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My Most Important Lesson I can Teach You for Making Money

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I’ve been an entrepreneur since I was 16 years old. I started investing and playing poker when I was 17 years old. One day I skipped school because I bought warrants for 1 200 USD and I wanted to monitor the situation. Within 3 hours I made $5 000. I sold it quickly and went to school. During a sociology class in high school, I played heads up for $1 000. I lost, but it was fun, and my friends were watching. I know about the “urge” to earn money quick. It gives a kick; your adrenaline starts pumping through your veins. It becomes an addiction. It even get’s fun to lose money. This is very dangerous.

I must admit that I see a lot of the same “rookies” in our community on Workplace. My guess is that many of our members are chasing profits on a daily basis and get kicks out of watching the prices move up and down. I cannot blame them either, as I was, and probably is, like that myself. I’ve always been impatient. It has been both a blessing and a curse. It has made me a lot of money, it has made me lose more money, it has made me miss huge gains and I’ve been struggling with FOMO (fear of missing out).

Also read: Dealing With The Fear Of Missing Out

Humans aren’t wired to trade

I believe that humans aren’t made to trade. It’s not something we have in our DNA. It is something we must learn how to do, and how to disconnect our human emotions. People that lose a trade tend to risk more on the second trade to earn back what they already lost and then some. It’s a far too common mistake, which I have done myself many times. You have to be able to disconnect your emotions and to follow a strict strategy that you stick to no matter what. You are allowed to change your strategy and tactics, but that should not be something you do daily.

My biggest mistake?

I sold all my bitcoins (800) in 2015 when they were at their lowest (200 USD). I made a lot of money on trading cryptocurrencies, but I was too obsessed with it. I was watching the charts daily (like most of you are doing now). And when the prices started to gain traction in 2016, you can believe I felt an intense FOMO. However, I had decided not to go back in as I wouldn’t want to become obsessed with the charts once again. If I had invested my bitcoins in ethereum in 2015, I would have had more than 50 000 000 million USD today. Chew on that for a few seconds.

But I’ve realized that I didn’t need to watch the charts on a daily basis. I could simply have told myself that: “I want to hold these bitcoins for three years no matter what.” Or that I wanted to buy ethereum for all my bitcoins and then leave them for four years or more. Then I would be able to disconnect myself from the daily charts and probably have reached “financial freedom” by the age of 26.

As you might imagine, it has been hard to see that your prediction back in 2014 and 2015 came through, bitcoin reached 3000 USD, and ethereum is killing it. I’ve been working with myself on getting over the fact that I could have made 50 000 000 USD. What comforts me is that these opportunities happen all the time. I know there’s thousands of investors that have experienced the same. Not only with cryptocurrencies, but with stocks (look at Tesla), commodities and so forth.

You don’t earn money; you steal money

Another interesting aspect of trading and investing is that you are not making money on good trades or investments. You are taking money from other traders and investors. The price of bitcoin is purely based on supply and demand. I bet you can find a person that wants to sell you a bitcoin for 10 000 USD, if you buy that bitcoin then it is worth 10 000 USD. But you have to be able to sell it again to capitalize on the asset.

Investing and trading are money changing hands. Nothing more, nothing less. Money isn’t created, money isn’t lost.

What I’ve learned

The most important lesson I can teach you is to have patience.

HPS! (Have Patience Stupid!)

Create a strategy that you think will win, and stick to it. Don’t be obsessed and follow the charts minute by minute, it will only drive you crazy. When I talk about patience, it could be one-year horizon or even a ten-years horizon. Not a daily horizon. We have a famous saying in Norway:

TTT (Ting tar tid = Things take time)

Members ask me why we don’t have more trading recommendations on hacked.com. We could make tens of thousands of trading recommendations every day, but how good would they be? Opportunities in the market aren’t something that appears on demand. We do not want to give our members recommendations that are destined to fail. As I’ve explained previously; never lose money.

