3 Books Every Aspiring Millionaire Must Read

Hi everyone! I see you're here because you want to develop your interest in personal finance and entrepreneurship. I'm TraderBart with A1 Trading, and I'll be talking about three books, which helped me build my millionaire mindset.

Honorable Mention

I wouldn't say this book deserves the Top 3 list; however, I believe this book should be the first you read before getting into others. It introduces financial literacy, assets vs liabilities, and building wealth from personal finance. This book was the book that changed my life forever that taught me the principles of money and wealth, and it was the first book I was able to read since leaving high school three years ago now.

The book itself is about Kiyosaki's childhood, where he had a rich dad and a poor dad. The poor dad was his actual father, and his rich dad was his best friends dad. Overall it is a fantastic book; it's enjoyable and very educational. This isn't the best entrepreneurial book out there, but I can vouch that this book turns on that "switch" in your head. It makes you think twice about the real importance of money.

#3 - Self Made : The Definitive Guide to Business Start-Up Success

Self Made is a great comprehensive book for anyone wanting to gain success from running their own business. The book covers every tier of the business development process, from start-up to exit, offering practical, implementable and global advice on the start up process. Additionally, it features interviews with well known entrepreneurs, entertainers and industry experts.

The book provides straightforward advice on turning a standard business into a comercially viable proposition. It advises the common mistakes to avoid and helps you create a sustainable entreprise that will flourish in success.

#2 - The 4-Hour Work Week : Escape the 9-5, Live Anywhere and Join the New Rich

In this book, Ferriss discusses the years he has spent testing various entrepreneurial ventures and working regular jobs. He has worked extremely hard over the years to be able to earn $40,000 a month. He gets to say he works ‘four hours a week’ because he did the hard work for years, then learned how to delegate and prioritise tasks better.

Ferriss’ epiphany was that happiness primarily comes from time and freedom, which he calls the ‘new rich’ currency, and I could not agree more! Overall this book is fantastic, and I definitely recommend it.

#1 - Millionaire Next Door : The Surprising Secrets of America's Wealthy

The main idea of this book is building wealth, and how simple saving and spending habits will help you build a wealthy lifestyle over time, as we get a constant reminder that becoming wealthy does not happen overnight!

It explains why always watching money as it flows in and out of your bank account is very important, and for someone who is very frugal with money, this speaks volumes to me! I have been taught from a young age that a focus on cash flow is a critical block for financial success.

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Weekly Forex Forecast for GBPJPY, NZDJPY, XAUUSD, GBPUSD (27-02 October 2020)

Hey everyone! Welcome to this weeks forex forecast for the week ending October 2nd, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPJPY, NZDJPY, XAUUSD & GBPUSD.

GBP/JPY

Looking at the daily chart, we can see price has been moving in an ascending channel, forming higher highs and higher lows. Looking back to last weeks movements, we can see price has broken through the original channel (dark) but is still inside another possible channel (grey), which still classes as valid as it has kept above the previous low. Looking for possible rejection of the current zone and looking for a move past previous highs above 144.000.

NZD/JPY

Looking at this daily chart, price is moving in a sideways consolidation zone. Price isn't able to break the trend to form either new highs or lows. Price is currently at the support level of this ranging market. Looking at the red highlighted circle, we saw price form a bullish hammer candle followed by a shooting star before reversing and making a move to the upside. We currently have the same formation showing, suggesting a possible repeated move to the upside again.

XAU/USD

Gold dumped and completed the symmetrical triangle break to the downside. It will be interesting to see how price reacts to this level it is currently at, whether we see a continued downwards move to lower supports or if we see a continued bullish move to 2000+.

GBP/USD

Similarly to GJ, we can see this market moving in a clear ascending channel, forming higher highs and higher lows successfully. Price is now in my interest zone at 1.273; I'm now expecting a move to the upside, continuing this channel and holding over the long-term. We are currently seeing 3 Doji candles; however, I am still expecting price to increase.

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Weekly Forex Forecast for USDCHF, GBPUSD, AUDNZD, XAUUSD (20-25 September 2020)

Hey everyone! Welcome to this weeks forex forecast for the week ending September 25th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at USDCHF, GBPUSD, AUDNZD & XAUUSD.

USD/CHF

Zooming out, we can see price is travelling in a strong downtrend. However, since September, we saw price has been failing to create new lows, and instead, price is now forming a symmetrical triangle pattern. Price is already near the apex point, expecting a breakout then retest this week. I'll only take a position once I see price action confirmations of a rejection to the trend line.

GBP/USD

Looking at the daily timeframe, we can see this substantial ascending channel which price has been travelling in since April. Price has been forming higher highs and higher lows, and the pound as an economy, has been able to recover from the massive drop caused by Covid19 nicely. Zooming in, we can see that currently, price is forming a bearish flag pattern on the H4 timeframe and is now awaiting its breakout. I'm expecting price to complete this chart pattern move and reach 1.27 level before reversing and continuing the ascending channel by making a move to the upside.

AUD/NZD

We can see this large rising wedge pattern formed here on the daily timeframe, which price was able to break out of in the past week. I'm waiting for price to now retest the support structure, reject it, so treat it as resistance before continuing a move to the downside and completing this chart pattern.

XAU/USD

I've been sharing this symmetrical triangle pattern on Gold for the past 2/3 weeks now. Price is currently at the apex point of this pattern and I'm expecting price to breakout anytime this week. Once we see price break out of this structure I'll be waiting for a retest and then waiting for price action confirmations of a rejection and a continued move to the desired direction before taking any positions on this pair.

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Weekly Forex Forecast for AUDCHF, EURUSD, GBPUSD, XAUUSD (13-18 September 2020)

Hey everyone! Welcome to this weeks forex forecast for the week ending September 18th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at AUDCHF, EURUSD, GBPUSD & XAUUSD.

