Preparing a Forex Budget in 5 Steps for Trading Profits
We’ve been working through this idea of how to budget and a simple formula that I learned years ago that has allowed me to get away from that briefcase or that corporate briefcase, you know what I mean, so the idea of a couple of themes of financial freedom that we might touch on, I just have these things on the board To remind myself, financial freedom may not be the goal for some people in Forex.
Preparing a Forex Budget in 5 Steps for Trading Profits
We may also be at a point where we want to experience more financial freedom and you might say that these words are very similar and that may be right one of the main differences and if we look at the definitions because I don’t want to assume that we use the same definitions for these words in Forex, but the main thing What I want to bring to your attention is my opinion is that this is more about a belief system.
Where this is maybe not necessarily a physical system but this is an internal right and that statement in my opinion when it comes to this conversation about financial freedom is more of an external presentation but a lot of us from what I’ve experienced a lot of the clients in Forex that I’ve had the honor of working with have had to do some work. To improve their Forex financial beliefs before they can experience a new level of financial freedom,
The profit made by a Forex trader from changes in his trades
And I laugh when a forex trader talks about $45,000 per second Oh no, that helps a forex trader, so anyway let’s just say we’re here and we’re going to go over this budget in forex, and I’m going to set a timer so we can stay on track because I want to maximize our time to the maximum extent during the next five minutes.
So we said we’re looking at the budget and we’re going to break it down further so let’s just say you can tie in more with doing 45 uh 100 a month okay maybe that’s where we are and that’s okay don’t be ashamed of that number I know that number look at that number every day in Forex Maybe your number is 450 per month.
Boom your number we know our number so we need to ask ourselves what our expenses are, well that’s the immediate next question what are our expenses in the same way with that family of $450, we still have a goal in Forex to be all under $750.
Your expenses are not an obstacle to Forex trading
That means our rent means our cell phone, that means if we have a car payment, that means our insurance means our food, our clothes, our household items, everything we do in that month needs to all be less than 1750 because we are creating an opportunity for ourselves in forex to be Financially Liberated Regardless of our financial situation, it is good.
And if your goal is to get out of the rat race, the faster you can implement a system where you can reduce your expenses in such a way that your passive income in forex can exceed your expenses, you can get out of the rat race, so thrive if you are trading and can earn 3000 per month continuously. of your trading when you are swing trading.
Open more than one deal in Forex swing trading
Maybe you open a trade or two a week and that’s something you do in the background 2000 a month you can exit here you can exit in forex now let’s say you do 4500 you can exit because your passive income has exceeded your expenses.
This is the exit plan because what we are when we do the other half, we split it into five different accounts technically in Forex or five different buckets when I started, I had physical pots now very quickly as well when I started, this is Harveer’s exclusive program for the millionaire mind.
Education is a Forex trader’s real gain
This is a lecture that people pay thousands of dollars to attend, so we’re going over this information when I first started this, I couldn’t, I was like that family where my expenses tended to skyrocket, so I had to start figuring out what I could afford and the payment boom. In Forex.
Let me stop paying for this car I sure don’t want to drive a 20s car let’s see I had a 06 I don’t want to drive a 10-year-old car but I don’t care that my insurance is going to expire Lowering the payment on this car is going to go down Forex.
This means I’ll have more money to invest, and that sounds like a plan to me, so at 1750 we have about two minutes left for the other accounts, so here’s the easy math 10% across five accounts I’ll give you those five Forex accounts.
Your Forex Play Box
The first account is called what’s called your play fund now this is not the slang we use these days on these internet streets to talk about running a play, this is literally, a fund that you can do whatever you want with good long-term Forex savings.
This is for passive investing, and that’s fine in less than a couple of minutes here, so we’re going to go over this very quick, short-term savings in Forex, which is the thing that you want to buy so that you spend 90 days on a good education, and that means that you’re going to devote 10% of your income to educating yourself, Buy books, attend lectures, and travel to meet trainers and mentors and teach about the prosperity of education.
Then this charity that can be donated to the organization of your choice, church family, one where you expect nothing but to pour into a positive cause because that will come back, so that’s where we would like to be because of the boom in Forex, let’s just say we’re running about a minute Here, let’s just say we can bring our business income to this exorbitant or outrageous amount of money per month.
Summary
Why should our expenses change in Forex, we don’t have to change that, well now it means we are in a position to save 95% of our expenses if we can maintain this budget, what’s wrong with a budget, we like a budget, we go where we want We live where we want while trading Forex.