Also read: Never lose money

What I’m doing now

I’ve managed to distance myself from being obsessed with trading, whether it’s trading cryptocurrencies or CFDs on IG (e.g.). It has made me more happier, more comfortable and less stressed. That is an important factor to take into account for creating a good life.

Also read: What makes a good life?

I’m more experienced, more patient, more intelligent. I’ve learned the hard way, and you should learn from what I’ve done (and not done). Now I’m only focusing on the following:

  1. Increase my monthly income
  2. Invest 33% of my monthly income in different assets (see the 33% club)
  3. Reduce stressful projects and schemes
  4. Spend more time with family and friends (still working on this)
  5. Start working out and eat healthier (still working on this)

Since I stopped trading on a daily basis, I’ve become a lot happier and satisfied with my life. I was able to take a breather and shift my focus. Hacked.com and its community is a direct outcome of my shift in focus. And I’m glad that so many members enjoy our information and that I can at least help a few people to avoid the same mistakes I’ve made.

When that is said, I’m not saying it’s bad to day trade, but you need to follow a strict strategy that you stick to and not let your human emotions decide for you. I will most likely return to day trading when I get more time, but I’ll do it differently next time.

In this article I talk mostly about trading and investing, but the same rules can be applied to entrepreneurship and starting your own business. Patience is as important here.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.2 stars on average, based on 56 rated postsFounder of Hacked.com and CryptoCoinsNews




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15 Comments

15 Comments

  1. RH2302

    June 18, 2017 at 1:20 pm

    As always, good material to think about and act towards.

    I think you are right by saying people aren’t born to trade. Even though I am aware of all the stress trading can give you and how to counter it, I still feel it.

    Reading this enables me to take a look from a different perspective. It gives me trust that, in due time, everything will fall In it’s place.

    Having sold a bunch of LTC a week prior to this increase suddenly doesn’t feel that relevant anymore.

    Thank you for this

    • Jonas Borchgrevink

      June 18, 2017 at 1:28 pm

      I’m glad to hear that. Thank you.

  2. visiondream3

    June 18, 2017 at 1:46 pm

    Great insight Jonas. I held on to my ltc (based on your community recommendation) even when it was dead for a while. I had thoughts in between to sell it and move on, but I stayed put because I was curious to see where it would be in a month, and thankfully now it paid off. Well said Jonas! It’s all about patience and not having the herd mentality. I usually trade with 24 hour charts with oversold and overbought conditions and that gives me peace of mind not having to stare at the chart for hours. It gives sufficient time to react eventhough we may miss the absolute tops and bottoms!

  3. bitsurfer

    June 18, 2017 at 4:58 pm

    Well said.. looking at the charts everyday is stressful!! ? It slowly yet drastically takes focus from the more important things, on an hour to hour basis.

  4. Tyson Gray

    June 18, 2017 at 6:27 pm

    This is good advice Jonas. I like your saying in Norway, Ting tar tid. 🙂

    • Jonas Borchgrevink

      June 18, 2017 at 7:11 pm

      Hehe, thank you 🙂

  5. Ritesh Sheth

    June 18, 2017 at 7:34 pm

    Hey Thanks a lot, But an monthly recommendation chart of few alt coins will be highly appreciated , So that No need to look at the chart daily. Ha ha.
    Great work, Thanks.

  6. NYoo

    June 19, 2017 at 12:35 am

    Am I just too much of a newbie? I love looking at charts every day, it’s so much fun. And I made more money last month than all of last year. I find day trading more predictable, less risky and much more fun than what I was doing before: running a fashion company. That was incredibly stressful and with little reward. Because of the fashion timeline, I was investing hundreds of thousands of dollars for a potential return that may or not may come 8-10 months ahead of time. For my last two seasons, I started a new brand direction that I knew was right for the collection – it cost my business 30% of our revenues. Without the cash reserves from my business partner’s investment, we would have gone under.

    There’s a lot I miss about having my own fashion brand but overall with day trading I am happier and more certain about my financial future.

