We have all heard terms such as he is filthy rich, he was born with a golden spoon in his mouth or she is minted.
They all imply wealth and privilege.
However have you ever heard the expression “He has got a ton of money”?
This is another term of slang that describes a very large amount of money.
How much is a Ton of Money?
So what exactly is a ton of money?
According to the Bureau of Engraving and Printing, a ton of $1 US Dollar bills amounts to $908,000 or just under $1 million.
However you do not have to be a millionaire to own a ton of money as it only take a ton of pennies or to be exact 363,000 pennies to accumulate $3,630.
For those who are slightly wealthier than the rest of us a ton of quarters has a value of $40,000.
The good news is you do not need a ton of anything to open a Forex account with a friendly online broker just like FBS and XM as they accept a wire transfer and a small minimum deposit from 5 USD.
Pre-define how much you are willing to risk
If a trader does not know how much he or she is prepared to risk on the trade, it also becomes rather difficult to ascertain if profit target chosen has been set at the logical price level.
Furthermore, trying to decide when to exit a trade after it has been placed is fraught with danger as this could lead to emotions rather than the plain and simple facts dictating the correct level at which a loss should be taken.
To protect one’s wealth, it is therefore recommended that at the very least soft stops are put in place, but preferable hard stop orders are entered when the trade is transmitted to the platform.
