Smart Money

[MakeMoneyorDIE]

Question for the pros on here....I am making money at this...so i need to get to the next level...but i don't have the Liquid money to do it...$5000.00 seems to be the magic number as far as starting out and actually making a couple hundred a week....besides the obvious of losing it all...should i get a loan...if i am smart about it i can make money and pay the loan off at the same time...i proved being live for about 4 months that i can make money on a smaller 500.00 account....I made a STUPID decision and lost most of it but i learned from that and my 5000.00 demo is going good ..Any thoughts on this
need to convince the WIFE ...

[daydreamer65]

If you really feel that you are making a continued profit
then take out the loan. First priority would be to pay the
loan back

Only YOU can decide whether you are ready to make this
step though, maybe an interim step may be better, $1000,
to prove to your better half that it works?

[mytwopips]

Would your sole ability to pay back the loan rely on trade wins?

If so, I would say don't do it. The pressure to produce the numbers will make you into a different trader.

If you are not going to rely on trading to repay back the loan, then go see what your wife thinks.

Right now I am profitable with my trading. Right now I do have more money to bring up my trading account. But... I am not going to let myself until I accomplish certain goals with what I have.

[MakeMoneyorDIE]

No i wouldn't rely soley on profits to pay back..my current job provides me with enough cash to pay my daily bills...and on a 5000 loan i could get a good rate.....My thing is to take the PIPIN to the next level..a goal of mine about a year ago,,to quit working for someone else and do this and earn a living....i think 5000.00 would let me get bigger profits...heck i just took 54 pips off of EUR/USD for a 3 hour trade, if i can make 100.00 a day i would be happy....Thanks for the advice

[rhodytrader]

Originally Posted by MakeMoneyorDIE

..i proved being live for about 4 months that i can make money on a smaller 500.00 account....I made a STUPID decision and lost most of it but i learned from that and my 5000.00 demo is going good ..

The fact that you blew up and haven't traded live since does not, to me, suggest that you're in a position where borrowing money makes sense.

[dannybly]

I would avoid the loan - among other things, the pressure to pay back the loan might force you into bad trades -

[KENNETH LEE]

MMOD ; I think since by your own addmision you blew your account out ,the prudent course would be to maybe refund with $1,000 and make certain the issue that took it the last time is solved... If you are truly ready it doesn't take long to grow a account. Then when you are POSITIVE add on to your $2,000 or $3,000 you should have by then . Just my 2 cents worth... Ken

[MakeMoneyorDIE]

All good advice ...thank you...

[Cdawg]

I would avoid the loan at al costs. I would suggest you set aside the monthly loan payment you would have to make and add that into your account each month.

Yes it will take longer to get to the $5k level, but it will serve two purposes, your account balance will gradually rise up which is good for the psychology of trading instead of $500 to $5k, and you also limit your losses at the same time.

Personally i would never borrow money to invest in FX market but to each ther own cause you surely need money to make money at this.

[mytwopips]

Originally Posted by Cdawg

I would avoid the loan at al costs. I would suggest you set aside the monthly loan payment you would have to make and add that into your account each month.

Yes it will take longer to get to the $5k level, but it will serve two purposes, your account balance will gradually rise up which is good for the psychology of trading instead of $500 to $5k, and you also limit your losses at the same time.

Personally i would never borrow money to invest in FX market but to each ther own cause you surely need money to make money at this.

This is the best idea posted Cdawg.

You will also get more screen and learning time in, without the risk, while growing your account.