Honest opinions! Am I stupid???

donaldduke

Experienced member
1,665 257
20K, its not a huge amount of money these days .. if u
dont have any other debts then its hardly going to be a
huge millstone around your neck..

Some of the greatest success stories in Business are about
people who borrowed on credit cards eg the couple who
started Cisco, ofcourse there are atleast a 100 failures for every
success.

My advice would be to work hard and save the 20K, even if
it takes you five years to do so.

Thats one of good things about trading, the markets will
still be here tomorrow, you can wait until you are ready,
no need to rush..

If you cant stand to do that then go ahead and borrow the
money, you are still young and can afford to fail, when you
are older you wont have time on your side and will have to
be able to take such risks.
 
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Mr. Charts

Legendary member
7,370 1,194
Salty,
We must all question ourselves constantly. I suppose my cautious nature helped me avoid many of the traps ppl fall into - like taking low probability trades. The result was that I've always only had a small %age failure rate. I do NOT subscribe to the popular view that you must fail and lose money first in order to go through some sort of test of fire and come out stronger I'm not being immodest saying that, I feel very humble in front of the market, merely explaining why I probably had fewer doubts and more confidence about giving up my profession to trade.
My wife and family were very encouraging and that helps. My professional colleagues thought I was out of my tiny mind ;-)
I am not into the whole navel-gazing culture and too much introspection is bad for a trader.
I realise I might give the impression of being too arrogant when I post trades etc. and maybe make things look too "easy", but this business is not rocket science and once you can reach a level of self discipline, the way I trade is actually easy in the sense of being methodical and controlled.
Any deeper questions need to be off-board, Salty - enough soul baring! ;-)
HTH
Richard
 

TWI

Senior member
2,536 254
I would not take out a loan to join an arcade. You will get quite stressed out when you see your 20k dwindling to less than 50% of that before you start to make anything, and that is in an arcade where they have an attitude to develop traders. In the sausage factory arcades all your money will disappear in costs.
If you do not have the money and you cannot get funding then do not do it. I have seen many peoples accounts that start in this business and they all take hits in the beginning that can be quite psychologically damaging even if it is not debt money.
 

adrianallen99

Established member
630 4
Hmm £20k,

You could take it to a casino and place it all on Red (or black). If you win pay back the £20k loan and invest the rest, if you lose, learn from it and start paying back the loan slowly :)
 

juanbyte

Well-known member
335 10
I notice from your profile that you scalp, day and swing trade.

Seems like you scalp your profits and swing your losses.
It is hard enough to trade one way and make money.

Don't borrow money to trade, as Mr Charts say's start small.

What time of day will you be working, I started trading part-time after work, just thought you could do the 2.
 

gist

Newbie
8 1
Ok, look at it this way:

Borrow 20k

Arcade Costs 2k per month (plus fees per trade, etc)
Living Costs 1.5k per month

Per month 3.5K

If you make break even gross basis per month, while you are "learning", then your 20K will last less than 6 months. And as your money starts running out, then the pressure to make a profit will increase: this in itself will make it harder to make money.

There's only one real winner in arcades, and that's the guy that runs them. I would NEVER trade in an arcade, sitting next to 20+ other traders all trading the same instruments, the same way, at the same time. Mugs game. Join a bank, learn the business, progress that way.

I agree with juanbyte and Mr. Charts: only trade the money you can afford to lose.

Whatever your choice, good luck to you.
 

rog1111

Established member
673 10
...on the other hand, the arcade traders that survive the first 6 months tend to be VERY successful - ask twalker, he has plenty of knowledge about arcades. Whether it's harder to make money scalping on the better side of the bid/ask rather than via other trading methods is debatable I guess.

I'd be interested to know the drop out rate at the various arcades though

rog1111
 

jonnyy40

Experienced member
1,329 11
What instruments do these arcaders trade and what is the simple methodology?
 

TRADERguy

Active member
122 3
Lucky_81 said:
I am a reasonable newbie to the world of trading, I've traded full time for a few months (mainly US stocks), but now I'm back to work earning money but in the same boring job (to fund my next full time trading adventure).

Now here is the big question!!

I am looking to get myself into serious debt (about £20k) so I can join a trading arcade and hopefully learn to trade through the education they provide, then hopefully carry on trading with them and live happily ever after.

Am I stupid thinking that this is a good route into trading or shall I save myself the hassle of a £20k loan and carry on working in a boring job and studying the market on my own?

Comments appreciated.

You don't have to put up money to trade. The best prop shops will hire, train you, and let you trade their money. Macfutures does this and there are several other similar shops in London.
 

London prisoner

Junior member
14 0
This is absolutely foolish my friend. How can you even think about this? And do you really think you are going to get any kind of serious training in an arcade. Give me a break, they just want your desk fee. Why are you guys so gullible? it's beyond me
 

Racer

Senior member
2,666 30
If this is a serious question and if you say £20K for you is "serious debt", then

yes, you are
 
 
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