Maxed out credit card.
- Thread starter glenjohnson
- Start date
Are you aware thet the BK laws have recently changed? I guarantee you that they did not get the best lending rates...
Adobian is, shall we say, "out to lunch" or "out of touch".
Be gentle with him, he's fragile.
Unfortunatly Bigmrfrank seems to be right here. For every winner in the market there has to be a loser. And most people that have been around for a while have gotten their fortunes from people that knew they had a winning strategy and borrowed money to prove it.
Most of the time when you borrow money to start trading you are trading with scared money. Trading like that tends to play tricks with your mind and you start making mistakes. Also most people usually end up blowing their wad a few times before they get it right. So don't enter the market with money you can't afford to lose.
About education, I know a lot of Dr's that can't keep a checkbook much less trade the markets. I also know a guy that dropped out of High school that can call the markets better than anyone I know. Luckily when you place a trade nobody asks you for what your level of education is.
Final word, take your credit cards and invest in your market education while you finish school. Get a job and save up cash to get in the markets. You'll be more prepared, and I promise to leave some money in the markets just for you.
GL,
4re
Most of the time when you borrow money to start trading you are trading with scared money. Trading like that tends to play tricks with your mind and you start making mistakes. Also most people usually end up blowing their wad a few times before they get it right. So don't enter the market with money you can't afford to lose.
About education, I know a lot of Dr's that can't keep a checkbook much less trade the markets. I also know a guy that dropped out of High school that can call the markets better than anyone I know. Luckily when you place a trade nobody asks you for what your level of education is.
Final word, take your credit cards and invest in your market education while you finish school. Get a job and save up cash to get in the markets. You'll be more prepared, and I promise to leave some money in the markets just for you.
GL,
4re
Some people who have filed BK would blow your mind when you see the houses and cars they have. Yes the laws have changed recently but there are still loopholes. I think the means test is a joke. They take 6 months and see if you fall under the median income. What if you decided to be unemployed for the 6 previous months while you try daytrading ? Then you will pass the means test.
+1
Freedom
Doesn't anyone save $ anymore?
Then again with Bush/Fed turning the greenback to confetti, why bother right?
Wrong.
Im not opposed to cash advance financing anymore than I would be to fighting Mike Tyson in his prime for whatever dollars the fighter who would soon become hamburger was set to receive.
But are you prepared? By that I mean have you trained? Even Spinks when he got knocked out in 30 seconds had trained for a few months. And he was a boxer his whole life.
At the very least paper trade this "edge" you think you have? Show respect to the profession.
Have you monitored the markets on the very least an Eod basis for 3 months?
Intraday?
If not, you're better off taking your 5k to Vegas, and learning to emotionally deal with losing $. Alot cheaper than the markets.
And if you cant save 5 grand, how long is it going to take to pay back 10, 15 grand when you make min payments?
Then again with Bush/Fed turning the greenback to confetti, why bother right?
Wrong.
Im not opposed to cash advance financing anymore than I would be to fighting Mike Tyson in his prime for whatever dollars the fighter who would soon become hamburger was set to receive.
But are you prepared? By that I mean have you trained? Even Spinks when he got knocked out in 30 seconds had trained for a few months. And he was a boxer his whole life.
At the very least paper trade this "edge" you think you have? Show respect to the profession.
Have you monitored the markets on the very least an Eod basis for 3 months?
Intraday?
If not, you're better off taking your 5k to Vegas, and learning to emotionally deal with losing $. Alot cheaper than the markets.
And if you cant save 5 grand, how long is it going to take to pay back 10, 15 grand when you make min payments?
Hey Lewcifer, LOL. Is Bigmrfrank your homosexual gay lover Lewcifer? Lewcifer to the rescue of his homo gay lover. LOL. It doesn't surprise me that you are a homosexual queer. Somebody who nicknames himeself Lewcifer can't possibly be a real man. Lewcifer is the weakest link on this planet. Lewcifer you really should get a new nickname you queer loser. The nickname Lewcifer has homosexual queer written all over it.
Whoa! SarahG was throwing some low blows there. No retort Lewcifer? Why not? Are you the big flaming queer she claims you are? (I hope SarahG isn't really a man, that would make her post a bit hypocritical)
As far as Education level and the relation to market success or failure goes, the answer is this: Education in another field of study will not hurt your ability to trade, however if you incorporate the use of logistics that relate to your specific field of study into your trading strategy, you will probably lose. Trading does not relate to tasks associated with managing a McDonald's, or engineering a coffee maker. If you think it does, it won't be long before you're again hearing "I'd like a McFish plain with tartar sauce, and a McRib with pickles and extra barbeque sauce, Super-Sized, with a Coke." Financial Studies graduates initially lose just as much daytrading as Average Joe Daytrader does. The trick is learning that the market is what it is, and you can't change it.
The Market does not care how much you know about whatever it is you know, it will gladly accept your money just the same as it will anyone else's.
As for borrowing money to trade with, isn't that what most Daytraders are doing anyway with x4 day BP? Or swing traders with x2 night BP? I did not leverage my home or autos when I set out, but I did take on significant outside funding. The first order of business wasn't to re-pay the start-up capital, it was to grow it at a rate that exceeded the maintenance of the initial starting capital.
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