What money means to you psychologically

[FX4Newbies]

I agree, even I use price alerts in a same way. Just little curious on how often do you end up adjusting your TP/SL after an alert?

Hi Simon54,

I hardly ever adjust the SL. I would usually place the SL alert 1/3 to 1/2 the distance from my entry price. If the SL alert sounds, then I check to see if there was an error in my analysis or if I didn't follow my method. If yes, I exit and reassess. If no error, I hold the trade, as my stops are strategically placed and would not usually be hit on a retracement.

Regarding the In-Profit alerts. I may adjust them if the TP is some distance away, as I use them to give me a progress report on the trade. Sometimes, I may take profit along the way.

Hope that helps to clarify things some.

 

[Simon54]

Hi Simon54,

I hardly ever adjust the SL. I would usually place the SL alert 1/3 to 1/2 the distance from my entry price. If the SL alert sounds, then I check to see if there was an error in my analysis or if I didn't follow my method. If yes, I exit and reassess. If no error, I hold the trade, as my stops are strategically placed and would not usually be hit on a retracement.

Regarding the In-Profit alerts. I may adjust them if the TP is some distance away, as I use them to give me a progress report on the trade. Sometimes, I may take profit along the way.

Hope that helps to clarify things some.

Interesting, liked your approach in-profit alerts for progress. I'll try tweaking my SL strategy in a similar way.

 

[FX4Newbies]

Interesting, liked your approach in-profit alerts for progress. I'll try tweaking my SL strategy in a similar way.

Okay. It just helps the trader to walk away and still keep tabs on what is happening....

 

[Larisa]

Hi Larisa,

Certainly agree with those key reasons for having it...and lots of it.... for you and others as well as it aligns with your values.

Yeah! it's all about using it to live life on our terms🙌

 

[Larisa]

I completely agree. Peace of mind always comes first and money is just secondary.

Exactly, peace of mind is everything! 🙌

 

[Simon54]

To me, money is a tool for security and freedom. It's about having the peace of mind to enjoy life without constant worry, and the ability to make choices that align with my happiness and values. It's less about the flashy stuff and more about comfort and opportunities.

Absolutely! I feel it is all 'bout living comfortably. How'd you balance saving & spending?

 

[Larisa]

Absolutely! I feel it is all 'bout living comfortably. How'd you balance saving & spending?

I try to save consistently for security, but also leave room to spend on things that truly add value or joy to my life. Balance is key😉

 

[Simon54]

I try to save consistently for security, but also leave room to spend on things that truly add value or joy to my life. Balance is key😉

Agree with you. Any go to splurge that brings joy to you?

 

[FX4Newbies]

I try to save consistently for security, but also leave room to spend on things that truly add value or joy to my life. Balance is key😉

Hi Larisa. Yes, balance is key. Like your statement about saving. Consistency is key...not always easy, but a must-do.

 

[Larisa]

Agree with you. Any go to splurge that brings joy to you?

Probably travel! New places, new vibes😍

 

[Simon54]

Probably travel! New places, new vibes😍

Cool. Like the vibe of exploring new places!!

 

[FX4Newbies]

Cool. Like the vibe of exploring new places!!

And trade while you travel....even cooler to me, especially with longer-term stays. LOL... 😀

 

[Simon54]

And trade while you travel....even cooler to me, especially with longer-term stays. LOL... 😀

Any favourite spot to setup during travel?

 

[FX4Newbies]

Any favourite spot to setup during travel?

These days, it's more where not to go than where to go....with all that's going on in the world. No particular place...but four basic requirements for starters:

1. Safe 2. Excellent and reliable internet 3. Beautiful beaches 4. Great people and good food.

 

[Simon54]

These days, it's more where not to go than where to go....with all that's going on in the world. No particular place...but four basic requirements for starters:

1. Safe 2. Excellent and reliable internet 3. Beautiful beaches 4. Great people and good food.

Absolutely get that vibe. How bout Mauritius/ Thailand? Both seem to tick all boxes!

