Avoid going for a loan as a trader

[I_Anime]

So I was scrolling on TikTok ( usually during my free time ) , I saw a post a trader was telling a story on how someone came to his dm , like he knew the person before , the person was like his in big debt that , he uncle directed him to a wealthy man , so he and the man made some deal that every month ending he will be given the man a certain percentage, so the lend him the money which was around $50k according to the trader .

First months he didn’t send the man anything then second months same the man had to contact him during the third months , due to that pressure the guy was in eager to make some profit then when doing so he pressured the account and he blows it all ( loss 50k wey nor be he own) . Now the man heard about it , then he uncle remove he hand   And the wealthy man jailed the guy then later on they bailed him but the man told him to pay $40k and leave the rest , so now any money that guy worked now is not fully his , he have to keep paying the man till he clear the debt .

The truth is that I don’t know how true this story is , but they are folks at there doing stuff like this and even planning to do , but just learn from it . The thing is that you might be good at technical analysis and all that but as long is not your money someone else loaned it to you , you will continue to trade with higher tension which may cloud your judgement , and may lead to losses . Just try and stick with the little you have don’t go for loans, , just stay lock in and stay safe .

[Charles-Tim]

If you borrow money from someone, do not use it to trade or gambling. It will be like you can make money from it within a short period of time but the money will be lost within a short period of time instead.

$50000 is enough to start a good business. Why trading? All I see about it is someone that is not patient and looking for fast money but instead he got into trouble.

This may not be true but there is possibility that something like this can happen.

[Perfectbaby]

I don't really know how people behave most times when it comes about trading, immediately they hears about people talking of how much they have made through trading you would see that immediate their minds blows up and wanting to join same trading without know that trading requires lot of things and for that they can't just start trading and began to make money immediately without them at least knowing things involves while trading. Another lesson we should learn again is never to go take a loan to trade with the mindset of making a specific amount to return back to the lender at time interval or within stipulate time while they aren't that a professional traders.

[Pokapoka124]

So I was scrolling on TikTok ( usually during my free time ) , I saw a post a trader was telling a story on how someone came to his dm , like he knew the person before , the person was like his in big debt that , he uncle directed him to a wealthy man , so he and the man made some deal that every month ending he will be given the man a certain percentage, so the lend him the money which was around $50k according to the trader .

First months he didn’t send the man anything then second months same the man had to contact him during the third months

The bolded part na be wetin I won hammer on. For this life e good make person get integrity, only you willingly sign agreement with person say I go dey remit this amount to you every month if you give me your money. Now them don give you money, 2 months don pass and you never fit honour your agreement. I nor even know the kind trust wey go make me give person $50k usd make him trade for me.

[Stormisover]

I don't really know how people behave most times when it comes about trading, immediately they hears about people talking of how much they have made through trading you would see that immediate their minds blows up and wanting to join same trading without know that trading requires lot of things and for that they can't just start trading and began to make money immediately without them at least knowing things involves while trading. Another lesson we should learn again is never to go take a loan to trade with the mindset of making a specific amount to return back to the lender at time interval or within stipulate time while they aren't that a professional traders.

It doesn't have to be a loan rather it should be more like any money that does not belong to you should not be used, there are situations where by you are in a position of holding a group money or individual money by virtue of things, no matter how the temptation to use it and maximize profits on a fast link can be we don't have to try at all because it will only end up bringing bad reputation when you are no able to make the money available when they needed it, this things happens and it is very bad, we can use money that rightfully belongs to us any we like but when it comes others people money it should be off the plan.

[Perfectbaby]

I don't really know how people behave most times when it comes about trading, immediately they hears about people talking of how much they have made through trading you would see that immediate their minds blows up and wanting to join same trading without know that trading requires lot of things and for that they can't just start trading and began to make money immediately s them at least knowing things involves while trading. Another lesson we should learn again is never to go take a loan to trade with the mindset of making a specific amount to return back to the lender at time interval or within stipulate time while they aren't that a professional traders.

It doesn't have to be a loan rather it should be more like any money that does not belong to you should not be used, there are situations where by you are in a position of holding a group money or individual money by virtue of things, no matter how the temptation to use it and maximize profits on a fast link can be we don't have to try at all because it will only end up bringing bad reputation when you are no able to make the money available when they needed it, this things happens and it is very bad, we can use money that rightfully belongs to us any we like but when it comes others people money it should be off the plan.

