Antraz
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March 12, 2020, 06:43:20 PM |
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Its still profit i my eyes Your eyes are deceiving you Given the current price dynamic, you are likely to do better with monthly purchases after all, or, in more concrete terms, with a strategy called dollar-cost averaging. It is a simple strategy following which you regularly buy some bitcoins with a given amount of dollars, no matter what the current price is (hence the name). You can look it up in Google if you are interested in specifics Yeah...with current situation and all the news, i think its too risky, even i dont feel confortable now. I google it, didnt knew tbh. ive been doing kind off that, except without a plan, i bought a little everynow and then serveral times, but i might plan it better, i will for sure.
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deisik
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March 13, 2020, 03:40:49 PM |
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I google it, didnt knew tbh. ive been doing kind off that, except without a plan, i bought a little everynow and then serveral times, but i might plan it better, i will for sure In your case, it seems to be the optimal strategy More generally, everyone who is an ordinary office employee and receives a regular payment not related to cryptocurrencies or trading is advised to employ this strategy (provided they want to get involved with crypto in the first place). Buying a few bitcoins now and then with a fixed amount of dollars regardless of current price means buying more coins at lower prices and fewer coins at higher prices, so in the long run the breakeven point will tend to get lower and lower, even without selling anything at all
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TrevorS
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March 23, 2020, 07:02:12 PM |
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Personally, I do not approve of such risks. If your friend really has the ability to trade, then he can easily earn his first capital himself with $ 500, for a certain period. For example, in a year he can easily increase his capital by 10 times if he is really as good as you say about him. However, if he takes money from the bank and something goes wrong, he will fall into a debt hole from which he will get out for a very long time. Let your friend teach you how to trade, or you yourself can borrow money from a bank to sponsor a friend.
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bitbunnny
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March 23, 2020, 07:40:07 PM |
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Times like we have now always remind us how easily everything can change over night. So fast we found ourselves in health and medical crisis that turned also into economy one. Don't be so sure that you will be able to cover loan and that trading will be so successful. To my opinion to take bank loan for trading is too risky, especialy in times of uncertainty like now. I beleive that this corona crisis might be trigger for world recession that is about to start.
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adaseb
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March 24, 2020, 04:13:44 AM |
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Don't ever take out a loan to trade or gamble. I know people personally who have done this and they are in debt because of this.
I had a friend who was broke, could only trade with like $3000. And he turned $3000 into like $9000 and then lost like half of it. So he assumed he knew what he was doing and borrowed like $10000 from a credit card because you knew he could pay it off soon. Long story short, he lost the entire account within a few weeks and had to pay off the credit card with its 20% APR interest. Worst financial decision of his life.
This is why credit cards actually stopped processing crypto exchange deposits back in 2018 because people could fall into debt if BTC crashed which is exactly what happened. And many people got burned and still owe the debt that they took out.
So never gamble with a loan.
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ufaiz50
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March 24, 2020, 05:43:24 AM |
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Never even trade from borrowed capital, because mental burdens and discomfort can destroy trading strategies and focus. based on the experience and those who have good trading skills, but there must be conditions where they will lose a lot of money. So it's not worth it if you borrow capital to trade in a market that has great volatility.
Actually it's the merchant's choice because I'm sure his mental burden will definitely be heavy. but if the trader is capable then just do it, after all that trader choice
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Gheka
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March 24, 2020, 01:34:54 PM |
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Don't ever take out a loan to trade or gamble. I know people personally who have done this and they are in debt because of this.
I had a friend who was broke, could only trade with like $3000. And he turned $3000 into like $9000 and then lost like half of it. So he assumed he knew what he was doing and borrowed like $10000 from a credit card because you knew he could pay it off soon. Long story short, he lost the entire account within a few weeks and had to pay off the credit card with its 20% APR interest. Worst financial decision of his life.
This is why credit cards actually stopped processing crypto exchange deposits back in 2018 because people could fall into debt if BTC crashed which is exactly what happened. And many people got burned and still owe the debt that they took out.
So never gamble with a loan.
Indeed, the desire to seek more profits is something that everyone wants to gain from trading but do not let that profit make us forget the nature of risk when we conduct trading, we don't need to talk about bank loans, trading margin loans are also an experience for us, the loan amount may be very high but it always comes with special conditions, risks and fees. A lot of people are proud of their skills in margin but the battle is at the end, the number of people smiling is still too small, while the crying is more than ever
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rexxarofmoknathal
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March 24, 2020, 02:23:44 PM |
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Don't ever take out a loan to trade or gamble. I know people personally who have done this and they are in debt because of this.
