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Can you borrow money from the bank to trade forex?
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Member Since May 13, 2011 1341 posts
Steve Walker (walker36)
Dec 31 2011 at 09:20
FX is a scientific gamble. so basicly you are asking to gamble with borrowed money. if this sounds good to you dont wait. me? I wouldnt!!
Trade The Trend! Defend To Price! |
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Member Since Jul 29, 2011 12 posts
smartpips (smartpips)
Dec 31 2011 at 09:24
Creditcard
Systematic |
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Member Since Sep 03, 2011 4 posts
s1quash (s1quash91)
Dec 31 2011 at 16:23
Never borrow money to trade forex!!
Never give up and be patience! |
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Member Since Sep 29, 2011 1 posts
rafiqhidayat
Jan 01 at 10:35
If you can take a personal loan with an interest rate of 4% / annum, would you still do it?
I.e. taking a USD 30,000 personal loan at 4% / annum, and repay in within 36 months, you would pay USD 1,200 on interest on a yearly basis or USD 3,600 for the whole term. It's still lower than credit card interest, and if you're a trader worth your salt, you should be able to at least at a minimum earn 10% equity growth on a monthly basis. Just saying. |
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Member Since Apr 11, 2011 190 posts
Splexin (Splexin)
Jan 01 at 10:56
rafiqhidayat posted: If you can take a personal loan with an interest rate of 4% / annum, would you still do it? I.e. taking a USD 30,000 personal loan at 4% / annum, and repay in within 36 months, you would pay USD 1,200 on interest on a yearly basis or USD 3,600 for the whole term. It's still lower than credit card interest, and if you're a trader worth your salt, you should be able to at least at a minimum earn 10% equity growth on a monthly basis. Just saying. Fear has a unique way of keeping people from succeeding. Only reason I use my credit card is for the reward points  I've never paid a dime in interest because I've learned the tricks of the billing cycle.As for the loan I would totally do it, only because I know in less than 3 years I could crank out a net of 17-22 good trades ('good' = 100 pip winners to me)....the number necessary to pay it back in full (differs according to individuals MM). I currently net an average 100-200 pips per week, and that's checking charts for 5 minutes a day (or sometimes none at all). If I sat in front of the charts for 12 hours I could probably bag 80-100 per day. Maybe the concept doesn't make sense to some but people mortgage their house for 30 years when there's no guarantee the value will go up......or make payments with interest on a vehicle that's guaranteed to go down in value.....none of that makes sense either...... Everything should be as simple as it can be, but not simpler. |
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Member Since Sep 03, 2011 4 posts
s1quash (s1quash91)
Jan 01 at 21:48
i said not to borrow money because some people believes they can do it but they haven't even succeed in the demo. You can borrow money if you have succeeded in making money with a track record of at least a year. I believe 99% of people will fail in trading.
Hence, generally people should not borrow money to trade because you must take into account the risk you are taking. What if you lose it all? Will losing this borrowed money jeopardise your life? Regards. Never give up and be patience! |
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Member Since Nov 14, 2011 27 posts
wenz (wenztan)
Jan 03 at 01:27
Pretty agree with s1quash :)
Help each others and make it stronger =) |
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Member Since Jan 17, 2012 3 posts
frxsoftware
Jan 17 at 12:39
Orientalgeneral posted: Heheheheh, wondering if anyone have that heart, cos the interested rates may put the pressure on u, seen bank with 25% interest rate everymonth, it will take a trader that have balls to take such loan. So have u ever done that? It not a problem for professionals |
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