Honestly I respect how Dave approached this. Empathy and slowly breaking it down. That’s a big thing that would cause the rest of the team to not know where to begin lol
Problem with forex trading is typically they allow 100x margin. Half a percent move on a currency can equate to making or losing fifty percent. A two percent instant move against u using all ur Leaverage means ur broker account is bankrupt and below zero. Its much riskier than anything with stocks.
My grandpa was an alcoholic. My mother begged me to not drink a drop because of the hereditary thing with alcohol. I chose to not listen to her. I did my partying, only drank at parties and now I barely drink a drop. Maybe once a year (if any). All this time I've been thinking I didn't get that addiction gene. It never occurred to me that alcohol addiction isn't the only addiction out there. I do have the addiction gene, addicted to shopping and food. These are the things for which I need to get help. I've acknowledged this but am pretty embarrassed to admit it to anyone.
Blaming genes is saying 'I'm not responsible for this'. but you are. All addictions is the escape of reality. Once you understand what you are afraid of and take steps in changing it your shopping and food is gone.
@@Aristaifly partially. Hereditary affinities are absolutely real. It’s not an excuse but it is real. I have a younger cousin who never met her troubled mother before her passing yet she is living her life in an absolute parallel to her late mothers trajectory. Everything about her is her mother yet her only interactions with her were infantile. It is unexplainable. Except it is. Everything that she is is ingrained in her genetics despite all the resources around her to succeed she chooses to live that way. It’s quite amazing to witness albeit sad.!
omg, me too. I wasn't aware how much I just enjoy his particular voice, attitude and charisma. Ramsey personalities are just fine, I love them too, but Dave is a rock star.
Between his home in Brooklyn and his job in midtown Manhattan there is great public transportation. I’d say owning and maintaining a vehicle there is huge unnecessary expense and liability.
@@MrsHunt-ob2ht pls talk to him and try to help him to calm down . When we loose emotions are very high. Ask him to take break and slowly explain him that if we continue loosing it would be bad for future
Yup if you want to do that. Make it a very small portion of your investments. People preach diversity. If it's something you feel comfortable with I don't see a problem with it.
Actually they are not. Trading is a normal part of investing. Goals, time frame, amount of leverage and failure to manage risk is where the danger lies.
Think building wealth like lifting weights. If you add little by little you can handle 100 pounds (for example). If you just hand 100 pounds to a guy who never lifted a weight he will probably drop it immediately and/or hurt himself.
With rent only $1,100 and make an over six grand a month he should probably have a couple Grand a month to throw at debt? Also he could do something like Uber eats on the weekend
Regulated brokerages in the US limit leverage on forex to 10x. Unregulated brokerages most located in Cyprus or the Caribbean allow greater. Currency don't fluctuate much to make it worthwhile at 10x allowing these foreign unregulated brokerages to thrive allowing 100x plus. Those brokerages control spreads and withdrawals. Best avoided for anyone with any sense.
It's like buying and selling stocks, but for currency. For example if you think the Euro will go up against the dollar, you buy Euros and sell when the price is at the point where you determined to make a profit. That's a oversimplified explanation.
Forex Trading can be a very powerful asset to your life, but only if you master the psychology of it as well as create a successful plan. Otherwise, it’s gonna feel no different than gambling
Only in America can a man with a bankruptcy and financial incompetency to the point of psychiatric help qualify to make 80k a year in a business development job.
It is speculation on changes in the exchange rate between global currencies often on margin (borrowed money). If you guess correctly you can make a lot of money quickly. If wrong, you can lose a lot of money you don’t have very quickly.
Forex can make you a lot of money, you need the EXPERIENCE and KNOWLEDGE to make it happen and it's not overnight. It's risky since you are using leverage, you risk money and you can win big or lose big.
Many investment activities - forex, short duration options trading, meme stocks, etc are really just degenerate gambling with a thin veneer of respectability.
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market,I'm really grateful I find one source to recover my money,at least $9k profits weekly.Thanks so much Mrs Emma Roberts.
Never kick a man while he is down especially when he acknowledges his mistakes and trying to get his life back in order !! Great call!
That's why the woman had nothing to say. She'd field goal kick this guy on the phone.
Good point.
Get rich quick usually equates to get poor even quicker
Like the baby steps. Yep, I know.
@@tracygaluszynski1868 the baby steps are the least fastest way to get rich quick. Lol.
😂😂
Honestly I respect how Dave approached this. Empathy and slowly breaking it down. That’s a big thing that would cause the rest of the team to not know where to begin lol
Forex trading on margin has bankrupted a lot of young men.
Problem with forex trading is typically they allow 100x margin. Half a percent move on a currency can equate to making or losing fifty percent. A two percent instant move against u using all ur Leaverage means ur broker account is bankrupt and below zero. Its much riskier than anything with stocks.
These kinds of addictions need to be talked about more, very sad how destructive this can be.
