Getting some money

Wow. This is fantasy land. You think BK is a clean slate?

Don't try to get rich fast. To paraphrase a quote from the only honorable character in the movie Wall Street: "IBM wasn't built in a day."

What is your suggestion to the guy who has no money? work your ass off then lose the money? You are the typical silver spoon guy living in fort lee-- don't know what its like to have a dream and no money.
 
Gezunt said:
Wow. This is fantasy land. You think BK is a clean slate?

Don't try to get rich fast. To paraphrase a quote from the only honorable character in the movie Wall Street: "IBM wasn't built in a day."

What is your suggestion to the guy who has no money? work your ass off then lose the money? You are the typical silver spoon guy living in fort lee-- don't know what its like to have a dream and no money.
More...

No it's absolutely a brilliant idea to get someone else to foot the bill after he goes bust... brilliant. You know what, let's all borrow money and go to the casino and put it all on black 5 times.. if not... yeah... not my problem eh? It's the banks... or the family member I borrowed from... f#$ck 'em!
 
Old Lotto ad line "A dream and a dollar".

Better to buy a ticket twice a week than to lose someone else's hard earned money.
Similar odds - without having to put in the time. And it keeps the fantasy alive.
 
Save up the 5k and trade with "Prop" firm. Not a true prop firm, as you have to put up front $ but at least you are your own boss. Competitive fee structure, 20:1 or better and no pdt rule. Have at it....if you think you are ready
 
Gezunt said:
Truth is, and I know it hurts people who make a living from the NUMBER of transactions conducted, undercapitalized folks HAVE NO CHOICE but to go for broke on the first trade or 3. Double or nothing-- grinding away with $5000 in your account is slow death-- might as well try to double it.

Once again, this is market reality-- fortune favors the bold, not the meek grinder UNLESS the grinder is well capitalized then its a different story.
More...

You can trade higher time-frames and pick your spots with limited capital and build your account. However, you'd want to know what you're doing.

Agree, trying to grind out consistent profits is close to impossible for an inexperienced and undercapitalized trader.
 
Last edited by a moderator:
newwurldmn said:
Wow. This is fantasy land. You think BK is a clean slate?
More...
I don't follow. I'm not a lawyer or paralegal but try to educate myself enough about bankruptcy laws, and nothing I've come up with says BK isn't a clean slate.

Yes it wrecks credit. Most people filing BK already have wrecked credit. No it won't discharge everything. In this case, credit card loans or etc(unsecured) it would be discharged. Especially if there's no involvement of fraud.
 
jj90 said:
I don't follow. I'm not a lawyer or paralegal but try to educate myself enough about bankruptcy laws, and nothing I've come up with says BK isn't a clean slate.

Yes it wrecks credit. Most people filing BK already have wrecked credit. No it won't discharge everything. In this case, credit card loans or etc(unsecured) it would be discharged. Especially if there's no involvement of fraud.
More...

Once you file for BK all finance related jobs will be closed to you. It will be very hard to get a loan. If you do, it will be at extraordinary rates.

Basically your income will be lower because you will be less employable and your cost of living will be higher as you will be forced to pay cash for everything (cash you don't have). It will take 10+ years to clean it up.
 
Gezunt said:
Wow. This is fantasy land. You think BK is a clean slate?

Don't try to get rich fast. To paraphrase a quote from the only honorable character in the movie Wall Street: "IBM wasn't built in a day."

What is your suggestion to the guy who has no money? work your ass off then lose the money? You are the typical silver spoon guy living in fort lee-- don't know what its like to have a dream and no money.
More...

If losing money is a foregone conclusion then you shouldn't be trading at all.

Work your ass off, earn more money at a job and learn to trade/invest wisely. Over time you can earn tremendous amounts of money if you play the long game.
 
Gezunt said:
Truth is, and I know it hurts people who make a living from the NUMBER of transactions conducted, undercapitalized folks HAVE NO CHOICE but to go for broke on the first trade or 3. Double or nothing-- grinding away with $5000 in your account is slow death-- might as well try to double it.

Once again, this is market reality-- fortune favors the bold, not the meek grinder UNLESS the grinder is well capitalized then its a different story.
More...

So you have no family to borrow from? You're unemployable? The world is big, work a job that's isolated and horrible but pays well if you don't have skills.

Even your thinking is wrong. "Going for broke in the first 3 trades" means you will go broke, definitely. You start very small and make insignificant money but you build and build from there. You never "go for broke" unless you're a failed gambler waiting to end up in a ditch somewhere.
 
You must log in or register to reply here.
Back
Top