Thank you JT and for your offer as well. That is very generous of you considering you don't know much about me. I am investigating all my options. One thing I know is that the money will be provided. That much I do not question, just going about the day to day to have it delivered to me... I will research p2p tomorrow, I do not know much about it. I am also trying other sources of loans including family, but my parents themselves are not in position to give me money due to their health and the possible need of taking out loans themselves. Very productive thread thank you to everyone who has kept it on purpose and provided good energy. Good night all.
Everybody has been very helpful! On the subject of loans, if anyone is an expert, I would very much appreciate it if they could comment on p2p vs other choices. I am a recent graduate, able to show paystubs for 20-40hrs a week depending on what is needed, do not have any assets. No chance for HEL, possibly local bank (wells fargo) and there is also a national bank of arizona right by me but I thought they don't typically do much on unsecured loans. With that im out for the night... going to let things digest regroup tomorrow and continue...
Have you considered going to family members for a loan? You could take a personal note or set up a hedge fund arrangement, though I'm not certain on the legal particulars or difficulty of this. Either that, or join a prop firm.
Yes some live trading record, but nothing impressive. Most notable are 2 small blowups several years ago lol. I have investigated several options. Credit Unions appear to be a very decent backup plan to get a good interest rate. I have contacted Mr. Bright, pataktrading. As I understand with Don Bright, I would need to get series 7 as well as pay higher fees and of course $500 for the exam. And I could not find information on topsteptrader on google or elitetrader as far as what has happened to those "recruited". This concerns me a bit considering each trading contest has a fee. I will let things sit for a little, lots of good ideas here in the last day. Once again, I was pleasantly surprised at the interest rates on some unsecured loans at credit unions and may give the chance for some familial money to possibly come through. In the meantime will continue to work for some capital (as well as proof of income at this point lol) and continue working on the system. Will continue to check back here in this thread and thank all the participants in it for being helpful. Spectrex: I have a person in the family who I am going to visit soon who has some money he may want to loan. I am waiting to see him in person before discussing. Thank you for the suggestion...
Ok so what exactly has you convinced that you have a profitable daytrading strategy? Please don't say papertrading or backtesting. Those are not viable answers.
Sixteen thousand hours? Really? I doubt it's anywhere even remotely close to that. Doing a bit of quick math, if you'd put in 40 hours a week, so that's 8 hours daily, for 50 weeks a year, at age 22 you started at 14 years old? And kept this up 8 hours daily, 40 hours weekly, 50 weeks a year for the last 8 years? So since the 8th grade? Or maybe you started later than 8 th grade, age 14. If so, now you're talking about OVER 8 hours daily, OVER 40 hours a week, and OVER 2000 hours a year. And that's 8 actual hours of study, not including lunch breaks, or anything else - wow! When did you go to school, do homework, work, sleep, eat, have any sort of social life, pee, etc etc? You better work on a more plausible story.
I am aware there are people that are skeptical of certain claims here. I guess it could be down to 12,000 hours allowing for a 100% confidence interval. Yes, I am very dedicated towards my purpose. I know I came in this thread offering "nothing" to most people and asking for "something" back and thus, I will have to prove myself if I am to receive that something. As of yet, I am not soliciting anyone for funds directly I have simply proposed a question that if I were to thoroughly prove my skills, would there be interest? I thank everyone once again for viewing my post as legitimate, but I do not yet plan on starting to post live calls or on taking any money. If I had a live trading record I would not have the need for funds. The facts are here presented as accurately as I could. To be clear, I am weighing all the opportunities I have. I know the money will come to me when it is time.
What you lack is leverage. By leverage, I don't mean financial leverage. You have no track record, no reputation...nothing. For someone to back you will take a rather large leap of faith. Due to these circumstances you will invariably get a "bad" deal at first. The deal will be bad because your financial backer will want to get compensated for the risk they are taking. Be aware that EVERYONE who starts off in this business (even with an ivy league degree at a great shop) gets a "bad" deal (how "bad" is all relative, of course). For example, when I started out at a major bank years ago there was a relatively new young hire who had the good fortune to run a book that made many millions of dollars that year. Of course, the bank rationalized that it was the seat, not the trader, that earned the money so they paid him only slightly more than what they paid all the other guys at his level (who, if they had their own books, were much less profitable). He got a "bad" deal. He left the bank in a huff after that and never again made the same amount of money running a book AFAIK, so there you go. Now, once you prove under a "bad" deal that you can make money consistently then you can easily leverage yourself into a better deal. If you can't make money, it doesn't matter. So, in short, most times for a guy starting out a "bad" deal is better than no deal at all.