Taking out a prosper loan to buy stocks

[Shoe]

Update:

Nintendo stock is up over 8% since I could have gotten the funds for this loan.

I withdrew my loan request at prosper, which means i profited $0.00.

If i had gone threw with my request, I would be up $2,197.80 right now (minus around $250 interest).

The only bright side to this is that I am in the process of transferring around $15k 0% credit card loans to my stock account, so I will be able to reap some more rewards soon. I am also in the process of applying for more 0% credit card loans, but won't have the funds from those for a couple more weeks.

The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board. Don't take this too personally, there was a lot of good advice in this thread, but I am really kicking myhself right now.

[Evan]

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The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board.

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Wow man, really? I mean, damn, really? That's the main lesson you came away with here? REALLY?!?!

[Shoe]

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[ QUOTE ]

The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board.

[/ QUOTE ]
Wow man, really? I mean, damn, really? That's the main lesson you came away with here? REALLY?!?!

[/ QUOTE ]

Yes. Which basically means this entire forum is worthless. Mods, please remove it now.

[Evan]

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The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board.

[/ QUOTE ]
Wow man, really? I mean, damn, really? That's the main lesson you came away with here? REALLY?!?!

[/ QUOTE ]

Yes. Which basically means this entire forum is worthless. Mods, please remove it now.

[/ QUOTE ]
Wait. Let me see if I follow:

1) you have horrible idea
2) people tell you your idea sucks
3) you act like an idiot
4) something totally inconsequential happens
5) forum should be removed?

[Shoe]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
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The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board.

[/ QUOTE ]
Wow man, really? I mean, damn, really? That's the main lesson you came away with here? REALLY?!?!

[/ QUOTE ]

Yes. Which basically means this entire forum is worthless. Mods, please remove it now.

[/ QUOTE ]
Wait. Let me see if I follow:

1) you have brilliant idea
2) people tell you your idea sucks
3) you act like an idiot only by listening to others in this thread
4) something totally huge happens
5) forum should be removed? yes

[/ QUOTE ]

Corrections in bold

Edit to add: Sniper has the most accurate posts in this thread. Borrowing money at a low interest rate, and then making money on that money is how you get rich. Being afraid to borrow the low-risk money in the first place is what keeps most of you in the rat race.

Funny how it went from most of you wanting me to fall flat on my face, to me still being an idiot for being right. I think most of you need to open your horizons a bit.

[Evan]

I can't even tell if you're joking. I am on the verge of banning you in an effort to protect the forum readers who might believe things you say.

[Evan]

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Funny how it went from most of you wanting me to fall flat on my face, to me still being an idiot for being right. I think most of you need to open your horizons a bit.

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You're no more "right" than I'd be if I guessed what side a quarter would come up on twice in a row. That wouldn't prove any reliable ability to guess coinflips and this doesn't prove any reliable ability to pick stocks.

Fwiw, I don't care whether or not you fall on your face.

[Shoe]

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I can't even tell if you're joking. I am on the verge of banning you in an effort to protect the forum readers who might believe things you say.

[/ QUOTE ]

Well if you want to ban me for what i posted in this thread, then you pretty much need to ban every poster (except for DC and Sniper) who has posted in this forum. As 90+% of the crap in this forum should not be trusted.

I guess difference of opinion = ban

[bet2win]

lol wtf this guy cant be serious

Here are some things i have learnt from gambling and investing over the years.

1. People who dont invest actual money cannot say they can beat the market for X% because when you have money invested you have to actually make buy and sell decisions. These kind of people tend to only think about their winning picks and buying selling at the right times.

2. A lot of people think they have an edge because they pick their stocks in a bull market. (Property investors are the same)

3. If you have little experience with something then dont take large risks and get ahead of yourself.

4. Borrowing a lot of money to invest in something you have no or little experience in is stupid and degenerate behaviour.

Best to just use your own money for a few years and then when you have made a decent number of trades (50+) and have made a bit of money then get a margin loan. Dont borrow the max straight away borrow like 20% to start and then when your stocks have gone up borrow some more. If your income is low then dont borrow anywhere near the max.

Also make sure you arent going to lose sleep over an investment and that if the market went down 20% tomorrow that you'll be ok. Same deal with if you get sick/injured and couldn't work for the next 3 months.

[Evan]

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I can't even tell if you're joking. I am on the verge of banning you in an effort to protect the forum readers who might believe things you say.

[/ QUOTE ]

Well if you want to ban me for what i posted in this thread, then you pretty much need to ban every poster (except for DC and Sniper) who has posted in this forum. As 90+% of the crap in this forum should not be trusted.

I guess difference of opinion = ban

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And then there was one.