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

NickBk

Experienced member
1,915 498
What are you on? 25k Downside and thats it? No! He'll still owe 25K at 25% APR if he loses it all.

The downside is potentially massive. He's not even told us the length of the loan, at 25% APR im guessing its 5+ years... a potential $30k+ owed on top of the original loan.
Missing some attention, or just pi55ed someone wants more than £10 a day from life.

25k is 25k if he can't pay them it doesn't seem like his legs will get broken.

Not everyone is of the view that 25k is ''potentially massive''. On a tenner a day I guess it might never get paid back.

What's wrong not on track for another £118 month?
 

Sonicscooter

Experienced member
1,811 350
Missing some attention, or just pi55ed someone wants more than £10 a day from life.

25k is 25k if he can't pay them it doesn't seem like his legs will get broken.

Not everyone is of the view that 25k is ''potentially massive''. On a tenner a day I guess it might never get paid back.

What's wrong not on track for another £118 month?


Why come out with null comments, the bloke is asking for advice, so flippant remarks equal what ?
 

NickBk

Experienced member
1,915 498
Why come out with null comments, the bloke is asking for advice, so flippant remarks equal what ?
Keep up my comments were for the £3.78 betfair gambler not the op.

I like the op and support him, who are the others to put their own negativity or poor trading experiences on people. Some people do make money trading, strange as that may be to many here. Why can't the op be one of them?
 

Sonicscooter

Experienced member
1,811 350
Keep up my comments were for the £3.78 betfair gambler not the op.

I like the op and support him, who are the others to put their own negativity or poor trading experiences on people. Some people do make money trading, strange as that may be to many here. Why can't the op be one of them?


Ok, no probs, i have read your comment from the wrong angle.........:)
 
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tar

Legendary member
10,441 1,309
Lol guys , the guy topped his account so he can PDT -daytrade - stocks , in day 6 he lost 9% = no money management . He concentrates on trading DUST its a 3x gold miners etf that will make you go bust !

Also i dont understand your salary is around 55k , so what exactly you are looking to achieve from trading a 40k account built by a loan ? This 1% per day goal is just a dream it doesnt work like that in real life .

STOP
 

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ffsear

Senior member
2,027 389
Missing some attention, or just pi55ed someone wants more than £10 a day from life.

25k is 25k if he can't pay them it doesn't seem like his legs will get broken.

Not everyone is of the view that 25k is ''potentially massive''. On a tenner a day I guess it might never get paid back.

What's wrong not on track for another £118 month?
Ahhh the resident troll returns! I thought it was you. You've given yourself up :LOL:
 

NickBk

Experienced member
1,915 498
A troll isn't someone who is incredulous at your journey of £3.78 a day gambling whilst being unable to make any money trading indices.

Look I left your thread titled look at my pathetic attempt at riches and now you come here to repeat it.

Go have a bet or are you eeking out your £100 till dole day?
 

ffsear

Senior member
2,027 389
A troll isn't someone who is incredulous at your journey of £3.78 a day gambling whilst being unable to make any money trading indices.

Look I left your thread titled look at my pathetic attempt at riches and now you come here to repeat it.
Well you haven't left it really because your still banging on about it. Did I bring it up in here ?? No, you did.
 
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NickBk

Experienced member
1,915 498
Im lost....all gone over my head as i must have been on a T2W brake during this bit....:p
No he is a failed £2 a point Dax trader and would ''get all frustrated and blow my account if I lost a few trades''. I think that was the gist.

He now started to gamble on the horses and proudly showed his £3.78 a day for last month and I was foolish enough to comment, especially as he started saying it can't be scaled and now it can but anyway with a £100 life roll I think the thread may take a long long time to get to any meaningful level.

His only post here to to criticise my posts as I think he is one of these people that get off on attention, good or bad it's all the same to them. Hence the thread he started just begging to be slapped.

At least this kid here is going for it and has something on the line, rightly or wrongly.
 

ffsear

Senior member
2,027 389
No he is a failed £2 a point Dax trader and would ''get all frustrated and blow my account if I lost a few trades''. I think that was the gist.

He now started to gamble on the horses and proudly showed his £3.78 a day for last month and I was foolish enough to comment, especially as he started saying it can't be scaled and now it can but anyway with a £100 life roll I think the thread may take a long long time to get to any meaningful level.

His only post here to to criticise my posts as I think he is one of these people that get off on attention, good or bad it's all the same to them. Hence the thread he started just begging to be slapped.

At least this kid here is going for it and has something on the line, rightly or wrongly.
I don't really see what the issue is, Yes i tried trading the dax and failed. At least i'm honest about it. Whats that got to do with this or any other thread? I still have the right to post on any thread i like.

I simply pulled you up on here because you made some incorrect and ill informed comments.

Now your back to throwing childish and personal insults around.

And you call me the attention seeker?
 
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mb325

Well-known member
473 87
Wabu you seem like you've got your head screwed on more than most but there's a 99% chance you're on a road to ruin here. It's pretty obvious you're lacking in money management and as several others have mentioned you've triggered some major pyschological red flags along the way. Eventually you'll get a string of these -10% days in a row, your emotions will completely take over, and you'll lose the lot.

Worst case scenario in a months time you're jobless, moneyless, and owing over $6k/year. It's a risk which is completely unnecessary given your situation. You seem to be in a rush but you are young and have plenty of time - the markets have been around for hundreds of years and they will be around for hundreds more.

I urge you to pay back the $25k, keep your job, read a book or two on money management and trade with your $16k you now have - you can afford to lose this, but the marginal benefit of using the extra $25k is just not worth it.

Whatever happens, good luck.
 
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new_trader

Legendary member
6,206 1,263
Bad financial decision

Many businesses borrow money to start or were founded with credit cards or what not.
Yes, but entrepreneurs who do that have a very good understanding of the business before making the plunge. Contrast that with the OP who says "I have lots to learn, so little time, and just one shot."

Note I did say he was obviously not on some super career path or he wouldn't be writing this would he.

I think the downside is just not that huge, 25k and I am assuming $ so let him have a go I say.
You need to consider whether what is being done is a bad financial decision or not and I think it definitely is. Just like borrowing £5000 to spend on lotto tickets is a bad financial decision regardless of how much you can afford to lose. Just don't do it.
 
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