Robert Morse
Sponsor
I started my trading business in February 1985 with a loan from my parents of $30,000. Paid them back before year end.
borrow money to trade
- Thread starter NanoTick
- Start date
I started my trading business in February 1985 with a loan from my parents of $30,000. Paid them back before year end.
If I remember correctly Marty Schwartz borrowed money from his in-laws to start trading in the pit. Things turn out pretty good for him ..
Still ... mostly a bad idea..
only a bad idea if it doesn't go your way
Of course,if you just started,better train on opm,don`t risk your own or you relatives.
You do not need to borrow the money, just organise a friends and family account from IB.
https://www.interactivebrokers.com/ff/en/main.php
https://www.interactivebrokers.com/ff/en/main.php
Most parents can't afford to "loan" money to their kids. Get a job, save your money, and forge your own path in life.
In the general population, what's the percent of parents that can "loan" their kids any money? 1%?
Robert Morse
Sponsor
I don't have an answer to that and yes, I was lucky they could. I think my circumstance was different. I don't love the idea of borrowing money from anyone to just trade. I was not borrowing money to just open a trading account to learn how to trade. I was an experienced institutional floor broker. I was starting a business. I was a SEC registered broker dealer, member of the AMEX, leasing a seat and trading. I had enough equity in my condo to cover the loan if I lost it. Family members across the country help out other family members start their small businesses all the time vs a bank. This is one reason our country is has so many small businesses. This is where opportunity typically comes from.
Right, you were already an established finance guy. You knew what you were doing. I applaud you for that.
Robert Morse
Sponsor
Not sure about that. I was 24 years old. I just had the basics cold. Still needed to learn and make markets.