Securing Your Financial Future
#379: Securing Your Financial Future
In this video:
00:31 – Coronavirus re-emerges again
01:28 – Government job payment ends soon
02:35 – Where does this leave you and your future?
03:43 – It’s time to consider the Forex market
05:22 – Few other businesses are as good as the Forex market
06:05 – Learn how to trade first
07:06 – How to find out more
So the coronavirus continues to cause mayhem around the world. What are you doing to try and secure your financial future? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 379.
Coronavirus re-emerges again
Glorious day. So I thought I’d come outside here and talk about actually what is an extremely important subject to almost everybody. Here in New Zealand, we thought we were doing really well with coronavirus. We were paraded around the world as having a hundred days of no coronavirus in the country. Now, all of a sudden, Auckland has gone into lockdown, and the rest of the country has gone up to a higher level. I’m guessing next week, the whole country potentially could be locked down.
So things are not quite as good as everybody thought they were. Of course, around the rest of the world, the same picture is applying with countries getting second waves and more lockdowns. Although that is, I suppose, annoying from a day-to-day living point of view, there’s a far bigger problem, of course, going on, and that is money cannot just keep getting printed. Governments around the world cannot just keep propping up jobs that really are now not needed or there’s no demand for them.
Government job payment ends soon
Here in New Zealand, on the 1st of September, all the handouts for the jobs that the governments are just keeping people going, that stops on the 1st of September. What happens then? All those jobs. People are artificially propped up right now. Yes, that had to happen, but governments cannot keep printing money.
Here in New Zealand, the official cash rate stayed at 0.25%, and they’re talking the next step they can do. Well, pretty much, the only thing they can do is to take it negative. Now, this is New Zealand. This is a country that only a few years ago had one of the highest interest rates in the world. We had this thing going on called the carry trade whereas New Zealand interest rates were very high, Japanese rates were very low, and people were just basically making money on the massive interest rate differential. But of course, here we are in the same position as the rest of the world. They are potentially talking about going negative on the official cash rate. Now, that’s just never been even heard of before, and
Where does this leave you and your future?
So where does this leave you as someone either with a job, or someone that’s looking to retire soon, or even someone young that’s looking at getting into a job? Where does this leave you?
It’s not particularly good, and although I hear… Here in New Zealand, certainly, there are lots of people spending money. There’s people spending money on lots of cars, and sparkles, and all these type of things, which is fantastic to keep the economy running because people are not spending money on big overseas trips this year because they can’t, but that’s really good to keep the economy propped up. But none of these things are actually to do with investing. They’re all buying shiny objects, and that’s the problem I have with our government here.
They just keep spending money and spending money, but not once have they actually thought about how they’re going to create money, and invest, and… Yeah, so that. That spend money mentality cannot just keep going on forever. We have to get to a stage where people start to save, people start to invest, and actually try to create money.
It’s time to consider the Forex market
That’s where I think it is really important that you consider. If you’ve not gone into the Forex market, you’ve got to consider looking at the Forex market. If you are in it, then you’ve got to make it work for you. You’ve got to get trading properly. Really important you can do that.
Look, I just want to run past a couple of numbers that I’ve just written down here. Just last week, if you did nothing else on our membership site and just followed our daily trades, you’d have made over 1% gain on your account, and that was quite an ordinary week. It wasn’t a very good week at all, but we still made a 1% gain on the daily trades with high percent risk. On trades posted on our forum site just twice a day, we made a 3.5% account gain, again, with high percent risk just on trades posted on four, six, eight, and 12-hour charts. So all up. If you did absolutely nothing else and just followed a couple of trades that we posted on our membership site and our forum site with very low controlled risk last week alone, which was quite an ordinary week, it wasn’t very special, you’d have made a 4.5% account gain.
Now, you go find me a bank that’s going to pay you 4.5% in a year. We did that in a week. Yes, it’s fantastic to achieve results like that, but more importantly, what I believe is, very important, is it’s what it teaches you. You then have the ability to look for these same traits. You understand how to read the markets, how to read the charts, how to look after yourself going forward, how to look after your family. What happens if your job disappears? What happens if your traditional investment in a bank, or in a commercial property, or something like that stops or just drastically reduces?
Few other businesses are as good as the Forex market
Very few other businesses are like the Forex market. What I mean by that is if you want to do it right, yes, you need to put some money in upfront to invest in yourself. That’s why I believe in education. Yes, you need some money, obviously, in an account. You can’t trade thin air. But what you have to realise is to trade, it doesn’t mean to say you’re going to go out there and have to spend years and years at university. It doesn’t mean to say that you’ve got to go and buy a business in town and spend hundreds of thousands of dollars on rents, and leases, and product, and all that, and staff, and all that type of thing. You can do this with very, very minimal cost, and you can learn how to make a very good steady percentage gain.
Learn how to trade first
Now, I had a question from someone the other day. He said, “Andrew, look. I just don’t have a large account.” Well, learn how to trade first. Sell signals. Trade money for other people that you know, family, friends, things like that. Just small scale. You don’t need to go into big scale and get licencing, that type of thing, but just… The important thing is to learn how to do the trading first. Look, 4.5% just last week. Are we going to do that every single week? No. Of course, we’re not, but 4.5% just last week. If you can do that consistently over time and get that kind of level, 1%, 2%, 3%, 4%, 5% a week. Sometimes a negative 1% or 2%, but that’s going to happen. That’s trading. But if you can get to that kind of level, people are going to be desperate to have someone like yourself, once you know how to do that, trade for them because really, what other options do they have?
So that’s why it’s important to start small, to get education, to join a community of like-minded traders with a system that works.
How to find out more
If you’d like more details, I hold a couple of free webinars each week. One for new traders, one for more experienced traders. I urge you, if you’ve not been on those, to jump on board with one of those webinars. Just pick the one that best suits you. Get on board. Look after yourself. Future-proof yourself by educating yourself in the Forex market. So I hope that helps. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #379: Securing Your Financial Future