Because you will start to lose as soon as you are depending on your trading for a living! You also mentioned that evil word "credit" Leverage is Ok if in total control - meaning your % risk per trade of available "cash" is never exceeded, unless of course you are lucky enough to have your hand on the mouse when that big move happens, and you can increase size with very little risk, trailing your stop to lock in profits as price moves in your favor. I don't like FX, even though I use it at times to hedge my $ account - but for trading, I much prefer good old stocks - a lot more "predictable". J_S
Perhaps, however that IS the function of credit. You don't trade with it; you use it to flatten out the unreliable income curve that occurs with trading. Instead of withdrawing from your trading account for living expenses, you withdraw from your credit cards and line of credit. When you get a big win in your trading, you pay off your debt. Ideally, you set aside enough cash to service the minimum payments for your credit cards for a few years. However, don't pull this stunt if you're just learning how to trade. Anyhow, I have relied in the past on credit ( balance transfers ) for trading capital. Its not a nice feeling. I like forex. I've been trading the USDCAD pair for a few years now. I must admit that 2016 has so far not been good for me. I'm down $2173 on $10,000 starting capital. However, there is no reason why the 1%/day isn't still possible in the remaining months of this year. And this makes the point to those of you hoping for 1%/day. It doesn't really work that way. You have to be prepared for months of drawdowns.
Hmmm, credit is for suckers - learn frugality and how to stop wasting money, after a while you will be amazed how quickly you can save $1k! This does not mean you have to become like Scrooge - just means you need to step back, stop getting sucked in by advertisers and following the crowd. Think of retiring at 50 - I had set 40 but had to readjust as I let a woman spend way too much for years, which once rectified, made all the difference. Women, are, well, silly when it comes to money - they actually keep the economies going in most developed countries! There is no bigger incentive than retiring at 50 - who wants to work and make money for someone else for most of their life - as we say in Paddy Land. " fuk that for a game of soldiers". One can be a thick idiot...aka Gobshite..all his life, or one can "cop on" and do something about it. The first thing you must do, is get rid of ALL debt, yes, ALL DEBT - meaning you owe nothing but your everday bills like Electricity and Water. Credit cards - burn the stupid fuking thing, or, set up a standing order in your current account to clear it every month - that way you get free credit for a small transaction cost. FRUGALITY - look it up!!! J_S
Thanks, but no, I disagree with you. Debt used unwisely is indeed for suckers, otherwise it is greatly to your benefit. For example, why would would I pay off my car loan at 0.49%, when I can take that 21K and invest it? Why would I pay off the RRSP (Registered Retirement Savings plan) line of credit at 3.7% when I can have that 23K both growing inside the RRSP, and the cash that would be otherwise used to pay the loan, fully invested. I understand your aversion to debt, but what you're describing suggests to me that you fear constructive debt and that fear can really work against you.
Dude, you are in the wrong thread. You are crying about credit in a thread that is discussing making 250% a year. Even the worst credit cards don't charge more than 35% or whatever, and that is peanuts compared to the 250% what you are making with that credit money. Because according to some deranged posters here that is easy-peasy... So let's go back to the topic and state the obvious, making 250% specially year after year, is incredibly hard. It is so hard that probably 1 in a million or less can do it specially 3 years in a row and so on. Now we can put this thread to a well deserved sleep and not to wake it up for another 3-4 years...
You can borrow $1 million if you like, make no difference to me. Myself, well, I owe nobody anything, not even the taxman - have no mortage, 2 cars fully paid for, and can decide if I want to work or not, and, if I want to trade, or not. Debt is for those who can not afford to buy what they want - so, again, learn frugality, which along with some hard work, can allow you enjoy life, not struggle thru it - which most end up doing, reason being they listen to idiots talking out their arses. Fuk everyone else- no-one cares bout you, so why should you care bout them - especially if they are looking to make money off you! J_S
Thank God, this thread is so boring, it needs more tits: But I couldn't notice the luck of argument in your post...
In my experience, the biggest "gobshite" is the one who comes onto an online forum and boasts about his supposed "millions". You talk big like a "dude", dude! That's why you're being called a dude.