Also, what should be the general guidelines if I just want to save some money but put them into the market instead of a savings account? What rate should I expect to have following a 5-7 year period? Should I go into US/EU market or stay local? I have a modest 5 figures annual salary (in US$), which is above average in my country.

This is different for everyone, it depends on your personal financial circumstances. Married, with a large family to worry about, might require more of a cash reserve than say, a middle aged guy living in grandma’s basement. So, basically you want to have at least enough cash on reserve to keep things calm in the event of a storm, like lose your job or whatever, then after that stick as much into the market as you want.

People have different approaches to this, but generally, I try to get more aggressive about buying when the market is dropping, and more restrained and cautious when it is booming, as what has been going on lately.