I’ve already discussed the benefits and disadvantages of getting a cash advance loan, and I’ve mostly told you to steer clear of payday loans unless you’re facing dire circumstances. Which begs the question… What are some dire circumstances that warrant a Cash Advance?
#1 You’re a 5th year student in college and you’ve completely run out of money to pay for the last course you need to graduate (and alcohol)…
This pretty much warrants taking out a payday loan. If you need to take out a loan to pay for your last course needed to graduate, do yourself a favor and take the money. Your opportunity cost for not graduating is a lot bigger than the interest you’ll have to pay back. (Lesson #1 — Calculate Your Opportunity Cost)
#2 Your 1992 Honda Accord finally hit its last mile, and can no longer be called the chariot of love… it needs to be replaced if you want to get to work ontime. But you have no money!
Yep, if this has happened to you, then getting cash in advance is something you’re forced to do. Go ahead, no one’s going to judge you. Just make sure you provide your 300,000 mile car with the burial it deserves.
#3 Your 25th Wedding Anniversary is coming up and you’re flat out of cash. Plus, it’s that time of the month…
Okay, please, please, if this is the situation you’re in, for the love of God get the cash advance. Refer to Lesson #1 about opportunity cost. The opportunity cost of not buying your wife a gift for your 25th wedding anniversary is hell on earth.
#4 It’s Christmas Eve and your 5 year old son wants a PS3, but you’ve just been robbed of all your money.
Nope, sorry. This does not warrant getting a cash advance. What the hell are you thinking? Does your son really need a PS3 and Grand Theft Auto?
I hope you’re getting an idea of when a cash advance should be used… of course I’m exaggerating quite a bit. It’s okay to get a cash advance if you’re low on funds and you know you’re going to be able to pay it back soon. Just make sure you use the money for what it was intended to be used for.
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Interesting video – friend and subscribe for day trading, day trader, day trade videos, technical analysis…
Free Forex EA- works perfectly fine for me.
In longer-term investing strategies, position sizing is a bit more complicated and may depend on the strategy at play. In this section, we will focus on sizing positions for short-term trades.
@oscar2oo9
Your spread is 2.0 !
The break even is 1.2680 +0.002 = 1.2700
If you sell at 1.2699 you loose
I buy about 500 dolars at 1.2680 and as I was wayting for a good selling number like a 1.2699 .I was loosing money… why? on te acounts- equity.?????
as soon as u execute a position it should appear right away in your platform in the order that u place it….
i found this forex system based on price action
pipsexpressdotblogspotdotcom
What video editing/recording software do you use Dave?
Also, from your experience, is there any difference in execution time of a “large position” vs. a 1k position. thanks.
hi,
can you actually establish ANY position size you desire. Let’s say I’ve got $50,000,000, in an account. Would it be possible for me to establish a position size, say 10,000k or $1,000 per pip, 50,000k or $5,000? If these position sizes are possible, would the specific currency pair’s liquidity affect transactions? Thanks.
Hi, many brokerage firms including FXCM will allow you to trade in sizes of 1K or smaller however even at 10K the value of a one point move in the market is only $1. Since the market is not very volatile most consider that trading pretty small. Hope that helps. Dave
This will probably be answered later on but does this mean that I must trade in the tens and hundred of thousands of dollars? I thought the advantage was being able to trade small?