    Fyi, I transfer all my profits on a daily basis. Also, I check the charts at 3-4x a day now, at high points and low points. If it’s an exciting day then I check more often. Working pretty well so far…

    • Jonas Borchgrevink

      June 19, 2017 at 7:38 am

      I wish you all the best, but you are in for a hell of a ride I guess. Or maybe you are one in a million “born to trade” 😉

    • porcupine1967

      June 19, 2017 at 2:55 pm

      I’m such a newbie as well but I do know to never get emotional over stocks.

  7. porcupine1967

    June 19, 2017 at 2:53 pm

    I think if you follow the advice of Gordon Geckko you cannot go far wrong.

  8. NYoo

    June 20, 2017 at 2:00 am

    Haha, omg, I laughed out loud about “one in a million.” I seriously doubt it. Most of the time I have no idea what’s going on with the charts or the prices. It’s just this is the funnest thing I’ve ever done to make money (btw, I’ve lost a lot of money too…). I loved designing lingerie but sometimes the thought of outputting more products into this world made with toxic processes was just too much. Plus, I like the energy of cryptos and everything this world stands for.

  9. Tommy

    June 20, 2017 at 7:46 am

    good reading. im just in the “starting” phase of cryptocurrency trading myself. Think i’ve probably done my fair share of the rookie mistakes already, emotions, fear of missing out, waking up waay early to check the charts. And feeling and immense impatience when seing negative numbers, to quickly sell.
    now the last week ive stressed out a hell of a lot less, and just put in a few high sale orders, to make sure not to miss the pumps/whales roaming the altcoins lately. and slowly and a little more steady, ive almost recovered my loss in 1 week. So now i’m going for more mid-long term with about 75% of it. and using only 25% for day to day fun trading.
    this subscripiton to this page, has already paid itself 🙂

  10. P. H. Madore

    June 24, 2017 at 11:38 pm

    Two days ago I had some change in a trading account, invested it all into something that had a lot of value, drunkenly, which I had no other information about. Then I put it for sale at 300% the cost, and four days later discovered I had profited. I took these profits, converted them to dogecoin, and further gambled that (dice, bitsler) up another 1000%, pushed it back into the trading account, converted it to .25 bitcoins. I had a lot of fun but I’m fully aware it hardly ever works this way. Patience is important, and I lack it more than most. I’d be a billionaire if I had the patience I desire to have, as you would be a mult-millionaire.

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My CFD Journey: 72,000 USD Up Today

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Wow the indexes are falling globally now. Dax is down with 1% today – same as Dow Jones. I would love to do a short call on these indexes, but that have seriously hurt my financial standings previously since we still are in a “bull” market with earnings reports beating forecasts and macroeconomic numbers excelling analysts viewpoints. I only want to trade by using trend following, so even if the markets are down, I love to do short buy calls as they most likely will rebound to new ATH (all time highs). The reason for just doing short buy calls is that we might be on the tipping point to a bearish market, but that’s something I would like confirmation on from e.g. macro numbers, earning reports and such. Until then, I’m quick in and out.

Here is my results

Order Entry Price Take Profit Stop Loss USD Bank Roll USD % Change
Start 258 064,52
Day 1 25.01.2018 Dax Buy 13268 13274 13262 6 472,52 264 537,03 2,51
Day 2 26.01.2018 Dax Sell 13342 13318 13392 7 642,84 272 179,87 5,47
Day 3 29.01.2018 Dax Buy 13331 13336 13313 12 508,39 284 688,26 10,32
Day 4 30.01.2018 Dax Buy 13226 13233 13176 6 625,94 291 314,19 12,88
Day 5 31.01.2018 Dax Buy 13217 13230 13187 26 474,06 317 788,26 23,14
Day 5 01.02.2018 Dax Sell 13291 13265 13327 10 834,58 328 622,84 27,34
Day 6 02.02.2018 Dax Buy 12797 12825 12772 72 314,97 400 937,81 55,36

