Took out a loan to transition to full-time trading. 24 years old.
Sonicscooter
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The route is:
1. Back test system - result
2. Forward test -
3. Demo -
4. Small position -
5. In for real -
I had this look....
......on all 5 stages...........EnlightenedJoe
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I had this look....
Typical sign of wrong size. With the right size, you'd get :clap: every time.
Michisuperfreak
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I'm praying...
Hopefully he decided to stop with the experiment after some good advice posted on this thread. There are some experienced members who know a lot about trading and it would be unwise (expensive) to ignore them.
EnlightenedJoe
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I am still going for a happy ending. I suspect the op is holding for longer term for bigger gain.
Like your optimism, I am going for a medium up day Monday and then bust out yesterday, as our friend does have a long bias.
OLdNoob
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The op has discipline, he has had the discipline to keep this thread going in the face of all the criticism,
He is down around 15% that is not a huge amount. He is young and can recover if it does not work out.
If he had taken out that loan to set up a shop or buy stock to sell online, or any other venture there would also be risk.
The most worrying thing that I've read so far on this thread is that he is paying 25% apr on the loan
He is down around 15% that is not a huge amount. He is young and can recover if it does not work out.
If he had taken out that loan to set up a shop or buy stock to sell online, or any other venture there would also be risk.
The most worrying thing that I've read so far on this thread is that he is paying 25% apr on the loan
tar
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The op has discipline, he has had the discipline to keep this thread going in the face of all the criticism,
He is down around 15% that is not a huge amount. He is young and can recover if it does not work out.
If he had taken out that loan to set up a shop or buy stock to sell online, or any other venture there would also be risk.
The most worrying thing that I've read so far on this thread is that he is paying 25% apr on the loan
Disagree with your points , i am surprised that some still arguing that this way of trading is ok . He is not down 15% he is down more than that and he will lose it all if he continues with this reckless trading .
OLdNoob
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I am not suggesting that his actual trading is ok, only his results can do that, I am merely suggesting that just like any other venture a loan is sometimes necessary.
One could argue that for a business loan he would have had to show
a business plan (trading plan)
projected sales based on trade so far ( small stakes results for 6 months or so)
I'm sure there are other points that could be added to the list but you get my point I hope.
There has been nothing shown that should secure a loan.
Most business owners are not another sale away from going out of business.
I supported him but his **** or bust mentality is what doomed him. $4/5/600 a days all were in his grasp and more than achieve his objectives but with the massively leveraged positions and its affect on his thinking it has doomed himto fail I am afraid. That and an apparent inability to go short.
OLdNoob
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I do not disagree with any of what you are saying, my only point was that with the right planning taking out a loan does not mean you are doomed to failure.
EnlightenedJoe
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I think the plan had always been there:
1. Bet red or black. Close all bets at end of day for extra safety.
2. 50-50 chance of winning. Add on the over bought, over sold edge, that gives a 10% account growth per day projection.
I think people are too much of a downer in this thread. Nothing is known yet. I still see a chance of a big win if he went all in.
Pat494
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tar
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Not the point , sure he may turn 25K to 100k but he is going to lose it all afterwards , this way of trading is not sustainable . If it was a money that he can afford to lose then maybe members wont be so negative but its a loan with 25% apr !
itspossible
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why
so after having my account drop below $25k i traded futures. my last day on my finance job was may 4th, and a month into my trading career my total cash available to use is less than $300. Need some serious advice right now.. im 24 and I have no idea what I've gotten myself into... next loan payment is coming up next week and i cant pay because I have to pay food. I cant pay other loan payments and i cant pay next month rent. Really screwed... I think I did all this because if things go down hard I thought my dad would bail me out even though he was pretty solid at telling me he will not support me anymore. Spoke with my dad today saying if he doesnt help me out i really seriously need to file bankruptcy and probably be homeless and he said thats the price to pay... and he hung up. Need..concrete..advice...direct messages are welcome.
dunitatlsatrodney
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Are you serious? Genuine question.
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