How Are the Fuel Prices Where You Live?
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#449: How Are the Fuel Prices Where You Live?
In this video:
00:29 – Russian invasion of Ukraine
01:06 – Massive global inflation
01:48 – The price of fuel
02:56 – What can you do about it?
03:33 – Trading is one of the best ways ahead
04:14 – Fast tracking your trading income
05:09 – Clients making great returns via Prop firms
06:20 – Crypto trades make us +7.1% gain in 1 day
07:22 – Blueberry Markets are my broker of choice
The Russian war is affecting everybody, but let’s see how you can protect yourself from its downside effects. Let’s talk about that a more right now.
Hey traders, this is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 349.
Russian invasion of Ukraine
Well, obviously the Russian invasion of Ukraine is getting massive international news right now. And it doesn’t really matter whether you live in Europe and it’s relatively close by. You may even be in Ukraine itself. And obviously it’s a massive issue, or you could be in the US or South America, South Africa, Australia, New Zealand, you could be thousands and thousands of kilometres away from physically being there, but it still has an effect on all of us.
Massive global inflation
Now, over the last couple of years, obviously with the incredible amount of spending that governments have done around the world through handouts and cost of COVID, there’s all these massive, massive costs that have built up and there’s not been so much production.
What we’ve obviously seen over the last sort of, well, part of this year so far, is inflation going to massive record level. And now you add on top of that, the issues that have been created with supply chains and oil and gas prices from the Russian invasion of Ukraine, and you’re getting like a double whammy.
The price of fuel
Now, I know here in New Zealand, the price of fuel is just going through the roof. I know I put a lot of fuel in the helicopter to fly. The price has gone crazy. Obviously, for shipping here, everything has to be brought in because unfortunately no longer do we make anything here. So everything has to be brought in. The cost of international shipping, not only the time delays, but the cost of doing it, is through the roof.
I talk to people in America all the time, their fuel price is getting crazy. I’ve talked to people in Europe and they reckon that it’s now uneconomical for some people to put fuel in their car to go to work because the price has gone up so much. So all of this, the inflation cost, the cost of living, the fuel, all gets harder and harder to run your daily lives. Your cost of living. You pay your mortgages. Add on top of that places like New Zealand here, where we still have these ridiculous job mandates still due to COVID and people have lost their jobs because they’ve chosen not to get jabbed. So you’ve got so much spiralling out of control here.
What can you do about it?
What can you do about it? Well, you can go and ask your boss for a pay rise. Good luck with that. See how that goes. Probably not going to happen in many cases, probably not going to get the favourable answer that you’re looking for. You could go and win the lottery, go and win a horse race, but it’s not likely to happen. Is it? So the third way is what are you going to do about it yourself? What are you going to do to create a new source of income, a passive income, a side hustle?
Trading is one of the best ways ahead
And that’s where it always comes back to me that trading wins hands down every time. Sure, you can go and invest in some property, but you got to take on more debt. You have to find tenants, especially if it’s commercial these days. Not very exciting buying a shop in town in most places around the world with everybody online and not going to towns. So, property has some advantages especially if it’s like residential, but you still have lots of disadvantages. If you’re looking for income and you’re looking to gain a skill, then learning how to trade to me is without doubt the best way that you can do this.
Fast tracking your trading income
Now, also, when it comes to that is how can you then fast track the income that you make from trading? And over the years we’ve discussed selling signals and things like that, which can help. But more recently, you’d have heard me talk a lot about prop firms. Now, prop firm is where you trade for a prop for another firm. And after an evaluation process, they give you a fund and you have criteria to meet, but you then make profit on that. You then have a profit share. Now I’m in discussion with quite a few well known prop firms right now to see how we can work together to get some good deals for you guys for joining them. And I’m also working with some investors to see about creating our own, the Forex Trading Coach prop firm. And we are getting quite close on that as well. When I have more information, of course, I’ll be sharing that with you.
Clients making great returns via Prop firms
But with our clients, we have a lot of clients that are making incredible returns from prop firm trading.
Now, if you work your way up through the prop firms, then let’s say you get to yourself into the stage of trading a million dollar prop firm account, and you’re on a 70-30 profit share, when you make 10%, a million dollars round numbers means you made $100,000. Whether that takes you a week to do that or six months or a year, doesn’t matter, you’ve made $100,000. It’s not even your money. So on a profit share of 70-30 means that $70,000, 7-0, $70,000 of that $100,000 that you’ve just made is yours. Now, you can then continue with million dollar accounts. You might even, depending on your prop firm, go to a $2 million account. And next time you make a 10% return, 70-30, you’ve suddenly made $140,000 for you, not even your money to start with. So you can see how it’s important to learn how to trade first. But once you can do that, how you can soon fast track the returns that you make.
Crypto trades make us +7.1% gain in 1 day
Now talking of returns, on Friday of last week, I mentioned three crypto trades that we put on our membership site on the last video that I made. Go and have a look at it if you don’t see it. Those three trades by risking half of 1% on each. So if all three trades went wrong, you’d have lost one and a half percent. They made, because all three were profitable, a massive 7.1% gain on your account. 7.1% in a day on three trades. Today I’m taking three trades in one hour from now. It’s currently 4:00 PM, New York, Thursday evening. My Friday morning here. And I’m looking at taking three trades on the close of the daily chart. Let’s see how they go by the time you watch this. So this will be a good test. I’m taking a short position on the Euro Aussie, the Euro Canadian and the Euro New Zealand. So by the time you get to watch this, it will be your Sunday or Monday, and you can get to see how those three trades went. So those are the three that I’m taking on the daily charts for today.
Blueberry Markets are my broker of choice
And when it comes to looking for a broker to use, I can highly recommend Blueberry Markets. As mentioned last week, I’m now back onto their MT5 platform. I’m loving MT5, loving the ability to look through a lot more different markets and easy scan through different timeframe charts. But look, Blueberry Markets are great guys, great platforms, fantastic spreads. The best customer service you will find. I’ll put link to Blueberry Markets on here, have a chat with them. The guy I deal with is called Ben Clay, awesome guy. And they will help you out with anything that you need with your trading. So have a great weekend, look out for the three trades that I’ve just mentioned. By the time you watch this video, they would’ve happened. And I’ll see you this time next week. Bye for now.
Episode Title: #449: How Are the Fuel Prices Where You Live?