Honest opinions! Am I stupid???

[gist]

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]

...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

 

[zigglewigler]

stupid is as stupid does...

 

[chump]

yes.s.s.s.s forest

 

[jonnyy40]

What instruments do these arcaders trade and what is the simple methodology?

 

[rog1111]

Is there normally a minimum length of contract for seat fees, anyone ?

rog1111

 

[Salty Gibbon]

5 minutes for the pinball machines Rog.

 

[TRADERguy]

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]

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]

If this is a serious question and if you say £20K for you is "serious debt", then

yes, you are

 

[Vaco]

I can understand your desire to start trading now, and if you have no savings I also understand your desire to get a loan, the reason i understand is cause I did it I got a loan and started trading. Did I lose most of my money? Yes Do I regret doing it? No. How many people do you know that start a business without some kind of loan? Cause thats what this is a business only you lose your money as quick as you want to make it. if i were you having failed the first time you tried it i would set up a system then paper trade it for a year whilst your still working if you make a consistant profit on it for the 12 months use the money you have saved in loan repayments that you dont yet have to start trading. Good Luck to you friend Believe in your dream but make sure the plan works before diving in.