Using ProRealTime

As I wrote yesterday, I’m using IG.com to trade CFDs. They got a tool called ProRealTime that I started to use yesterday. It’s a great tool with many more indicators and tools, and best of all, you get a good look at your stats. Here is my stats so far on ProRealTime in NOK (1 USD = 7.65 NOK – click on the images to get a larger view):

As you can see from the image above, I got 8 winning trades and 1 losing trade. I tried to buy the dip on Dax but managed to enter a bit too early. The Dax index fell quite rapidly after I initiated this trade and I wanted to keep it open as long as possible as I knew a rebound would happen. But I was not comfortable enough to sit it through so I closed it. Still feeling certain that the price would rebound I entered a buy position yet again at what I thought would be the lowest low. And thankfully, that worked and it rebounded above my initial entry point for the first trade. To ensure that I got the profits I wanted, I did a third trade buying Dax when RSI showed a trend reversal (rose above 50). I closed the trades once I was happy with the profits and because I became nervous that the price would turn back down. Then I initiated the last trade of the day going long on Dax yet again.

Here is the total overview of my trades today:

I would again like to highlight that trading CFD is very risky, and I’m still significantly down in total these last 3 years.

My trading rules

  1. Only risk max 2% of my bank roll per trade.
  2. Have 0 active positions during the night (first of all, I lose sleep, second; you are charged an interest fee for leaving a leveraged product overnight.)
  3. Always trade on last month’s trend including the previous day(s). If they do not correlate, I will not trade.
  4. If one position is lost, I’ll double the amount (martingale) and do a second trade. I’ll only stop doubling after 3 consecutive losses.
  5. Do not think about lost trade opportunities.
  6. Markets to trade: Dax & Dow (minimum spread).
  7. Stay updated on economic releases prior to entering a trade.
  8. Do not have emotional ties to the money. I like to call them “points”.
  9. Only enter a position when an asset is overbought or oversold shown by both RSI & Stoch at the same time.
  10. Always write down your trades and elaborate what went right or wrong.

What is the meaning of this?

Why I’m I writing all these posts? My main goal is to find a working strategy trading CFDs and be able to mentor Hacked.com members and do live sessions together. However, I would like to keep going for at least one month until I feel comfortable that the strategy I have, actually works. I would rather lose my own money, than lose any of yours.

I wish you all a great weekend. We are going to visit our family this weekend and have a nice time.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Who Moved My Cheese?

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It’s been a while since I wrote a post. I’ve been busy with creating CCN.com and migrate CryptoCoinsNews.com over to the new domain with a fresh design. And It’s been Christmas with daily family dinners. I decided to quit my job at Wilhelmsen.com as a Digital Trainee. I’ve worked there for a year now, and with the growth of CCN and Hacked.com I had to take a choice. I want to make CCN and Hacked to one of the strongest crypto sources and our team is rapidly expanding. We are now more than eight full time employees and more than 20+ as part timers.

I also bought hvy.com in December, and I want to develop MoneyMakers.com into something more during the coming year. We are building a small media empire with a very decentralized structure. I love the team, and I especially love our dedicated readers and members.

I started 2017 by posting the following:

  1. My own longterm goals, what are yours?
  2. Join me to my first goal of $1 000 000
  3. My First Investment Towards $1 000 000

What is a bit ironic, is that I reached my “longterm” goal last year. It should have taken at least ten years, but I managed it in one. I managed it because of a few things:

  1. Dedication
  2. Team work
  3. Luck

Who would have thought that the crypto scene would blow up like it did last year? It was insane, and we still keep setting records.

Then to a few “lost activities” on hacked.com. The 33% club lost some steam this fall, purely due to my priorities at that time. I’ve still been investing, and I now have approx. 1 million USD in different assets (not cryptos). I will continue the 33% club from February and onwards, and I want you all to join. I will do a new post later in January with a better setup.

