have you borrowed money for your start in forex?

[trav72]

thanks for the advice, i am going to put the loan idea out of my mind, i am going to ply away and hone my skill, bit by bit, little by little. I not greedy, i just want something.
LOAN is A BAD IDEA, of course it is, i already new that, just wondered if someone else had done it.
Anyway no loan for me
thank you

[akeakamai]

Originally Posted by trav72

thanks for the reply and i hear what your saying. And the fact i am saying is that at lower amounts of capital and with correct risk mangement my time efforts dont amount to something or much. I can do the right thing risk wise and i do appreciate everything i am saying is not going to be correct to everyone. But boredom sets in when you make $3.20 on a 32pip win with micro lots. 32pip win i would prefer that to be $320 or more, cause i enjoy forex and i want to make a living from it. I do have day job that i enjoy too, but if i can combine this with that well then life would be great. I am keen to get off the ground and i have mortgage and young kid and basically, i get paid every wednesday and i am broke by the next day, credit cards are maxed out and well i wish i had 5,10,50 thousand and i think then i could be away.
Of course i am not sure, and i not it is a HUGE risk, but then i also think, we arent here for that long in the end....Why not have a go...it could turn out ugly i suposse and i guess that is keeping me from doing it.
But i do think it can be done, and it is worth the risk to just get up off the ground.
Forget what my system is as there are many and everyone has something different and there are many opprtunities, sometimes the best system is often the most simplest system, it is not really about a system, it is about having capital to move forward with a system. I can trade many systems, and if you take the time to anlyse the trade before during and after than you can be succesful, but you want reward......dont we!
At 3 dollars a win (30pip win) i would be required to have 33 succesfull trades for $100 profit (probably 66 trades given a 50%win/loss ratio), now that is a long month or two, but at 300 dollars (30pips) a win for the same 33 successful trades i am now smiling after 3 months of trading with $10000....whatever the system it is...there are many and to name a system will only encourage those to say ...mmm...not possible! Maybe it isnt possible i do not but i am trying
so inevitably in demo or live accounts with $300 or less capital risks are eventually taking that would not otherwise be taken due in part to the boredom and that really we aren't getting anywhere and i want to get somewhere, and i am in a hurry, why not be life is short enough isnt, i understand the stuff about risk and money manangement.......and that scared money never makes money...
The bigger thrill is the money more so than than the pips.
You probalby have the same chance of turning $10,000 into $50,000 as you do of turning $100 into $500 in the same time/risk, but i bet you the guy who has got to 50000, is much more likely to go on to bigger and better things than the guy on $500. they guy with $500 is more likely to go back to where he came from.....back to zero....back to work
please dont be worried with what i am saying.....
i just interested if some would agree........am i truly crazy.
I can see the gurus of the forum quiting my lastline already...
reply post quote "am i truly crazy"... YES...
please tell me something better than that! tell you borrowed to get started or something!

Hey man, you can't think of trading like going to a casino for a weekend and making 50,000. The problem isn't that you misunderstand risk managment, it's that you don't understand or don't believe that trading is a real career, one the requires a formal education process and some live training. It's like opening a law practice and expecting to learn how to be a lawyer as you go along. Some people learn very quickly because they are hightly motivated and likely have some background in the subject!

[abner]

newbies,,,, always thinking they can get rich in a short period of time, how sad.

[Andrewunknown]

Originally Posted by abner

newbies,,,, always thinking they can get rich in a short period of time, how sad.

Some think that way, some not; but even supercilious "veterans" have their own problems, just of a different kind.

[VulcanClassic]

Trav72,

Try thinking in terms of percentage instead of dollars. Forget all about dollars.

That should cure your "no return for the effort perspective". It will help you stay motivated with smaller amounts, without taking huge risks and blowing it all.

[Simy]

I'll admit I considerd it but at the time I was looking strickly for a quick fix. Sure it would be great to make a living myself online in my own time (more or less) without a boss, without expectations, and with less stress.

Unfortunatly for myself, I've worked for myself, I know my boss has high expectations of myself and excuses dont work, my own time -- yeah right. The markets time, or the buisnesses preferd hours. I'm not a nice boss to myself, because I dont allow myself to have excuses. Now I dont push myself for numbers, but for follow through, for doing what I'm sopposed to not for getting what I should.

I'll kick myself for doing somthing stupid, leaping without looking etc, and I'll reward myself for doing everything in order the way I should -- reguardless of the outcome.

A loan, great idea for sombody who can handle the risk, me, I'll keep my self-butt kicking to a mininimum, and be happy with the percentage not the money -- this is basically a savings account, not a money machine. I'll get more then the average person does, and without all the made up fees that banks apparently have now.

[pablopluto]

I know you can start a LLC. Get an EIN. Open a bank account with B of A. Apply for a line of credit of about 20K. From what I understand its like they hand them out @ 14%. When applying for the LOC state its is for a trading company. Then a judge cant pierce the corporate veil if you blow your account. They say its fraud if you dont use the money for the intent you stated. Sign for the LOC as the president of XYZ LLC. That way you arent personally liable for the money. You made a honest attempt at the business. So as long as the bank knew what it was for they cant touch you for non-repayment of the loan.

[Simy]

Thats an intresting idea, given it a bit too much thought? I would consider it (I'm going to more the likley file bankruptcy sooner or later) for down the road provided I get good enough at trading that I could do it in the first place, but that means beating there 14% or so intrest rate enough to make it worth while -- I'm not there yet.

[pablopluto]

Originally Posted by Simy

Thats an intresting idea, given it a bit too much thought? I would consider it (I'm going to more the likley file bankruptcy sooner or later) for down the road provided I get good enough at trading that I could do it in the first place, but that means beating there 14% or so intrest rate enough to make it worth while -- I'm not there yet.

It comes to 450 a month for 8 years. on 20K.

I have had alot of failed businesses. Thats how a lawyer told me to go. This way you dont sink your credit score.