Topic: Should I Get a Loan? (Read 1019 times)

No, don't do it; except you want to quickly fall into depression. Borrowing money to trade or gamble isn't something I will advise anybody to do. It will put you under pressure because all you've got to think why trading would be how to repay that loan as quick as possible before time elapses on you. It will cause you to over trade, and doing such will more likely get you to be unnecessarily exposed to unmitigated risk. If you've a paid job, I would suggest you gradually saved up some funds from there and invest it into Bitcoin instead of taking out a loan. Another option is to toe the line of CZ Binance who sold his house to hop on Bitcoin. If you've property you can dispose such to raise money for your investment plan instead of taking out a loan. Whatever your plan is, never opt for a loan.

All I can tell you op, if you have other resources to pay off your debt, go for it. Just don't forget to be responsible in paying off the money you borrow. Now, if you use the money you borrow in Bitcoin, it's better because at least you'll surely get some profit in the end.

If you also buy from other top alts, it's okay as long as they're in the top 30, it can be considered safe anyway, though the risk is very minimal in my opinion.

I thought you wanted to borrow outside and take the loan to the crypto market and then trade, don't do that.
But if you do the margin trading method, I don't think it is a problem, because the requirements for borrowing from a broker or exchange must have a guarantee fund for your loan, only my advice is the opportunity to do a large profit margin trade, If you understand the market cycle and the asset you want to trade, of course you must also consider the risk of loss, so don't be greedy in borrowing, determine according to your ability.

In essence, you must understand how to trade margin, it is important not from the basis of the factor of seeing or notification of your close friends, risk loans as well as trade, If the loan is a condition of guarantee, why should you borrow, just use half of the guarantee you have to trade margin, it is safer for you.

I don't know why should someone borrow money to trade not just to trade but as a beginner it's not advisable to go have such start up mentality, in fact even in a business outside trading it's not advisable to go get a loan for start up personal business in real most times when the business is not successful it make someone starting paying loan that they shouldn't pay for. Therefore, totally wrong to go borrow money to trade and start up business be it gambling is extremely wrong, someone can borrow money fund an existing business but not good for a newly start-up business.

Everytime that there are individuals who do make out some cash loan or amortization despite on having that big amount or savings into their account on which this will really be raising up such question is that why they would be considering out on taking up a loan if they can just that directly make out some payment or able to buy something or whatsoever. On the moment that i do make out myself realize on what they are doing that because they are trying out to build a good credit standing on which this is something that will be that beneficial at the moment that you do have plans on having that huge loan in the future. Yes, it is really that a bit having no sense on why someone will be getting up some loan and something that needs up for you to pay up some interest?

If you do really be able to see up its positive approach then you will be able to see it but if you are just that focusing into the negative ones then you will be finding this kind of decision to be absurd. There are just those people who do hate up on taking up some loan and will really be just that wanting on paying up everything as long they can be able to afford it out but for those who do have plans on building up their credit standing or record then this is something that they will really be that doing it. For crypto then getting up a loan isnt that a bad thing specially if you do see up some opportunity but on the moment or time that you are just basing up with your trading income or profits on paying up the loan then better not to proceed up with this kind of plan.

I wish the OP would come back to discuss the points being made, their side needs to be heard too, they might have a reason to think that taking a loan will be a good option to make money from the bull market.

Lets hope OP has got their answer for now and does what they feel is right. In trading, nothing is ever right but timing is everything.

Very common in this forum, nothing much we can do right away if the OP does not return to comment. They will probably lock the thread after x number of pages have been created.

in fairness, the bank will lend you a large amount, meaning you have a large savings in the bank that you will lend to, right? why would you borrow if you have a large value of money in the bank, I'm just curious.

instead of paying the interest to the bank, just buy the crypto assets you want and at least you don't have any obligations to pay to the bank, right?

It's funny how some people use CZ as an example and compare it to what he does to justify themselves. He and we are not only different in circumstances but also different in many other ways.

Is anyone brave enough to claim they can do what CZ did? Such as opening an exchange, building a blockchain...and who can be confident that they have a huge amount of knowledge and a great brain like CZ? That means even if CZ fails, he still has many different ways to make money and rebuild his career. Meanwhile, what do those of us still struggling in life do if that investment fails?

But anyway, borrowing money for the purpose of investing in bitcoin is still much better than people borrowing money to gamble and thinking they can get rich from gambling.

There's no shocking thing about this kind of situation on which it is really that indeed common that there are posters who do really just made out some single post and never tend to come back to make out some response at least on which this isnt really that new anymore. Neither this one is really that a legit newbie or an alt account on which there's no way that we can be able to tell. So it will really be that a situation on which we dont really know. So its better not to mind off and let the mods do handle up this thread and lock it up.

Going back into the topic in regarding about taking up a loan then it will really be just that depending into you on which whether you do take up the risks on getting a loan or borrowing money in regarding about trading because we do know that profiting with trading is never been guaranteed or something that gives out that kind of situation on where you do able to repay those loans back at the time on your due date. If ever you do able to do so then i dont see any issues in regarding into this one.

Who knows? Probably this is one of the alt accounts of signature spammers who created the thread so they can answer with their different accounts. Or probably just a genuine newbie who created an account and this thread, but later forgot about this forum. Unfortunately, the moderators do not lock a thread if OP is not active in their thread. If the topic does not violate any forum rules, they are not going to delete them either. So, We cannot expect the moderators to take any action. But if this thread becomes a mega thread somehow and spammers start to do their job, the moderators will have to take care of them.

From the way the OP is asking questions, it’s obvious that the OP is a newbie and will have to be careful because if he is not careful, then he will end up losing the money he wants to be trading with. Instead of the OP paying that amount of interest, why is he not patient and just keep on saving the money? When trading, there is no assurance of winning, because even people that have been trading for a long time do lose, just imagine how someone new to the market will survive it, with the tension of the loan that he carried.

I just checked the OP’s profile, and I can see that since he created this thread, he hasn’t logged in to check people’s options about the thread that he created. Probably the thread was created just for fun, or maybe the OP hasn’t been opportune to log in to read people's responses, but it’s going to be better if the thread is just locked since enough answers have been provided already.

I think it looks like the bank will lend you money because they know you have a source of income that you can source. So if you put it in futures trade, I think that for your fund to be really safe, 3% is enough so that you won't be liquidated immediately.

And I also think that you also seem to have knowledge in trading because you wouldn't get involved in this if you don't know anything, just hope you don't get greedy in your mind.
Just if you see that your position set-up is wrong, go to SL immediately so that you can recover your loss.

Trading should be done with only money you can afford to risk. Don't trade with money that's not yours except you have a reliable source of income to pay back. Yes we know how Bitcoin is very profitable during it's bull season, but don't get your self into something you cannot save your self from. Eventually you won't lose the funds but then it might take some time to recover it from the market if it's goes dip for a very long time. You cannot predict when the market will get back to its original direction. Just make sure to use only your funds to trade. Expect you are buying a prop firm account, which is another way to help provide funds for trading.

What people are expecting now from BTC is bear run, which it may dump back to $90k or $80k next year, but all you need to do now as a trader who want to make profits in the future is to start saving some money you will use to buy BTC when the bear run finally show up in the market. Even though Donald Trump show interest to buy BTC from the market, it will not make other people not to see BTC buy because there are some institutions, investors and traders who will like to sell or trade their BTC for other people to buy and hodl for future use.

I will not advise you to take a loan just because you want to hodl BTC, and if anything happen that make BTC not to pump in the future, it will make you to regret for taking such decision and it can push you to trade the BTC in the bear run to experience losses, which is what loan can cause sometimes to people that embark on loan to buy BTC.

I think you already got your answer by now. The thread is a couple of pages long and I don't see your reply in this thread. so, I am not going to ask any questions because you are unlikely to answer. Personally, I think you should not take a loan to invest in Bitcoin. Even though it looks like the market will go forward, still it can change overnight. Nobody knows what is going to happen tomorrow. If you have some money which you can invest and you won't have any problem even if you lose it, then go ahead. Otherwise, you should not invest if you cannot afford to lose that amount.

I see FOMO at play here 

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.

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.

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.

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.

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.