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Topic: Should I Get a Loan? - page 6. (Read 1878 times)

sr. member
Activity: 868
Merit: 388
December 29, 2024, 07:29:11 AM
#86
If I were in the OP's situation and could afford the loan's amortization, I wouldn’t hesitate to borrow money if I saw a profitable opportunity in investing in Bitcoin. I believe this market correction is only temporary. As long as the risks are managed, borrowing money for trading or investing is reasonable. After all, some people even borrow money for gambling, which is far riskier, yet they still justify it. So, if you have confidence in your plan and trust yourself, go for it. As they say, opportunity knocks only once.

If you still have doubts, maybe this would help you.

'I Quit Job, Sold House and Aped Into Bitcoin': Ex-Binance CEO CZ Reveals Success Secret
Quote
U.Today - In a surprising revelation, former Binance CEO , popularly known as CZ, shared the unconventional journey that led him to success in the crypto industry.

In a recent social media post, the entrepreneur commemorated the 10th anniversary of a life-changing decision: "10 years ago today, I quit my job, sold my house, and aped into Bitcoin."

I see FOMO at play here  Grin

People that borrow money to gamble are not normal and I don't think that justifies this scenario. Gambling is more of fun than finance while trading is more of latter than the former. Taking risky steps is necessary at times but taking such risk with loan is never a nice idea IMO.

Even CZ who took such risky decisions warns that he's not telling anyone to do the same. He gave reasons why he took that decision and not everyone is privileged to have such opportunity like him. Circumstances is very vital when it comes to taking critical decisions as this. Opportunity knocks once but you can create as many as possible.
legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
December 29, 2024, 04:41:40 AM
#85
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.
I would never suggest anybody to get a loan to invest in speculative markets. This idea seems very lucrative, but you have accept that the opposite can also happen. Bitcoin may crash back to 90k and remain like that for the next 8months. How are you going to cover your loan + interest then?

If you can manage that, then by all means go forward with it. Many traders make money like this but they have to cover to be able to pay the loan back and as their capital grows, they can afford to ask for more money.

But this can go sideways really messy, so keep that in mind.
hero member
Activity: 3038
Merit: 539
Leading Crypto Sports Betting & Casino Platform
December 29, 2024, 01:45:44 AM
#84
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.
how you know your strategy will be foolproof and won't make you broke instead, yes the price bounced but there's occassional short/long squeeze that you gonna sideline a lot of people and even going as far as making them losing their money for nothing, getting a loan for high volatility investment is never a good idea, unless you have spare money in case things goes south even then why don't use spare money directly.

it's still understandable buying the dips with spot in my opinion, but margin trade with loan money is a no no, you just waiting for your demise.
sr. member
Activity: 630
Merit: 388
Unlimited 50% Deposit Bonus at JokerBet.biz
December 29, 2024, 12:26:54 AM
#83
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.
I don't know how knowledgeable you are about trading? We know trading is risky and many professional traders experience losses at times. Now you will be trading with loans, have you made this decision thoughtfully? You have to pay $600 interest in 8 months. Are you sure you can repay the money in 8 months? In fact, you should not invest or trade with loans. You may not be successful in the way you plan to trade. So my advice is don't trade with loans. Rather you can invest in Bitcoin in DCA method as per your ability. And don't trade or invest with more money than you can afford to lose. You be careful.
legendary
Activity: 3094
Merit: 1127
December 28, 2024, 09:32:39 PM
#82
If you already have your own analysis and are confident in what you are doing, then you can take the loan. However, if your analysis is just "I believe" and you do not have the ability to pay the debt, then you should not take the loan. Because there are many cases where traders borrow money from banks or loan sharks with the belief that they can multiply it in a certain period of time, but what happens is that their analysis is wrong and instead they lose a lot and end up in debt. Think carefully about all your trading decisions, don't just be sure of something so you don't think rationally, especially here you are trying to trade in futures which is much riskier for you to MC if your analysis is completely wrong.

I wouldn't recommend taking a loan either unless the person in question is an expert who has been in the trading space and financial markets for a considerable amount of time, which makes them qualified to be able to use a loan in a good way and not waste it by trying to achieve something.

When someone is new in trading, they shouldn't think of borrowing money or taking out loans so that they can start their career in trading because what if it doesn't work out? You will get in serious trouble if you don't successfully manage the funds and lose it all without any success because you will still have to repay the loan, which you can't do if you don't have a stable source of income. Taking out new loans to repay the old ones is not a good way of managing loans.

