Learning the friendly way

Managing finances as an expat can be challenging, especially if you are in a new country with a different financial system. Thankfully digital banking has entered the scene and made the transition of managing one's money (and local bank accounts) one less thing to stress about. With plenty of money-focused apps especially catered toward expats and international payments available, there is a range of options to suit each individual’s needs. 

According to the latest statistics, there are currently around 4.9 million expats living in the EU, with the UK being the most popular destination, followed by Germany, Spain, and France. Whether you're a seasoned expat or you're new to the game, having the right banking tools can make all the difference when it comes to managing your finances effectively.

With that in mind, let's dive into the essential features you need to look out for when choosing a money app as an expat in the EU. From navigating high foreign transaction fees for international payments to finding a multiple currencies debit card that works alongside an easy-to-use expat bank account.

Money App Features To Look Out For

Financial apps allow expats to manage their finances more efficiently, facilitating everything from transferring money to paying bills and even investing. Below we will take a look at the essential features that expats need to consider when choosing a money app to act as their international bank account.

Multi-Currency Accounts

One of the most critical features that expats need in a money app is a multi-currency account. When living in a foreign country, you will inevitably have to deal with multiple currencies. A multi-currency account allows you to hold and manage money in different currencies, which is especially useful when you need to transfer money across borders. 

With a multi-currency account, you can avoid the high foreign transaction fees and unfavorable exchange rates that come with traditional bank transfers and ATM withdrawals. These apps allow you to hold and manage money in multiple currencies, and they offer competitive exchange rates for currency conversions.  

On top of that, some apps also allow you to use your card abroad without additional fees, essentially offering an international bank account, making it easy to access your money when you need it.

International Transfers

As an expat, you will likely need to transfer money internationally, whether it is to pay bills or support your family back home. International transfers can be expensive, with banks charging high foreign transaction fees and unfavorable exchange rates. A good money app should offer international transfer services that are affordable and efficient.

Look for an app that offers affordable international transfer services, and be sure to read the fine print to look for any hidden fees, high foreign transaction fees or fees for ATM withdrawals.

Mobile Banking

Mobile banking is a convenient feature that expats should look for in a money app. With mobile banking, you can manage your finances on the go, without having to visit a physical bank. This is particularly useful for expats who are always on the move and may not have easy access to a physical bank branch.

Many money apps offer mobile banking features, allowing you to manage your finances from your smartphone. This includes checking your account balance, paying bills, transferring money, and even investing. With mobile banking, you can stay on top of your finances wherever you are in the world.

Security

Security is a critical concern for anyone who uses a money app, but it is even more important for expats who are managing their finances in a foreign country. A good money app should offer robust security features to protect your money and personal information.

Look for money apps that use two-factor authentication, biometric login, and encryption to protect your account. Additionally, make sure that the app is regulated by a reputable financial authority in the country where it operates.

Budgeting Tools

Budgeting is an essential part of managing your finances as an expat. A good money app should offer budgeting tools to help you track your expenses and manage your money more effectively. With budgeting tools, you can set financial goals, track your spending, and monitor your progress over time.

Customer Support

Customer support is another critical factor to consider when choosing a money app. As an expat, you may encounter issues with your account or transactions, and you need to be able to get help quickly and efficiently. Look for money apps that offer reliable customer support, preferably 24/7, and through multiple channels, including phone, email, and chat.

Additionally, look out for comprehensive FAQs and help articles that can guide you through common issues and questions. Like, how many fee free ATM withdrawals can you get or what foreign currencies are supported.

Investment Opportunities

For expats who want to invest their money, a good money app should offer investment opportunities. With investment opportunities, you can grow your wealth and achieve your long-term financial goals. Many money apps now offer investment features, including robo-advisors and self-directed investment accounts.

Look for apps that offer investment opportunities that are easy to use and affordable. With robo-advisors, you can invest your money automatically, based on your risk tolerance and financial goals. Self-directed investment accounts allow you to choose your investments and manage your portfolio yourself.

