Are Banks Interested In Diy Traders?

[ANGELO]

I was wondering if anyone knows about the general attitude of banks towards d. i. y traders! would they open a business account for you ? would they lend you money to trade ? do they want d.i.y traders at all?

thanks for your time

 

[neil]

Don't do it

I was wondering if anyone knows about the general attitude of banks towards d. i. y traders! would they open a business account for you ? would they lend you money to trade ? do they want d.i.y traders at all?

thanks for your time

How would you feel about borrowing money to trade and losing it all. Then having to pay back your loan month by month with nothing to show for all the time, cash and effort expended.

They (experienced traders) say you should never trade with borrowed money for such money is "scared" money. Start small, read the K. Lab (knowledge articles on the above tab.

Banks would ask you for your track record as a trader. :!:

 

[RUDEBOY]

Hello ANGELO. Neil is right, don't bother with loans or borrowed money to trade. I don't know how experienced you are, but, the psychological aspect of 'borrowed money' can only be negative, unless you know what you are doing? Rude.

 

[wwatson1]

They will ask for a business plan, and how are you going to do that?

 

[Trader333]

I agree with the view that you should never borrow money to trade.


Paul

 

[Splitlink]

I was wondering if anyone knows about the general attitude of banks towards d. i. y traders! would they open a business account for you ? would they lend you money to trade ? do they want d.i.y traders at all?

thanks for your time

If you have 100 pounds you can trade with a spreadbetting company at 50 pence per point.
If you are any good you, probably, have enough time to get rich.

You need patience, not a loan.

If you are thinking of getting a loan and turning it into enough to buy a house quickly on the futures markets, please, please, don't go down that road.

Split

 

[donaldduke]

I was wondering if anyone knows about the general attitude of banks towards d. i. y traders! would they open a business account for you ? would they lend you money to trade ? do they want d.i.y traders at all?

thanks for your time

Opening a business account should not normally be a problem.
They may ask a few questions to check you arent managing other peoples money as this
supposedley will mean they will need to monitor your business and account a bit more
closely.

After two or three years, if you can show them your accounts, they should be able to give you
buisness loans and overdrafts etc.

However as a trader you dont need to borrow money from a bank,
as you can 'borrow' as much as you need on margin, especially if you trade futures.

 

[Splitlink]

However as a trader you dont need to borrow money from a bank,
as you can 'borrow' as much as you need on margin, especially if you trade futures.

Without any collateral? I did not know that.

Split.

 

[sandrab]

They will ask for a business plan, and how are you going to do that?

Hey watson....why dont you give angelo your secret at .."I'm doing great..."....