money Archives | Page 10 of 16

Do You Really Have What It Takes To Be A Trader?

Do you want to trade as a career but, you do not know where to start? How about you get to know yourself first?

Begin the journey by examining your relationship with money and life. Do you view life as a daily struggle or as an endless opportunity? Have you lost money recently through your daily activities and are you hoping that the financial markets will treat you better?

Wherever you are right now and whatever your belief system is, your personality will influence your perspective on your profits and losses. This is why it is important to include self-worth into the mix. Analyze your strengths and weaknesses and examine whether you have what it takes.

Marc Pearlman shared his observations based on his experiences as a professional trader and money manager. According to him, here are the tangible qualities that aid in success at day trading:

1. POURING HARD WORK

It is no surprise that hard work tops the list. Since trading is a skill, it needs to be developed through time. A lot of people view trading as a hobby or as a substitute to gambling however, this should not be the case. People only end up bad when they treat financial markets as casinos and not as businesses.

2. PRACTICING DISCIPLINE

Marc compared trading to going to the gym. For example, people may have been frequenting the gym and yet have no noticeable changes in a year. He says it is be due to the lack of discipline and goal-setting, which I agree on. Trading is no different. You must have discipline and concise strategy to reach your goal!

3. KNOWLEDGE IN PROBABILITIES

Making money through trading does not mean that you have to be perfect all the time by making right calculations. Instead, the key is to lose as little as possible when your call is wrong and gain as much as possible when your call is right.

4. LETTING GO OF THE DESIRE TO BE ALWAYS RIGHT

If you would rather be right than make money then, trading may not be for you. In trading, you cannot be right all the time! Furthermore, some may even be wrong more than they are right.

Image Credits: pixabay.com (License: CC0 Public Domain)

To accompany these desirable qualities, here is a website that I found that can help you test your skills in Mathematics, Logical Sequence, and more. You may adjust the difficulty by choosing either Easy, Medium, or Hard.

How To Stay Healthy Despite of The Terrible Hazy Conditions

Our air quality worsened on Monday due to the shift in the prevailing winds that brought denser haze from Sumatra. In fact, the 24-hour Pollutant Standards Index (PSI) entered the “unhealthy” range last Sunday according to the National Environment Agency.

For your knowledge, a PSI reading of 0-50 is okay, 51-100 is moderate, 101-200 is unhealthy, 201-300 is very unhealthy, and 301 and beyond is hazardous. At the time of writing, the 24-hour PSI readings from 1am-12am today ranges from 148-184. Yes! That is certainly unhealthy.

Short-term exposure to unhealthy haze can cause irritated eyes, runny or stuffy nose, dry or sore throat, headache, and fatigue. In some cases, it can even affect one’s heart and lungs that higher PSI readings can cause breathlessness.

So, how do you stay healthy despite the haze?

You must wear the N95 mask to ensure full coverage when you breathe. But, the best way is to stay indoors (with an air purifier and air conditioner) as much as possible!

While staying inside the walls of your home, you do not have to spend money or sulk in boredom. You can enjoy playing video games, board games, and a bunch of other activities like…

1. LEARNING SOMETHING NEW FOR FREE

Upgrade your knowledge and skills with the quality online resources that are available for free. There are two websites that I am fond of namely: Khan Academy and Code Academy. Khan Academy offers a myriad of courses and exam preparation modules. While, Code Academy offers classes in 6 different programming languages. You can definitely complete the course and be well versed in several programming scripts!

2. EARNING EXTRA MONEY

Use your free time to earn extra money by selling your underused and unwanted items on Gumtree or Carousell. Then, spend more time by cleaning up your closets and drawers in the process.

You may also complete some online surveys and get compensated with cash or redeemable rewards in websites such as My Survey and SurveyCompare.

3. QUALITY TIME WITH THE FAMILY

Lastly, use this valuable time to enjoy the company of your family. Catch up on the lives and the latest projects of every family member and indulge on a great session of cooking, games, or movies. These kind of moments are best spent with the ones you love. 🙂

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

The Future Of Money: No Paper Currencies And Plastic Cards

Money is an integral part of our lives. Its birth dates back to the beginning of the civilization. Now, money is viewed as a legal tender generally consisting of paper currency and coins. Time and technology paved a way for money to transform beyond its value. Interacting with money is far different from when we traded thousands of years ago.

In fact, a decade ago, I never thought that digital currency in the form of bitcoins will ever occur. Bitcoins can only be made by mining, which is done by solving complicated mathematical problems. Also, bitcoins are capped so that no one can ever create an unlimited supply of it.

Interestingly, the designers at a global design firm called Method envisioned the future of money in different ways. These are just three of their ideas:

1. MONEY AND PHYSIOLOGY

Method looked at what can happen when you connect your physical well-being to your purchases. They designed a toothbrush that would harvest hormonal data from one’s saliva twice a day. This said data would sync to your spending habits through an App. The App would give you an idea about the items you are buying and why you are buying them. Thus, this can help explain and monitor your spending.

2. MONEY WITH A PERSONALITY

Method took the futuristic concept further by give money a personality. Five employees were assigned with digital personalities such as Mindful, Jealous, Hedonistic, Adventurous, and Frugal. For example, the employee with the Adventurous personality would fork over half of his salary and invest it in cryptocurrencies for a week.

3. MONEY AND PUBLICITY

If your payments were publicize, what would you do? Well, designers at Method were asked to note and broadcast their every purchase! Once an employee buys something, he or she is required to post it on Instagram no matter how embarrassing it may be. Yes! Since it can be very uncomfortable, they started to share their purchases anonymously. But, the effects were still the same. People knew that they are being watched so they modified their behavior to become more interesting and to seem socially acceptable.