Things to be aware of when choosing expat bank accounts

Speaking of expat bank accounts, it is important to ensure that the money app you choose allows you to link to these accounts. Expats often require bank accounts in multiple countries, and being able to link them all to one app can make managing finances much easier.

Additionally, ensure that any app you consider is authorized and regulated by financial authorities in your country of residence. For example, in the UK, you should look for apps that are covered by the Financial Services Compensation Scheme, which provides protection for consumers in the event that a financial institution goes bust.

Another important factor to consider when choosing an expat money app is the fees associated with using it. Some apps may charge high foreign transaction fees for currency exchange or international money transfers, so be sure to read the fine print before signing up.

Finally, consider the security features offered by the app, such as two-factor authentication and encryption, to ensure that your personal and financial information is kept safe. By considering these factors, you can find an expat-focused money app that meets your needs and helps you manage your finances with ease.

Skip the fuss with the Tap mobile app aka your international bank account

Tap offers a top-rated mobile app that allows users to easily and effectively manage both their fiat and crypto finances in one international bank account package. Fully regulated and licensed, the app ticks all the boxes when it comes to security, bank account regulations and AML laws.

On top of this, the app supports multiple currencies and allows users to pay bills directly from the app using whichever currency they prefer, and send money free of charge to friends and family no matter where in the world they might be. 

Using refined technology, the app scans multiple exchanges to ensure that users always get the best price available, and executes the transactions in a fast, secure and cost-effective manner. Available in over 45 countries, the app supports over 35 currencies allowing for not only a smooth expat bank account experience but an excellent travel experience too. 

Accompanying the app is a range of Tap cards each presenting a variety of perks. The card operates as a debit card linked directly to your account, allowing you to travel to any corner of the globe and seamlessly make payments and ATM withdrawals directly from your Tap wallets. 

With no monthly fee associated with traditional bank accounts, fee-free international transfers to fellow Tap users, and a business bank account option, Tap reigns supreme when it comes to international bank accounts catering to expats.

In conclusion

Managing finances as an expat can be challenging, but with the right money app, it can be much easier. Look for apps that offer a multi-currency account, affordable international transfer services, mobile banking, robust security features, budgeting tools, reliable customer support, and investment opportunities.

By choosing the right money app, you can manage your finances more efficiently, save money on fees and unfavorable exchange rates, and achieve your financial goals. Not to mention the business bank account opportunities for your professional needs.

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Father's Day is a special occasion to celebrate and appreciate the fathers and father figures in our lives. Whether you're looking to surprise your dad with a token of gratitude or spend some memorable moments with him, you don't need to break the bank. Here are some budget-friendly and heartwarming ideas for celebrating Father's Day.

Compile a memory book

Gather pictures, letters, and mementos of treasured moments your dad has experienced with family and friends. Create a scrapbook, memory box, or a digital album that he can cherish as a reminder of the meaningful bonds he's built over the years.‍

Organise a DIY car wash and detailing session

If your dad takes pride in his ride, gather the family and spend a day washing and detailing his car. It's a great way to show appreciation and leaves him with a spotless ride. You can even consider upgrading his car instrument gadgets, like a new air freshener or car mats, as an added gift.

Plan a sports day with his favourite activities

Get everyone together for a day of sports, featuring your dad's favourite activities. It could include a friendly game of basketball, soccer, or even a round of golf. Spending quality time outdoors while engaging in friendly competition can make for an unforgettable Father's Day.‍

Plan a DIY workshop or project day

If your dad enjoys DIY projects or woodworking, plan a day where you can work on a project together. From fixing up an old piece of furniture to creating something new for the home, collaborating on a hands-on venture will not only strengthen your bond but also result in a memorable keepsake.‍

Organise a Dad Olympics

Rally the whole family for a Dad Olympics, featuring a series of fun, dad-inspired challenges and competitions. Design events like "Mower Racing," "Best Dad Jokes," or "Barbecue Master." Award the champion his very own Dad Olympics trophy or medal.