So, a newbie in trading should only start getting involved financially if they know they have money that they can spare and can afford to lose so that even if their experiments don't work out, they should still not be in any trouble for it.
At the time that you are already that an expert trader/investor then taking up some loans will really be that somewhat a considerable act but of course everything will really be basing up on risks management and thats why if we are really that making up some rush decisions towards taking up a loan without having that management and you arent that good when it  comes to skills then it will be  that too much risks if you do take up a loan without having these kind of qualities. Its really that better that you do consider out your capabilities too and the experience towards trading and also at the same time on which you do really have that capability on paying up the loan without needing to depend on your trading profits on which this is the most important stuff to consider. There are indeed times that we dont have some funds at the moment that we have seen some opportunities and thats why it will really be that up to you on how you do things accordingly and its impossible that you cant be able to reassess yourself about on the potential risks that this market could have and  taking up some loan will really be that giving out that even more risks and if you wont be that careful or mindful about it then it will be resulting into that potential financial challenges that you dont really like to happen into your life.
sr. member
Activity: 1288
Merit: 375
December 28, 2024, 04:08:50 PM
#81
If you already have your own analysis and are confident in what you are doing, then you can take the loan. However, if your analysis is just "I believe" and you do not have the ability to pay the debt, then you should not take the loan. Because there are many cases where traders borrow money from banks or loan sharks with the belief that they can multiply it in a certain period of time, but what happens is that their analysis is wrong and instead they lose a lot and end up in debt. Think carefully about all your trading decisions, don't just be sure of something so you don't think rationally, especially here you are trying to trade in futures which is much riskier for you to MC if your analysis is completely wrong.

I wouldn't recommend taking a loan either unless the person in question is an expert who has been in the trading space and financial markets for a considerable amount of time, which makes them qualified to be able to use a loan in a good way and not waste it by trying to achieve something.

When someone is new in trading, they shouldn't think of borrowing money or taking out loans so that they can start their career in trading because what if it doesn't work out? You will get in serious trouble if you don't successfully manage the funds and lose it all without any success because you will still have to repay the loan, which you can't do if you don't have a stable source of income. Taking out new loans to repay the old ones is not a good way of managing loans.

So, a newbie in trading should only start getting involved financially if they know they have money that they can spare and can afford to lose so that even if their experiments don't work out, they should still not be in any trouble for it.
sr. member
Activity: 1260
Merit: 429
December 28, 2024, 02:12:05 PM
#80
If you already have your own analysis and are confident in what you are doing, then you can take the loan. However, if your analysis is just "I believe" and you do not have the ability to pay the debt, then you should not take the loan. Because there are many cases where traders borrow money from banks or loan sharks with the belief that they can multiply it in a certain period of time, but what happens is that their analysis is wrong and instead they lose a lot and end up in debt. Think carefully about all your trading decisions, don't just be sure of something so you don't think rationally, especially here you are trying to trade in futures which is much riskier for you to MC if your analysis is completely wrong.
full member
Activity: 784
Merit: 115
December 28, 2024, 02:38:46 AM
#79
Taking a loan makes you to be working for someone else because for every profit that you make, you will have to take out some percentage of the profits to repay parts of the loan untill you have finished paying all the loan before you can start making money to use to take care of yourselves. Loans makes us slave and not independent and that is why I do not like taking loans. There are some loans that can become bad luck for your business and you would not be capable of paying back. Trading with your own money is always the best advice and that should be what we all should be doing and not trying to make money faster than how we have learnt how to trade because it will fail us and we would not be successful at trading instead losing money constantly.
That is why we don't have to take a loan because we must pay the money to the lender. Not to mention with the interest that we need to pay which can makes the borrowed money become big. If we don't have an income, we will be difficult to pay the lend and the lender will not let us go without repayment. From this reality, we must realize that if we use our own money, that will be better because we don't have to repay the money and that can make us be careful deciding. We will always analyze first before we place an order buy or sell and make sure that we do the right so we will have a chance to make a profit.
legendary
Activity: 2814
Merit: 1112
Leading Crypto Sports Betting & Casino Platform
December 28, 2024, 01:32:58 AM
#78
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.
If you can still pay the loan even though the trade does not go according to your analysis, then take out a loan okay for you, but if your ability to pay is entirely the result of trading, then it is highly recommended not to do so.
Trading with borrowed money will put you under great pressure because you have to make a profit, and pressure can make you the wrong decision.
One thing you must remember is to never be sure that your trade will always run smoothly.
hero member
Activity: 1050
Merit: 592
God is great
December 27, 2024, 05:04:01 PM
#77
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.
I don't know of you can be able to pay back the loan even if the trade is not profitable but the truth is that it is not a good idea for you to take loan to trade because trading is unpredictable. Taking a loan for trading can also turn habit that can really affect one in trading when one is unable to make profit to pay back the loan. Having a source of income is very important in trading, with this when you trade with the amount that you can afford to lose even if the money that was used in trading didn't come out profitable you don't have to be so worried because you already have a source of income that you can depend on.
hero member
Activity: 1820
Merit: 511
December 27, 2024, 04:33:20 PM
#76
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.
One thing you should avoid in crypto investment even though it is in bitcoin investment that we know is that future assets should not be in debt especially if you are a beginner, because it will be very risky. You also have to have a foresight, if your investment does not go as expected, you will lose your investment funds and the worst case you cannot repay the loan so you will be forced to liquidate other assets or take out another loan to pay off the investment debt. Of course this will be dangerous because debt is a promise that must be paid off, while the price of bitcoin cannot be predicted clearly, although the price of bitcoin is predicted to vary, but bitcoin still cannot be predicted accurately while you have to pay debt installments every month.