Then to my “Robot” affair. First weeks I made $5000, but then things started to go terribly wrong. I had multiple issues with using robots on MetaTrader 5 (I used Roboforex as my trading platform). One of the main issues I found was that the robots did well on certain days, but then when they made the wrong moves, I lost twice of what they originally made. And sometimes, my VPS went down and the orders were stuck until I manually exited them. Mostly with a huge loss. I do not think there’s any good robot out there where you can just leave your money and “forget them”. I’ve decided to focus more on investing my money in secure assets, stocks, indexes, and bonds. I’m still looking for the golden opportunity, and once I find it, I’ll share it with all the members on hacked.com.

Who Moved My Cheese?

I read a short book here the other day called Who Moved My Cheese? and it’s really worth reading. It’s stupid simple, but it’s so true. Basically it says that people who are stuck in the same patterns will end up depressed and “broke”. Your “cheese” or “money” will always be fluctuating, you have to chase it to new grounds. You might think that you can work for your employer until you die, but that will most likely be a terrible mistake. To believe that what you have now will be lasting forever. Successful people manage to change quickly, spot new opportunities, and move forward with their lives. I personally have experienced being stuck for a while, but now I feel free and I want to keep chasing the cheese in new arenas or mazes. Risk and failures are a part of your learning curve. Same can be applied in so many aspects of my and your lives. I recommend reading that book.

After I’m done 31st January at Wilhelmsen (my regular 9-5 job) I’ll focus more on Hacked.com and its community, and I’ll definitely write more and share my thoughts with you.

Thank you for a great 2017, now let’s make sure 2018 becomes even better for all of us.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Searching for the Meaning of Life in Dubai

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Last week I traveled to Dubai with a group of people in Wilhelmsen, where I work as a Digital Trainee, for our third module in Design Thinking with Pracademy. We are a group of 24 people which Wilhelmsen considers to be Leadership Potentials. We are fortunate to be a part of this year’s company program, and we have all learned so much about ourselves. In this post, I will try to communicate what we learned during last week’s module. Be aware that this is a four months program, and it’s hard to get the feeling of it by just reading about it. But I hope I can share some of the knowledge that I acquired and get you more interested in improving your own life.

Find your passion and go all in!

Most motivators and teachers say that you need to find your passion, make work a hobby that you enjoy every single day. I have even caught myself saying that over and over again (on Hacked). However, as I learned during the sessions in Dubai, more than 80% of us do not know what their passion is. I started to wonder if I knew what my passion is. And I’m still insecure about that. I do know that I want to contribute to the world, I want to help and serve people. I want to create things that I know other people will love; I want to leave a footprint on this earth.

I often have this mind experiment where I picture myself as 80 years old with bad health in my nursing home. Do I think that I managed to get the most out of life? Am I satisfied with all the things I achieved? Or do I have regrets and feel remorseful? The goal for every person on this earth is to be satisfied with your life when you’re near the end. I guess most people aren’t in reality. And that’s a big shame. Some people might regret that they worked too much, had too little fun, too few good experiences with their loved ones, too few memorable memories.

I pray that I will be happy with my life and what I accomplished.

How to find your passion

If you do not know what your true passion is, there’s still hope for you. You can spend years trying to find your ultimate passion. Think of what makes you happy, what you enjoy or care for. My strong passion for creating things started in my childhood. I always drew new inventions on a piece of paper and started small kid businesses. I played music; I was a drummer in a nu-metal band, I started to sing and rap and create songs. I painted and used my creative skills to visualize my thoughts. I traveled during holidays and experienced new cultures, new food. Oh, I love good food. I love cooking a great meal for family and friends.

I could probably achieved anything that I had/have passion for. I could have been a:

  • Cook
  • Artist
  • Painter
  • Drummer
  • Entrepreneur

I chose to become an entrepreneur mostly due to financial possibilities. As being financially independent was and is very high on my priority list. But that does not mean that I wouldn’t have a meaningful life being an artist with less money on my hands.