Volunteer together

Bond with your dad while contributing to your community by volunteering together. Find a cause that resonates with him, like serving meals at a local soup kitchen, helping out at an animal shelter, or participating in a neighbourhood clean-up initiative.‍

Create a personalised video or slideshow

Gather family members and friends to record short video messages expressing their love and appreciation for your dad. Compile these clips, along with photos and memorable moments from the past, into a heartwarming slideshow or video montage he can enjoy and cherish as a special keepsake.

‍Father's Day surprise multi-course meal

Give your dad a relaxed and delicious dining experience with a home-cooked, multi-course meal specially crafted to include his favourite dishes. To elevate the experience, plan and prepare an appetiser, main course, and dessert that perfectly reflects his culinary preferences. 

Decorate the dining area with simple yet thoughtful touches, such as candles, custom place settings, or a handwritten menu. Sharing quality time and conversation over a lovingly prepared meal will make for a memorable and meaningful Father's Day.‍

Final thoughts

Celebrating Father's Day doesn't have to be an expensive affair. The important thing is to show your dad genuine appreciation and create memorable moments together. By choosing budget-friendly yet thoughtful and authentic ways to commemorate the day, it becomes a beautiful reminder that the true value of fatherhood lies in the love, connection, and life experiences shared with those who mean the most. 

So let this Father's Day be a heartfelt and unforgettable tribute to your dad, whose presence and guidance make all the difference in your world.

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Shiba Inu (SHIB) and Dogecoin (DOGE) are both dog-themed meme tokens, and ironically both hold a place in the top 15 biggest cryptocurrencies by market cap. Typically, meme tokens don't hold considerable value in terms of utility within the crypto space. However, financial experts have noted that as the approach toward meme tokens has shifted, these two projects have achieved noteworthy growth and success. But who comes out on top in this crypto dogfight spurred by internet memes?

Exploring Dogecoin (DOGE)

Dogecoin calmly entered the crypto scene in 2013 as a joke, based on a Shiba Inu meme that was circulating at the time (a Japanese dog breed). Developed by Billy Marcus and Jackson Palmer, the peer-to-peer cryptocurrency was allegedly created to poke fun at crypto enthusiasts who had limited understanding of the field. The coin quickly grew a mass following but did little to prove its value in the space. 

However, in 2021 Dogecoin's popularity exploded thanks to social media and the support of Tesla CEO, Elon Musk. After claiming it to be his favourite coin on Twitter, even naming himself the Dogefather, Musk caused a wild increase in the DOGE price, hype, and far-spread interest (as well as speculation).

Dogecoin provides a fast medium of exchange and is used predominately as money for tipping content creators across various platforms and crowdfunding. Ultimately, Dogecoin has a reputation for being an accessible asset in the market.

Exploring Shiba Inu (SHIB)

Bursting on the scene in 2020, Shiba Inu positioned itself as an Ethereum-based rival to the original meme token. The project provides several use cases such as a decentralized exchange, an art incubator and hosts to other tokens (one of which was initially called Doge Killer). 

The platform was created by an anonymous entity, much like Bitcoin, that goes by the name of Ryoshi. After launching, Ryoshi donated 50% of the total SHIB supply to Vitalik Buterin, and whether this was meant to be a publicity stunt or not it certainly received a lot of attention. Buterin went on to donate 10% of his SHIB to a Covid relief fund in India and burned the remaining amount. 

In October 2021 following a possible Robinhood listing the SHIB price soared and for the first time overtook Dogecoin in value. Once the selling spree calmed down the price corrected.‍

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How is Shiba Inu connected to Dogecoin?

While we outline the specifics of their similarities in the article below, the answer to this question is that there is no link between the two. Each network is built on its own platform (Shiba Inu using Ethereum as a base) and are not intertwined nor compatible. They are essentially competitors in the crypto space, each providing a platform and use cases separate from one another.
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Dogecoin vs Shiba Inu Similarities

While the obvious similarity in this article is that these coins are both meme-based, there are two other core similarities that these coins share that is seen less frequently in the crypto space. 

