What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.
First thing first I thank to you all for sharing your opinions with me. If I don't lose the base money then yes I can surely handle the loan's interest. But if I lose like %20-30 then bell of chaos is likely to start ringing.
I hope you are still reading this. Don't do that, don't start trading with 3x-5x leverage, that is very risky. If you can pay your loan easily with your current salary, then I would probably risk it because in the bull run, it's easy to make money, the price only goes up and rarely comes down, even if it comes down, this process is temporary. I'd buy Bitcoin at 90K with a 3x margin, 5x is too much and too risky.
Keep in mind that even if you risk but luckily profit with 3x-5x leverage, don't let this boost your ego because believe me, there will come a time when you'll lose very hard like I did and don't let that time come. Be consistent and careful, try to build your wealth slowly.