Economist Angus Deaton and psychologist Daniel Kahneman researched happiness and money in 2009 where the focus was on US standards, and it’s population:

So, where does the $75,000 come into play? Researchers found that lower income did not cause sadness itself but made people feel more ground down by the problems they already had. The study found, for example, that among divorced people, about 51% who made less than $1,000 a month reported feeling sad or stressed the previous day, while only 24% of those earning more than $3,000 a month reported similar feelings. Among people with asthma, 41% of low earners reported feeling unhappy, compared with about 22% of the wealthier group. Having money clearly takes the sting out of adversities.

At $75,000, that effect disappears. For people who earn that much or more, individual temperament and life circumstances have much more sway over their lightness of heart than money. The study doesn’t say why $75,000 is the benchmark, but “it does seem to me a plausible number at which people would think money is not an issue,” says Deaton. At that level, people probably have enough expendable cash to do things that make them feel good, like going out with friends. (The federal poverty level for a family of four, by the way, is $22,050.)

So if you live in the US, a goal for financial freedom could be $75 000 or $100 000 as income per year. If you make more than that, you won’t necessarily become happier just because of the money.

However, if you make too much money and you are in an in-group where your peers make much less than you do, you can be in a situation where jealousy and envy will affect your life. And that is not a good feeling at all. I believe that the people in the middle of the scale live the happiest lives. There have been numerous cases where people that won in the lotteries have ended their lives due to envy and jealousy from their friends and family. Where they thought winning a lot of money would make them happier, while it only magnified their problems.

Empathy

In Design Thinking, empathy is a crucial part of the process. The ability to feel compassion for other human beings. To understand their problems, feelings, and emotions and to share their pain, grief, happiness or sadness. I know for a fact that I could be much more empathic and that is something I will improve. See the video below that shows what empathy is:

We saw this video in Dubai, which almost made me cry (we were in a particular mood..):

There’s so much going on in that video. Mo Cheeks felt empathy with the girl singing the national anthem, and he could feel compassion since he had a daughter at that age.

Things change when you get a child, for me that has a daughter who is seven months, I can relate to the video above. You might not.

What characterizes a great leader?

We did a session where everyone in the room in Dubai explained what a great leader is for them. The list included:

  • Good listener
  • Empathic
  • Understanding
  • Good motivator
  • + more

Most of the points we as leadership potentials defined as a great leader had nothing to do with “IQ.” Most of them had everything to do with “EQ,” emotional intelligence. It is mindblowing that we do not learn more about emotional intelligence during school, and that all businesses focus on “IQ” when hiring, not “EQ.” I believe that is skewed and is important to reflect upon.

Mindfulness

We also learned how to be more mindful. They encouraged us to use 30 minutes to sit quietly, close our eyes, focusing on the now. Breathing slowly and try to get as calm as possible. There’s scientific research on how mindfulness can help you become more happier, healthier and more successful:

And then one of the many guides on mindfulness:

Communication

We did a session where we were paired up to use mindfulness to listen and repeat. A was given 6 minutes to talk about a challenge at work, B was given 3 minutes to repeat what he/she heard, A was then given 2 minutes to clarify what B might have misinterpreted, B was then finally given 2 minutes to repeat what A clarified. This was a session that made me realize how easy it is to misinterpret. This can be used in every aspect of your life. It is so easy to misunderstand what a person is saying or meaning, so try to ask a question after a discussion: “Did I understand you right, that you want…” or “Could you please clarify what you meant by…”.

Writing

A professor of culture and psychology from South Korea gave us a session on writing. How writing in a notebook can help you learn better and understand what was communicated. From now on, I’ll always bring a notebook in meetings and write with my hand. Then I’ll add the written information to my computer later on.

Emotions

We often say: “I am angry.” That is a big mistake. We are not angry, but we do feel anger. So whenever you “are angry, sad, or irritated,” say in your head that you are “feeling angry, because..” and you will be able to control your emotions in a much more sufficient manner. Do not let the feeling itself take over who you are. You are not your feelings, you simply feel them and they will pass.

And Finally, you have the Siberian Railroad: SBNRR: Stop, Breathe, Notice, React, Respond.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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