Consensus Model

Both cryptocurrencies currently use a Proof-of-Work consensus algorithm, requiring miners to solve computational problems the fastest in order to validate transactions. Dogecoin is hard forked off the Litecoin network while Shiba Inu is built on top of Ethereum's blockchain. However, in the coming months, this will change as Ethereum moves toward a Proof-of-Stake consensus. 

Strong Social Media Presence And Followings

Both these coins have active and loyal followings and have done well to build such strong communities. Both provide easy entry points into the market, an excellent way of diversifying one's portfolio with their low costs. Both coins also played a role in bringing crypto to the mainstream in a "fun" light, with their active community members to thank. 

Elon Musk

As a bonus similarity, both these meme tokens have greatly benefited from the actions of Elon Musk. While he is a strong fan of Dogecoin, he recently sent the price of Shiba Inu soaring after posting a picture of his Shiba Inu puppy. In part, this contributed to the SHIB price reaching its all-time high.‍

Dogecoin vs Shiba Inu Differences

Of course, while they're both wildly popular and among the biggest cryptocurrencies based on market cap, they too have differences.

Token Type

While Dogecoin was built on its own blockchain, Shiba Inu was created on Ethereum as an ERC-20 token. This increases the tokens versability as it is compatible with all ERC-20 functions, such as wallets, smart contracts, decentralized exchanges, market places and more. 

Tokenomics

An important aspect to look at, these two differ substantially. Dogecoin was created to have an infinite supply with a total of 5 billion new DOGE entering the market each year. Due to its fixed reward rate, the coin's inflation rates are expected to decrease over time making it deflationary in the long term. 

Shiba Inu, however, has a fixed supply of 1 quadrillion SHIB with around 549 trillion SHIB currently in circulation. The project has also implemented a burning mechanism into its operations, burning small portions of SHIB each time the cryptocurrency is purchased (via the transaction fee). As more coins are purchased the burning mechanism will decrease the supply, making the coin scarcer and increasing value. 

Utility

Dogecoin is a peer to peer payment system providing a medium of exchange. Shiba Inu on the other hand can be used in smart contracts and DeFi products. The project also provides a decentralized exchange called Shibaswap, as well as two other tokens, LEASH and BONE. On top of that, the platform also offers users access to liquidity pools and staking services. 

The Dog Fight Continues

As mentioned above both these coins have impressive communities behind them and have their own use cases. With many people asking where do experts predict Shiba Inu will go next and how high can Dogecoin go, the truth is that no one can say for certain. Each investor can decide for themselves which is better suited to their trading needs and enter the market accordingly. If you'd like to onboard Dogecoin or Shiba Inu you can do so securely and conveniently through the Tap app today. 

Building wealth doesn't have to wait until you're settled down and "old". In fact, the sooner you start the better. Whether you want to buy a house one day, or start saving for retirement, starting to generate wealth earlier on will help you achieve these goals sooner.

Your 20’s & 30’s pose an excellent opportunity to build wealth as these years allow you to learn from your mistakes and take risks with a minimal downside (far fewer than if you started this process when you've got a family to support or an upcoming retirement).

There are two important notions to remember: this is not a get-rich-quick scheme, nor does it need to be complicated. Building wealth is more about setting yourself up on the fast but responsible track to wealth in later years.

8 Tips on how to build wealth

Below are 8 tips on how to stay on the straight and narrow when it comes to generating wealth.

1. Create a living expenses budget and stick to it

It might not sound glamorous, but budgeting and saving money is not as bad as you think. Creating a budget for your living expenses (and sticking to it) is one of the surest ways to grow your money in the long term. Explore options like the 50/30/20 rule or 70/20/20 rule to establish what to spend on needs, wants, and savings each month and provide frameworks that allow you to save more money.

Living on a budget doesn't mean skimping on luxuries, it simply means managing spending money on luxuries and not overspending. It also trains us not to live paycheck to paycheck and instead determine exactly what we are spending our money on and ultimately save more money for the things we want to do in life (like buy a house or build a healthy retirement fund).

