for us, retail traders / speculators the most important thing is, how much cash leaving from local community to outside companies which import goods and services from other countries. How many times and how much currencies will be exchange between countries.
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Maybe I’m wrong. I don’t know enough about it to say whether or not the entire district was affluent. I could be wrong. There were lots of businesses and opportunities to make money, but I’m not sure if the majority of people were richer there compared to other parts of the country.
I could be wrong, though. Afterall, Investopedia says ¨ it became a beacon of wealth for business owners¨. But then again, not every resident was a business owner.
That’s a good point. I didn’t think of that. You mean, does the money continue to serve a purpose and create value?
Do you mean money spent on services vs products?
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You are right, the entire district wasn’t affluent, we have counties in America that could be considered your term as a District, and within this county, you may have poor, middle class, upper middle class and the rich / wealthy
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Partly but not entirely. Some services actually assist, even promote, production. For example, accountancy or vehicle maintenance or teaching. But other services just churn money between bank accounts with no net gain in value.
It is more a question of consumption v. wealth-building. If I buy dairy products from a local farmer then money simply moves from my bank account to the farmer. But if I buy wood from a timber yard and build a house then the timber yard has my money and I now have a house for the equivalent value (or even more).
On an international scale it doesn’t really matter whether it is services or products since both are sold abroad and payments flow in. I guess the same principle applies on a local area basis, too…
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But something to consider is what % of the people are above the poverty line. In Black Wall Street, there may have been NO poverty, considering the booming economic growth. But, I’m not sure.
There could have been too much wealth for the top 1% to absorb, so it trickled down.
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Ok, you mean something that contributes to the future, or that keeps giving and helps create further economic growth.
If you buy milk, then the milk is gone after you drink it. But If you buy a car and use it as an Uber, then it keeps giving. Right?
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Right! At least that’s how I see it, for what that’s worth! 
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Question, It also matters how many goods and service you can get within a District that create wealth building within the community, correct?
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Yes, I would agree with that. From a community perspective, I guess it is the same import/export process that we measure on a national level?
Its a very simplified description in overall terms but I think the principle is like that?
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For example, Walmart and other big box chain stores only contribute to Job creation but never buys from local businesses if they do it’s it’s not that much, and that doesn’t create wealth building within the community. Times have changed and price plays a major role.
we also have to look at how many goods and services are provided locally
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In the article you posted it said
What Was Black Wall Street Famous For?
Black Wall Street, located in the Greenwood neighbourhood in Tulsa, Oklahoma was one of America’s most prosperous business districts in the early 20th century. The district became an economic powerhouse, with independent schools, banks, hotels, and transit systems.
That in itself was an accomplishment, I would like to know more about this and can this be achieved by any group of people in today’s Western society.
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Yeah, right? I mean, I’m very fascinated by microeconomics and local economies. You’d expect a forex trader to focus on macroeconomics, huh?
But I like the idea of suburban life, small communities, knowing your neighbours, etc. City life is nice, but it’s too big and there are too many people coming in and out for you to know your neighbours and build long-term relationships with them.
I also like the idea of seeing potential where others see none. Renovating a junk car, for example. Nobody wants it, but you see the potential. You fix it up, and breathe life into it again.
Don’t get me wrong. I like macroeconmics. I’ve occasionally talked about Singapore’s turnaround economy and such. But microecnomics is YOUR own neighborhood. It’s where you live, and maybe even where your family has lived for three generations. I might not be able to influence my country’s economy. But it’s possible to influence my small town’s economy.
That’s where my interest really is.
I think this Black Wall Street story is similar to Las Vegas’s origin. It was basically an idea that got started in the middle of nowhere.
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-Dushimes
Quote worthy
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I’m only checking one pair, and it’s a little weird. The first thing I noticed is that I’m overanalyzing. My appetite for analysis/information is still accustomed to nine pairs, so this is expected, isn’t it?
I’m keeping my sentimental journal going, and jotting down all my thoughts.
Patience, young padawan.
I’m taking some time off from practicing charts, and I’m gonna go back to signal analysis.
I just wanna double check whether or not I see things differently.
While practicing charts I kept a list of setups that confused me. So, I’m gonna see if I can answer them.
I was looking at an AUD/CAD chart, and a thought came to my mind. ¨Man, imagine waiting 3 months to take profits.¨
I had to remind myself that such a view is a pessimistic way to look at swing trading. In my opinion, a more positive viewpoint is ¨Imagine making money, while not having to do anything, for 3 months.¨
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Its actually IMHO a very important issue. We can broadly divide traders into two categories: 1) those that trade to earn their wages and 2) those that trade to build their capital.
Those type 2 traders dont need to worry about when they actually cash in their winnings and can run a position for as long as it remains valid.
But those type 1 traders need a regular cash flow to pay for their living expenses and that puts a deadline on when winnings need to be banked. Naturally, they should have a sufficiently big funds buffer to ride out some of the wobbly periods but even then there is pressure to take profits regularly.
I think most traders should keep a salaried job while building their accounts to avoid such pressures and focus on capital-building.
It is also interesting note that even many full-time traders seek additional “side” income from teaching, Youtube adverts, fee-paying groups, etc.
It is a tough life to rely entirely on trading income, especially with a family alongside.
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Very true. Such long-term trading could last two weeks or four months. In my opinion, if one is to pursue such trading full-time, he must prepare for worst-case scenarios. Having a part-time job, or perhaps having a short-term strategy to utilize in a separate account.
Whatever method one chooses, you gotta be ready for those long periods of waiting for an exit signal.
@SovoS Good point.
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Now there’s the thing! Easy to say, but if one had a short-term strategy that consistently functioned in a positive way then one wouldn’t need the longer term position trading at all. This is probably the reason behind many traders’ drift towards the short end timeframes - which, ironically, are perhaps the hardest to trade with any reliable consistency, and under all and any conditions if it is the sole source of one’s income!
If one wants trading to be one’s only/main source of income then you have to get good very quickly and stay good for many years. Other commitments, holidays, illness, changing markets, adverse regulatory changes, pension savings, and all the other things that come and go in a lifetime, will all impact on one’s trading prowess and create a long line of “stress tests” along the way unless and until one has a big enough capital base to ride through them. I would suggest “big enough” means at least covering 12 months of income and a sum to cover unexpected expensive eventualities that tend to occur from time to time…
The beauty of youth is a tendency to ignore these boring issues and just go for it - but that does not mean that they are not there, lurking in the background. Being aware means planning for such things. Afterall, trading is a professional career like any other, with its own set of unique pros and cons!
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I was thinking the exact same thing. This is something I learned from Dave Ramsey. He talked about having a six month emergency reserve.
Well, what if you traded throughout 2023, saved all it, and used your 2023 profits to live throughout 2024? Then used your 2024 profits in 2025?
This will ensure that you stay one year ahead of your expenses. You’d just have to be sure to budget your money for the coming year. This requires financial discipline, which can be challenging.
And if you have a bad year in 2025, well, by mid-year you can start preparing to get a job in 2026 until you can get your trading profits back to normalcy.
This is quite a hefty task. It requires sound trading, financial discipline, and good planning. Of course, it wouldn’t hurt if you invested in some other business as a plan B. Perhaps you’re a silent partner in a laundromat business, or something of the like.
Again, it’s a hefty task, but it’s a good goal.
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