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; Originally Posted by wabu27 It's a true do or die situation now. Its not a game anymore. It's life itself. ...

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Old Apr 20, 2016, 7:32am   #46
 
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Originally Posted by wabu27 View Post
It's a true do or die situation now. Its not a game anymore. It's life itself. Let my 20's truly begin.
Mate, you have some serious issues.

Just look at yourself in the mirror... and please realize that you're just gambling on credit. I sure hope you don't lose all very soon... but some day there will be a bigger drawdown than any you've had up until now.

Why don't you just try to get in a small trading firm and get some more experience. Just don't mention you're trading like this, because they will laugh in your face.

Or just bite the bullet and work your ass of for a year or two saving every penny so you start the right way.
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Old Apr 20, 2016, 7:35am   #47
 
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I think I just truly realized the seriousness of what I am doing. I am literally standing on the verge of a cliff, trying to balance myself while doing two things simultaneously: working full-time and secretly trading stocks. If I end up with a loss like I did today, that is a seriously blow to my account that could screw my whole life up.
Are you on drugs at the moment? That's what people on drugs do... they stand on a cliff or high building, thinking they can fly and jump...
So you must be on drugs, because you are doing exactly that...
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Old Apr 20, 2016, 8:40am   #48
 
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Addicted to trading ? gambling ?

The OP is displaying all the signs of a gambling addiction:

http://www.jeu-aidereference.qc.ca/w..._en.asp?cmpt=2

https://www.thefix.com/content/are-y...ng-or-gambling

http://traderfeed.blogspot.co.uk/201...g-becomes.html

There is a world of difference between youthful exuberance and being (in the words of Judge Rinder) STUPID.

But why listen to any of us....... we're just old and embittered fogies
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Old Apr 20, 2016, 10:35am   #49
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If this is not a wind up I say go for it, your only young once.

What can go wrong, some debt need a new job, so what. He is obviously not on a super career path here so why not try it.

I would only object to your daily swings, if you want to do this right you only need 6k profit a month so how can you allow -3k days. Set targets and trade smaller and once daily target is met, then go a bit more whilst retaining 50% of profits. Losing days can never be over 2%.

Average of 1% a day more than does it for you. You are already risking but it doesn't need to be gambled so much, one month does not need to define this. I would say slow and steady and 1% a day is good but all the 'experienced' traders here will shoot me down for even thinking that is possible. You have had some good days just exercise some discipline and self control and after a few months you will build confidence too.

Good luck.
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Old Apr 20, 2016, 3:03pm   #50
 
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25% APR = bank fodder

trading borrowed money = bank fodder

trading open market = bank fodder

Please think about what you are doing, it looks like you are a pretty intelligent guy, but what you are doing leaves me cold just thinking about it.

You are only 24, I hope your impatience not to save your own money (even if it takes you 10 years) does not leave you starting at life changing losses.

Good luck fella, anything is possible, but remember "that trade" that gaps straight through your stoploss & takes you into uncharted draw down is ever present.
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Old Apr 20, 2016, 3:08pm   #51
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If 25k is a life changing loss, he should just go and jump of a very high building.

Come on, were you young once?
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Old Apr 20, 2016, 3:15pm   #52
 
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If 25k is a life changing loss, he should just go and jump of a very high building.

Come on, were you young once?
mate, I am still young enough to feel young

It's the whole idea of borrowing money to trade......errrr no thanks !
It's bad enough using leverage, which could be argued as "borrowing"

but actually borrowing 25+ large with 25% APR

As I said, good luck fella !
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Old Apr 20, 2016, 3:27pm   #53
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It's not ideal but he will for sure found out if this is for him or not.

Why waste years messing around and doing peanuts or god forbid demo.

25% is 2% a month or 500 not impossible is it?
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Old Apr 20, 2016, 3:28pm   #54
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All I've practiced, all I've studied...
It doesn't show. You size your bets like a complete beginner.
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Old Apr 20, 2016, 3:34pm   #55
 
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It's not ideal but he will for sure found out if this is for him or not.

Why waste years messing around and doing peanuts or god forbid demo.

25% is 2% a month or 500 not impossible is it?
I have a different take on trading, so maybe my angle is different. I do not & would not want to spend the rest of my life stuck in front of monitors, or even set & forget.

