Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents


Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents – I listened to Sarah Newcomb’s interview on Morningstar’s The Long View last week and watched her as she shared some very interesting things.

In the interview, she shares 5 different metrics that she thinks are a good idea to track on your path to financial independence.

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

Every time I see someone give a good ratio, I pay attention. The last time I came across something this interesting was from a family company book. You can read about them here on the Family Wealth Health Scale.

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If you track them over time and plot them, the data tells a story about your progress.

We go through each of these, along with some of my personal examples, where I show you what the charts look like in real life.

Periodically tabulate your net worth. Maybe once a month. or once a quarter. You must have a good graph.

Personally, I would follow the different types of net worth or net equity because they tell a different story:

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Tracking net worth and observing progress is something I’ve been advocating about budgeting for a while.

The advantage is that you don’t have to worry about the little things if you can do them well.

Sarah says that if you qualify for better interest rates and credit cards, keeping your debt/income ratio below 36% is a good guideline.

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

Debt to income ratio is something I don’t measure but for those who do have debt, I thought it was a pretty consistent measure.

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You will get the number of months you can go without a salary before you feel the effects in your daily life.

And I think more of us should look at it as more than emergency savings. This allows us to see our greater cash flow and profitability.

So in May 2021, the number of months is 641 months. This means that in theory I have 53 years of monthly expenses in a row.

Assuming based on #1 if I don’t work, I can have a simple life that costs $36,000 a year.

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Based on #2, you have two income streams. One is an investment property that pays $12,000 a year and a $300,000 investment portfolio. You can apply an initial withdrawal rate of 4% and it is estimated to earn you $12,000 per year.

My income from the investment is estimated with an initial withdrawal rate of 3.5%. This means I take my liquid net worth (cash and money on the side + investment portfolio) and simulate an income equal to 3.5% of liquid net worth in the first year. For future years, I will adjust the income based on prevailing inflation. So this is inflation-adjusted income.

If you want to be conservative.. use a rule of thumb that is lower, maybe 2.8%. I follow 2.8% and 3.5%, one is conservative and the other is relatively less conservative.

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

If there were real figures, I thought if we were doing it for the customers they would communicate it better.

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Financial stress is a qualitative measure. You take a pulse from 1-10 where 1 is never and 10 is always, how often you worry about your financial situation.

Perhaps, the conversation will talk about planning your past, present and future expenses from many strange models.

You can only keep track of aggregate data. My personal experience is that this is the information to follow:

So if you want to track it month by month maybe focus on these 6 items.

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Another thing I notice is that a lot, I deviate from the traditional financial planning approach and focus on a few of these rules of thumb.

If you understand the meaning behind them, they are easy to focus, easy to follow, not so boring and it helps us all focus on important things.

You can use your net worth over time, months of security/freedom, financial independence share and debt to income ratio.

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

I have invested in a diversified portfolio of exchange-traded funds (ETF) and stocks listed in the US, Hong Kong and London.

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My preferred broker to trade and hold my investments is Mutual Brokers. Interactive Brokers allows you to trade in the US, UK, Europe, Singapore, Hong Kong and many other markets. Options too. There are no minimum monthly expenses, very low Forex fees for currency exchange, very low commissions for various markets.

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Keith is the owner and sole author behind Investing Mots. Readers enter Investing Mots to learn and build strong, solid wealth foundations, how to have a passive investment strategy, invest in REITs and learn more about the nuts and bolts of active investing.

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Kyith worked as an IT Operations Engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist at Provident, a fee-only asset advisory firm. All investment views are his own and do not represent the views of the offeror.

His investment broker of choice is Mutual Brokers, which allows him to invest in securities of various exchanges around the world, at very low commission rates, without custodian fees, at the spot currency rate. near Trading is the process of converting a currency with the intention of making money from changes in exchange rates. Currency pairs, which are the foundation of the Forex market, are essential knowledge for successful trading.

Currency pairs are the foundation of the foreign exchange market, also known as the forex market, which is the largest financial market in the world. In the Forex market, traders buy and sell currencies to make a profit.

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

A currency pair consists of two currencies, the first currency is the base currency and the second currency is the rate currency. Knowledge of currency pairs is essential for currency trading, as it enables traders to assess the relative value of two currencies and make informed trading decisions.

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A thorough understanding of the secondary currency in a currency pair can help traders identify trading opportunities and manage risk, while an understanding of the base currency can help traders assess the potential return on their investment. .

Currency pairs serve as the backbone of Forex trading, illustrating the value of one currency in relation to another. For example, if the EUR/USD currency pair is trading at 1.2000, this indicates that 1 Euro (EUR) is equal to 1.2000 USD (USD). This link enables traders to profit from changes in currency values.

Currency pairs are divided into three types: major pairs, minor pairs, and foreign pairs. The classification is based on characteristics such as trading volume, liquidity, and the global economic importance of the currency.

Major currency pairs are considered less volatile than minor and foreign currency pairs, making them predictable and easier to trade. They are typically traded with tight spreads and offer high liquidity, making them popular with traders of all levels.

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The most common currencies in the world are US Dollar (USD), Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD). . ), and the New Zealand dollar (NZD). The main pairs are as follows:

Major currency pairs account for around 85% of global forex trading volume. They offer high liquidity, tight spreads, and constant price movement, making them popular among traders.

Minor currency pairs, also known as cross currency pairs, do not include the US dollar. They are made up of other major currencies, such as the euro, the Japanese yen, and the British pound.

Achieving Financial Goals: Forex Trading And Mining Tips For Newcastle Residents

These currency pairs are traded less frequently than the major currency pairs, but they can still offer profitable trading opportunities for Forex traders. Since minor currency pairs are less liquid than major currency pairs, they tend to have wider bid-ask spreads and may experience larger price swings.

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Traders who want to trade smaller currency pairs may be prepared to deal with higher volatility and potentially greater risk. Some common minor pairs include:

While smaller pairs are less liquid and have a wider spread than larger pairs, they still offer significant trading opportunities due to their strong ties to major economies.

Foreign currency pairs are traded more frequently than major and minor currency pairs and may be more volatile due to the higher risk associated with emerging market economies. Foreign currency pairs often have wide spreads and low liquidity, making it very difficult for new traders to trade.

However, experienced traders may find profitable trading opportunities in foreign currency pairs due to their unique price movements and potentially large profit margins.

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A foreign currency pair consists of a major currency paired with the currency of an emerging or small economy, such as Brazil, Mexico, South Africa, or Turkey. Examples of foreign pairs include:

Foreign pairs usually have lower trading volume and less liquidity than large and small pairs. As a result, they are often wider

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