Turning $15K credit card debt into financial freedom

Hey, man, I feel for you but you have to end this nonsense now. I would like to say you have one chance in a trillion to make it but you do not. You have absolutely zero chance. No Job, No proven trading success, using borrowed money at what? 36% interest.

Close the account and apply what is left to the credit card and get a job quickly.

You can open a Forex account with Oanda.com They are a bucket shop but they are quality with good spreads, about the best around and they have no minimums. You can open an account with $50 and trade 50 units if you want. Learn to trade in the live market first, prove yourself to yourself, then trade larger size.

By "bucket shop" I mean that they give you the live quotes and instant fills and positions but they are "fading you". You do not have an actual position but you do get the profit or loss on the transaction. I suppose that for the few profitable traders they protect themselves with a trading offset.

Please stop now before you lose it all because it is guaranteed that you will.
 
Redsails said:
June 14 was the day of my heaviest losses: -2.4K

That was the day after I read the chapter "Basic Concepts of Trend" in the book of the wise man John Murphy. I decided to catch the trend and was jumping on every little move. Somehow I managed to lose more than 70 pips even though the price was ranging within a tight channel. That was because I continuously bought at resistance and sold at support.

That was completely my fault. I misinterpreted the teachings of John Murphy. I should have waited for trend confirmation. I should have sold only if the support was broken, agnd I should have bought only if the resistance was penetrated. Simple! Sorry, John, I will not do it again.
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MonteCarlo from this Data.
Small Sample .. Broken into 100K.
No Commissions are taken into account.
Just wish you no more day like this shitty one !
You got to reverse the shape. Run with winners. Cut losers.
It's FEAR. See what the market can gives you. Take it or leave it.
DO NOT GAMBLE WITH LOSERS. Set a MAX(Loss) & TAKE IT then repeat.
Avoid Shoe String Margin (SL) for not being forced to cut loss too often, quickly.
Which means that you got to deleverage a bit. Better too safe than too risky.
 

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Redsails said:
I woke up at 4:00am and found out that I was stopped out. You were right! But at the moment when I made the trade it was not at all clear the uptrend in EUR reached the peak and was going down. The wise man John Murphy said in the book I am reading now that a trend in motion is more likely to continue than to reverse. That is why I bought EUR then.

As for leverage, I usually trade with 30:1 margin. But I believe that IB increased their margin requirements because of Brexit risks, so 150K is all I could do now.
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I did not pay attention to EUR much but I did anticipate that GBP would depreciate significantly when it reaches/crosses 1.5000 cos this was the dangerous rounding number resistance level. But I did not anticipate GBP to depreciate incredibly so much after GBP poll. Although I am a international financial management tutor, this is the first time that I understood clearly the consequence of adverse policy change and its impact on exchange rate by my heart .
 
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Lolol!!!
Next, the finger points to the ultimate stop loss: the door...
 
Illini Trader said:
Hey, man, I feel for you but you have to end this nonsense now. I would like to say you have one chance in a trillion to make it but you do not. You have absolutely zero chance. No Job, No proven trading success, using borrowed money at what? 36% interest.

Close the account and apply what is left to the credit card and get a job quickly.

You can open a Forex account with Oanda.com They are a bucket shop but they are quality with good spreads, about the best around and they have no minimums. You can open an account with $50 and trade 50 units if you want. Learn to trade in the live market first, prove yourself to yourself, then trade larger size.

By "bucket shop" I mean that they give you the live quotes and instant fills and positions but they are "fading you". You do not have an actual position but you do get the profit or loss on the transaction. I suppose that for the few profitable traders they protect themselves with a trading offset.

Please stop now before you lose it all because it is guaranteed that you will.
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Thank you for your comment. But I will try full time trading now. As I said, I can afford to lose 15K. I have a pretty strong resume, so I am sure I will be able to find some job quickly if I fail at trading.
 
Redsails said:
Thank you for your comment. But I will try full time trading now. As I said, I can afford to lose 15K. I have a pretty strong resume, so I am sure I will be able to find some job quickly if I fail at trading.
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Afford to lose $15,000 at 36%

Hahahaha

Come on ....and the people here actually believe you...
 
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