there is a diference tick chart example 500 tick chart (every bar will be closed after 500 trades realized on exchange) time based chart exmaple 5 minitues (every bar will be closed after 5 minutes)
You are either a troll or you are a compulsive gambler using the markets to feed your addiction. You should rename this thread to 'Turning 15K credit card debt into financial hell' You definitely heading to your own private version of hell now, if you aren't there already. You going to hit rock bottom like every compulsive gambler eventually does.
A very entertaining thread. I also dig how the OP of this post had a very similar scenario to the OP in the post the OP quoted in the first post of this thread, and how the one stopped posting in that thread (wabu27 or something), and the other (redsails) then started posting later on by starting this new journal thread. Do I believe in coincidence? Nahhhhh.....! Good to see he said he gave up Forex though, because I am not sure on this bit... "Last week my account was down to $4K, and I deposited $5K additionally. I need to recoup my losses ($11K), otherwise I will be in big trouble..." So if I recall, you started with $15K in trading account, and you had $20K in your checking account... And you got that $15K from your credit card? So you are at $-15K CC debt + $20K cash in checking. You are positive $5K net value, because you are $15K in debt on the card. (And you are paying 36% APR? Whatever. Not good for a MBA-degree holder. I wouldn't hire you if I was looking for a money manager.) Now you say your $15K trading account is down to $4K. So you have lost $11K. So you are now in debt by $-15K+$-11K+$20K. You are now at $-6K Net LV. That's the $11K you lost from being +$5K to $-6K. You deposited $5K into your trading account, which brings you from $+4K to $+9K. So you are $-6K in debt in your trading account. Assuming the extra $5K you deposited came from your checking account, the only source of cash you have noted here, you look like this... $-15K (CC debt) + $-6K (trading account value) = $-21K + $15K cash = $-6K You are still at $-6K Net LV. In order to get out of the hole, you need to get back the $-15K from the CC loan, plus the $-5K you borrowed from checking, plus the $-6K your trading account is in deficit. So aside from interest on the CC loan, you need to make +$26K in trading profit just to break even from whence you started, because your total deficit is $-15K +$-5K + $-6K = $-26K And since you claim that you have a minimum of $3K per month living expenses for you, your wife and your child, with only $15K left in cash, you're running a very thin margin for error. It's four months at best before you are on the street and feeding your family rat shit from the subway to survive it. One other tidbit... Do NOT ever set yourself a "deadline" to hit a profit goal of...what did you say? $10K by end of summer? You gave yourself 3 months to prove you can be a profitable trader? That is counter-productive. Some folks "get it" very quickly, and can start turning profit after a very short amount of time, like a month or three. I am not one of them. I've been at it for about 2 1/2 years, in a mix of sim and live, and I have yet to be profitable consistently in live. Even sim has been a hell of a bitch to make my trading plans work. It seems you do not have that much time, if you are like me and need a lot of time to get it right...but trading is not a "get-rich-quick" scheme. And three months is certainly not quick! It takes a lot more deep discovery about yourself than what you seem to have proffered you are doing, in this thread. *shrugs* Think of your family first and come back to trading later, when you have stabilized financially. It could take years for you, but you're better off struggling paycheck-to-paycheck with your family in a safe environment than hobknobbing it in the market with a hope that you'll somehow make it work with so little experience. It probably won't work to your advantage. Just a guess. Patience -----> Rule #1 of all trading!
He started with 15K debt and 35K cash (15K in trading a/c + 20K in saving a/c). He then said he lost 11K. So he was left with 15K debt and 24K cash (9K in trading, and 15 in saving) So he still had +9K of net worth. Atleast that was the situation a few weeks ago. I hope he didnt lose anymore and didnt send anymore good money after bad. Living expenses + CC interest will be killing him as well. He either got lucky and made some decent money trading. Or if he didnt and hasnt found a job then he will be almost broke by now both financially and mentally
36% interest on a credit card??! Wow, between 10% and 19.99% in my part of the world. My turn. Going to max out my credit cards (average 16%) 50.4K and line of credit (3.7%) 40K, and trade forex.
Nay. He said he started with 0 debt and 20K cash. He took 15K from the credit card, and put that in his trading account. His trading account now has 15K cash, but he is now 15K in debt. So when he loses 11K in the trading account, that's 15K debt + -11K of the cash he borrowed. That equals -26K in debt. Work the math from there, heh.
You seem to be double accounting. If i borrow 15K and lose all of it trading then im 15K in debt. My debt isn't -30K like you seem to be saying.