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

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Old Apr 13, 2016, 12:26am   #1
Joined Apr 2016
Took out a loan to transition to full-time trading. 24 years old.

Hi guys -

Just joined T2W. And posting my first thread.

As the title suggests, I am 24 years old and I took out couple high-rate loans to get my brokerage account over 25,000 so I can daytrade. I have traded since 2010 but only with small capital, so I'm a little nervous. I currently have a job in finance, but it does not pay nearly enough of what I think I can make.

Long story short, since this will be the beginning or the end of my trading life, for I have no desire to continue trading if I seem to lack talent, I'm hoping to have other people come along for the crazy ride and during that time provide me some constructive advice. I have lots to learn, so little time, and just one shot.

Loans hit my bank account today, and I deposited into my brokerage account.

My capital: $13,000
Loans: $25,000 with around 25% APR
My salary: ~$55,000 with bonus

Day 1:
Beginning of day: $38090.89
End of day: $37815.94
P/L: ($274.95); -0.72%

I originally posted on a different community site, but wasn't getting much replies. Maybe it's pretty dead over there? Hope it's better here.

This will be my journal for the record. Let the games begin.
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Old Apr 13, 2016, 9:58am   #2
 
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Borrowing money to trade?

Oh very dear, this can only end expensively.
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Old Apr 13, 2016, 10:18am   #3
 
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I don't agree borrowing to trade . I am surprised anyone is silly enough to lend for that. The 25% APR will crush you too. Say it was a mistake and pay it back soonest, especially as you are a beginner.
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Last edited by Pat494; Apr 13, 2016 at 4:03pm.
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Old Apr 13, 2016, 12:04pm   #4
 
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good grief this will not have an happy ending
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Old Apr 13, 2016, 12:07pm   #5
 
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1999.

Plus ca change . . .
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Old Apr 13, 2016, 12:27pm   #6
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Quote:
Originally Posted by dbphoenix View Post
1999.

Plus ca change . . .
It was a lot easier in 1999.....
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Old Apr 13, 2016, 12:47pm   #7
 
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Risk

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Old Apr 13, 2016, 1:28pm   #8
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Trows a a towel at him.
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