Took out a loan to transition to full-time trading. 24 years old.

This is a discussion on Took out a loan to transition to full-time trading. 24 years old. within the Trading Journals forums, part of the Reception category; Hi Wabu27 Clearly it seems you have shocked most people by informing us that you have borrowed money to use ...

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Old Apr 13, 2016, 1:30pm   #9
Joined Jan 2006
Hi Wabu27
Clearly it seems you have shocked most people by informing us that you have borrowed money to use as a your trading capital. I will also join the herd and say that this is not a good idea.

Trading is hard enough as it is, without the added pressure of having borrowed funds.

Please reconsider your decision!
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Old Apr 13, 2016, 3:30pm   #10
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wabu27, When you were trading with small fund, you were profitable?
If you were, then may be this could work if you keep yourself stress free.
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Old Apr 13, 2016, 4:01pm   #11
 
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Lemmings are stress free.

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Old Apr 13, 2016, 4:10pm   #12
 
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Just going to add to the weight of opinion here. It is absolute madness to borrow money to trade - particularly such a large amount with such high interest rates.

Pay the money back now. Don't be foolish and greedy. Learn how to trade before jumping into the shark infested pit.

You've already started on a losing streak and the more you lose, the more scared & paralysed you are going to trade.
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Old Apr 13, 2016, 5:22pm   #13
 
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Could be a wind up I suppose. I mean really !

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Old Apr 13, 2016, 6:51pm   #14
 
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This guy borrowed 3k from a credit card to get started.

Click the image to open in full size.

He did ok..

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Youve been trading since 2010 so im guessing youve an idea how important psychology is to trading well. Its 90% of it, at least, imho.
Get and keep a handle on whats going upstairs for you.

Trade small small small, taking the plays that make you feel uncomfortable. If youre any good youll soon start to feel comfortable in those situations, where everyone else is getting hurt. Thats where the money is.

Trading on borrowed money, not the best. If this is the only avenue for you, close it up if you do your 13k, pay down the loan and reevaluate.

Dont listen to anyone who tells you cant do it.

All the best.
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Last edited by darktone; Apr 13, 2016 at 7:08pm.
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Old Apr 13, 2016, 7:05pm   #15
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The market will get to know you carnally before you know it. Unless you were pondering on defaulting on your loan from the very start. Living in a credit society, that can later cost you.
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Old Apr 13, 2016, 7:44pm   #16
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Wish you all the best, let us know how you get on.
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