In addition, debt is more expensive because of the interest you might pay. Being in too much debt can damage your finances and burden your relationships with family and even friends. So if you want to invest, you should use your own money, besides that you can use the dca method to buy bitcoin.

The danger of debt is not only now, but for the future because once you have debt even if you are sure you can pay it, it is not good for the long term because in the future when you don't have money you will do the same thing.
sr. member
Activity: 322
Merit: 227
December 27, 2024, 03:45:26 PM
#75
You can continue trading with your own money so you will not think about the loan. You can focus to grow your profit because you will have a chance for that. When you are profit, you enjoy that profit without think about paying the loan.

Taking a loan makes you to be working for someone else because for every profit that you make, you will have to take out some percentage of the profits to repay parts of the loan untill you have finished paying all the loan before you can start making money to use to take care of yourselves. Loans makes us slave and not independent and that is why I do not like taking loans. There are some loans that can become bad luck for your business and you would not be capable of paying back. Trading with your own money is always the best advice and that should be what we all should be doing and not trying to make money faster than how we have learnt how to trade because it will fail us and we would not be successful at trading instead losing money constantly.
hero member
Activity: 1834
Merit: 879
Rollbit.com ⚔️Crypto Futures
December 27, 2024, 01:03:27 PM
#74
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 3.4 ::)k $ 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.
For the reasons you want to get financed I wouldn't advise because there is uncertainty in how price moves with cryptocurrencies.. and unfortunately from your writing you seem so convinced that price is going one way and that's up Roll Eyes

And one of the reasons for price being bullish is Trump stepping in, but am thinking it will be small gains as the momentum seems to have slowed down...which leaves the probability being 50-50.

hero member
Activity: 3010
Merit: 794
December 27, 2024, 12:18:03 PM
#73
Basically, borrowing money to invest is already a risk because any investment has risks and it will be even riskier when we invest in highly volatile assets. And in this case, you will face the biggest risk because of using margin trading, and this is considered gambling, not investing.
So I don't think you will get any advice or consensus for your idea of ​​borrowing money because most people know it is too risky and no one wants to be blamed. So think carefully before making a decision.


I think if we are determined and serious about investing in bitcoin, there are many ways to achieve that goal, not necessarily borrowing money and investing by margin.
Borrowing money for trading in cryptocurrency have risk but have right money management looks not problem for trading or investing by taking loan, firstly must take loan with most lower loan interested but OP take bigger risk have to pay much loan interested with short term period without one year and loan payment more than 20%. Looks difficult set up profitable in short term have to pay all loan payment and loan interest due bitcoin have reach most expensive price recently.

Better looking for another loan have small loan interest and get long term loan payment period, maybe under 10% is most effective for loan interested payment and get one year period before payment schedule. Its not difficult how to set up our profitable each month around 10% and can pay loan interest without much problem.
The key on here is that you should really be that always consider out that on the time that you do take a loan for whatever reason it would be then the main thing on here is that you do really have the capability on repaying it out without having no issues on which if you do find up some opportunity on investing into crypto on which we can say that the price is on the bottom or something that a good entry then you can always have this option but just like been said earlier that as long you arent that depending with your crypto profits on repaying up the loan then you should be just that fine. The main problem or issue for some people is that they do really make out their crypto profits on which its being used to repay up the loan on which this one isnt really that ideal at all.