Image Credits: pixabay.com (License: CC0 Public Domain)

Aside from these futuristic ideas, how do you envision money…5 or 20 years from now?

Sources: 1 & 2

Must Read: Simple Money Hacks To Improve Your Financial Life Now

You deserve to achieve understanding, awareness, and especially control over your life. Everyone does. And, “Psychology Of Love, Money, & Life” book might just be the answer!

Money is one of the book’s three sections. Adding the Psychological factor, you will be able to realize that money has effects on your well-being and that you can control its effects. You hold your financial present and future!

So, take a peek inside some of the valuable tips you can get from the #PLMLBook…

1. GAIN PLEASURE FROM MONEY THROUGH ANTICIPATION

If you want to gain positive feelings toward your spending then, ensure that you always have something to look forward to. Let us say you get a raise, treat yourself by buying the designer bag you have been wanting for months. The anticipation of purchase, no matter how small the item is, can increase pleasure enormously.

2. SAVE UP FOR TRAVEL FUND

If you are in a Long Distance Relationship, it can be very expensive. Which is why it is essential to follow a strict budget to save up for your travels. Be responsible enough to spend your money only to what is necessary.

3. SHALL YOU BUY IT OR NOT? STOP THINKING! TAKE THE SWIFT TEST INSTEAD.

When you are thinking twice on purchasing an item especially an article of clothing, ask yourself if you are willing to try it on the dressing room swiftly at that particular moment. If there is no sense of immediate excitement, do not bother to buy it.

4. ONE SIZE MAY NOT FIT ALL

Everybody’s financial situation is unique to the person so, be wary of the “one-size-fits-all” investment strategies from media’s financial gurus. Many factors such as your consumer personality, financial goals, age, etc. should be considered. This is why it is best to listen to your personal financial adviser instead.

5. AVOID THE STATUS QUO BIAS

As I was looking for a new laptop online, my choice leaned towards the brand that I’ve been using for 4 years – the MacBook. Although its competitor had touch screen, 360 bendable monitor, and it’s running on the new Windows software that enables you to download countless of Apps. Certainly, for functionality, the latter was the best choice but I still preferred Macintosh.

This cognitive bias is called the status quo bias. It occurs when you are more likely to prefer the product that you know more of even if there are better options available. Changing your buying habits to avoid this cognitive bias start with the awareness!

Image Credits: misspsychobabble.blogspot.com

Psychology of Love, Money, & Life is now available on Google Play Books, Kobo, Amazon (Kindle), Apple IBooks, and M1 Learning Centre. Find the platform and price that suits you best!

This is written by Anna Agoncillo. She graduated under Cardiff Metropolitan University (UK) with Honors. Combining her passion for psychology and writing, she started a successful blog called “Miss Psychobabble” and has contributed to other platforms including Bored Panda, Psychology Matters Asia, Thought Catalog, Money Digest, and so much more.

Eternal Benefits Of Waking Up Early

It was 5:30 in the morning and I heard my sister mumbling that she was about to for school. I had two choices: to doze off once more or to wake up and get things done. I chose the latter. And, I do not regret a single thing!

Waking up early has more free benefits that you can ever imagine! You do not have to wake up as early as 5:30 am, just by give yourself more time in the morning (e.g., an hour more) is enough. Pressing the snooze button is no longer an option once you hear the long-lasting benefits of waking up early…

1. PRODUCTIVITY

Waking up early gives you an opportunity to get more things done and to earn more in the process. Furthermore, mornings are usually the time when your brain is most focused and alert. Not to mention, there are fewer distractions in the early hours of the day anyway so you can really achieve more things, smoothly.

Aside from being productive, a biologist in Harvard named Christoph Randler found that individuals who wake up early are more proactive. Other studies echoed his findings and showed that early risers are better at goal setting, planning, and making decisions.

2. BETTER GRADES

A study conducted by Texas University found that students who consistently rise early each day scored better in their exams and overall grades. This is due to the fixed routine and regularly eating breakfast.

So if you are a student, it is best to wake up early than to sleep for long hours and rush to school. Who likes the pressure of hurrying up anyway?

3. MENTAL HEALTH

If treasure relaxation then, waking up early is perfect for you! Early risers have the luxury to give themselves more time to do the things they like such as reading the morning paper, preparing a healthy breakfast, and working out. These things may seem small but it will surely brighten up your mood!

Moreover, studies have shown that “morning people” are generally more optimistic and satisfied with their lives. In fact, Del Suggs who is the author of Truly Leading: Lessons in Leadership, suggests to begin your day with writing down three things you are grateful for. This simple and efficient exercise is rooted from the principles of Positive Psychology.

4. WORKING OUT

As I said, waking up early gives you more time to exercise. And, we all know that exercise either in the morning or at night, has bountiful advantages to your body. By making exercise a daily morning habit, you are able to stimulate energy to your body that will get you ready for the challenges ahead!

Image Credits: pixabay.com (License: CC0 Public Domain)

5. DIET

How many times have you heard the statement: “Breakfast is the most important meal of the day?” Well, it is true.

Skipping breakfast is not recommended because your body needs nutrients to help you concentrate and function throughout the day. Also, skipping breakfast makes you more likely to crave unhealthy food and to overeat.

Your body has been on a “fast” mode all night while you were sleeping and you need to “break that fast” with a serving of healthy food.

Sources: 1 & 2

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