Financial independence takes work but is not entirely out of reach for anyone. One needs to start building a financial plan today in order to accumulate wealth further down the line.

2. Start eradicating your debt (from credit card debt to student loan debt)

Prioritise paying off your debt and living within your means in order to build your personal capital. Of course, sometimes debt is unavoidable, but bouncing back is imperative to building wealth down the line. Consider saving up to pay off your debt before using those savings for investments.

The 20/10 rule stipulates that you use a maximum of 20% of your annual net income on consumer debt, while each month you use no more than 10% of your net monthly income to pay off this debt. Ideally, stay away from consumer debt entirely and prioritize paying off anything you owe so that you can have more money in the long run.

3. Explore the working world

Your 20s are a great time to try new things in the job world. Explore new opportunities and build your experiences to grow your earning potential down the line. Consider each new job experience an opportunity to grow your skill set and increase your earning potential as you ascend the corporate jungle gym.

While a job might not pay more money, the experience it gives you can leverage your next job and result in greater financial success. It also might help you find money-minded friends, a great benefit to have when building wealth and personal capital.

4. Increase your income streams and make more money

While you're gaining experience in the working world consider building multiple income streams through side hustles, your own business or freelance gigs. Not only will this too contribute to a wider skill set, but will also create additional income streams which can be used for investments or holidays. You can build wealth while enjoying life, and additional income streams are the surefire way to do this and achieve financial freedom.

5. Educate yourself on finances

You're more likely to grow financially if you understand finances. Never underestimate the power of being financially literate and having the right money mindset. Use your twenties to read books, articles, and blogs to gain both knowledge and street-smartness to help you navigate your journey to financial freedom.

6. Investing

First, and as a continuation of the point above, do your own research before investing in any asset class. Investing from an early age can have ample benefits (read up on compound interest for one), but doing so without understanding how investments work can have dire consequences. Educate yourself or consult a professional, and start small. You don't need a huge amount of capital to get started.

7. Build an emergency fund

An emergency fund is 3-6 months' worth of living expenses and is a major contributor to financial wellness and laying the right financial foundation for later in life. Emergencies in life are inevitable, whether it be a medical emergency, a family crisis, or a car or house emergency, and an emergency fund is a surefire way of avoiding financial ruin as a result.

Learn more about building an emergency fund in our 7 simple steps to start (and build) your emergency fund article.

8. Get started with your retirement fund

It might not sound sexy, but starting to save for your retirement in your 20s is ideal. Starting to save for retirement when it's right around the corner isn't advised, so why not start now so that it can grow into something substantial by that time? Imagine what two to three decades of retirement savings might look like, compared to a few years.

As always, do your research and start small. You might even find that you can retire much earlier than expected. This is the number one mistake that young people make today.

In Conclusion

There's no time like the present to start considering your financial situation and what you can do now to make it prosper in the years to come. Avoid get-rich-quick schemes and use the time to take educated risks, the earlier you start working on your growing wealth journey, the better.

Even if you're not earning a lot, be diligent and consistent and you will see results. Start building these habits now and you will reap the rewards along the way.

Disclaimer: This article is intended for communication purposes only, you should not consider any such information, opinions, or other material as financial advice.

The crypto industry can feel like it has a language of its own sometimes, so we're here to clear the air on the business of tickers. Tickers were first introduced to the trading world in the 19th century to make trading stock more efficient, listing merely an abbreviation of the company and not the full name. This concept was later adopted by the crypto industry too. In this article, we provide a guide to avoiding crypto ticker confusion.

What is a crypto ticker?

Crypto tickers are abbreviated forms of a cryptocurrency used to represent the coin on centralized and decentralized exchanges. For example, BTC is used for Bitcoin and ETH for Ethereum.

Can two cryptocurrencies have the same ticker?

As both cryptocurrencies will likely be searched for and traded on the same exchange, each will need its own ticker in order to differentiate from the other. It has however been witnessed that smaller coins have adopted a more prominent cryptocurrency's ticker in order to drive interest. This is often related to scam coins and should be considered a red flag. 

