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

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Achieving Financial Goals: Forex Trading And Mining Tips For Toronto 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 your path to financial freedom.

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

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

Whenever I see someone giving good ratios, I pay attention. The last time I came across this interesting item was from a Family Inc book.

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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 with some of my personal examples, where I show you what the charts might look like in real life.

Tabulate your net worth periodically. Maybe once a month. or once in a quarter. You should have a nice graph.

Personally, I would track 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 for budgeting for some time.

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

Sarah says that if you qualify for the best 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 Toronto Residents

Debt to income ratio is something I don’t measure but for those with debt, I found it to be a good continuous measure.

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You’ll find out how many months you can go without a paycheck before you feel the effects in your daily life.

And I think more of us should look at it that way rather than just emergency savings. It allows us to see more liquidity and utility of our cash.

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

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

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

My income from investment is estimated with 3.5% initial withdrawal rate. This means I take my liquid net assets (cash and money on the side + investment portfolio) and simulate an income equal to 3.5% of liquid net assets in the first year. For subsequent 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 track 2.8% and 3.5%, one conservative and the other relatively less conservative.

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

If there were real statistics, I thought they would relate to this better if we did it for customers.

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

Perhaps, the conversation will change from many strange models to talking about planning for your past, present and future expenses.

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

So if you want to keep track of these months month by month, maybe pay attention to these 6 things.

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Another thing I’ve noticed is that more and more, I’m moving away from the traditional way of financial planning and focusing on some of these rules.

If you understand the meaning behind them, they are easy to focus on, easy to track, not so boring and it helps to focus on important content.

You can work out your net worth, months of safety/freedom, financial freedom quotient, and debt to income ratio over time.

Achieving Financial Goals: Forex Trading And Mining Tips For Toronto 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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Interactive Brokers is my preferred broker to trade and custodianize my investments. Interactive Brokers allows you to trade in US, UK, Europe, Singapore, Hong Kong and many other markets. Options too. There are no minimum monthly charges, very low forex fees for currency exchange, very low commissions for different markets.

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Kyith is the owner and sole author behind Investment Mots. Readers tune in to Investment Motes to learn more about building stronger, stronger asset bases, how to have a passive investment strategy, investing in REITs, and 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 wealth advisory firm. All views expressed on Investment Mots are their own and do not represent the views of Providence.

Their investment broker of choice is Interactive Brokers, which allows them to invest in securities from various exchanges around the world at very low commission rates, with no custodian fees, close to spot currency rates. Sure, I can give estimates based on numbers – but that won’t do anything to help you actually achieve profitability.

If you take a look at these points, you’ll be well on your way to understanding exactly what you need to do to achieve your goal of becoming profitable.

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

Earning 10% from your account every month as a goal may seem achievable, but the reality of trading is different. Most experienced traders will not achieve this goal.

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The simple reason is that losing trades is a common occurrence – we have an entire article dedicated to this topic that you can check out here.

You have to set your sights on a bigger time frame and accept the reality of losing. Some months you may lose 10%, while the next you may see a 15% profitable month.

Ultimately, you need to set your sights on an annual goal when it comes to finding consistency.

Even then, the word consistency is misused. Some years you may not have account growth because it is a difficult year to trade, like 2019.

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When it comes to profitability, the most important thing that needs to be consistent is your daily trading process and approach.

If you can find consistency in your method, you’ll be better placed to make adjustments and comb to adjust your results. This is essential if you want to achieve profitable results as you need to play to your strengths and not your weaknesses. Keeping a journal allows you to do that with great precision.

Trading is a numbers game and with price action trading strategies, we build strategies in such a way that the numbers are in your favor.

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

If you stick to a minimum RR (risk-to-reward ratio) of 1:1.5, your win rate doesn’t need to exceed 50% to be a profitable trader!

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This highlights the previous point that you need to be open and accept the reality that you will lose.

If you can master this, you will gain freedom in your trading and overcome the psychological stress that comes with losing. Our society avoids losing, making it difficult to accept.

Because it is possible… if your average target is less than your average stop loss size, it will happen to you.

While you can instead be consistent and stick to the numbers game by achieving profitability. If your average target profit is 1.5 RR, you only need to win 40% of trades to break-even – anything more and you’re profitable!

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One of the most important long-term processes you will go through in your trading career is finding your trading style.

We all assess risk differently, prefer different risk levels, prefer specific timeframes and trading styles such as day-trading, scalping or long-term approaches.

The great thing about a strategy is that it provides you with a foundation of strategy that you can then build upon.

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

In my experience, flexibility and adaptability with strategies is really important. If I wasn’t flexible and open to different interpretations, I wouldn’t have thousands of students.

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I have seen hundreds of variations on my strategy now that students have developed it over time. As they understand themselves more as traders, the strategy adapts and grows with them.

Tweaking a strategy is a more advanced aspect of trading as it needs to be balanced with a consistent approach.

However, when done correctly, it is extremely profitable, both metaphorically and literally. If you want to read more about this area of ​​trading I know how to experiment with your strategy.

Finding your style takes experience, so don’t rush it

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