Trading and financial planning.

[Lida93]

Basically anyone going into any trade no matter the part of the world that they may come from their intent is profit making from any trade they initiate. Right from the age of barter trade through to legal tender and now the world has upgraded to an age of digital asset still the intent of profit making remain constant for all traders and investors.

Many persons fail to give importance to financial planning in same vein they do with profit making in their trades. The hidden truth here is that, the profit you making in your trades or investments can't be felt or recognized without a thorough financial planning system, and that is what makes the former and the latter inseparable (symbiotic) when it comes to building wealth.

The world of digital assets, such as cryptocurrency have created an unimaginable opportunities at different  spheres for every individual to maximize and technically make as much profit as one can no matter your location and that's one of the beauty of cryptocurrency.

Here a very few tips on how to create a financial plan for yourself.(I may not be a financial expert but certainly these tips has been working for me for long now).

*Make it a rule to regulate your expenses, don't just spend all because you desire to spend. The more you give into spending based on desire, unknown to you it will turn into a habit. So therefore, look inwards and eliminate any form of unnecessary expenses.

*Don't rush into any investment or trade without a safe financial plan. As this could save you from any form of financial wreck.

*Endeavor to set a  financial target for yourself and possible means to achieving it and also create room for adjustments just in case of obstacles but don't keep your focus away from your target.
Mind you, sometimes you may not hit your target, but not to worry, cause financial target helps you to have track knowledge of your financial growth within a framed of time.

* This may sound somehow to some persons but I'll still say it anyway, and that is, Take your health seriously for it's only he that is healthy can think of making profit and financial plans. No wonder they say, "health is wealth".

On this note, I say learn the habit to be reading books that's teaches on how to utilize the financial instruments within your possession to create wealth for yourself. Stop reading what I call anyhow books, for you are not an anyhow person.

More ideas on financial planning are welcome as I believe to learn and benefit from you too.

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[bitmover]

More ideas on financial planning are welcome as I believe to learn and benefit from you too.

I believe the biggest issue about non-professional traders is that they are just looking for a quick and easy money, and they usually do not have a financial plan and knowledge about finances in general.

You are correct when you say that people need a plan, but you did not specified what that really is.

IMO, a financial plan is something like an answer to those questions:

"How much money do I really need?"
"What rentability am I looking for each month?"
"how much % of my overall portfolio should I be trading?"
"What is the benchmark should I compare my portfolio to?"

You need to know where you are and where you want to go. This is financial planning.

I don't think anyone should be all-in in trading strategies, neither all-in cryptocurrencies. Personally, I don't trade, and I am very satisfied with my portfolio performance as I am above the benchmark that is my personal goal. (My goal is about 5% over inflation per year)

[Rruchi man]

*Endeavor to set a  financial target for yourself and possible means to achieving it and also create room for adjustments just in case of obstacles but don't keep your focus away from your target.

The financial advice some books will give you about when setting financial targets for yourself which I agree with is to ensure that you set a very high financial target that will push and motivate you to work hard towards achieving it.

Mind you, sometimes you may not hit your target,

Yes, the idea is not to always meet the target, but to get really close. In setting very high financial targets and working hard and smart to try to achieve it, you will be surprised how better you have performed, much better than setting a mediocre target for yourself.

High targets can encourage you to work hard.

[passwordnow]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

[carlfebz2]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

Even myself do really make out that realization about putting health on priority because money would really be that useless or would really be gone on an instant or short span of time whenever you do have illness.

Balance up everything because if you do keep some focus on one side which is to make money then most of the time you would be neglecting your own health which it isnt really that a good idea.

Who doesnt really like or want to have a good financial status? yes we all do but we should bare up mind about balancing on things so that you wont really be having any problems.

[AmoreJaz]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

Even myself do really make out that realization about putting health on priority because money would really be that useless or would really be gone on an instant or short span of time whenever you do have illness.

Balance up everything because if you do keep some focus on one side which is to make money then most of the time you would be neglecting your own health which it isnt really that a good idea.

