Any of you traders ever maxed out your credit card or took out seconds on your homes or made trips to the palm shops with your valuables to finance your daytrading? Any traders go from average to millionaire status? Or any traders go from millionaire to poor? Or average to poor?
I have made and lost millions in my career. Now I make enough to live very well, and do not treat the market like Vegas. I pay my credit card bills in full monthly kid.
I took cash advances of $10k each on 15 of my charge cards a little over a year ago and bought Google Calls with all of it and I am now a millionaire...made min. payments on each card and then when I sold all my calls, I paid them all off.... Now I pay cash for everything..cancelled all but 2 cards. Cash is king once you're a millionaire.
I did this to fund my last trading account after blowing out the 7 previous ones. Now, I am on pace to be a millionaire within 456 trading days.
The bad thing about cash advances on credit cards, is that there is no grace period. So the interest starts accumulating the minute you take out the cash advance.