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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?
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