Take Charge of your Financial Future
In This Video:
00:39 How Secure is your Financial Future?
02:26 Trading Gives you Unbridled Control
03:43 The Forex Week that Was
Do you want to put the trust of your financial future into someone else’s hands or do you need to take control of your financial future yourself?
Let’s talk about that and lots more, right now!
Hi Forex Traders, it’s Andrew Mitchem here. I’m the owner of the Forex Trading Coach and today is Friday, the 27th of February. I want to talk about your financial future because it’s really important and it’s the aim and the topic of this webinar/podcast – It’s just to highlight a few of the risks, I suppose, of giving away the control of your financial future.
How Secure is your Financial Future?
I’ve got a great example here, I’ve printed it out – I’ve got a copy open on the screen behind me here and it’s from the New Zealand Herald, which is the local national newspaper here in New Zealand. And the headline is – New Zealand Super Fund, which is like a retirement pension fund, loses $200million after a risk-free loan to a Portuguese bank. Now, this was a headline this week!
I just wanted to read the first line – “Almost $200million of tax-payer money invested in a Kiwi super annuation fund has been lost after a Portuguese bank, where the money was supposedly in a risk-free loan, collapsed.” Now, that’s a huge amount of money – it’s tax payer’s money – it’s something that a lot of people have to contribute to through their wages, into like a national retirement fund and that 200million’s been lost in supposedly a risk-free venture there.
So, the question becomes, if you give up your control of your financial future to someone else – whether it’s another company, whether it’s a property investment company; any sort of financial investment that you’re handing control over to someone else – what can you do about that when things go wrong?
A lot of people do hand money over, or in terms of the government super annuation funds like the one over here in New Zealand, it’s not so much voluntary – you have to contribute towards those funds and then you find that huge errors occur. The fees keep continuing, don’t they? You notice the fees never stop, yet the performance is never related to the fees in a lot of cases. And, one of the things, I suppose, when it comes back to trading is “I’m in control!”
Trading Gives you Unbridled Control
Whether I make good trades or bad trades, profitable trades or not profitable trades – that’s purely up to me! So it’s up to me to understand what I am doing; having the education or the knowledge within trading. But, the good thing is, once you have that education and that knowledge, and you know what you are doing, the returns that you can make for yourself are often substantially greater than most other ways of generating income or generating a return on an investment.
So it really does make you, sort of, question really what are you doing about your future? Are you someone who just likes to hand control over and let someone else manage that or put it in a bank and then it’s almost nothing, like we’ve talked about in many of the recent podcasts – or do you want to take control yourself and really that’s where, I suppose, as a Forex coach, I can help you with that.
Because, Forex offers so many of the great benefits that we’ve all come to know and see. So yeah, just wanted to point that out and just to get you thinking yourself – you know, what are you doing about your future? Your financial future! If you want to take control then do something about it.
The Forex Week that Was
On the markets this week – well, we’ve seen the British Pound (GBP), we’ve seen the New Zealand Dollar (NZD) and the Australian Dollar (AUS) rise, quite considerably this week but I’ve just noticed that overnight, so Thursday heading into Friday, the US Dollar (USD) has strengthened a lot. So for me heading into Friday, looking at the longer time-frame charts – the daily charts, 12-hourlies, 6-hourlies, 4-hourlies – I’m now looking for selling opportunities on a lot of pairs so for the U. S. Dollar (USD) to strengthen and drive down the likes of the Euro/US Dollar (EUR/USD), the British Pound/US Dollar (GBP/USD), the New Zealand/US (NZD/USD); the Aussie/US (AUS/USD), and many other pairs as well.
But to me, on the charts, the US has strengthened significantly overnight, which is, now giving us good selling opportunities on a lot of the U. S. Dollar related pairs.
So, coming back to what I’ve started with – taking control – I can see what’s happening on the charts. For a lot of this week, I’ve been looking for buy trades on those pairs I’ve just mentioned. Now, all of a sudden, I’m seeing potential sell setups, so I’m look at changing the direction that I’m looking at trading for today and looking to profit from that!
The beauty of Forex, of course, is earlier in the week I was profiting taking buy-trades on a lot of those pairs. Today I’m looking at profiting taking sell-trades! So, the future’s in my hands, and it’s up to me to make that work rather than handing that control over to a complete stranger and seeing what, you know, a lot of these so-called experts are doing with these government investments related industries. For me personally, I want to be in control so hope you do too!
So this is Andrew Mitchem from The Forex Trading Coach, look forward to talking to you this time, next week!