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.
Securing a loan for trading is first of all a very bad investment. From my personal experience, 2020 when I was introduce to trading, after seeing all the opportunity in trading after 3 months of learning I loaned money from my elder brother and promise to pay back is 3 months time. I loss all the money. And I was not able to pay back. I have to look for another means to pay back the money. Considering the emotional and psychological aspects of trading it is not advisable to take a loan for trading.
Some people do really think that they need up that huge capital so that they can make good money with trading on which this is really that a very wrong mindset or belief to have. Its never been advisable that you should be that taking up a loan when doing trading on which we know that we can make use of demo trade before going live, if you do with real balances then you can still make use of small amounts on which you can be able to practice yourself. You will be that prone tons of errors and mistakes on which this is really just that normal. There are really that those people who are really that rushing up themselves on learning up that trading skills and thats why they do really end up on having that desperation on which it will be causing up that tons of mistakes because of that impatience. Sooner or later you will be able to know on what are the things that you do really need up to consider when dealing up with trading because at the moment that you will be having that approach and turned out to loses then you will be making out some adjustment on which its really that very normal or instinct of us on having such versatility not unless if you will immediately be quitting or stopping on dealing with it. We do know that not all will be able to bare up with the risks involved with trading specially on a speculative market on which it is really that hard to know on where it will be that going. Risks management specially on the trading capital you will be using does need up that crucial approach.