 

[2be]

These days, it's more where not to go than where to go....with all that's going on in the world. No particular place...but four basic requirements for starters:

1. Safe 2. Excellent and reliable internet 3. Beautiful beaches 4. Great people and good food.

What about yacht with starlink, surely it is fast enough ( I mean starlink), plenty of water and fish around.

Seriously keeping and maintaining a yacht demands a lot of attention and commitment, and even after retiring I find it difficult to find enough time to make it worthwhile, and I live almost next to the marina.
I compartmentalise or at least try to do so, when sailing - sailing, when studying or writing - doing exactly that. when travelling - travelling (though I really do not like hotels, and being in "hotel mode", with very few exceptions usually with a larger group of friends or family.
When I trade I value to be as single minded as I can afford, no alcohol, only coffee, water or tea - how boring!!!

The older I get I desire more simple lifestyle with as little complications as it is possible.
Personally I am satisfied, but also very concerned about the abundance of lie peddling institutions parading as agents of light, prosperity, equity of outcome ect... busy in never ending virtue signalling while creating, defending and rationalising failure, as something desirable and unavoidable while promoting and glorifying victimhood.
Best wishes to all, may many find place and time when responsibilities, liberty and happiness are living together in harmony!!!

 

[NVP]

What about yacht with starlink, surely it is fast enough ( I mean starlink), plenty of water and fish around.

Seriously keeping and maintaining a yacht demands a lot of attention and commitment, and even after retiring I find it difficult to find enough time to make it worthwhile, and I live almost next to the marina.
I compartmentalise or at least try to do so, when sailing - sailing, when studying or writing - doing exactly that. when travelling - travelling (though I really do not like hotels, and being in "hotel mode", with very few exceptions usually with a larger group of friends or family.
When I trade I value to be as single minded as I can afford, no alcohol, only coffee, water or tea - how boring!!!

The older I get I desire more simple lifestyle with as little complications as it is possible.
Personally I am satisfied, but also very concerned about the abundance of lie peddling institutions parading as agents of light, prosperity, equity of outcome ect... busy in never ending virtue signalling while creating, defending and rationalising failure, as something desirable and unavoidable while promoting and glorifying victimhood.
Best wishes to all, may many find place and time when responsibilities, liberty and happiness are living together in harmony!!!

yep - try to keep it all simple - life , trading , and everything else - clutter sucks - complexity sucks !

 

[2be]

yep - try to keep it all simple - life , trading , and everything else - clutter sucks - complexity sucks !

Good to hear from you NVP.
I have not been here for some time.

Best wishes,

 

[FX4Newbies]

What about yacht with starlink, surely it is fast enough ( I mean starlink), plenty of water and fish around.

Seriously keeping and maintaining a yacht demands a lot of attention and commitment, and even after retiring I find it difficult to find enough time to make it worthwhile, and I live almost next to the marina.
I compartmentalise or at least try to do so, when sailing - sailing, when studying or writing - doing exactly that. when travelling - travelling (though I really do not like hotels, and being in "hotel mode", with very few exceptions usually with a larger group of friends or family.
When I trade I value to be as single minded as I can afford, no alcohol, only coffee, water or tea - how boring!!!

The older I get I desire more simple lifestyle with as little complications as it is possible.
Personally I am satisfied, but also very concerned about the abundance of lie peddling institutions parading as agents of light, prosperity, equity of outcome ect... busy in never ending virtue signalling while creating, defending and rationalising failure, as something desirable and unavoidable while promoting and glorifying victimhood.
Best wishes to all, may many find place and time when responsibilities, liberty and happiness are living together in harmony!!!

Hi 2be,

The yacht is an idea I had not considered. It certainly would provide the needed privacy and the opportunity to trade in a relaxed environment if you're into ocean living. Whatever the choice, keep it simple. Totally agree!!!