Yes you correct as it often turns back to always regret when people can't maintain their prestige by using public funds. It's always important for them to know how to balance themselves or even keep trying with at least the minimal amounts to build their account, and maybe after they might have run some background check and their overall performance towards trading before he could go further funding their account. This is the reason why I don't like Armature trader, they may seems to be that desperate while trading without having to study to backtest their hands to see if they could recover and make profits from their trading.

[Africolo]

If you borrow money from someone, do not use it to trade or gambling. It will be like you can make money from it within a short period of time but the money will be lost within a short period of time instead.

$50000 is enough to start a good business. Why trading? All I see about it is someone that is not patient and looking for fast money but instead he got into trouble.

This may not be true but there is possibility that something like this can happen.

Borrow money from your pal and trade, I don't think it's a good idea because there's commonly alot happening in the space. We're not newbies in the system and we know how volatile it gets, we should just play careful amd become independent with our trading pattern. We should also learn to accept losses, take correction and also doing what is best.

The amount mentioned is quite reasonable and we should always put ahead risk management in the system. Don't get it twisted because alot have happen, we learned from our mistakes and lessons. To be successful in the trading space, apply learn, practice and process it.

[Promocodeudo]

I don't really know how people behave most times when it comes about trading, immediately they hears about people talking of how much they have made through trading you would see that immediate their minds blows up and wanting to join same trading without know that trading requires lot of things and for that they can't just start trading and began to make money immediately without them at least knowing things involves while trading. Another lesson we should learn again is never to go take a loan to trade with the mindset of making a specific amount to return back to the lender at time interval or within stipulate time while they aren't that a professional traders.

That's human for you, some people are moved by what they hear even without getting a practical confirmation of how things works around what they have heard already, it is too bad that people really want to make money but not ready to pay attention to things that partains what they want the want to make the money from, for me am not a trader and I don't think am even thinking of joining soon because of what I believeed in as a Bitcoiner but even though I decide to become one tomorrow I wouldn't want to just jump into it just like that without knowing the dos and donts, am that kind of person that believe in following the concepts of anything I want to involve my self into, I don't just do things because of what I hear about them, I would rather make my own enquiry to be sure if what I really want to go into is really worth it.

Taking a loan is even the worst of it all, why will I take loan for the purpose of trading thats very very absurd, I can't do that shit, after knowing the uncertainty surrounding trading I won't even dream of such, personally I can't borrow to finance my Bitcoin accumulation talk more of taking loan to trade that's funny, who does that.

[Cryptomultiplier]

...The thing is that you might be good at technical analysis and all that but as long is not your money someone else loaned it to you , you will continue to trade with higher tension which may cloud your judgement , and may lead to losses . Just try and stick with the little you have don’t go for loans, , just stay lock in and stay safe .

Mind you, a loan could come in different forms and it could be considered a sort of investment per-say, and when I can advice for any loan to be taken is when the business is already experiencing growth and the owner of such a business can guess rightly how much is the turnover over at the end of the month or quarterly or yearly.

Still, any loan taken should be used for the exact purposes it was taken for, so as not to be under any undue pressure when the time to start paying back is near.

[Marvelockg]

The thing is that you might be good at technical analysis and all that but as long is not your money someone else loaned it to you , you will continue to trade with higher tension which may cloud your judgement , and may lead to losses . Just try and stick with the little you have don’t go for loans, , just stay lock in and stay safe .

There's a saying that scared money don't make money and this is the noget that most persons make use of to keep themselves motivated while using other people's money for trading or other purpose

Even without the fear that comes with using other people's money having effect on most traders, it's not generally advisable to use people's money for a financial engagement that you're  not certain of the outcome. If it's that you borrowed the money mainly for ty trading purpose based on your level of experience, that's a totally different thing that's quite understandable but still, the risk is still there. Some business motivational speaker might be of the school of thought that it's best to borrow money for a business venture but for me, it's not always the best thing to do.

[Oshio-man]

If u don't want to experience depression from trade, avoid collecting of loan to trade coins because it will be difficult for u to survive with wat will come out from d trade, Not everything u see on social media that is real and some of d social media story about loan is be spread from some financial institutions agent to lead people into debt, but there are some loan u will collect from some financial institutions to invest in a business, it will boost your wealth, but not crypto trade because it will make u to be indebted.

[AVE5]

Just try and stick with the little you have don’t go for loans, , just stay lock in and stay safe .

Trading in the volatile digital market with you own money self is highly risky so I wonder why someone would go so far to borrow money for it.
I'd only advice that if anyone must loan for investment, it should be physical investment which your personal marketing efforts would thrive your resilience.

