Umpatan

Last night, I got a bit excited, and was on a fx trading account hoping to make some quick gains. I am by no means a wealthy person. I used money that I could not afford to lose, and used credit to short the dow jones (DJ30) as I figure that the American economy is going to take for sure, so I figure that shorting the dow is a sure win for making money. So I decided to short DJ30 on margin and when I woke up, all monies was gone as the dow had gone up today when I woke up. I now owe in Canadian funds $131,610 at 6 percent a year interest, I have to pay 303.72 in interest every two weeks out of my paycheque just to pay the interest, as the principle, I just have to forfeit the deposits other than the $4610 as I will explain below. It feels like I now have a mortgage without having a house, and I don't know what to do. It is funny how it hasn't hit home yet, and I am currently in a surreal state of mind. I don't know if it is the numbness of the shock, but what can I do?

My parents have given me $100,000 in CD's over the years, and $27,000 that I worked hard all year saving up also in CD's working as a security guard so I leaned that, and obtained credit for the rest. I know I can't bankrupt because I leaned that asset. $4610 is what I owe as principle, and I don't know if I could just run away from it all saying it was some online thing.

Can someone please help?

Mike Gas

I would take it as a life lesson you gambled with money you never had lost so tuff luck, work hard and re pay your debt and learn not to be so greedy next time

Zap0ne

There is an old saying when you gamble that the money on the rail is your's and the money on the table belongs to the house. when the dealer put the chips in front of you ......pick them up!

nooka

As you would have had to sign up saying you understood what you were doing then no I am afraid it is highly unlikely that you can run away. You entered into a contract, and you will have to honour that. It might be worth trying to negotiate a longer term pay back from the company, but I don't know whether you wold have a chance or not. Fx trading is financial gambling, and I'd be surprised if the site you used didn't warn you about the possibility of losing money (very high as with all gambling). Such places make their money from people betting wrong. If they didn't warn you then I guess you could try and claim that you didn't know what you were doing, but I think the chances of doing that successfully would be small as it is a heavily regulated business.

Steve_P

Based upon some of the OP's other posts this sounds too much like a wind-up.

Auld Yin

You're either a windup artist and/or a freakin idiot.

Catch

i would have said idiot,he can always apply to obama for a stimilus package

XCMTBer

what he said.....

Umpatan

You know, shorting the dow is not really a stupid move, as it has been falling consistently. As we know the US economy is tanking so I couldn't see how it was even a gamble. I think I needed to make the margin smaller so I would have been able to ride out the small spikes that come along the way. It was the little spikes that got me. I know that as a trend, it would not be a failure. Just that I wanted to increase my profits huge. That is all. I just need a second chance at it so this time I could make money and not lose this golden opportunity to make money.

Jingsamichty

Umm, sounds like it was.

Brownstar

sounds like a variation on the Nigerian money scams

Umpatan

I understand you saying that as I did lose tons of money. But if you look at the trend, it is falling. Predicting the dow jones to fall is to predict that the US economy is going to fall. Is that really a stupid assumption? I think not. I am sure many of you would agree with me on this. If you look at any chart on the Dow Jones, it has shown to fall. It is just the few peaks where I got hurt, and having the margin too high. I just need to find a way to borrow and the next time, I am sure I can win it back, by using my FJ Cruiser as collateral.

scottymallo

sounds like a recipe for disaster to me you been burned once why risk it again!

Aviator

I'd check these guys out:
http://www.gamblersanonymous.org/

christmasoompa

Bearing in mind that you said on your thread the other day that you had accumlated $150,000 over the years (the one in which you asked for free accommodation because otherwise you wouldn't be able to save your normal $1,500 per month from your paycheck), it seems as though you have a lot more money than most people.

So, be grateful for what you've got, be grateful you didn't lose everything and pay your debt. And perhaps find another obsession instead of money, seeing as most of your posts are about it?!?