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my brother keeps asking me for money for (i’m assuming) trading/forex and i don’t know if i should stop giving it to him
a while ago my brother started asking me for money, it wasn’t much- $100 here $150 there. i always assumed it was because he was living paycheck to paycheck and needed a little extra $, which made no sense to me because his job pays quite well, and he lives at home. then i overheard him talking about stocks and how many shares he’d bought that day and then it was starting to make sense. he always gives me my money back no later than a couple days, and he’s quite reliable, so i’ve always trusted that he was going to give me my money back anyway and i didn’t question lending him money since he always made good on it. plus he’s my older brother and like i said, extremely financially reliable so it was a no brainer. but recently he has upped the amount and asked me for $700, which i sent him no problem. and a couple days later he asked if i could send $1000, and asked if i wanted to make an extra $100. he saw i was skeptical so he explained that it was a money-back guaranteed competition or something. he has never ever explained what he needed the money for before this -not that i ever asked- but this time it was almost $2000 so i guess he knew he had to explain. at this point i already figured out what the money was for so i asked if i’m getting my money back whether or not he makes it back. he gave me his word that i’m not losing any money, in fact i’ll earn $100. not that i would ever risk $1700 for $100 but like i said i trust him so i sent it to him. now i have no doubt that he’s gonna give me my money back, that’s not even the issue, but i’m moreso worried that if i keep giving him money no questions asked, i might be enabling him in some way and might just be fuelling his trading needs. i’m sure he’s responsible in how he does it, but you just can’t be too sure where there’s money and gambling involved. i (very clearly) dont know much about trading so i’m not even going to bother asking him, but i just don’t want him to get into a place he can’t get out of all because i lent him money the second he asked. should i cut back a little? should i just let him do his thing? idk if the question even makes sense but i guess i’m not sure if I’M even being financially responsible.
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For some damn reason I struggle heavy with being consistent when I try to implement stop losses to my forex trades. I have two demo accounts and with one account I don’t include a stop loss on my trades and let it ride till I’m in profits, and with the other account its a god damn mess. I’ll make some then lose some and repeat till the end of time, small losses over and over again. I started both with $10,000 a couple months ago and the one account that I don’t use stop losses on is up about 120% and the account I use stop losses on is at a pathetic 1%. Anyone else have this issue?
Forex traders can establish stops at a static price with the expectation of allocating the stop-loss, and not moving or changing the stop until the trade hits the stop or limit price. In addition, the ease of this stop mechanism is because of its simplicity, and the ability for traders to specify that they are seeking a minimum 1:1 risk to ... One of the trickiest concepts in forex trading is the management of stop-loss orders, which effectively close out your trading positions when losses hit predetermined levels. Stop losses are most effective at halting trades when severe markets dips make returns to profitability unlikely. While stop loss limit orders are less common in the forex retail setting, a limit order means the stop loss will only fill if the price available at the time of the order is within a specific band. Stop and limit orders in the forex market are essentially used the same way as investors use them in the stock market. A limit order allows an investor to set the minimum or maximum price at which ... Stop. A stop order triggers a market order when a predefined rate is reached. A buy stop order triggers a market order when the offer price is met; a sell stop order triggers a market order when the bid price is met. ... FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex ...
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