[PremiumcryptoHub]

Of course, as a trader, you should avoid taking on debt, because there is no guarantee that you will see success from trading, you should not take out a loan for something that is uncertain. I sometimes see many experienced users say that they forbid taking out loans even when investing in Bitcoin because sometimes the price of Bitcoin can be dumped heavily.
As a result the person who took out a loan and invested will not be in a position to return the money, meaning his mindset will not be the same.

[Lida93]

Borrowing money is not a wrong idea but what you're borrowing such money for could be the problem but if it's in a good investment asset which you have done your background check on it, then you're good to go (it's called good debt). But the one narrated in the OP which is about borrowing to trade or gamble, that's bad debt and it can ruin you. It's inevitable you wouldn't be under pressure gambling or trading from a loan money because you'll eager to meet up deadline.

[EL MOHA]

Borrowing money is not a wrong idea but what you're borrowing such money for could be the problem but if it's in a good investment asset which you have done your background check on it, then you're good to go (it's called good debt). But the one narrated in the OP which is about borrowing to trade or gamble, that's bad debt and it can ruin you. It's inevitable you wouldn't be under pressure gambling or trading from a loan money because you'll eager to meet up deadline.

No business started with loan can be risk free even if you did a very thorough background check, it is not that I am disputing your point but even business with good backgrounds after research tends to be seriously under pressure if the funding is on loan, take for an example the investment into bitcoin which already according to research already has a very good chance of being profitable is still very risky to have your investment in it coming from loan. Even top business owners usually go for partnership or grants, and only go for loans to help boost an existing business.

Trading with borrowed money is something I even consider as worse than the usual gambling we have, for me when I hear news like this I usually just see the victims as people looking for quick gains only, trading with your own money is risky then going for loan to trade triples the risk in my opinion

[Frankolala]

Trading is very risky and no one should see it as something worth borrowing money to put into trading. Trading isn't a job neither can it put food on your table and pay your bills regularly. If it's to invest in bitcoin amd you have means to pay back I will understand that. Only use the amount of money that you can afford to lose to trade.

[Lida93]

Borrowing money is not a wrong idea but what you're borrowing such money for could be the problem but if it's in a good investment asset which you have done your background check on it, then you're good to go (it's called good debt). But the one narrated in the OP which is about borrowing to trade or gamble, that's bad debt and it can ruin you. It's inevitable you wouldn't be under pressure gambling or trading from a loan money because you'll eager to meet up deadline.

No business started with loan can be risk free even if you did a very thorough background check, it is not that I am disputing your point but even business with good backgrounds after research tends to be seriously under pressure if the funding is on loan, take for an example the investment into bitcoin which already according to research already has a very good chance of being profitable is still very risky to have your investment in it coming from loan. Even top business owners usually go for partnership or grants, and only go for loans to help boost an existing business. 

Alright. So does starting with ones own money  doesn't make any business risk free either but have got to take risk of we want to build wealth but let it be with the right investments that's with much higher chances of potential returns. There are debts that could be referred to as good debts. These are debts you use in solving your problems or adding to your business to increase it size to later pay back. Fact check, many of the big industries and institutions we have today started off with good debts.

[Wiwo]

The guy should be arrested and jailed for scamming the uncle, since he gave the uncle false hopes and promised of high returns on investment knowing fully well how risky and unpredictable cryptocurrency trading can be, so for him to have promised a monthly returns is already collecting money under false pretence so is an offense under the law.

Trading shouldn't be done with another person money, not in the form of investment with an intended returns or even a loan that will be paid with interest, so why then should the uncle take it likely with this dude who blown $50k on trading.

[Felicity_Tide]

What a crazy thing to even think of.
If he was good enough, he would have managed the little he have, and even grow it overtime. Wait a minute, so do traders now need $50K and above to start trading now?. This is clearly gambling imo. If his trading skills and techniques were good enough, $100-1K should have been a good amount to start with, but I guess he sees himself as a big trader already. I just can't imagine someone living his entire life under another's authority. He's not longer a free man if you ask me.

And, I'm not even sure of how he managed to agree to such risk. Because, if someone wants to take risks, there must be some reasoning first, so as to weigh the available options in order to know if the risk worths it. A very sad story...,but a lesson for others to learn from.

[DaNNy001]

Trading has a lot of risks, even though there's a big distinction between trading and Gambling doesn't mean that a trader shouldn't think like a gambler...you have to be ready to lose at anytime, having this thought in mind would remind you not to overstep and take stupid risks..any money that goes into your trading can be lost, borrowing money and trading with it is very risky especially when you have no alternative of paying back.