AUD/CHF

Price is currently at this key level which was previously a resistance zone but we can now see price is treating it as support. We can see price has been respecting these levels, as looking at the arrows, we can see how many times price reversed after reaching these levels. Price is already showing rejection, as we can see a bullish hammer candle formed right before market close. Looking to possibly go long until 0.669, around 100 pips profit.

EUR/USD

This idea was posted last week, and I also sent this out to VIP members, we had TP1 hit already however I'm still holding to TP2. Price is currently at the support of the channel, still seeing some good rejection of the trendline, so I'm still expecting for price to continue the channel and make a move to the upside.

GBP/USD

Last week we saw price break through the support at 1.30, however zooming out into longer timeframes, we can see this strong ascending channel that price is currently moving in. Price is nearing the support of the channel, I'm looking out for price action confirmations of a rejection before going long on this pair, looking to catch the continued channel move.

XAU/USD

Looking at this symmetrical triangle pattern visible on Gold, we're still waiting on a clear break then retest before taking any desired position on this trade. I'm expecting XAU strength to continue and price retests previous highs at 2040.

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVED VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

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Weekly Forex Forecast for GBPUSD, EURUSD, CADCHF, XAUUSD (07-11 September 2020)

Hey everyone! Welcome to this weeks forex forecast for the week ending September 11th, 2020. I'm TraderBart with A1 Trading, and this week I'll be looking at GBPUSD, EURUSD, CADCHF & XAUUSD.

GBP/USD

Price moving along nicely on this ascending trend line for a while now, price held support at 1.30 until price met the trend line and broke through resistance at 1.325. We can see price retesting structure and rejecting the trend line, treating the previous resistance as new support. Looking to go long and expecting a continued bullish movement

EUR/USD

This market is channeling along nicely here, forming higher highs and higher lows. On Friday, we saw a nice rejection of the channel's supportive trend line; however, I am waiting for clear confirmations this week as that could have just been NFP's manipulation. I'm expecting the Euro's strength to continue and fulfill this channel.

CAD/CHF

Again, we have another clear ascending channel moving along nicely, forming higher highs and higher lows. Price is currently at the channel's resistance, and I'm looking for price action confirmations of a rejection to the resistance to go short for a continued channel move to the downside now.

XAU/USD

Seeing this symmetrical triangle pattern on Gold, and price is currently at the support of the triangle. Price is still far from the apex point to trade the breakout; however, we can trade the consolidation as price moves along towards the apex. Expecting price to show rejection as market opens then continues an upwards move towards the triangle's resistance.

DISCLAIMER

COMMENTS BY TRADERBART ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. I AM NOT A FINANCIAL ADVISOR AND ALL COMMENTS SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE REGARDING THE PURCHASE OR SALE OF ANY FINANCIAL INSTRUMENT OF ANY KIND. PLEASE CONSULT WITH YOUR FINANCIAL ADVISOR BEFORE MAKING AN INVESTMENT DECISION REGARDING ANY FINANCIAL INSTRUMENTS MENTIONED BY TRADERBART. BY COMMITTING TO ANY IDEAS SHOWN BY TRADERBART, YOU ASSUME FULL RESPONSIBILITY FOR YOUR TRADING AND INVESTMENT RESULTS. TRADING OF ANY TYPE INVOLVED VERY HIGH RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

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What's More Profitable: Day Trading vs Swing Trading?

You'll often see traders’ group themselves into one of these two categories, and they're either day traders or swing traders. Today we're here to consider which trading style better.

Day Trading

This style of trading, as the name suggests, involved opening multiple trades throughout a single day. Their objective is to consistently make medium-sized profits on numerous trades and cap losses on losing trades. This could be based on any analysis, whether that is purely technical or fundamental, or a mix of both. Day traders tend not to keep any positions open overnight or throughout the weekend.

The biggest reason to be a day trader is that it does not require a large account to start with. There are thousands of examples of people flipping 2 or 3-digit accounts into tens of thousands of dollars, if not more. Depending on if you possess the necessary traits of a successful day trader like patience and discipline, there is a strong possibility of chance to catching spectacular profits in a short space of time, like the ones swing traders take multiple days or weeks to catch.

Day trading is very time intensive. It requires tight, active trading on small timeframes such as the M30, M15, and M5. This can get a little difficult and stressful; however, it is also potentially very rewarding. It requires at least some degree of focus for the duration of the entire trading session.

Swing Trading

This trading style gets its name from traders aiming to benefit from the natural “swing” or a market. Rather than being focused on an exact time, these traders try to spot the beginning of a directional price movement, enter a trade, and hold on until the movement dies out. Swing traders keep their positions open for several days, or even weeks, if the “swing” keeps going that long.

The biggest lure to swing trading is that it targets people who do not want to spend their whole day scanning different charts looking for opportunities, but instead want to open a couple of positions per week and leave them to run until TP or SL. Full-time employees looking for an extra income source could be of interest to this style as it is not time-intrusive and can integrate with their work and leisure time. This is far less time and effort than day trading.

Swing trading is usually practiced on the H4 and Daily timeframe. This way, traders can see and try to catch the full “swing” of a market. They tend to have slightly wider stop losses, not to be falsely caught out of a trade that is going well.

Key Takeaways

  • Day-trading takes multiple trades per day and is primarily best for someone with a lot of spare time on their hands and has the diligence to observe multiple markets per day.
  • Swing Trading means taking a couple of trades per week, targeting to catch a full “swing” in a market, meaning they will be holding this position over a couple of days or weeks. This is best for someone who wants to treat trading as a “side-hustle” while still taking on full-time work or business.
  • Neither strategy is better than the other. Traders should choose the approach that works best for their skills, preferences, and lifestyle.

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