Learn a trade/profession a REAL trade/profession earn good money in your chosen field, dabble in the markets with a relaxed mindset.

Borrowing money to chase a pipe dream ?

Dunno
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Old Apr 20, 2016, 3:53pm   #56
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Many businesses borrow money to start or were founded with credit cards or what not.

Note I did say he was obviously not on some super career path or he wouldn't be writing this would he.

I think the downside is just not that huge, 25k and I am assuming $ so let him have a go I say.
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Old Apr 20, 2016, 4:03pm   #57
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I think the downside is just not that huge, 25k and I am assuming $ so let him have a go I say.
It's a question of morality and philosophy. If you see a baby yanking the leads of a toaster that is about to fall on his head. Do you intervene or do you let it happen so that the baby learn the way of life ? Either responses is equally valid, but most people will prefer intervention even though the toaster hitting the baby will not be the end of him.
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Old Apr 20, 2016, 4:05pm   #58
 
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Just did a calculation and my monthly recurring expenses total $3000. That's 8% from my current balance. Every month, just to have buy something such as food, I need to make more than a 8% return. Anything short of that will be trouble. Negative months will be trouble. I think I just truly realized the seriousness of what I am doing. I am literally standing on the verge of a cliff, trying to balance myself while doing two things simultaneously: working full-time and secretly trading stocks. If I end up with a loss like I did today, that is a seriously blow to my account that could screw my whole life up.
This is the biggest and the boldest thing I've ever done in my life of 24 years. I might look back and regret my choice. I'm really not sure if I'm actually sane at the moment. All the logical thinking in the world is telling me not to do it. It's telling me to return my loans and go back into my stable lifestyle. Build little by little, no matter how long it takes. That is what a sane person would do. That is what a "normal" person would do. Yet I think I have it. I think I can pull it off. It just doesn't make any sense at all but I really think I can do it. And I think I'm going to regret it if I indeed had what it took, but did not believe in myself to go through with it. Not trying to be cheesy but the saying "do what your heart tells you.." When you like a girl go for it. When you want to go on an adventure go for it. When you love something so much go for it. People call that courage. I don't think the saying applies in the way I'm going to use it, but yea... there is something that's just telling me I can do it. Tomorrow I'm going to give my 2-week notice. I'm going to trade full-time. All I've practiced, all I've studied... either I perform or I don't. It's a true do or die situation now. Its not a game anymore. It's life itself. Let my 20's truly begin.
i believe that this is a fantasy island story.you are just making it up for some reason-WHY ?????????????????????????????????????????????????? ?????????????????????????????????????????????????? ?????????????????????????????????????????????????? ?????????????????????????????????????????????????? ?????????????????????????????????????????????????? ?????????????????????????????????????????????????? ?????????
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i'm lying for the attention
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reloading another "K" next week.
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you don't really have an orange juice position do you?
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Old Apr 20, 2016, 4:06pm   #59
 
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Many businesses borrow money to start or were founded with credit cards or what not.

Note I did say he was obviously not on some super career path or he wouldn't be writing this would he.

I think the downside is just not that huge, 25k and I am assuming $ so let him have a go I say.
I think it's a brave thing to come on here & lay something like this bare. I am assuming it is genuine, (if it is not then this is still a good topic).

I hear you Nick, but I just don't think borrowing is a great launch pad into this shark infested potential money pit.

I am a business owner myself, I am very well versed in the whole "going it alone" milarky, my advice to one & all is stay liquid if possible, debt is a hole that many start ups never dig themselves out of.

25 large is not an enormous amount of money, but it's different when it's borrowed, the whole psychology will be different for someone trading this way.

Anyway, I still say good luck fella, nothing is impossible.
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Old Apr 20, 2016, 4:09pm   #60
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It's a question of morality and philosophy. If you see a baby yanking the leads of a toaster that is about to fall on his head. Do you intervene or do you let it happen so that the baby learn the way of life ? Either responses is equally valid, but most people will prefer intervention even though the toaster hitting the baby will not be the end of him.
He's hardly a baby and you claim to be still young but act way older. Not a compliment.
Your analogy is in fact not one. Nothing similar here. If he was borrowing this money to start up a business today you probably would say the same.
Go back under your table before the next earthquake hits!
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