To simplify this guide we've broken it down into sections, covering tickers across payment focused cryptocurrencies, stablecoins, meme coins, development-focused platforms and a gaming platform.  ‍

Payment-focused cryptocurrencies

Since Bitcoin was launched in 2009, many coins have followed in its footsteps, attempting to recreate a more efficient digital money. While this isn't a bad thing, there have been a number of digital assets adopting the word "Bitcoin" into their name which has caused a considerable amount of confusion. 

Here we take a look at the three most prominent payment-focused cryptocurrencies:

BTC - Bitcoin 

The first and biggest cryptocurrency in existence, Bitcoin is the most widely adopted coin to this day. 

LTC - Litecoin 

One of the most successful forks off of the Bitcoin blockchain, Litecoin provides fast and cheap transactions.

XRP - Ripple

XRP offers one of the fastest value transactions, challenging the SWIFT payment method with its blockchain functionalities. 

Stablecoins

Stablecoins were created to combat the volatility that crypto markets have become known for. These coins are pegged to fiat currencies, ensuring that their value remains the equivalent to one unit at all times. Stablecoins have gained popularity since the launch of the DeFi movement, and both these coins are in the top 5 biggest cryptocurrencies based on market cap. 

USDC - USD Coin

USD Coin is pegged to the US dollar and was launched in 2018 by payment services company Circle and Coinbase.

USDT - Tether

Also pegged to the US dollar, Tether was launched by a Hong Kong-based company Tether in 2014. Tether is the first stablecoin to come into existence. 

Meme Coins

Since the rise of Dogecoin, many cryptocurrencies have attempted to leverage the brand and incorporate the star Shiba Inu logo. Most of these coins have a minute market cap, so we'll focus on the two biggest ones, which are both currently positioned in the top 15 biggest cryptocurrencies based on market cap. 

DOGE - Dogecoin

The original meme token, Dogecoin was created in 2013 from a hard fork off of the Litecoin blockchain. Dogecoin remains the biggest meme token to date. 

SHIB - Shiba Inu

Leveraging the success of Dogecoin, Shiba Inu was launched in 2020 and provides a crypto ecosystem compared to Dogecoin's simple payment functionality. 

Development-Focused Cryptocurrencies

Since the rise of Ethereum and the incredible innovation, it has provided a platform for, many other projects have launched a similar concept where developers can also create dapps. While they all share this common denominator, each project brings something unique to the table. 

ETH - Ethereum

The original development-focused platform, Ethereum was launched in 2015 and is the most widely used by developers. Often susceptible to high transaction fees, many other projects have attempted to rectify this problem. 

ADA - Cardano

Cardano was created by a co-founder of the Ethereum network and through rigorous academic research aims to provide a more streamlined platform on which developers can create blockchain-based applications.

DOT - Polkadot

Polkadot focuses on providing interconnectivity and interoperability between blockchains, allowing inoperable blockchains to exchange data and value.

LINK - Chainlink

Chainlink is an oracle network that allows smart contracts to connect with outside data, providing a "bridge" between blockchains and off-chain environments.

SOL - Solana

Solana is a high-performance blockchain that provides dapp and smart contract creation. Solana provides a faster and more cost-effective alternative to Ethereum.

Gaming Platform

Last but not least, we'll also cover this metaverse-focused coin which functions to assist the inner workings of the virtual reality game of the same name. 

MANA - Decentraland

Launched in 2020, MANA operates as the in-house currency for players using the Decentraland platform. The coin can also be traded in the outside world on many popular exchanges. 

An informative guide to avoiding crypto ticker confusion

We hope the guide above helps to dispel any crypto ticker confusion, particularly as you embark on your journey in the crypto space.As the regulatory landscape around cryptocurrencies continues to evolve, Tap offers a user-friendly, secure solution for those interested in entering the market, providing a convenient, simple and secure solution to buy, sell and store cryptocurrencies.