My grandpa was an alcoholic. My mother begged me to not drink a drop because of the hereditary thing with alcohol. I chose to not listen to her. I did my partying, only drank at parties and now I barely drink a drop. Maybe once a year (if any). All this time I've been thinking I didn't get that addiction gene. It never occurred to me that alcohol addiction isn't the only addiction out there. I do have the addiction gene, addicted to shopping and food. These are the things for which I need to get help. I've acknowledged this but am pretty embarrassed to admit it to anyone.
You just took that first step!! Good for you!! 👏
Blaming genes is saying 'I'm not responsible for this'. but you are. All addictions is the escape of reality. Once you understand what you are afraid of and take steps in changing it your shopping and food is gone.
You are courageous in admitting you need help. We all do, but too many won't admit it.
@@Aristaifly partially. Hereditary affinities are absolutely real. It’s not an excuse but it is real. I have a younger cousin who never met her troubled mother before her passing yet she is living her life in an absolute parallel to her late mothers trajectory. Everything about her is her mother yet her only interactions with her were infantile. It is unexplainable. Except it is. Everything that she is is ingrained in her genetics despite all the resources around her to succeed she chooses to live that way. It’s quite amazing to witness albeit sad.!
😂
Perfect example of not knowing when to stop
So glad to have Dave back!
omg, me too. I wasn't aware how much I just enjoy his particular voice, attitude and charisma. Ramsey personalities are just fine, I love them too, but Dave is a rock star.
Why
Dave is back.
So what.
I heard the Slim Shady song after reading that. 😅
Yes 😊
@Dallas Fitzgerald WHat answer? I never asked any question.
Jimmy McGill is happy to see him.
Sounds like the guy cannot control himself and has done pure revenge trading without any real plan, just gambling.
How can he be a long time listener and still be in this mess?
That’s exactly what I said !! Lol
You can be a long time listener and never apply the baby steps. You hear a lot of people being "dave-ish."
Because he was in his addiction
He would have had better luck using all that money at a casino. Almost as risky as gambling on speculation on fiat currencies. Yikes.
So glad Dave is back
Needs a weekend job too. Even if it flipping burgers or door dash or something.
I missed Dave. Glad He is back
Long time caller, first time listener.
This guy needs to work everyday 14+ hours a day to pay back all his mistakes.
No, in all likelihood, he can cut back a bit of his hours at the current job, be more efficient and do a 2nd job and bring in more.
Actually he needs to call up George Clooney and Brad Pitt to get there help robbing a casino.
Kid needs to stop trading. He is gambling. It makes us professional traders look bad
Why stop at 14 an hour let’s crank it up to 24hrs 😏
Just a question from an European: Do you realy NEED a car in Brooklyn, NY? Aren't there Metro and Bus stations everywhere?
Between his home in Brooklyn and his job in midtown Manhattan there is great public transportation. I’d say owning and maintaining a vehicle there is huge unnecessary expense and liability.
It’s also kinda difficult to drive/park in NYC. Compare to London.
I lost all my savings in options trading guys pls end ur addiction in beginning itself otherwise it takes to very bad stage
My husband did the same thing. I don't know what else to do with him. He needs help.
@@MrsHunt-ob2ht pls talk to him and try to help him to calm down . When we loose emotions are very high. Ask him to take break and slowly explain him that if we continue loosing it would be bad for future
Nothing wrong with investing in currencies. Trying to get rich quick and extending yourself is where the problem lies.
Yup if you want to do that. Make it a very small portion of your investments. People preach diversity. If it's something you feel comfortable with I don't see a problem with it.
I disagree. Not knowing what you're doing is the issue.
He's trading not investing they are two very different things.
Actually they are not. Trading is a normal part of investing. Goals, time frame, amount of leverage and failure to manage risk is where the danger lies.
@@haroldcruz8550 He was gambling. Not trading.
I love Forex. FX is not for everyone. FX didn't get u in that mess, u got yourself in it.
US30 and AUDUSD
@@DFreezerecords Eurusd and Gbpjpy. AU is nice too. F usdjpy
NAS100 & USDJPY
AUDJPY king 👑
NAS100 & XAUUSD 😎
My mentor use to tell me that if I don't like to lose, then Forex is not for me. lolol!! I just stick to e-commerce. Its better and passive income
The guy has a gambling problem.
Dave is getting pretty good at this.
Received a Forex ad while watching this…
"Long time listener, first time caller." Thats a bob and tom radio show reference. I wonder if anyone else picked up on that.
When you wanna be rich so fast this is how you can ended up
Good point. Get rich slowly, over decades, and sleep well at night.
Think building wealth like lifting weights. If you add little by little you can handle 100 pounds (for example). If you just hand 100 pounds to a guy who never lifted a weight he will probably drop it immediately and/or hurt himself.
@@stevenporter863 😂😂😂
Over 95% of day traders fail a lot more than they succeed
Thank you for sharing your experience!
Guess who’s back… back again.
Slim Davey.
David and his team are true kind people. Blessing!
When I saw the title, I couldn't click fast enough
Dave reminds me of the warden from Shawshank redemption idk why
Going through this right now. 😢 day trading has stolen way too much from me. Not bankrupt yet so it’s time to get serious about not doing it anymore.
That’s why you don’t loan money to family, they usually take advantage.