I had a friend who was broke, could only trade with like $3000. And he turned $3000 into like $9000 and then lost like half of it. So he assumed he knew what he was doing and borrowed like $10000 from a credit card because you knew he could pay it off soon. Long story short, he lost the entire account within a few weeks and had to pay off the credit card with its 20% APR interest. Worst financial decision of his life.
This is why credit cards actually stopped processing crypto exchange deposits back in 2018 because people could fall into debt if BTC crashed which is exactly what happened. And many people got burned and still owe the debt that they took out.
So never gamble with a loan.
Indeed, the desire to seek more profits is something that everyone wants to gain from trading but do not let that profit make us forget the nature of risk when we conduct trading, we don't need to talk about bank loans, trading margin loans are also an experience for us, the loan amount may be very high but it always comes with special conditions, risks and fees. A lot of people are proud of their skills in margin but the battle is at the end, the number of people smiling is still too small, while the crying is more than ever I agree with @Gheka here. Despite loans availability I always advise people not to take loans out simply for the purpose of trading. This is because like its said above, the risks are so much higher and you're not guaranteed profit even if you pride yourself as a good trader. Plus, the complication you'd get yourself into with paying interest rate on the loan is another reason not to assume profit and to just trade with only what extra $$$ you got!
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Spaffin
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March 24, 2020, 07:28:44 PM |
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Of course, each person has their own opinion on whether to take a loan from a bank or not. Many people know that you need to rely on something so that you can give credit to the borrower. But in my experience, a bank loan always carries a certain burden for a person and a person burdened with such a burden will not be able to fully work on the cryptocurrency market, because at the psychological level it will underestimate its results. This is a psychological moment of the negative impact of bank credit on human activities.
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milewilda
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March 24, 2020, 10:06:01 PM |
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Don't ever take out a loan to trade or gamble. I know people personally who have done this and they are in debt because of this.
I had a friend who was broke, could only trade with like $3000. And he turned $3000 into like $9000 and then lost like half of it. So he assumed he knew what he was doing and borrowed like $10000 from a credit card because you knew he could pay it off soon. Long story short, he lost the entire account within a few weeks and had to pay off the credit card with its 20% APR interest. Worst financial decision of his life.
This is why credit cards actually stopped processing crypto exchange deposits back in 2018 because people could fall into debt if BTC crashed which is exactly what happened. And many people got burned and still owe the debt that they took out.
So never gamble with a loan.
Indeed, the desire to seek more profits is something that everyone wants to gain from trading but do not let that profit make us forget the nature of risk when we conduct trading, we don't need to talk about bank loans, trading margin loans are also an experience for us, the loan amount may be very high but it always comes with special conditions, risks and fees. A lot of people are proud of their skills in margin but the battle is at the end, the number of people smiling is still too small, while the crying is more than ever I agree with @Gheka here. Despite loans availability I always advise people not to take loans out simply for the purpose of trading. This is because like its said above, the risks are so much higher and you're not guaranteed profit even if you pride yourself as a good trader. Plus, the complication you'd get yourself into with paying interest rate on the loan is another reason not to assume profit and to just trade with only what extra $$$ you got! It isnt worth the risk imho and aside from no guarantees on making profit you are indeed also being stressed too much that you should able to repay the loan which would really be a main distraction towards your trading activity.Over confidence is one of the problems too yet even how good you are, you cant be sure if you would make money on a particular day,week or month. So i wont take a risk on things which im aint sure that i can repay on said due date but if you we are somewhat sure on our skills then your choice but always think twice on the consequences in case you do fail into your expectation.
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LbtalkL
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March 24, 2020, 11:13:30 PM |
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Your friend is right the bigger your capital the bigger the possible loss, He is taking the safe way making it slowly but surely. In the first place borrowing funds on a bank just for trading is not really good you might end up losing and paying it for years to be deducted on your daily salary. But if you are capable and have extra funds it is better to have bigger funds high-risk high rewards but it is too risky.
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pixie85
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March 25, 2020, 12:34:41 AM |
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Loans are bad especially if you like taking a risk with your trades. They will cloud your judgement and made you trade more nervously. A gambler could could say that taking a loan can later force your hand in trading.
Also a loss of a loan hurts you more than a loss of your own money. You can be in some real trouble when they take your car or your computer because you stopped paying and cut you off from ways of making it back.
