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.