Forex trading carries a lot of risk just like other online business of which I think that we should do with our reserved money not the money we borrowed from someone. Guys what do you think? I guess, borrowing money from someone else or a bank to trade forex is never a good idea because there is always the change to lose it.We should always trade forex with money we afford to lose.
Forex is too risky business borrow money is not good for forex. Because if you can not gain in forex then you can loss huge money then it can be worried for you. When you trade by borrow money then you can not take correct decision and as result be loss.
Borrowing is totaly wrong. If you do not have money to trade and you syre you are good enough to trade with higy win rate? you can earn money two ways, signals or contests.
Bad idea, never borrow monÂŁy to fund your trading. You could easily lose family & friends over it as nothing drives a wedge between people like money.
Then in the case of banks etc, you’ll be paying interest on that & you’ll also need to make repayments. You may make a nice bit of money one month, but take away the loan repayment & your profit could be drastically cut or even non-existent.
Don’t get me started on pay-day loans either: I’m sure that I read somewhere that with their ridiculous interest rates, if you borrowed £1,000 from Wonga & paid back the minimum each month then in something like 3-5yrs, you would owe more than the entire national debt of the good old U.S. of A. Got a spare couple of trillion?
Right… I think good answers are already here starting from the first thread itself…
:58: Borrowing money is not a good idea for Forex trading because it involves high risk. But what if you consider borrowing for business? No one will think that way and all the business involves RISK.
Rather than borrow, there are two approaches to this funding your trading;
Your own cash-what remains after considering the worst
Investors cash: Once you have a profitable system, then prove it to a few investors and soon or later you will
have a good amount for your trading.
Borrowing is rather unprofessional in my view.
I will not suggest to do trading with borrowed money. It will put you in more risk because there is no surety to have only profit from forex market. If you borrow money you can loose in trading and you will suffer a lot. Just start trading with some spare amount to make practice of trading.
borrow money is not a good idea to do .a friend of mine do trading one day i was with him there ia a another man who asked himm that do a trade for me i will give you a persentage but my friend denied when i asked him tell me the reason he tells me that there is a risk of loss qith my money it is fine but if i loses his money how i return back his money
If you’re a total badass trader with an extended period of success, there’s nothing wrong with borrowing a bit of money to get something growing. I’m not talking about a month of lucky trades, I’m talking about years of solid success.
Now that does come with a caveat.
You would need some cash in the account that WASN’T borrowed to float losses.
For instance, you put 5k in an account in cash, then add $15k to use as margin.
If the losses drop to $4500 you pull the plug, and withdraw the 15k back to the card it came off of without hesitation.
That is the ONLY sane way to borrow money, and use it to play the market.
When PFG Best went belly up, it kind of devastated me. I had a significant live account there. I used the credit/cash thing to bolster a small account, but never compromised the card amount. I had cash in there to float. The credit was strictly to oversize my margin a bit. But again. I’ve been at this gig a while.
That is not recommended by any stretch, just throwing out money games that do work if you have a successful and repeatable trading record.
Like everyone else said, I would only trade money that I can afford to lose.
I think you could try funding yourself by “borrowing” via a credit card, but make sure you have a STEADY SOURCE OF INCOME so that you can pay back your card!!!
In my time here at BabyPips.com, I’ve seen countless threads describing how they lost borrowed money and have absolutely no way to pay the lender back. This is a huge no no. When you invest in forex (this holds especially true for beginners), always make sure that the money you put it is something you can afford to lose. We stress this many times in the School of Pipsology.
I just wanna add that I think borrowing from relatives or friends is also very dangerous. If you fail it could cause irreversible damage to your relationships and no amount of money, even if you later turn out to be successful, is worth the price of losing that relationship!
I have borrowed once the limit of 100$ for trading but I have lost all my money in my first trade so now I do not prefer to borrow money for trading purposes.
It’s not guaranteed that you will be profitable in trading so don’t risk money that doesn’t belong to you. Instead, gather up funds yourself and then do whatever you wish to.