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Borrowing money to trade
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Borrowing money to trade

  #1 (permalink)
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Borrowing money to trade

Would you do it?

I know this post is blunt, but there's a point.

Would you borrow money to trade, and is it a good idea to do so?

I mean, you can think of it like a business loan can't you?

Trading is, after all, a business am I correct?

So there's the question we can open up for debate, because I very much am debating it right now

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  #2 (permalink)
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  #3 (permalink)
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NO.... The pressures of trading with money you are ok with losing are bad enough but borrow some and start losing it and watch what happens to your mental state.

You are much better off joining a prop firm and trading with their money. If you are good a few hundred bucks will get you a 6 figure account to trade. Use the profits from it to fund your own account.

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  #4 (permalink)
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mzelixon View Post
Would you do it?

I know this post is blunt, but there's a point.

Would you borrow money to trade, and is it a good idea to do so?

I mean, you can think of it like a business loan can't you?

Trading is, after all, a business am I correct?

So there's the question we can open up for debate, because I very much am debating it right now

Do you have a proven history of real money success trading?

If so, maybe it is a good idea.

If not, you will likely lose it, and have to pay it back. In that case, a terrible idea.

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  #5 (permalink)
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kevinkdog View Post
Do you have a proven history of real money success trading?

If so, maybe it is a good idea.

If not, you will likely lose it, and have to pay it back. In that case, a terrible idea.

I've had mild success trading my own cash.
I'm mostly at breakeven.
But for now I guess I'll stick to my own money.
For now.

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  #6 (permalink)
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TradingOgre View Post
NO.... The pressures of trading with money you are ok with losing are bad enough but borrow some and start losing it and watch what happens to your mental state.

You are much better off joining a prop firm and trading with their money. If you are good a few hundred bucks will get you a 6 figure account to trade. Use the profits from it to fund your own account.

I've been looking at prop bro I just don't know where to even get started.

Topstep seems good?
Also have you heard of Maverick Trading?

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  #7 (permalink)
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mzelixon View Post
I've been looking at prop bro I just don't know where to even get started.

Topstep seems good?
Also have you heard of Maverick Trading?

I am trying a Topstep Combine right now. Just about to complete step 1. There is also OneUpTrader.com. I have not heard of Maverick Trading.

If you don't have a ton of capital to get started it seems like a good way to go. You can take a few hundred bucks and if you can prove yourself end up trading a decent sized account where you keep 80% of the profits. The rules are a bit strict but not so bad you can't make a good profit.

Write a good journal this month and you could even win a free combine from TopStep. Journals don't have to be on a live account to be good.

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  #8 (permalink)
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mzelixon View Post
I've had mild success trading my own cash.
I'm mostly at breakeven.
But for now I guess I'll stick to my own money.
For now.


TradingOgre View Post
I am trying a Topstep Combine right now. Just about to complete step 1. There is also OneUpTrader.com. I have not heard of Maverick Trading.

If you don't have a ton of capital to get started it seems like a good way to go. You can take a few hundred bucks and if you can prove yourself end up trading a decent sized account where you keep 80% of the profits. The rules are a bit strict but not so bad you can't make a good profit.

Write a good journal this month and you could even win a free combine from TopStep. Journals don't have to be on a live account to be good.

Agree very strongly on not borrowing money.... Being "mostly at breakeven" just about guarantees you will run into serious trouble. As you mentioned, you can look at it as being "like a business loan' -- and banks want to see a track record before they risk lending you money for a business startup, for good reasons.

If your way of trading can fit the Topstep loss control rules then it may be a good place to start. As @TradingOgre mentioned, you could see about entering a trading journal in this month's contest and perhaps win a Combine, and the journaling itself may be of help to you in developing your trading.

Not everyone will benefit necessarily from either a journal or a Combine, but they are options.

Bob.

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  #9 (permalink)
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mzelixon View Post
I've had mild success trading my own cash.
I'm mostly at breakeven.
But for now I guess I'll stick to my own money.
For now.

Another way to think of it ( @bobwest post inspired this).

Say you had a friend who traded, and you have a bunch of money (but you do not trade, you are just a rich guy). He said "I am just about a breakeven trader. Will you loan me $50K so I can trade full time?"

Would you do it?

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #10 (permalink)
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kevinkdog View Post
Another way to think of it ( @bobwest post inspired this).

Say you had a friend who traded, and you have a bunch of money (but you do not trade, you are just a rich guy). He said "I am just about a breakeven trader. Will you loan me $50K so I can trade full time?"

Would you do it?

Nah lol, I wouldn't.
You're right.

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