications From ScratchHi, traders!
Trading View gives us great opportunities to gain as much profit from analysis as it’s possible. Many tools indicators, including custom indicators let traders to extract all insights from the price action plot. However, many of us don’t know about very useful tools that TW gives us “from the box”. Well, today we’ll speak about pitchfork and its modifications.
Pitchfork
The technical indicator known as Andrews Pitchfork is not that well known and is rarely used by novice traders. However, it is a quick and easy way for traders to identify possible levels of support and resistance for price. It is created by placing three points at the end of previous trends and then drawing a line from the first point that runs through the midpoint of the other two points. The reason this indicator is called a "pitchfork" becomes apparent from the shape that is created in the chart.
How to draw?
Put the first point to the start of a new trend, second point on the next higher high, and the third to the lower low.
Shiff Pitchfork
But it’s good when we have no corrections. Try to draw pitchfork after it and you’ll fail. Fortunately, this problem has been solved with Shiff Pitchfork.
It has the same properties like the Original one, but the “corrections bug” is fixed.
How to draw?
Put the first point to the start of correction (pump), second point on the next higher high/lower low, and the third to the lower low/higher high.
Well, frankly speaking, the Original Pitchfork works well only on trend markets. For the corrections Shiff Pitchfork was invented. But what should we do with other cases? choppy market< for instance? Don’t worry, everything has been already invented.
The Modified Shiff Pitchfork
The Modified Shiff Pitchfork is heuristic above the Shiff pitchfork that specializes on sideways market movements.
How to draw?
Put the first point to the start of sideways movement, second point on the next higher high/lower low, and the third to the lower low/higher high.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
Getting Pounded - Reverse cowgirl!!! GBPJPYSo everyone and their mothers are having it in for GBP right now, right?
So, let's seperate from the herd of sheep, and break out for a nice reversal here. Think of it like the best manga porn you have ever seen. You think it's finished, but oh no! It keeps on going!
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