Took out a loan to transition to full-time trading. 24 years old.

Discussion in 'Professional Trading' started by wabu27, Mar 14, 2016.

  1. Handle123

    Handle123

    What are you going to trade so I know who to thank when you lose it? Trading stressful enough, but to have to pay 26% is insane, I had found people who save enough to trade nights or early morning before work actually eventually do better than the road you going down. I didn't quit my job till I had 3 mil in the bank, house paid, zero debt, couple side businesses going and house rentals. So I would have zero stress on personal life side. Build up reserves before quitting that job, you have to have health insurance etc....What happens if you break a bone in your mouse hand?

    If you are that good, do Topstep, then you wouldn't need funds.
     
    #11     Mar 14, 2016
    Danielbanker, Nobert, iprome and 4 others like this.
  2. S2007S

    S2007S

    Why didn't you just save $11,000 and start trading without borrowing $11,000.... with your salary you could easily save about $10000 in 6 months...
    Unless you eat out every night and drive a 6 series BMW.
     
    #12     Mar 14, 2016
    murray t turtle likes this.
  3. S2007S

    S2007S

    Don't know how long you took that loan out for but if you took it out 3 years you would be paying $5000 in interest on that $11,000 loan over 36 months at 26%
     
    #13     Mar 14, 2016
  4. samuel11

    samuel11

    LOL. I offer to lend that dude for 20% APR and I promise to only break 1 knee cap
     
    #14     Mar 14, 2016
  5. just21

    just21

    #15     Mar 14, 2016

  6. Sure, why not? America was built on risk--- you really have very little to lose by going for it. Don't listen to these misers and nervous nellies.

    peace
    &
    good luck
     
    #16     Mar 14, 2016
    johnnyrock likes this.
  7. #17     Mar 14, 2016
  8. newwurldmn

    newwurldmn

    Seriously speaking. If you are truly a good trader, you should realize that this whole setup is a very bad trade.
     
    #18     Mar 14, 2016
  9. eganon69

    eganon69

    I will be the first to declare this,....

    If you are truly smart enough to have a $60K a year financial job and save $9k then you have saved 15% of your income AFTER taxes to trade. Then you say you took out a loan for $11K at 26% interest that means at a $20K trading capital you would need to make at least 14%/year while under capitalized after interest and commissions and with no track record or serious posts on ET. My BS detector is on high!! Why not just save a bit longer for the full amount.
     
    #19     Mar 14, 2016
    Gimpyron likes this.
  10. Are you trading alone or in a day trading room?
     
    #20     Mar 14, 2016