Turning $15K credit card debt into financial freedom

[Cypherdude]

I was inspired to start this journal by this thread:

Took out a loan to transition to full-time trading. 24 years old.

The poor guy did not make it. I hope I will. I maxed out my credit cards (36% APR) and started day trading forex with $15K stake. After three weeks of trading I am down to $10K, however, I am not losing hope.

I also quit my job for trading forex full time. I have a wife and kid who I need to support (wife not working). Our minimum living expenses are about $3K per month. I have $20K in my checking account. I gave myself three months to prove that I can succeed as a trader. I am aiming for $10K total profit by the end of the summer. If not, I will start looking for a job.

THE FOLLOWING IS MY OPINION AND INTENDED FOR EDUCATIONAL PURPOSES ONLY:

I read all of your posts in this thread. The way you are doing it is wrong. You should already know how to trade before you borrow from your credit cards and attempt to trade. You should have already used simulated trading before borrowing. This is where you made your mistake.

You're telling us you're reading books, learning, while you are making trades. This is wrong. You should already have read thousands of pages before making your first trade. You should already have made simulated trades, seen educational trading videos on YouTube or StockCharts or wherever, reviewed your programming, learned your trading software language, reviewed your math, etc...

You wrote you read one chapter of Murphy's book, I don't know which one, and then made trades. This is wrong. You should already know technical analysis inside out. If you want an idea of how long it takes to learn how to trade, take a look at this video. I think you will be surprised.

You have already lost a third of your account. You are paying a 36% interest rate plus any additional fees. There is usually a 3-5% overall cash advance fee. Perhaps you should repay what you can of your credit cards, continue learning, and then return when you are ready.

 

[onemoreshot]

THE FOLLOWING IS MY OPINION AND INTENDED FOR EDUCATIONAL PURPOSES ONLY:

I read all of your posts in this thread. The way you are doing it is wrong. You should already know how to trade before you borrow from your credit cards and attempt to trade. You should have already used simulated trading before borrowing. This is where you made your mistake.

You're telling us you're reading books, learning, while you are making trades. This is wrong. You should already have read thousands of pages before making your first trade. You should already have made simulated trades, seen educational trading videos on YouTube or StockCharts or wherever, reviewed your programming, learned your trading software language, reviewed your math, etc...

You wrote you read one chapter of Murphy's book, I don't know which one, and then made trades. This is wrong. You should already know technical analysis inside out. If you want an idea of how long it takes to learn how to trade, take a look at this video. I think you will be surprised.

You have already lost a third of your account. You are paying a 36% interest rate plus any additional fees. There is usually a 3-5% overall cash advance fee. Perhaps you should repay what you can of your credit cards, continue learning, and then return when you are ready.

You realize this guy is either a troll and the story is fake OR if he's not a troll I guarantee he's blown up the rest of that account. My bet is troll though. ET posters have become so weird lately.

 

[Cypherdude]

You realize this guy is either a troll and the story is fake OR if he's not a troll I guarantee he's blown up the rest of that account. My bet is troll though. ET posters have become so weird lately.

Yes, IMHO it is possible his story is a fake. IMHO, it would be reckless for an MBA to borrow from credit cards at 36% and trade Forex. Anything is possible.

"I maxed out (3 of) my credit cards (x% APR) and started day trading ----- with (a) $15K stake."

.
However, it's also entirely possible people can do this. Even perhaps long ago when credit was easy and the Internet was hot.
.

 

[Redsails]

You realize this guy is either a troll and the story is fake OR if he's not a troll I guarantee he's blown up the rest of that account. My bet is troll though. ET posters have become so weird lately.

This is not MECE: not mutually exclusive collectively exhaustive. My story can be true and I can troll at the same time.

I have not blown my account yet but close to it.

 

[southall]

This is not MECE: not mutually exclusive collectively exhaustive. My story can be true and I can troll at the same time.
I have not blown my account yet but close to it.

I can easily believe your story, its all too common.

But why did you borrow at 36% when you can borrow at 3.6%?
I would suggest getting a low interest loan now to pay off your credit card debts.

 

[Cswim63]

I can't believe I wasted the last 15 minutes of my life reading this thread. I guess it's like a car crash. No matter if you tell yourself you're not gonna look, you do anyway.

 

[lawrence-lugar]

I can't believe I wasted the last 15 minutes of my life reading this thread.
I guess it's like a car crash. No matter if you tell yourself you're not gonna look, you do anyway.

Turning $15K credit card debt into financial freedom

Looking For Freedom

 

[Cswim63]

. Nice 80s schlocky Hoffer video. Please someone help! I've fallen and I can't get out of this thread!

 

[Redsails]

I can't believe I wasted the last 15 minutes of my life reading this thread.

Sorry to hear that. R.I.P.

 

[NoBias]

My story can be true and I can troll at the same time.

Confirms my belief ... just another troll thread..