#540: How to Survive a Financial Crisis

Online Forex Trading Course

How to Survive a Financial Crisis

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#540: How to Survive a Financial Crisis

In this video:
00:24 – How do we survive the next financial crisis.
00:57 – Increase income, decrease expenses and save more.
02:55 – What are my thoughts?
03:36 – You need to change your mindset.
03:58 – Plan and prepare.
04:54 – Upskill yourself today in preparation.
06:31 – Forex offers so may more benefits.
06:51 – Live webinar with trades and my account is at +2% gain for the week to date.
07:57 – Trading with a prop firm.
09:02 – Give yourself 6-12 months to learn how to trade properly.
10:00 – Trade through Blueberry Markets.
10:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.

Today I’m going to talk about how you can plan for, prepare for and get through the next financial crisis. Let’s talk about that and more right now.

Hey there, traders! It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 540.

How do we survive the next financial crisis.

Now, I ask people to give me some topics to talk about, things that will be helpful for you. And one of the main topics those come up is how do we survive the next almost certainly coming financial crisis? So to start and to prepare for this, what I’ve done is had a look on the Internet and I want to talk about what they suggest and then my thoughts after that.

First of all, I have to let you know that what I’m about to say is not financial advice. It’s purely my own thoughts and opinions, which may or may not work for you.

Increase income, decrease expenses and save more.

So did some research online, typed in how to survive a financial crisis. Upcoming standard answers of #1 increase your income, #2 decrease your expenses and #3 increase your savings. Quick overview on those.

Increasing your income. How are you going to do that? Well, you probably going to if you’re in a corporate job, work harder and up the ladder, which means less time at home, etc. like that. More stress. You may be working more hours in your current job. Not a great outcome either. Or you might be going there for a second or third job. Again, not a great outcome. So there’s better ways you can do that.

Number two, and decreasing your expenses is something that most people can do. From my own point of view, we like to be completely self-sufficient here. I say we’re about maybe 80-90% self-sufficient in what we eat at home, and we choose to do that. We choose to grow our own food as much as possible with our own, you know, the fruit, vegetables, meat, etc. like that.

Everything we try to do is our own choice for health reason and enjoyable reason of actually growing and eating our own food. We know what we’re eating and less reliant on the system, on the supermarkets and the crazy inflated prices out there. So that may or may not be something you could do as an example.

The third one to increase your savings. Not very practical for most people around the world, giving the cost of living just as an example, we’ve had interest rates come off here. Just last week, for me personally, at 2.79, they wanted it to float it at eight point something or fix it at seven point something. Just massive expenses going up there for everybody. A cost of living, a cost of groceries, food, as we’ve mentioned.

Your fuel, your rate, your taxes. You know, everything goes up and up the whole inflation. So saving more for most people was not really a practical outcome there. So Bense what the Internet says

What are my thoughts?

These are now my thoughts of what you potentially could do because for me surviving or anything financial, a lot of it comes down to your mindset, your thoughts, your emotions.

And most people don’t give that enough time to actually realize that finances a lot of it is, I think, you know, we’re taught to go to school to get the job, to get the grades, to do the job, work up high, all those things. And you will know that most people who are successful in life do things a little bit differently.

And that comes down to a mindset and being willing to accept that not everything we’ve been taught is probably quite accurate. Different topic, possibly for another day, but you get what I mean.

You need to change your mindset.

So for me, the change in mindset is huge and you know, what are you going to do to change what you’re currently doing? If it’s not working, you see, when you have financial issues, causes all sorts of emotional stress and anxiety and relationship issues and it’s a big, you know, bubbling mess, it’s not good.

Plan and prepare.

So I think one of the important things you can do right now is to plan and prepare. I don’t think enough people plan and prepare anything. You know, you hear that people will talk about and argue about what they’re going to watch on TV or what they’re going to cook for dinner more than they’ll prepare and plan and talk about their financial future.

And that’s sad but true for a lot of people. You need to change that, but you need to change that mindset. You need to upskill yourself. You need to invest in yourself some time, some education, turn the TV off. It’s a waste of time. There’s nothing on there worth watching anyway. And and learn a new skill. That’s how you’re going to get there.

Everybody has the same amount of time. So the excuses of I don’t have time. And it’s it’s doesn’t work. We’ve had five kids, different businesses, everything else. I know that a lack of time is a big issue for almost everybody, but we all have the same problem. It’s how you make use of that time that becomes important.

Upskill yourself today in preparation.

So I think one of the best things you can do is to learn a skill today, whilst maybe we’re not in that financial crisis right now, to prepare yourself and to plan and think about how you’re going to do things differently right now when that pressure may be not completely is not completely on you.