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TheGreatPython
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March 27, 2020, 05:24:01 PM |
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You said almost everytrade he manages to make profit, which means he doesn’t make profit on every trade. So to you, do you think that taking a loan from bank to start trading cryptocurrency will be a good idea? There are times that he loses, what if he happens to lose more times after borrowing loans?
There are times you become anxious after you have lost some part of your trading money; at this point of time your focus is no longer on the main thing, you will only be focused trying to recover your losses and in the process of doing this you will keep on losing more money. I’d say that you should allow him, if he thinks that taking loan is not a good idea then he shouldn’t try it. Don’t force him into what he might regret later.
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stomachgrowls
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March 27, 2020, 09:59:13 PM |
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Loans are bad especially if you like taking a risk with your trades. They will cloud your judgement and made you trade more nervously. A gambler could could say that taking a loan can later force your hand in trading.
Also a loss of a loan hurts you more than a loss of your own money. You can be in some real trouble when they take your car or your computer because you stopped paying and cut you off from ways of making it back.
Stress would really be there and i agree on what you have said that loss of a loan does hurt even more than losing your own money since you know on what are the things behind in case you cant able to to make money. I dont see a valid reason why would take a loan just because you do trust yourself too much to trade and we know that not all days are profitable and just like now where market is going down and doing sideways. Utilizing price movements cant give that much for you to take profits. Its a matter of choice though but risk is heavier than reward.
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princerepon
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March 27, 2020, 11:43:22 PM |
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I have a friend who has quite great trading skills, almost every trade he manages to make a profit. But I see he always uses capital under $ 500.If in my opinion he should use a large capital of at least $ 5,000 to get greater profit. I suggest to him to borrow from the bank as trading capital, but he refused with the reason too risky and insecure. I want the opinion of you members of this forum, whether to use capital from bank loans unsecured and risky if used trading by traders who have good skills? even though in my opinion safe as long as we can make a profit and smoothly repay loan installments to the bank.
In my opinion i would not take such a risk like that. Crypto currency is very much sensitive market that i ever mate. So i would not prefer to do that kinda step which are really risky. Many good trader will prefer to do with trade those money which will not affect on your life if you lose it (specially in crypto trade). Just think you take that loan and buy btc/altcoin and suddenly market fall because of global recession like corona (which did) then what would you do..? Sometimes skill don't support us and so my opinion it's better to stay way from that risk.
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Maestro75
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March 28, 2020, 04:35:17 PM |
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I want the opinion of you members of this forum, whether to use capital from bank loans unsecured and risky if used trading by traders who have good skills? even though in my opinion safe as long as we can make a profit and smoothly repay loan installments to the bank.
Your friend is not a gambler and he understands that taking a loan from a bank is like going to the devil for a cup of water. Nothing from the devil is ever free of charge. There are always hidden charges. Your friend should continue in his record of winning trades and sooner than later he will have the big break he desires.
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cassavachips
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March 31, 2020, 03:38:27 PM |
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I agree with your friend, it's very risky and of course whatever happens is all borne by your friend, it's better to use the existing capital and it will continue to increase from time to time so the capital will be greater by itself
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rodskee
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April 02, 2020, 02:27:59 PM |
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no and never,even how good we are in trading please never consider this because the more you invest money with interest is the more riskier the trade goes.
if you are good in trading then sell something from your own things and use as capital right?so you have no obligation to pay back. since you can buy many when you start winning in your trading.
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Polar91
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April 02, 2020, 02:45:57 PM |
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I have a friend who has quite great trading skills, almost every trade he manages to make a profit. But I see he always uses capital under $ 500.If in my opinion he should use a large capital of at least $ 5,000 to get greater profit. I suggest to him to borrow from the bank as trading capital, but he refused with the reason too risky and insecure. I want the opinion of you members of this forum, whether to use capital from bank loans unsecured and risky if used trading by traders who have good skills? even though in my opinion safe as long as we can make a profit and smoothly repay loan installments to the bank.
That's too risky mate even though you know that you are capable to multiply it easily. Your frined is just playing safe perhaps he's not too confident too much to take the risk of loaning from the banks. I myself will do the same thing as I know myself that I'm not professional. It's better in my opinion to just take the risk money that it's really yours thus if things went suddenly, it'll be feasible for you to recover it within a shorter period of time.
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hahay
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April 02, 2020, 03:31:45 PM |
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Your friend does it well and patience is the main key to profit every time he trades, and when you suggest borrowing money then obviously it will be a risk because you will not know what will happen in the future and your ability is not a guarantee for You will get the same opportunity as before, because when you borrow money for larger trading capital, indirectly it will make you greedy.
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