Maxed out credit card.
- Thread starter glenjohnson
- Start date
...but you shouldn't take out a cash advance without having a WINNING strategy.
You have to have a method where you can double the cash you took out in a month and pay back the principal with interest. You have a grace period of 30 days...(you have to time this right to get the max number of days.)
You must not have took money out like you said you did, because there is no grace period on cash advances on credit cards. Thats what my last post read. Read it again.
Let's be honest here and not tell LIES to the elite trader group. LIES never are good.
I lost over 100K daytrading both stocks and emini's. I had to go back to work as a restaurant manager making 50K a year.
That 100K was my savings account.
I never took out a second mortgages on my house. But that's because I don't own a house. I live in an apartment. If I did own a house, then I probably would have.
I did take out a 10K cash advance about 3 years ago which I am still paying back because there is no grace period on cash advances and it seems that every payment I make goes towards interest and not toward the principle.
I might give trading another try soon. I'm debating.
That 100K was my savings account.
I never took out a second mortgages on my house. But that's because I don't own a house. I live in an apartment. If I did own a house, then I probably would have.
I did take out a 10K cash advance about 3 years ago which I am still paying back because there is no grace period on cash advances and it seems that every payment I make goes towards interest and not toward the principle.
I might give trading another try soon. I'm debating.
Wow! What a silly thread.
Anyway, about 18 months ago when I dabbling in forex I discovered a ditty.
Mind you, I am not condoning using CC for funding a trading account. I have NEVER done so, do not plan on EVER doing so.
Here's the poop...
Open a forex account at a broker that allows acct funding via CC. At the time of this discovery I was opening an account with forex.com (but I did not use this method for funding). I did inquire about it though.
Bottomline; CC funding @Forex.com is put through the CC as a purchase, not a cash advance! This has several advantages like grace period, larger amounts, and better interest rates. Funds are available within 24hrs usually. Make a scalp or two and then withdrawl. Keep the account open and repeat as needed.
Kill 'em dead!
Osorico[never taken a cash advance from a credit card for any reason]
Anyway, about 18 months ago when I dabbling in forex I discovered a ditty.
Mind you, I am not condoning using CC for funding a trading account. I have NEVER done so, do not plan on EVER doing so.
Here's the poop...
Open a forex account at a broker that allows acct funding via CC. At the time of this discovery I was opening an account with forex.com (but I did not use this method for funding). I did inquire about it though.
Bottomline; CC funding @Forex.com is put through the CC as a purchase, not a cash advance! This has several advantages like grace period, larger amounts, and better interest rates. Funds are available within 24hrs usually. Make a scalp or two and then withdrawl. Keep the account open and repeat as needed.
Kill 'em dead!
Osorico[never taken a cash advance from a credit card for any reason]
i just took out 130k of cash advances at 0% and will put every penny in the market. i figure i can make 50% easy on them. i already have 300k of credit card lines. when you have good credit you get 10 offers a week
I don't trade forex. I never have. Don't know how. Maybe I should learn. Might do better.
And I gave up stocks(lost too much money, they make me sick to think about them). I'm thinking of trading emini's again. I've been following them a bit. I wonder what futures brokers handle cash advances like the forex account you talked about does. Anybody know of any futures brokers that allow credit cards for account funding?
Quote from glenjohnson:
Any of you traders ever maxed out your credit card or took out seconds on your homes or made trips to the palm shops with your valuables to finance your daytrading? Any traders go from average to millionaire status? Or any traders go from millionaire to poor? Or average to poor?
And you blame MB because you have no clue what you are doing? Traders like you make traders like me rich ... keep up the good work. LOL @ U.
WOW bigmrfrank, You are NOT a nice person. I don't think it is very nice to laugh at somebody that loses in the stock market like you just did to somebody on here. You must have had a very bad childhood growing up with mean parents. And that is why you are mean to people on here. You should change your attitude about people. I am a biology major and your psychological way of thinking is very mentally sick and abnormal.