So you can prepare and train your mind and improve your finances. Some other way is see if you’re out there trying to increase your income by working X amount per hour, that’s not likely going to give you the result that you want. So you have to do something differently. You could go out there and do the traditional things of borrowing money, invest in property and all those type of things, and there’s nothing wrong with that.

But you’ve got to be prepared to be in more debt. And there’s quite a lot of risk involved, obviously, with more borrowing and finances, especially now that for most people around the world, the interest rates on your payments have gone up quite substantially over maybe like sort of three or four or five years ago. So you have to be prepared for that.

And if you’re out there looking at maybe commercial property, you’ve got to realize that a lot of businesses are going out of business and are not requiring physical presence is any longer because of online, you know, shopping, etc. like that. So that’s one thing to be careful of. And if you’re out there investing in maybe property, are you doing it for cashflow?

Maybe that’s getting quite tough or are you doing it for the hopefully one day it goes up in value and you can sell for a higher price. That’s potentially an okay thing, but it may not and it’s may not going to actually help you through with cashflow today.

Forex offers so may more benefits.

So for me, as you know, as a forex trader, it offers so many more benefits. It’s it’s a mindset thing, It’s enjoyable. It makes you realize what’s happening in the world. There’s a bit of interest there. Is something you can do from home. It’s something you can do while you’re traveling, but you still need to know what you are doing.

Live webinar with trades and my account is at +2% gain for the week to date.

Now, just last night I held my live webinar with my clients, a two hour session. On that webinar, I took six trades live in front of our clients while we were on the session. The first two trades both hit their profit targets and on that session I also showed how in three days of the week, like up into when I held that webinar or three completed days, I was up 2% on my on my account, which you can trade on prop firms with only a quarter of 1% risk per trade.

And I was explaining to people that you do not need to have vast amounts of money to trade the fast market. You just need to know what you are doing. So where you live, what your income is, how much money you have, your valuable time, all those things are almost irrelevant. It’s do you want to put some time, effort and expense into training yourself how to do this?

If this is what you want to do and you have to make sure it’s what you want to do, don’t just do it because you’ve seen me talk about it with someone else online. You have to do this because you really want to do this.

Trading with a prop firm.

But give you an example of that 2% with still like two trading days to go. And if you multiply that, you know, and add and you go, Well, I’m going to prop the once you know what you’re doing, it doesn’t mean that you have to have lots of money yourself. You can go to things like prop firms and maybe you can sell signals, you know, for 5000 dollars per user per month copying what you are doing.

You can be out there on prop firms. And once you pass the challenges, it may take you three, four or five, six weeks. But if you get to the 10% gain and let’s say you are $100,000 as an example and you’re on an 8020 profit share, it may have cost you $500-$600 to get into it. It may have taken you a bit of time to pass that per that first challenge.

But once you’ve done that and you’re into real money, an 80-20 share and you’ve just made 10% on the hundred dollars and all of a sudden there’s $8,000 back to you. Now you can do that on multiple Prop firms and keep increasing as you keep going forward in the lot and the size of the accounts that you’re trading.

Give yourself 6-12 months to learn how to trade properly

But you think about that and you say, well, I’m going to give myself six months, 12 months from today to get to that stage. I’m not rushing into it. I’m going to do it realistically with low risk and do it properly. But you mention taking that forward, how much you potentially could earn that way. All of multiple income streams through your trading once you know what you are doing and you also then go back and think, well, how long would it take me to earn that money in my current job?

Or how many hours would I have to do? And is that more enjoyable, yes or no? So surviving a financial crisis to me comes down to your mindset thinking differently than traditionally, you know, doing something different, doing something different to most other people are doing at that. So mindset is a huge.

My computer is going to sleep behind me here because I’ve been talking to it too long.

Trade through Blueberry Markets.

So just to quickly finish and if you’re looking for a broker and I can highly recommend Blueberry Markets.

Attend my Masterclass, Prop Firm webinar and book a call with us.

If you’ve not been on my webinar where I talk about prop firms, I’m going to put a link to that. If you’ve not been on my webinar where I talk about trading in general and how we can help you, I’ll put a link to that.

And if you’d like to have a chat with myself, one of my team, I will put a link to that as well.

I hope that helps. Like I said, it’s not financial advice, it’s purely my own thoughts and opinions of that potential. What might be coming and making sure you’re prepared for that right now. I see you this time next week. Bye for now!

Episode Title: #540: How to Survive a Financial Crisis

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Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass