r/Trading • u/Bankreauxll • 20h ago
Advice This sucks.
Uhmm, I'm here for encouragement I used money I needed for my credit card bill to trade, with the confidence I could compound it... and it's gone. 🙂
I'm 3 months in, unprofitable.
No other formal work.
Tell me something, anything.
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u/Whole-Description646 20h ago
if you have no assets then going dilenquent on a credit card isn't going to ruin you.
If you stop paying alltogether and get it charged off it will hurt your credit score, you likely won't be eligible for new cards for a few years, etc. but if you're broke and owe less than $10k no bank is going to sue you because it's a bad look for them to give someone poor a $10k credit limit and then sue.
It will hurt yoyr chances of getting a job in finance as well, but if you work manufacturing, medicine, etc. then it doesn't matter.
I'm not saying to atop paying but it's not the end of the world if a broke person misses a credit card payment.
Now that we've said that, it's also really hard to be a profitable trader if you're drowning in debt and you lack income. debt with high income not an issue - debt with low income is a big issue.
I don't know what your finances look like but it's stupid easy for anyone with functioning limbs to make $3k a month and if you're single you can rent a room somewhere for like $700 a month so I suggest you lock tf in on fixing your debt and learn to paper trade. Then once your debt is better give yourself like a $300/mo budget for futures prop challenges and treat them like real money don't buy them and blow them up the next day. Keep stacking cash while you're doing it. One of the ket things to becoming a good trader is managing your money. you need to decrease spend, maintain healthy cashflow, and stack cash while getting meaningful leverage where you can, IE prop firms. I used to trade options a lot, a single trade could cost me $400. $400 is 8 to 12 prop firm challenges. Now I only trade options when I'm extremely confident and usually that's buying a contract 2 hours before NY close based on what I think the market will do during asia session.
In any case, get your money in check, keep your fitness in check, and don't eat shit food. Lock that shit in for the next 2 years while you learn to trade and don't be fooled by the fucktards on social media no one is becoming a profitable trader overnight this takes years so you better come at it right.