No, I do not prefer to borrow any money for trading. But yes have used an optimum leverage for making trades.
Have you ever experienced to borrow money for Forex trading?
- Thread starter SweetPrincess
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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.
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.
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.
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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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.
Lending money for any purpose is not good. I think that if you do not have enough money for anything, it is not for you at the moment.
I think taking a loan to start trading can be risky. It's not just newbies, even some experienced traders do it, but it's risky for everyone. It's better to trade with money you're okay with losing. I've seen it happen, but I always say it's safer to use your own money, not borrow.
that doesn make sense at all cause if U wanna test things out and learn U can use a demo acc. if it's about actual live tradin there are some brokers which U can start with jus $1 and as Ur acc grows U can then switch to a better one.
