Drifting away from topic a bit, but Snoop, please do tell me where I can buy a condo in Canada for 7,000 dollars. I may need to make some phone calls.
Iam pretty sure he is talking about earnest money for a pre construction condo deal. I bought one back in May in Nashville. Just 5K upfront bought me a state of the art condo in downtown that will be finished in 20 months from when purchased in May. No credit check so if you had the cash you became an owner. And no more additional fees until its completed and then the mortgage payments will be due. Pretty much unheard of in this industry with such low down payment. All units sold out in 3 weeks. So its a sweet deal where I get full appreciation for nearly 2 years before I pay anything else. Very favorable risk/reward opportunity.Only risk is the 5k I would lose if I decide not to sign a Mortgage at the end of construction. The reward after flipping should be in the neighborhood of 40k to 60k profit !!
Tigo It can be done. First of all you have to know how to trade and manage the bankroll. This is extremely complex matter, so take your time to master it. I'd suggest you consider any of globex futures for your trading, since you get very good liquidity and the necessary leverage. I will recommend that you set conservative goals for your trading say, 1% per day or so, in order to reduce the amount of trades you put on and avoid being caught in wonderland wishful thinking. In trading, less is more. If you make 1% everyday, you'll end up the month with $1,223.57 gain (1% compounded during 22 days) and most importantly, you would have demonstrate to yourself that you're capable of running a profitable business.
the initial level of funding of an account is not in itself important. What is absolutely vital is that the size of the positions/leverage of your trades is intelligently bound by the level of funding of the account. If you trade profitably you can build a USD1 account into USD1,000,000 â it's just going to take too long. The higher the initial funding, the quicker the geometric growth phase will kick the account into where you want to be. Jericho xx
A little drifting yes. I was just pointing out that there is other ways to invest the money and not to limit yourself to one area. Your just putting 7 grand down and get a 40 year mortgage. Im sure someone can back me up on this but I belive in the US that if you make money on real estate you can reinvest the money in another investment and not pay Capital Gains. I belive you only have a certian amount of time though. Would be something to look into even if your not investing into real estate.
I agree with Skippy here. Its all in your mind and your persistence in never ever giving up. Sure there is a distinctive chance you will lose that first 5k. But that is just the tutition cost of learning and becoming better the next time you have a a stake. I see a very common theme among many of the ET Members here. They are quick to say you can't build up 5k into anything substantial. And you will lose it real quick. Thas BS and makes it obvious that just because they could not do it they believe nobody else can do it. Dont fall for this brainwashing. Its people trying to bring others down into their dismal abyss !!! Be postive while also being cautious. And educate yourself and talk to others who are successful. And if you do lose that 5k just look at it as paying for a semester of college. Good luck. P.S. Case in point. Back in 2000 when I first started trading Options I turned $500 into $4500 in 1.5 months !! Then in one trade I lost it all. 3 years later I had $3500 and turned it into $11,500 in about two months . And proceeded to lose it all on three trades within 3 months. If only I had the knowledge then that I have know about Money management. I calculated I would be up over $50k on that initial $500 stake !! So it definitely can be done
Excellent post. I wish more individuals posting on ET would approach this board with similar attitude. Thanx from all the new guys who are just starting their trading journey.
" Winner of "The best advice of the day"... award... Quote from volente_00: Yes, but don't expect to do it the first time. Most will fail, blow up and walk away and not accept personal blame. The one that is truly dedicated to his dream will spend hours study, analyzing, working on strategies and then believing in themselves will become part of the 5% that remain after the pain of losing is gone. This does not happen overnight. It is a journey and it has many sacrifices to get there. Are you truly ready ? " I do NOT agree that this was the "Winner of the best advice of the day award"...... Most of what this author says is truth and he has some valuable points to it. But the very first sentence "nullifies" all the other good stuff in his thread. By saying that you should not expect to do it the first time already puts you in the mindset that you will NOT succeed. Why even try if you have this attitude ?? Its totally self defeating. Rather it should be expect the best but prepare for the worst. Positive attitude sprinkled with caution means everything in this game of trading. And it is a necessary prerequisite if you are to succeed in the long term.
I am an optimist but why did I write that ? I was simply telling the OP like it was. If he sets his goal high and fails, he will never heal emotionally and will never make it as a trader. If he 100% understands that there is a 95-99% chance he will blow out his first account then he will not suffer near the emotional damage when it does occur. Confidence is everthing in trading. But expecting to come in right from the start without paying your dues is what lures new money to be lost in the market.