“The world has struggled in recent years to absorb the many stresses and negative influences on global markets and everyone’s affected. Look at the senior citizens who lost as much as 40 percent of their retirement investments!” he says. “At one point during the crisis, the Dow Jones Industrial lost 50 percent of its value in less than a week; unemployment shop up more than 5 percentage points and consumer spending, at its worst, dropped by 50 percent.”
Traders, however, gain and lose on a regular basis, and we can learn a lot from their experience, Klouvidakis says.
The Canadian market analyst has spent more than 12 years, producing more than 9,000 pages of notes, developing a formula called Semathy that accurately calculates forthcoming exchange rates.
Klouvidakis offers tips for traders and anyone else experiencing major shifts in their finances:
• Set the right tone immediately. If you’ve lost a chunk of money and your lifestyle is already compromised, understand that you can get it back. Rather than wasting energy trying to blame someone or something, focus your efforts on problem-solving. Not only does this mindset put time to good use, it also diverts you from negative and painful feelings. On the flip side, if you have recently come into a large amount of money, smart investments and shrewd spending are equally important.