Maxed out credit card.

dandxg · May 15, 2006

Quote from ElectricSavant:

Traders...

I do not condone borrowing money to trade. If one did do this, when would it stop? until he lost? It starts out with good intentions, but when it comes time to balance the books does the greed magically disappear?

Why not just trade your edge and be patient. Maintain a stable, financial and mental outlook and follow your principals.

Now do not misunderstand me...money is a tool, like a chart or a platform to trade with...but day-to-day living must take place while you are trading and sound and stable emotions are necessary. The big, fast money slips away big and fast, where the slower, consistent growth of wealth is more appreciated.

Does Bill Gates blow his whole Wad? or leverage himself out of bounds?

Sound Money management and the challenge of maintaining and increasing yield should be occuping your minds, no matter what the bankroll is. This thread will tempt many...hey I am human too and have devised schemes to compound and grow money that is mine or that is not mine...but I do not do it...

Stay balanced and level...and bask in the good feeling of not owing anybody any money. This way you can never lie to yourself about your net worth and always know your condition by how much REAL cash you have...

Also remember to take your time, you have the rest of your life...The money will arrive, if you have an edge. True talent will be able to find edges throughout their trading career.

Michael B.

That's the best advice/post I have seen in awhile. Hopefully, some total newbies will see this.

Borrowing to trade = Failure for 95+% of traders, just dumb.

knifecatcher · May 15, 2006

Quote from dandxg:

That's the best advice/post I have seen in awhile. Hopefully, some total newbies will see this.

Borrowing to trade = Failure for 95+% of traders, just dumb.

I like many ES's posts. If you are gonna do something like this, check out the Gambler Anonymous's site first. Are you really interested in being part of that family?

marketsurfer · May 15, 2006

my first trade... LA GEAR--LA was funded by a 2500.00 cash advance on visa in 1990. did it work out, yeah. was it a smart move---no. but you gotta do what you gotta do......

surfer

biologymajor · May 15, 2006

Quote from Adobian:

I had a friend who had an engineering degree from a prestigious University. He thought he was smart until he lost it all, and realize his engineering background my be the cause of his losses.

Not a very smart thing you just said. Education is not the reason for somebody's losses in daytrading. Education never hurt anybody. Lack of education is what hurts people.
You my friend need to get an education if you continute making ridiculous public statements like that on public forums.

knifecatcher · May 15, 2006

Quote from biologymajor:

Not a very smart thing you just said. Education is not the reason for somebody's losses in daytrading. Education never hurt anybody. Lack of education is what hurts people.
You my friend need to get an education if you continute making ridiculous public statements like that on public forums.

I think 1+1=2 type of thinking can hurt. Computer science major does train me into thinking like that. Now everything is just more of a working hypothesis... hopefully...

volente_00 · May 15, 2006

The balance transfer thing is a good deal. I have a cousin who used the checks to get 50k at 0 % for year and he put it in a money market account and paid the min from the interest and made about $150 a month profit for the year. I know a another guy who cash advanced 250 k and starting making huge bets in biotech and tech Needless to say he ended up having to file chapter 7.

ElectricSavant · May 15, 2006

Chapter 7 is harder to get these days...So readers don't be thinkin' its just a crap-shoot.

Quote from volente_00:

The balance transfer thing is a good deal. I have a cousin who used the checks to get 50k at 0 % for year and he put it in a money market account and paid the min from the interest and made about $150 a month profit for the year. I know a another guy who cash advanced 250 k and starting making huge bets in biotech and tech Needless to say he ended up having to file chapter 7.

Adobian · May 15, 2006

Quote from knifecatcher:

I think 1+1=2 type of thinking can hurt. Computer science major does train me into thinking like that. Now everything is just more of a working hypothesis... hopefully...

Thanks, you understood me. Some other id.... didn't. I went to the same university, same major, same year with that guy. He was a close friend of mine. Knowing how smart and logical he was, I didn't doubt much of his words.

Adobian · May 15, 2006

Quote from ElectricSavant:

Chapter 7 is harder to get these days...So readers don't be thinkin' its just a crap-shoot.

How difficult ?

I think it depends on your income. If your income proves that you can pay monthly payments, you can't file chapter 7.

ElectricSavant · May 15, 2006

Its just harder than before...I do not want to hijack this thread...each State has the median income figures to use...there are more bk13's than 7's now...

Besides why would you want to live like a "second class citizen" for several years, just for a short lived crap-shoot?

It just doesn't work the way it does in your dreams...

Michael B.

Quote from Adobian:

How difficult ?

I think it depends on your income. If your income proves that you can pay monthly payments, you can't file chapter 7.