Quote from: stadus on September 07, 2024, 11:59:38 PM

Quote from: Mpamaegbu on September 05, 2024, 10:33:27 AM

Quote from: Gooner0 on August 16, 2024, 12:14:42 PM

Some even go as far as getting loans , borrowing from friends so they could trade, or invest in some altcoins..
The same apply to other things like sports betting, gambling and all of them.

I once did that. I borrowed from a friend to trade FX and in less than a week the whole money went down. My friend understood my plight when he found out what happened and didn't bother me about it. Years later when I was able to repay him, he said he didn't want it anymore but I insisted he took the money. He reluctantly accepted half of it when he noticed my persistence.

Looking back now, I wouldn't do such a thoughtless thing. I rather save up the little I can to start trading. Back then I thought small capital couldn't trade and got successful. That's not it. I've had situations where I funded with less than $30 in the same FX I felt anything less than $200 wasn't sustainable and still made something out of it.

Even myself, I also did taking a loan before and that was my biggest mistake in trading. I never knew until I lose in trading and realized that trading becomes more risky and we get more pressured using borrowed funds. And with that, we lost our patience and focus on trading, because all we think are the instant profits we can gain from trading, but in reality it's actually hard to gain profits from trading most especially for greedy traders.

I also started business on loan for the sake of more profit but it was a curse for me and I suffered a lot. Basically being greedy in business is very risky and greed is enough to destroy you completely. In my experience, if one is interested in investing, he should first practice patiance and build a decent stash through regular buying so that he can use any method he wants from his holdings. If one has sufficient amount of holding then he can proceed either way short term trading or long term holding. However, long term investments are much more reliable and can give huge profits as compared to short term investments.