Who doesnt really like or want to have a good financial status? yes we all do but we should bare up mind about balancing on things so that you wont really be having any problems.

most people come to their senses that they disregard their health once they are already feeling at their worst condition. so yeah, i can fully agree that if you plan with things, you need to think about your health. because you can't do all the things that you planned if your health is deteriorating. you can all have the money in the world but if your health is suffering, all your earnings will be useless.

[Hypnosis00]

Generally, everything we do in regard to financial management and investing should be planned wisely. Nobody will fail if they do this thing and follow what has been written. However, the success of this plan relies on the people who are implementing this otherwise, it was still a failed attempt which I see some people had failed to commit.
It is essential for us to have an idea of what we are doing financially, it can be a great asset to our success and of course, we really achieve what we planned for.

[wxa7115]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

People take their health for granted, when you are young you feel incredibly well and many people believe that this is going to continue for the rest of their lives, but we know that is not the case.

That health is going to eventually deteriorate and if you do not take care of yourself then your health is going to deteriorate even faster, it is precisely because of it that we need to begin to take care of our health before it goes away, and while the effects are not going to be felt immediately once you become a senior citizen the differences between those that took care of themselves and those that didn't will be massive

[Oshosondy]

Trading is much more and more than this, it is easier said than done. Trading can take than give if someone is a newbie to it, trading can financially damage someone. But also profitable for professional traders.

I believe the biggest issue about non-professional traders is that they are just looking for a quick and easy money, and they usually do not have a financial plan and knowledge about finances in general.

Some non professional traders are newbies, if they are not newbies, they should know that trading is not for everyone. Some people that are married reduce the money they spend on trading. Some trader did not start with the money they can afford to lose, some are not patient, some even are gambling and thinking they are trading but not.

What I just realized about some traders is that they should quit and face other realities.

[justdimin]

Generally, everything we do in regard to financial management and investing should be planned wisely. However, the success of this plan relies on the people who are implementing this otherwise, it was still a failed attempt which I see some people had failed to commit.
It is essential for us to have an idea of what we are doing financially, it can be a great asset to our success and of course, we really achieve what we planned for.

You can't do a financial management if you are not planning your investments wisely. It is important so that we will have an idea if how much money we already put in or pulled out. It can help us minimize the risks that we are going to get. Failed to commit is worse than those who tried and failed. How will they know if they will succeed or not if they won't try it?

Nobody will fail if they do this thing and follow what has been written

Like I said earlier, we can be able to minimize risk but I didn't say that you can remove the risk. That is not possible. In trading, it is always possible to lose no matter how organized or experienced you are but that's fine tho as long as your winning ratio is still higher and it doesn't make sense to continue if you arent getting anything, other than donating money in the market.

[passwordnow]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

Even myself do really make out that realization about putting health on priority because money would really be that useless or would really be gone on an instant or short span of time whenever you do have illness.

Balance up everything because if you do keep some focus on one side which is to make money then most of the time you would be neglecting your own health which it isnt really that a good idea.

Who doesnt really like or want to have a good financial status? yes we all do but we should bare up mind about balancing on things so that you wont really be having any problems.

We all want to have a good financial status but we should also take into account our health. You're just going to burn and spent all of your hard work and hard-earned money with medication even if you've got insurance since it's possible that you'll get lifetime maintenance.
We all don't want this to happen and that's why keeping ourselves healthy should also be maintained and important to most. Let's learn it from those real wealthy people and take it seriously when they advise about taking care of ourselves.

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

People take their health for granted, when you are young you feel incredibly well and many people believe that this is going to continue for the rest of their lives, but we know that is not the case.

That health is going to eventually deteriorate and if you do not take care of yourself then your health is going to deteriorate even faster, it is precisely because of it that we need to begin to take care of our health before it goes away, and while the effects are not going to be felt immediately once you become a senior citizen the differences between those that took care of themselves and those that didn't will be massive

Man, I was one of those that took it for granted not until I started to feel something with my body and that's when I've been alarmed. That's why my grit before was like overwhelming but I started to decrease it and give a priority to my health condition. We're not getting any younger anymore.

