Have you ever experienced to borrow money for Forex trading?

Flophouse

Newbie
Mar 22, 2022
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Better use leverage than taking loans. At least leverage will put your own money at risk and there are margin-calls and stop-out levels preventing unnecessary losses. But when you trade taking loans then you’ll have to pay the loan money and the interest rate levied on that bank loan.
 

BritneyHolden

Newbie
Mar 28, 2022
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NO. That is not recommended. Forex trading is already a risky market. With a debt in hand, you will put yourself under a higher degree of psychological stress. Even if it’s your parents, don’t trade with borrowed money.
 
May 12, 2022
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Nope! Never did this. A friend of mine did borrow money for trading, but it didn’t work out. If you borrow money for trading, it doubles the risk and psychological pressure on the trader. Trade with your money, otherwise don’t. Avoid debts at all costs.
 
Jun 17, 2022
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Do you think newbies borrow money for initial trading?
Is it only newbies or almost all traders who are addicted to it?
How about you? Have you experienced it too?
I borrowed every penny I started with in September 2020. I am now a 6 figure trader and also a forex coach with my own academy. I would say it depends on your personality and discipline level. I feel borrowing the money was an advantage to my success as I knew I could not afford to fail. If I didn't have the pressure of someone I need to pay back, I don't think I would have been as dedicated as I was. Also helped me never to blow an account in those early days. Then again I am a psychogist by profression so I know that had an impact as that is the biggest struggle I face with my students. Teaching the skill I can do to a mastery level in a week, it is training their mindset I find takes a bit longer to master.
 
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alzheimer

Newbie
Apr 7, 2022
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Do you think newbies borrow money for initial trading?
Is it only newbies or almost all traders who are addicted to it?
How about you? Have you experienced it too?
I used high leverage when I started but as the time went on I gradually reduced as my deposit grew. It is important to think a plan who you will reduce leverage, because trading with high leverage is unsustainable.