2019 Go Big

[comagnum]

I was 100% self supporting at 16 - having my own studio apartment & a full time job, and not because my family was poor - far from it. I find it shocking that anyone would expect their parents to fund their trading account. I even appreciate that my old man when he died had a fortune and left me nothing, he believed in the school of hard knocks.

Seen some spoiled rich kids blow up large accts - they did not even care at all, since all they have to do is call home for a bailout.

Building wealth is all about behaviors - avoiding putting in the work to earn your trading capital & taking a shortcut in using your families own hard earned $ has disaster written all over it. Your likely to lose both.

 

[gaussian]

This week, Im going to be starting my path to financial freedom. I took out a zero interest line of credit and the gave me 10k and no interest for 18 month. This is my startup capital.

For being in finance at a major firm you sure are making amateur mistakes.

I was 100% self supporting at 16 - having my own studio apartment & a full time job. I find it shocking that anyone would expect their parents to fund their trading account.

A good chunk of people I know who got started trading early (think early to mid 20s) were trading their parent's retirement account. I'm not sure what parent thought that was a good idea - but they were clearly very wealthy to let their kid manage their money.

 

[comagnum]

A good chunk of people I know who got started trading early (think early to mid 20s) were trading their parent's retirement account. I'm not sure what parent thought that was a good idea - but they were clearly very wealthy to let their kid manage their money.[/QUOTE]

The parents that spoil their kids like this are not playing with a full deck. All species of animals boot their young the very moment they have any chance to make it on their own - natures law, if they don't the species will eventually turn into helpless wimps & go extinct.

 

[nooby_mcnoob]

For being in finance at a major firm you sure are making amateur mistakes.

He'll get there. He's asking the questions.

 

[GRULSTMRNN]

Yes and it has also caused millions of families and friendships to break apart. Never ever borrow from family and friends, never borrow, period. I never took out a single loan ever in my life, never had debt, not a single day, always paid off credit cards at month end in full, never borrowed from daddy or mommy. Any good dad would never lend money to his children. It's a horrible way to educate kids to use what they don't have.

I borrowed $30,000 from my parents in early 1985 to start my BD and paid it back before year end. Borrowing from family has been done forever to start businesses. Borrowing money from Credit Cards and the like is a terrible idea. We would not even allow you to open an account with us from borrowed money.

 

[GRULSTMRNN]

You work at a "big" firm but can't save up 10k? And worse, you intend to use it to gamble? That is absolutely stupid. What else is there to say...

Hello All

Bit about me. Im 26 and I work in finance and major firm in US.

This week, Im going to be starting my path to financial freedom. I took out a zero interest line of credit and the gave me 10k and no interest for 18 month. This is my startup capital.

Ive been trading for about a year, but experience is no indication of an edge, some people trade their whole life with no success and some make many millions, so there is more to it than time. Duh.

I will be posting my trades each week for full transparency. Based on my assessment I should double this money by end of year. And if I can get up to 50k by end of 2020 may open a hedge fund or just take the money and travel the world cheaply.

My trading style is all options on blue chips and index and some interest rates and oil depending on where I believe is the least chaos and highest probability setup. When I see an edge in my analysis I strike and have a tight stop at 1-2% of capital.

 

[luisHK]

Yes and it has also caused millions of families and friendships to break apart. Never ever borrow from family and friends, never borrow, period. I never took out a single loan ever in my life, never had debt, not a single day, always paid off credit cards at month end in full, never borrowed from daddy or mommy. Any good dad would never lend money to his children. It's a horrible way to educate kids to use what they don't have.

Duh, most businesses relie on credit, from suppliers when they can't get it from banks, and large companies can also borrow in the financial markets . Sometimes a mix of all this. I haven't borrowed anything for years but would still be struggling hadn't the opportunity to borrow been there. Not only talking from personal experience, there are not many cash businesses afaik, getting credit lines from banks or suppliers or financial backers is a key to success for many starting entrepreneurs . Actually i've traded on margin quite a bit over the last few years, margin is an important credit line to traders.

 

[GRULSTMRNN]

Sure that is why we have a blown up economy that only relies on a ponzi scheme that requires another guy to believe in borrowing more. By the way, I was talking about personal finances. Debt in any form or kind is generally toxic except for the very few who know how to properly handle debt or margin or loans

Debt is what will bring the Chinese economy to its knees and will ultimately also cause a collapse in the US economy. Not today, not tomorrow, but at some point

Duh, most businesses relie on credit, from suppliers when they can't get it from banks, and large companies can also borrow in the financial markets . Sometimes a mix of all this. I haven't borrowed anything for years but would still be struggling hadn't the opportunity to borrow been there. Not only talking from personal experience, there are not many cash businesses afaik, getting credit lines from banks or suppliers or financial backers is a key to success for many starting entrepreneurs . Actually i've traded on margin quite a bit over the last few years, margin is an important credit line to traders.

 

[ElCubano]

At 26 you have a handful of mistakes you can make and still be able to recover, financially, emotionally etc. I would highly recommend against it but then again this is how you will find out what you are made of lol.

That being said, the harder thing is to stash your money away month after month and watch it grow without blowing it on dumb things we purchase as a young person. Like starting to trade.

One of the best teachers in life is experience not from posts on a message board. Lose that money and you will learn a very valuable lesson. Good luck big guy.

Keep in mind that there has been a tremendous shift in the market from when the above posters took out money to trade. Like disterio and Robert. Peace.

 

[Snuskpelle]

Having an edge, thinking you have an edge, and thinking you will have an edge later are entirely different things. Taking a loan really only makes sense in the first case.

Also be aware men are at their worst level of overconfidence statistically speaking when they reach 30.