[Mr.right85]

Coming into the world of business and investments, definitely, no one takes these paths with an intent of encountering loss. If it were possible for most, they won't have seen even a single loss at all but, losses are inevitable in business. You win some and you loose some, its a fact. Even the richest men in our world today, have times when there assets reduce in value.

Although, there are a set of people and am talking about the NGOs (Non Governmental Organisations) who goes into rendering there services in terms of aid without expecting any profit in return. They take consolace in the fact that, they were able to aid another needy individual and that is satisfying.

For one to truly know how much profit or loss one has in course of running a business or an investment, documentation is highly important and inevitable. It takes into account what you might consider minor or petty cash but that too is taken out of a multiple of value. Planning gets you there and proper documentation tells you how fat and how well you've done. Them both are a necessity.

[AicecreaME]

More ideas on financial planning are welcome as I believe to learn and benefit from you too.

I believe the biggest issue about non-professional traders is that they are just looking for a quick and easy money, and they usually do not have a financial plan and knowledge about finances in general.

You are correct when you say that people need a plan, but you did not specified what that really is.

IMO, a financial plan is something like an answer to those questions:

"How much money do I really need?"
"What rentability am I looking for each month?"
"how much % of my overall portfolio should I be trading?"
"What is the benchmark should I compare my portfolio to?"

You need to know where you are and where you want to go. This is financial planning.

I don't think anyone should be all-in in trading strategies, neither all-in cryptocurrencies. Personally, I don't trade, and I am very satisfied with my portfolio performance as I am above the benchmark that is my personal goal. (My goal is about 5% over inflation per year)

I completely agree with you.

First time I've tried futures was epic. I thought it was just entering a trade with a 25x-50x leverage and I'll be rich overnight, but it was way more than that. Capital is the most important thing in trading, because that will help you to decide what kind of approach you'll do to budget it in every trade you'll do to gain profits, because you can't just randomly put an amount in your trade without being aware on your balance, you'll go bankrupt that way.

However, even if you have a plan on how you'll make this and that for this month, for example, sometimes it won't go that way. That's why trading needs a lot of dedication and commitment, once you go in, you can't back down because you want to make profits.

[Fatunad]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

As long you maintain an average lifestyle, I think that you will be set for awhile in terms of health not to mention that you can easily get that healthy balance by eating more fruits and vegetables and allocating an hour for exercise so it's not that hard. Being healthy is also a good part of financial planning because you won't spend a fortune on your medical bills.

It would be useless if you are thriving for more money and doing extreme work and spending all of your time on making money but you do compromise your health then it would be pointless.
You wont able to get all of your money or use all of them when you are dead or do have some extreme illness or being sick.This is why its really important to have balance on everything
so that you wont really be having any problems later on in regarding with your health. Everything should be set carefully and of course planning would be crucial because you cant
just deal off with things without any plans.

[Oceat]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

As long you maintain an average lifestyle, I think that you will be set for awhile in terms of health not to mention that you can easily get that healthy balance by eating more fruits and vegetables and allocating an hour for exercise so it's not that hard. Being healthy is also a good part of financial planning because you won't spend a fortune on your medical bills.

It would be useless if you are thriving for more money and doing extreme work and spending all of your time on making money but you do compromise your health then it would be pointless.
You wont able to get all of your money or use all of them when you are dead or do have some extreme illness or being sick.This is why its really important to have balance on everything
so that you wont really be having any problems later on in regarding with your health. Everything should be set carefully and of course planning would be crucial because you cant
just deal off with things without any plans.

Well, what can I say, they said health is wealth and is our whole investment when living. We should take care of our health first and the rest will follow just like how you treat your wallet with care. Being a workaholic sometimes will force you to do things that you aren't supposed to do just like taking for granted about your own health. It's not bad to get to your desire or wants but when you lose sight of how you treat your body, it will eventually took it's time to let you pay for it.