Taking up some loan specially on seeing up some opportunities isnt really that a bad thing but make it sure that you do really know the risks involved on taking up such step.
There's really that negative and positive side of things at the moment that you do make out such decisions on which this one wont really be that simple at all. Always make use of your own common sense for making up such decisions because if you wont be that having such act then you will definitely be struggling if ever financial challenges comes and thats why you should really that know on what you are doing and not doing up some rush decisions without knowing up the risks.
hero member
Activity: 1246
Merit: 612
SSF Games - Redefining Blockchain Gaming
December 27, 2024, 11:21:21 AM
#72
Basically, borrowing money to invest is already a risk because any investment has risks and it will be even riskier when we invest in highly volatile assets. And in this case, you will face the biggest risk because of using margin trading, and this is considered gambling, not investing.
So I don't think you will get any advice or consensus for your idea of ​​borrowing money because most people know it is too risky and no one wants to be blamed. So think carefully before making a decision.


I think if we are determined and serious about investing in bitcoin, there are many ways to achieve that goal, not necessarily borrowing money and investing by margin.
Borrowing money for trading in cryptocurrency have risk but have right money management looks not problem for trading or investing by taking loan, firstly must take loan with most lower loan interested but OP take bigger risk have to pay much loan interested with short term period without one year and loan payment more than 20%. Looks difficult set up profitable in short term have to pay all loan payment and loan interest due bitcoin have reach most expensive price recently.

Better looking for another loan have small loan interest and get long term loan payment period, maybe under 10% is most effective for loan interested payment and get one year period before payment schedule. Its not difficult how to set up our profitable each month around 10% and can pay loan interest without much problem.
legendary
Activity: 2996
Merit: 1136
Leading Crypto Sports Betting & Casino Platform
December 27, 2024, 11:06:48 AM
#71
Basically, borrowing money to invest is already a risk because any investment has risks and it will be even riskier when we invest in highly volatile assets. And in this case, you will face the biggest risk because of using margin trading, and this is considered gambling, not investing.
So I don't think you will get any advice or consensus for your idea of ​​borrowing money because most people know it is too risky and no one wants to be blamed. So think carefully before making a decision.


I think if we are determined and serious about investing in bitcoin, there are many ways to achieve that goal, not necessarily borrowing money and investing by margin.
hero member
Activity: 3262
Merit: 679
www.Crypto.Games: Multiple coins, multiple games
December 27, 2024, 11:00:55 AM
#70
No, you don't have to get that loan because that is too risky. You never know if you can make a profit from trading or you will lose all of your money because many things. I strongly advise you still use your own cold money which you don't use for many things.

It is easy to calculate all things but you don't know what will happen in this unstable market. So everything can change easily without you realize and if that is happen, you are in a big trouble. Maybe 6 months to pay the loan is short but are you sure that in 6 months you can be able to make a profit especially we don't know where Bitcoin price will moves? But we can only suggest you and the decision will be up to you but be careful if you really want to take a loan.
It is risky due to the fact that crypto trading is unpredictable but not really if the amount is still within his reach and then he still have other sources of income in case he fails to accumulate the re-payment amount in trading. I don't think your second advice there will work. If only he has it, there is a chance that he will not borrow money anymore. Or he will still? Because he is only taking advantage of the situation that he thinks once in a lifetime only to occur.

Six months for a loan repayment time is indeed looking so short but we must supposed to feel pressured here, not confident, especially if the repayment amount is also not small.
legendary
Activity: 1806
Merit: 1437
Wheel of Whales 🐳
December 27, 2024, 09:08:43 AM
#69
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.

Don't rely on your payment gains with the bitcoin because at the first place, you don't know what will be the market price of the bitcoin for the following days or else you are well skilled trader beside on spot trading on that you can make good earnings that cater your loan, but if you are just focused with the spot trading using bitcoin as payment to your loan is not ideal, make other job or extra income you can use as a payment to bitcoin. As long as you can pay that debt there's nothing wrong with it.
copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
December 27, 2024, 07:28:45 AM
#68
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.

Not a good idea considering that will took a 3x-5x margin which is too risky. Why do you need to take a loan and pay 600$ in 8 months while you can just buy Bitcoin slowly using DCA method every month or payday until 8 months with paying an interest rate.

The interest rate on loans adds pressure for more risky investments so I don’t recommend doing it esports if you will involved leverage on a loan money.
hero member
Activity: 2786
Merit: 657
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December 27, 2024, 07:23:13 AM
#67
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.
Bitcoin is not a pot of gold and shouldn't be seen as an investment Roi.
Second, the profitable way to invest in BTC is to never invest more than the amount you can afford to lose and if you can take a loan to invest in it when there's fear in the market you shouldn't invest now when there's greed which could lead to heavy outflow in the market because the major investors now  are organization, and institutional investors.
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