Oftentimes, the interest on cash advances on a credit card is not the same as the interest on purchases. In most cases, the interest on cash advances is computed daily from the day you make the withdrawal until it is paid back. This can add up to more than 20% APR if you hold it that long. I haven't looked recently but that's how it was the last time I applied for a credit card (about a year or so ago).
Todays Results Beginning Account Value: $1,280 (correction from yesterday) Till 11:30 AM Today: +$ 560 Account Total: +$1880 Total for Thursday: -$240 Total Account Value: $1,040 I was trading so good this morning. I never allowed a loss get too big. Then, I crumbled under pressure in the afternoon. I lost so much on just one trade that its pathetic. I don't know, I was so excited to get away from being so close to the "lose-&-you-die zone" of my account, and I wouldn't have believed anyone who would've said that I would finish my day in the negative. Stuff happens, and taking losses are very hard. But, by posting here and exposing this to other experienced traders, I believe I can benefit from that exposure. Looks like tomorrow is the moment of truth day for me and my account. I have to get off to a great start, or if I am to start the day with 1 or 2 losses, that would be very bad. Here is the one trade that killed me today:
Pay the money back, and stop trading. Just stop. Would you gamble on a credit card? Because that's what you are doing. You have no edge, no discipline. If you want to gamble, go to the races, learn to play poker, go to a casino. Don't gamble and call it trading. You are lying to yourself.
I think you should start a signal calling service. "Ripley's Fade-a-long." I'd subscribe! You are good at cutting your winners short and letting your losers run. Seriously man, I'm disturbed at what you are doing. I hope you don't have a wife and kids and this is their dinner money.