Trading should be fine as long as you do it moderately with care about your body and not just going full time almost everyday.

[DanWalker]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

People take their health for granted, when you are young you feel incredibly well and many people believe that this is going to continue for the rest of their lives, but we know that is not the case.

That health is going to eventually deteriorate and if you do not take care of yourself then your health is going to deteriorate even faster, it is precisely because of it that we need to begin to take care of our health before it goes away, and while the effects are not going to be felt immediately once you become a senior citizen the differences between those that took care of themselves and those that didn't will be massive

Man, I was one of those that took it for granted not until I started to feel something with my body and that's when I've been alarmed. That's why my grit before was like overwhelming but I started to decrease it and give a priority to my health condition. We're not getting any younger anymore.

When we were young, most of us had such for granted thoughts, I used to think the same way. Before, I was in good health, with almost no minor illnesses, but after a while, things suddenly went downhill too quickly and I started to realize my health was going downhill. I had to stop all previous plans to take care of my health. We all want to make a lot of money and have many plans to execute but we almost forget that a plan no matter how perfect without health will never be possible.

[passwordnow]

Good advice about health. Many don't seem to care for their own health because all they're focused on is money-making plans and financial matters. I remember Steve Jobs about this advice of yours. We all knew who the guy was and what were his achievements but from what I've read his tips are all about taking care of ourselves. It is one of the regrets he has before passing away and we can all see that others still don't take caution about it. It's a lowkey thing for most but you can't enjoy your wealth, trading profits, and being financially free if your health is deteriorating.

As long you maintain an average lifestyle, I think that you will be set for awhile in terms of health not to mention that you can easily get that healthy balance by eating more fruits and vegetables and allocating an hour for exercise so it's not that hard. Being healthy is also a good part of financial planning because you won't spend a fortune on your medical bills.

It's the opposite these days, fast food and junk foods are cheaper while healthy foods are more expensive. But that's the way of living healthy and we need to take that into account about how we should take care of ourselves. That's why having a me-time is important and that's where I take time to meditate and think about other things in life. Remaining healthy should always be part of our plans aside from just being wealthy and financially free.

[palle11]

When we were young, most of us had such for granted thoughts, I used to think the same way. Before, I was in good health, with almost no minor illnesses, but after a while, things suddenly went downhill too quickly and I started to realize my health was going downhill. I had to stop all previous plans to take care of my health. We all want to make a lot of money and have many plans to execute but we almost forget that a plan no matter how perfect without health will never be possible.

Despite bad health we can also survive depending on the severity of it and the age. If bad health is because of old age then it means we should have had an investment we did in young age or what we have survived with when young and that why when young we try to use our strength, idea and ability to do certain things we can benefit from when old. Apart from old age, there are some businesses that we can hold on to even when sick depending on the illness though. I think online businesses can be of less stress and other businesses that you can employ someone to run it on your behalf.

[KingsDen]

*Endeavor to set a  financial target for yourself and possible means to achieving it and also create room for adjustments just in case of obstacles but don't keep your focus away from your target.
Mind you, sometimes you may not hit your target, but not to worry, cause financial target helps you to have track knowledge of your financial growth within a framed of time.

There are two ways to this, setting a financial target will make you focus and have a good track of your financial growth, there is no doubt about that. Then, there is this imbalance and anxiety that comes when the time is up running and you haven't achieved an appreciable percent of your set target. To some, this anxiety might cause them taking unplanned risks, either by increasing stake or leverage or by other means. When this happens, it could be a real build up to perpetual loses. I prefer trading at ones pace and taking trading as a passive opportunity and not the only job.

[GreatArkansas]

*Don't rush into any investment or trade without a safe financial plan. As this could save you from any form of financial wreck.
(.....)

I can relate to this tip and most people also experienced this and made a mistake from this part.
Some people that telling or doing some investment with the proper plan is like gambling, which they thought at first that those are investment act but they don't know they are doing it wrong or not expecting the other side effect.