Could this plan work to make me a multimillionaire by at least age 30? Please help advise. Thanks?
Currently I am 18 years old, I have £3,000+ and going up all the time. I have practice and live experience with trading Spot-Forex and have returned as much as 507.45% within 1 month with my practice account but with my live account, I think I can handle the emotion anyway and can do as well. I have also read many books on investing in the stock market also.
If, say, I trade spot-forex and make money that way, perhaps a few thousand every so often, and invest that money into stocks I’ve researched thoroughly and that have very high growth potential that are most likely sure things to invest in and it grows from age 18 to age 30 and I repeatedly do this over and over again for the 12 years from age 18-30, also if I become an internet entrepreneur and grow them using some of the spare money I make, could I become a multimillionaire by age 30? Is this a realistic plan?
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Tagged with: account • age • internet entrepreneur • investing in the stock market • money • practice • realistic plan • spare money • spot forex • time
Filed under: Forex Books
I have dallied with Forex and commodities, both spot and real, 500% a month is an unrealistic target, but 50% which is reasonable will make 3k change into 300k in around a year.
however, the bigger the investment, spot will no longer be feasible, since you will run into tax issues and become a market maker.
if you choose to pocket some aside and invest it as you said, 2k a month* 144 =300k with an incremental investment rate of say 10% in a decent growth stock collective. will mean more than a million in 12 years. See what you should understand is 2k a month from 4k in spots sounds easy but form personal experience it takes 10 hours a day, which means you wont be able to hold a decent job, or a decent education. however a million in 12 years is as good as 730k now more or less
10% growth monthly, for a year = 3 X original investment
20% growth monthly, for a year = 9 X original investment
30% growth monthly, for a year = 23X original investment
my suggestion is wait for a few months, look at the market. keep working it see what you end up with and then rethink your options. life is about continuos learning not about fixed plan
i am going to steal your plan
and do it before u coz i win!
never heard anybody that make it, stocks is risky business…you could be millionaire or a bum by 30.
Trading live is very different to trading with real money. You might think you have your emotions under control – but you won’t know that until do it for real.
It also takes you average trader about two years before they consistently make money and about 85% of people that try, don’t make any money at all.
It is theoretically possible to make millions trading FX, but very few people do, largely because of the psychology behind trading.
What is more realistic is that you could plan to make a reasonable income from trading FX, if it turns in to millions great, but a steady return with controlled risks is much more achievable.
I doubt it any trader would make 500% returns consistently. 5-10% per week is much more realistic.
Sure, your plan is feasible. It’ll take a high level of discipline and some luck though.
You may want to adjust some of your goals and plans to reflect a bigger picture of long term wealth. Being a multimillionaire by 30 would be great, do get me wrong, but there is life after 30 and if you make a few quality decision between now and then you’ll be able to have monthly income without lifting a finger even if you aren’t quite the multimillionaire you’d hoped to be.
Keep in mind that at some point you’ll want to diversify your investments. The stock or commodity markets will not always provide great returns. My suggestion would be to build enough wealth to buy an investment property. If you can pay the mortgage/loan payments with the rental income you’re building equity for free and once the property is fully paid for you’ll have that monthly additional cash flow. This is called passive income — income that you don’t have to work for. It’s the best kind. And real estate is nearly always a good investment over the long run. Despite the fluctuations in the real estate markets recently, homes are still selling for 100X (or more) what they did 30 years ago.
Anything is possible. However, with any investment you should never invest more than you can afford to lose. Many have fallen from a great height with stocks and shares. With high profits come high risks. You just need to bear this in mind. Good luck, I hope you make it, but it comes with hard work, not dreams.
Taking risks for real is a lot different than taking risks for fun it is also a lot harder when you are gambling your own money rather than that of a banks clients and customers .Huge gains can be made trading stocks but also huge losses .Don’t forget the entire banking network nearly collapsed and that was down to over ambitious gambles by the banks.
Gambling and winning when all you are losing is £3000 is fairly easy but it gets harder when it becomes £30,000 and stress levels really become mountainous when you start gambling £300,000.Then you get to 29 years of age and decide on one more sure fire gamble and end up losing £3,000,000 on the fickle hand of fate and the stock market.If you are half as good as you think you are you could work for an investment bank and be a multi millionaire by the time you are 21 just by pocketing your commission and bonuses and there will be no risk of you losing all of your own money.
If there was an ‘easy’ way to become a multi-millionnaire by the of 30, don’t you think that there would be a lot more millionaires around ??
The thing to remember is never risk more than you can afford to lose. If you want to risk and possibly lose your £3k, then go ahead a take the risk… If not, stick it in the building society
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