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It's no secret that trading any financial market is hard work. Traders need to keep calm, level-headed, and observant at all times while staying on top of the market's ever-changing movements.

While making mistakes is part of the game, we've outlined 5 of the biggest common mistakes you can avoid while you navigate the often turbulent waters of any trading system and technical analysis.

What is technical analysis?

Technical analysis (TA) is one of the most popular methods for analyzing financial markets. At its core, it uses previous price action and volume data to predict future market behavior by identifying trends and favorable trading opportunities.

It can be applied to the chart patterns of any kind of market, including stocks, forex, commodities, and cryptocurrencies. While the basics are not too difficult to understand it takes a lot of practice to become an expert technical analyst.

This form of analysis typically looks at historical price action, while fundamental analysis (FA) looks at multiple factors affecting the price of an asset.

5 common mistakes made when it comes to using technical analysis

1. Know when to cut your losses

No matter how big or small, always prioritize protecting your interests. In the world of trading and financial endeavors, this is non-negotiable if you want to see any results. A great way to approach trading is to start out with the following mindset: you're not here to win, you're here not to lose.

Start with small positions, set up a stop-loss, and know when to cut your losses.

2. Don't ignore extreme market conditions

While the markets are typically governed by supply and demand, there are cases where extreme conditions like black swan events can throw your carefully curated technical analysis to the curb. Sometimes emotion and mass psychology can cause periods of extreme market conditions, and you will need to adjust your trading strategy accordingly.

If you make decisions based solely on readings from technical tools, you run the risk of losing money, especially during black swan events when it can be tough to understand what's happening. Keep in mind that market conditions can change rapidly and without warning, so it's always important to consider other factors before making any decisions and risking real funds.

3. Avoid revenge trading

Revenge trading is a term used to describe when a trader tries to immediately recover a significant loss through making alternative trades. Infringing the golden rule of not making trades based off emotions, revenge trading is a no-no.

Harness your inner zen and attempt to stay calm through both big and small mishaps. Sticking to your trading plan will be the best thing you can do, and make adjustments as need be based off of logical thinking and an analytical approach.

Immediate trading after a severe loss often leads to more losses. Therefore, some traders take a break from trading altogether for a while after they lose big. By taking this breather, they can come back with fresh mindsets and restart their trading journey.

4. Remind yourself (constantly) that TA is a game of probabilities

Technical analysis is all about probabilities and not absolutes. This means that no matter what technical approach you’re using, there’s never a 100% guarantee that the market will behave as you expect. Even if your analysis suggests that there’s a very high probability of the market moving up or down, it's still not set in stone.

As you're getting your trading strategies together, there's one aspect you always need to keep in mind: don't think the market will go how your analysis predicts. This is a mistake even experienced traders make, and it leads to bad decisions like betting too much money on one outcome instead of spreading it out. That puts you at risk of losing a lot financially if things don't go your way.

5. Don't blindly follow anyone's trading strategies

A great way to learn how to trade the financial markets is by observing experienced technical analysts and traders. However, in order to master your own skills you will need to establish what your own strengths are and how to leverage them.

Observing other traders doesn't present a fool-proof trading strategy as something that works for one trader might not work for another. With countless ways to make money off of the markets, find your own trading style that is best suited to you.

Initially, you might get lucky by making trades based off of another person's opinion. However, if you continue down this road without comprehending why they made that choice, it will only lead to detrimental consequences in the future.

Learning from others is key, but it is more important that you think for yourself and agree with the trade before moving forward. Do not let anyone else make decisions for you blindly, no matter their experience level.

In conclusion

While trading isn't easy and there is certainly no quick fix to success, the above are some helpful starting points to consider when entering the world of technical analysis.

Remember that it takes practice, and while approaching trading with a longer-term mindset is a great way to start, ideally, you want to build habits that allow you to be in control of your trading decisions and avoid common mistakes.

Continuously navigating risk management and deriving lessons from mistakes can empower you to harness your strengths and enhance your performance. This counsel applies to both seasoned professionals and newcomers, offering a path to growth and progress.