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jou yu (Orientalgeneral)
Dec 30 2011 at 11:12
34个发言
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?

PipGnostic (TheCyclist)
Dec 30 2011 at 12:57
724个发言
Called a credit card.

I very, very strongly suggest you don't go down that road....remember the trading itself is already at anything from 50:1 to 500:1- that's a loan you signed for already, and you want to borrow more....?

Jos (liquidityFX)
Dec 30 2011 at 13:02
61个发言
Yes, please don't loan money to trade...even if you think you've got the best system in the world...what if war breaks out or something else crazy happens and you lose it all? How will you pay back the loan?

When you fall you learn, then you get up and you try again until you master it.
Ken (TheForexFox)
Dec 30 2011 at 13:27
57个发言
I can't believe you would even ask a question like that!! NO, nada, Never borrow.
 If you want. Figure out what your monthly payment would be and make that payment to YOURSELF, put in a special savings or CD, money market account, until you have the amount you would have borrowed saved, and then trade and only then,

Ken--TheForexFox

Trade the plan that works for you!!
Raiden
Dec 30 2011 at 17:42
244个发言
25% per month interest sounds more like a loan shark.

The bank is likely offering 25% per annum overdraft, and works out to 1.876% per month.

It's better to obtain a business loan at 6-7% or property loan at 2-3%, per annum.

Treat it like a business and it all boils down to numbers, provided you are consistent with your returns.
E.g. If you obtain a property loan at 2% per annum, and you are yielding 3% per month (42.58% per annum) from your business. That's a profit of 40.58%.

The problem I see is that most people aren't consistent, and while they look for 400-1000% gains per annum, they have to bet the farm each time they trade and hence incur the chance of losing it all.

Trading already involves more risk than most businesses, there's no reason why you can't do it from credit but do your sums. And be consistent.

Consistency above all.
Splexin
Dec 30 2011 at 21:55
202个发言
There is/was a Russian gentleman here that obtained a $25000 line of credit, put it into his Forex account, and paid it all back within a month (Myfxbook verified too). Obviously not everyone is successful or consistent enough to do that. He was incredibly disciplined at money management...never over-leveraged and if I'm not mistaken only risked about 1% per trade.

CDs and savings accounts are almost pointless nowadays...I earn more interest in my Forex account. 😁

Other than a credit card I've never borrowed money for anything....car, house, nothing....always saved up cash then purchased. So the ONLY reason I would ever get a loan would be to actually invest the money. Forex is a business like any other, so what makes getting a loan any different than getting a loan to start any other business? It's the same. Risks are present in both cases.

Raiden is right-- it would not be difficult to make money with a loan, but since most people try to gain absurd numbers they would end up blowing the account, losing their sanity, etc etc.

Forex Signals By Forex RingLeader (Fxringleader)
Dec 30 2011 at 22:02
95个发言
Yes & No!

It's a lot better then taking out a second mortgage on your house 'never do it! or dipping into your 401k savings or kids college tuition. if you take out a bank loan, the worse that will happen is you will have bad credit for the next 7 years 'if your in america' but if you have to borrow money to trade , then 'no' you should not be trading...

The Lesser of to Evils....

Forex Signals By Forex RingLeader (Fxringleader)
Dec 30 2011 at 22:02
95个发言
One more thing, there is 1 exception. to the above logic.

Yes, i would take out the biggest bank loan, max out your credit cards Mortgage the house for 110% or whatever you can squeeze out of it and bet the farm.

IF! you are terminally ill and was about to die from some horrible incurable disease or your on the FBI Most wanted list and already looking at a life sentence or death row. then you have nothing to lose....

Crank up the leverage to 500:1 and Go Big...

jou yu (Orientalgeneral)
Dec 31 2011 at 05:09
34个发言

   Fxringleader posted:
   One more thing, there is 1 exception. to the above logic.

Yes, i would take out the biggest bank loan, max out your credit cards Mortgage the house for 110% or whatever you can squeeze out of it and bet the farm.

IF! you are terminally ill and was about to die from some horrible incurable disease or your on the FBI Most wanted list and already looking at a life sentence or death row. then you have nothing to lose....

Crank up the leverage to 500:1 and Go Big...


This reply cracked me up 😀

Raiden
Dec 31 2011 at 07:37
244个发言
Haha... another way would be to borrow till you are too big to fail. People will bankrupt you for a $10mil loan but if you owe them $500mil, they will constantly seek to restructure the loan as they can't write it off as easily.

Consistency above all.
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