First, we have to define what is gambling
According to Google, the meaning of “gamble” is to take risky action in the hope of desired results. With that definition aren’t we gambling every day in everything we do? Well, before I go all philosophical and get our brain burst, let’s get back to this topic. An experienced trader will analyse the market based on Fundamental Analysis and/or Technical Analysis and for his/her analysis which are known as market forecast.
Whether the analysis is accurate, depends on the traders’ experience and changes in the market. Isn’t that like everything in life? The development of every event goes in stages, just like a Country Election, our Job Promotion and even our decision for our next meal. 😉
On 8 Aug 2021, I’d shared my view on SGDMYR [https://www.tradingview.com/chart/SGDMYR/NSE2ETFa-SGDMYR-XE/] and have urged Malaysians to change their SGDMYR at 3.13MYR, and if their financial situation allows, change at least 5months worth of monthly expenses in advance.
At one point, SGDMYR went as low as 3.06MYR. However. due to the recent optimism from the market which is contributed by the optimism of the Pandemic and the Holiday Spirit the exchange rate is now seated at 3.08MYR at the moment I shared this article.
Well, You might not see 0.05MYR, a big deal but if we have made savings from the 5cents savings we would have saved a couple of thousands.
Let’s use a conservative estimation of an average household monthly expense of a family of four. Property Mortgage will be around 2,000MYR, utility bill 200MYR, cable bills and phone bills 200MYR, estimated meal for one adult 10MYR and children 5MYR that would be 2,700MYR, putting snacks, dining out, celebrations, education funds, insurance, car loan, petrol, maintenance and repair, and things we buy to bring us joy. That would easily set us to more than 5,000MYR/month and 5months of that would be 25,000MYR. The total saving will be 1,250MYR or we can see it as a 25% savings. What if the monthly expenses are 10,000MYR? If we look at it mathematically, it’s 1 free week of expense that you can save or set aside for investment.
What if you have timed the transfer of SGD to MYR for your business expenses? What if there are additional zeros from the monthly living expenses? What if we are only looking at 50,000MYR, you would have saved 12,500MYR which could cover 2 months of your living expenses?
Forex Trading is a tool and how we use the tool protect us and provide for us. It is not just for us to earn from trading, but to save and even strategist for our business expansion. It can be a way for us to shift our assets to the right currency when the time is right and when it makes a full circle, you will be surprised by the amount you have saved just by clicking the button at the right time.
We are only looking at SGDMYR, imagine what I can do for your business, how I can time your business strategy and execution for you. At my current workload, I can only take up a limited profile. Drop me a Direct Message if you wish to have a quick chat. You can check my available schedule at: https://calendly.com/raynlim
I’m looking forward to working with you.
Join our mailing list to receive first-hand information.