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; Wait, you can't service your basic needs (such as new car tyres) without having to withdraw from your trading account?...

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Old Apr 15, 2016, 10:44pm   #33
Joined Oct 2012
Wait, you can't service your basic needs (such as new car tyres) without having to withdraw from your trading account?
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Old Apr 15, 2016, 10:55pm   #34
Joined Apr 2016
wabu27 started this thread yea my salary covers all the recurring expenses like rent, phone bills, student loan interests, food, with like $300-$500 left over per month but whenever I have one-time expenses such as new tires, I have to take money out. This month its new tires and and my car insurance payment. Since I got a lot more loans I will probably be taking my money out regularly to help pay off the loan payments.
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Old Apr 16, 2016, 3:40am   #35
Joined Jan 2011
For my own opinion borrow money from the bank to investing in forex trading, it's not adviable and might will being disaster if eventually can't manage well these capital, so far I am only treat forex as part time job and never borrow money to start trading and I hope will never.
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Old Apr 18, 2016, 9:05pm   #36
Joined Apr 2016
wabu27 started this thread Day 5:
Beginning of day: $41585.77
End of day: $41472.74
P/L: ($113.03); -0.27%

Horrible trading day today. Started the day off very well with DUST but gave out all my gains throughout the day. Poked around in AAPL, NFLX, and DUST. Trading just didn't go for me today. Multiple times I would sell and it would immediately go up... small losses added up and in the end finished negative.
Giving myself 2 stars for todays trading. I was busy with work so couldn't stare at my charts as much as I would have wanted to, but still doesnt give an excuse for poor entry/exits. Made couple impulse trades today because I made good gains earlier in the day (had something to fall back to) but did not think I would end up negative for the day. Wow, such a bummer. Glad the loss wasn't too big but still very disappointed in how I scalped most of the trades today.
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Old Apr 18, 2016, 9:58pm   #37
Joined Jan 2014
Think you need to stop trading, work on your strategy, or work but not both.........you are doing text book mistakes and are about to eat your loan.
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Old Apr 18, 2016, 10:06pm   #38
Joined Apr 2016
wabu27 started this thread @Sonicscooter yea last week work wasn't too much so I didn't feel it but I noticed it today. Trying to perform well at work and trade well at the same time was pretty difficult. Since for now I am planning on continuing with my usual ways, could you elaborate on the "text book mistakes" and perhaps give a suggestion on how I could avoid it?
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Old Apr 18, 2016, 10:13pm   #39
Joined Jan 2014
For example, "Multiple times I would sell and it would immediately go up"

You should have an idea of exit when you enter, if target is reached, who cares where the stock etc goes after.

"Made couple impulse trades today because I made good gains earlier in the day"

What you did earlier in the day, last week, last month, have no relevance to the next trade you make, it has to live on its own merits.

Are you deviating from your plan, sounds like it, so stop before it costs you in £....oops.....$.....
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Old Apr 18, 2016, 10:35pm   #40
Joined Apr 2016
wabu27 started this thread Touche. Well, it is still very disappointing to see a stock move up a moment after you've sold it right after reaching the target price. Today it happened perhaps on 1/4 or 1/5 of my exits. These things happen but its not everyday it happens this often on a single day.
And yes, I think I was deviating from my plan. This money is something I can't afford to lose so I'll keep an extra care on controlling my emotions and staying with my game plan. Was up a little over 3% an hour into the market! I think it was due to trading on a bigger size than I should've.. such a waste of a trading day.
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