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Financial freedom: 6 tips you must adopt as soon as possible

Develop a millionaire Mentality

You can never become what you do not want or you think you can not be. In addition, there is also a theme related to the commitment and responsibilities with which you must learn how to measure. If you are not richer then you will not become materially. If you are not financially free at the psychological level, you will not be economically.

Find a bigger Purpose

Why do you want to become financially free? What would you do if you were already financially free in the morning?

You must have a high purpose to reach important economic goals. The high purpose is what can give you the great motivation to start doing what you need and that is what will give you the determinative action to acquire the useful habits to accomplish what is needed. A superior, strong, highly motivating purpose is the only thing that can make you steady. Constancy, being able to do continuous and systematically determined activities is one of the key elements to gaining financial freedom.

You need to have a Plan for your financial freedom

Who do not plan is still planning something … he is planning to fail. Financial freedom is first in mind, then in actions and hence in numbers. So you must have a plan to reach it. You must first assume the ability to handle the money. Do you have a personal / family budget? Do you have goals in terms of savings and investment? Are you controlling the money or is he controlling you? Do you have a Plan that tells you exactly how and in what times will you reach the goal?

70tradesreviews-investing-forex-70tradesSave and Invest constantly

No matter how much you earn today or how much you will earn tomorrow. What matters first is your ability to save and invest … constantly and systematically. Every month, month after month, continually, whatever happens. How much are you saving every month? How much are you investing every month? Which system are you using to succeed in this fundamental intent? Consistency in investing is more important and is more important than investing ability. You’ve read it well, who tells you the opposite, tells you shit!

Decide what investmentsĀ 

You have to follow your attitudes and then your abilities. Not all are suitable for all types of investment. Decide what to do and specialize on what you think you can do best, gaining the right skills. When you have achieved excellence in this area, go to the next, because diversify is important.

Learn how to buy and sell

The best deals are done when you buy it. Exceptional deals are made when you know how to sell in the best way what you have bought in the best way. Buying well by negotiating and knowing how to sell are, fortunately, qualities that you can learn.

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Trading: 5 Useful Tips

Even though you need to look at ratios, charts, and numbers, the truth is that trading is more an art than a science. Although you need to know what you’re doing, only talent can make you succeed.

One of the main secrets of the best traders in the world is actually pretty simple: they are disciplined and experienced. They keep analyzing themselves to understand what is making them trade, and they just learn through experience to keep away from both greed and fear.

The next 5 useful tips are great for both beginners as well as to more experienced traders since they can help them make more profitable trades.

#1: Define Your Goals And Define Your Trading Style Accordingly:

When you decide to start trading, you can’t (or shouldn’t) take some money from your savings account and see where it may take you. Although trading doesn’t need to be complicated or hard, you need to know a few things before you even start. And one of the most important things is for you to define your goals.

One of the problems many people have when they start trading is that they keep saying that their goal is to make money or to be rich. These are not measurable goals. You need to define a realistic goal for yourself or you’ll simply get lost. As soon as you have this one defined, it’s time to choose the trading style you’re going to adopt. Your trading style depends on your risk profile, on the amount you have to trade, as well as on your attitude or personality. While some people just can’t fall asleep knowing they have an open trade on their hands during the night, others just don’t care about it and prefer the long-term trading, where they aren’t concerned with the daily activity.

Make sure that you don’t go against your personality or this might go very wrong for you.

#2: Choose A Methodology And Be Consistent:

Before you decide to become a trader, you should already know what motivates you to buy or sell. While some people prefer to rely on the “real” economy, the fundamentals, others prefer to use solely the charts to determine their entry and exit trades.

While fundamentals are often seen as precious mostly to long-term traders and technical analysis to short-term traders, there’s nothing stopping you from using both. Let’s say that you’re looking at the fundamentals of a company and you believe they are gaining market share, that their sales should increase, and there’s really no competition. So, you’re adopting a fundamental analysis. However, you may take technical analysis to decide the best entry point.

No matter what you decide, there’s no right or wrong here. The only thing that you need to do is to be consistent with your choice while allowing some room for changes since the market is always changing.

#3: The Entry And Exit Time Frames:

Either when you’re looking at a stock, a currency pair, or a commodity, you may get confused if you’re getting the opposite information from different time frame charts. Let’s say that you’re seeing a buying opportunity on the weekly chart but the intraday chart says that it is actually a sell signal. So, what do you do? It depends from where you are basing your trading decisions. If you usually use the weekly chart to make your trading decisions and it is saying that there’s a buying opportunity, just wait for the intraday chart to show you the same to enter the trade.

#4: Small Losses Can Be Great:

When you are trading, you will have wins and you will have losses. That’s a fact. Not even the best trader in the whole world is able to avoid this. It’s just the nature of the market. The better you are prepared for the losses, the most chances you have to succeed.

Just fund your account looking at the money as if you were going to spend it on vacations. As soon as they are over, so is the money. This will help you deal with losses in a better way.

Whenever you have a small loss, don’t get angry or blame the market. Just analyze what you did and learn from your mistakes if you made some. Remember that you were able to turn it into a small loss. It would be a lot worse if you let the trade sank.

#5: Build Up Your Confidence:

When you’re trading, it’s important to have confidence in your skills and abilities. However, how can you be confident if you never traded in your life?

This is something that is gained with time and with positive trades. When you manage to have several wins in a row, your confidence will increase over time.