Interesting that the ad at the front of this was a Forex ad. The algorithm still needs work!
I got a Verizon ad. The algo is broken.
Anyone else get a Forex ad before this video?! LOL
Only when I click on "Graham Stephan, Beat the bush, or HeavyDSparks" youtube channels.
I’m in similar situation presently. I lost everything. Affecting my relationship
I just want to pay back and be free.
I would appreciate any help
With rent only $1,100 and make an over six grand a month he should probably have a couple Grand a month to throw at debt? Also he could do something like Uber eats on the weekend
Dave: Don't sell the car...buy EOD puts on the car.
Regulated brokerages in the US limit leverage on forex to 10x. Unregulated brokerages most located in Cyprus or the Caribbean allow greater. Currency don't fluctuate much to make it worthwhile at 10x allowing these foreign unregulated brokerages to thrive allowing 100x plus. Those brokerages control spreads and withdrawals. Best avoided for anyone with any sense.
Those brokers are very good in marketing strategies to attract vulnerable people
Trading forex is one of the hardest things to do good luck to him cause I’m trying to get into profit too😭
2:00 Car debt for 24%!!!!! What interest rate is that?
English is not my native language.
a Forex ad popped up after watching this video lol
In FTX we trust: Dave should stop raising the rent on his tenants
Why not door dash on a bike? that would earn a little extra money on a Saturday
Hahahha Dave. As soon as he said forex trading
can anyone explain what Forex is?
Basically, it's currency trading for day traders. People lose insane amounts of money on it from the idea of getting rich quick.
Team Day trading
The word Forex simply means Foreign Exchange.
You don’t want to know trust me
It's like buying and selling stocks, but for currency. For example if you think the Euro will go up against the dollar, you buy Euros and sell when the price is at the point where you determined to make a profit. That's a oversimplified explanation.
Tapped out, bruh that's only 60hrs a week. But my guess is he's salary anyways so he's probably need another job.
I like the Ramsey show but this cohost needs to go
He should try Vegas!
Chances to win is 50/50
Someone's going to make money in a get rich quick scheme but it's not going to be you. I feel for him.
this isnt a trader
this is a gambler.
Forex Trading can be a very powerful asset to your life, but only if you master the psychology of it as well as create a successful plan. Otherwise, it’s gonna feel no different than gambling
$90k owed to family Jesus crist makes me feel better about my mistakes that pale in comparison
$13K at 24% Jesus
never heard of forex trading.
He's a full-time gambler.
Rice…with no beans for this guy
Only in America can a man with a bankruptcy and financial incompetency to the point of psychiatric help qualify to make 80k a year in a business development job.
Have you met many people in tech? 😜
There's one born every minute
*second
Don’t eat out
Please explain forex
Buying and selling currencies
Buying and selling global currencies....instead of buying and selling stocks, you are trading dollars for other countries monies.
Team day trading
It is speculation on changes in the exchange rate between global currencies often on margin (borrowed money). If you guess correctly you can make a lot of money quickly. If wrong, you can lose a lot of money you don’t have very quickly.
Who's the old guy?
Guest host on the Diversity Show.
@@fsmoura 🤨 don’t tell me your one of those people
He’s quite good, he could have his own show one day.
He wasn't going to be a consistently profitable trader with this level of self control
Rachel better than you both
Forex can make you a lot of money, you need the EXPERIENCE and KNOWLEDGE to make it happen and it's not overnight. It's risky since you are using leverage, you risk money and you can win big or lose big.
Forex trading is difficult. People can’t get rich quick.
People expects to get rich quick and this is the consequence.
It’s a sucker trap.
@@nmccw3245 I agree.
Some people have probably made money. There are always exceptions.
Many investment activities - forex, short duration options trading, meme stocks, etc are really just degenerate gambling with a thin veneer of respectability.
Please don't lump options there. It's dangerous if you don't know what you are doing but really powerful in the right hands.
I bought AMC in June 2020. Well before it became a meme stock.
I made the most so far off ExxonMobil, McDonald's & Starbucks.
@@thunderb00m Until you get squeezed out.
The yellow nails tho…. 🤩🤩🤩
Yuck
Settle down! you're yelling! let Dave talk....
Peanut butter and jelly sandwiches.
Unhealthy. Rice and beans instead.
At this point, it's more like peanut butter or jelly sandwiches.
The system love to keep us on the hamster wheel.
… and wring every dollar you can beg, borrow and steal out of you.
Live on nothing he says....
Beans and ramen
The caller is a gambling addict calling a gambling addict's show for advice.
I just got a sudden craving for bananas.
Are you pregnant Jimmy?
Gambling and Trading same whatsapp group🤞🏾🤞🏾🤞🏾🤞🏾
✝️🙏
First
I lost over $70K when everything started to tank.
Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market,I'm really grateful I find one source to recover my money,at least $9k profits weekly.Thanks so much Mrs Emma Roberts.
RUclips Intro ad: Forex Trading. *sigh*
BIG DADDY DAVE😫
Check out FX-Fighter Kurumi Chan for more Forex fun :^]