Target 1 :1.115
Target 2 : 1.118
I take this opportunity to share something close to my heart as well.
Why you should be involved in trading/investing ?
1. If you had done any brick and mortar business before like setting up a retail shop or run a service business, then you know how much time, capital, resources ,etc you need to put in to get it going. Just to get it going less to talk about profitability.
Where I am from (Singapore), land is expensive so rental of warehouse, office space costs huge sums of money for a starter. Then you factor in miscellaneous costs like marketing, working capital, delivery , there are just so many hidden costs that you may not know UNTIL you are in it.
Lesson learnt - to stay away from businesses that require fixed start up costs,e.g.. retail business.
In trading or investing, all you need is a laptop and/or mobile phone and you can go places. There is no set up costs at all, the platform is free. No stocks to hold thus no warehousing costs.
No need to even print name card (unless you want to).
2. Time - When I was in that business , I literally work round the clock , even retiring to bed I am thinking of the business. How to make my stock moves faster ?How to collaborate with other brands ? How to advertise for free and get the impact ? How to this and that ? More questions marks on my min than answers. And most importantly, where to find my customers and make them buy more and more ?
In trading and investing , OMG. I am relieved of all this problems. I choose the time to trade ( morning i can trade AUS, JP, ASIA , evening I can trade EUROPE and at night till morning I can trade US). I also do not need to find any buyers or sellers. I can either buy and/or sell contracts (long or short) depending on the products I choose. How nice !!! There is always a buyer or seller at the other side of the globe and I do not need to provide customer service, follow up call, etc
3. Tax - there is no tax to pay at the end of the year. What you make in the stock market is yours to keep. How nice is that ? (you may have to check the country that you reside in)
4. Experience - When I lost my business and money, the naysayers come around and say things like - you should have known better, do not do this and that , etc. I shunned away from them coz that was not nice to hear and not supportive at all. Sadly, it is like committing a sin when you failed. Wish the culture look upon failing as part and parcel of life.In trading/investment, you do not need a degree, deep industry knowledge, get a license (think insurance professional, real estate salesperson,etc). Anyone can trade/invest (think the legal age is 18). You require minimal computer knowledge and even if you do not know what is AI, machine learning , scrubbers and IMO , you can still trade based on chart and make a hell lots of money.
5. Holidays - when you are in business, you hardly or never take an off day. Even on Sunday, you can't rest your mind as you are constantly thinking what to do, how to do the next activity to get your business up and running. In trading, when you made the profits you wanted, you can cash out , take the profits and go for a holiday or just rest at home. You decide how many days off you want, really. And that flexibility can be scary to some as it has been for me when this newfound freedom with no boundaries make you wander and wonder how best to handle it. Trust me, you will get a hang with it and being humans, we dislike time void so we will find things to do to occupy it.
6. Digital economy - as the world starts to evolve and change with so many things becoming digitalised , it can feel a little cold and steal that sense of belonging you used to have. Many jobs will be replaced, reduced or made redundant as machines become smarter and can operate at better efficiency than humans. My kids are into watching Youtube daily and wanted to become a youtuber (ie. making money out from making videos on youtube). This is the same in China where people are forking out lots of money to learn how to make their videos viral and get increase subscriber base. This trend is not going to stop anytime soon. Makes me wonder if going to school to learn math and science is still necessary ?
7. Control - I think at this point of my life, this should be the most important reason why I choose trading and investing. Control. I have control over my time, my products (forex, , cryptocurrency, , stocks, ETFs, etc) and my level of income. When I was a corporate animal , I had to slog hard to make that sale, clinch that deal, etc all to win the performance review at end of year. Be it a single or double digit increment, you continue to slog for another year, whether you like it or not. In trading, I am in control of my finance. Like Bob Proctor, my mentor said, how would you like to make your annual income your monthly income and make your monthly income your daily ? Give yourself that challenge , find interesting ways to compete with yourself , sharpen your skills constantly and seize the opportunities when it comes.
8. Generation - The skills set you have developed over the years and the portfolio that you built can be handed over to your next generation. Example, if you bought FB shares at a good price and decades later if it continue to go higher and you are no longer around, you can pass it on to the next generation. Unless it is your own business, no matter how much you work for the company, the clients, the products, the system belongs to them. To try and replicate all that requires time, capital and network and not all are prepared to do it.
I sincerely hope all new traders out there can read this article and share with as many friends as possible. Of course, the above pointers are my personal experience and does not reflect others , so take it with a pinch of salt if you like. The earlier you start and make all the mistakes you can ,the better it is. Then again, when is the best time to trade. NOW.