How long does it take on average to become a millionaire by trading Spot Forex? I’ve heard it can be done….?
Question by William M: How long does it take on average to become a millionaire by trading Spot Forex? I’ve heard it can be done….?
I am 18 years old and I have been practicing trading Forex for 1 year now and so far this week on a balance of 100 have made 20% return pushing my account up to 120. What I would like to know is how long it takes the average trader to make a million trading the forex markets?
Best answer:
Answer by tom4bucs
the average trader loses their shirt in Forex
by making 20%/week you should be in the 7 figures by less than three years
but (why is there always a butt?) you may reach a point of trauma
investing soooooooooo much (it’s all money management)
being conservative (safe)- probably in 10 years
all the best
Add your own answer in the comments!
forex is gambling its not even smart trading! way toooo much risk involved.
You will have a better chance at becoming a millionaire by buying lottery tickets. Forex is for suckers.
If you keep up the 20%/week consistently, it’ll take you exactly 49.5 weeks to take $ 120 to $ 1,000,000.
Keep dreaming…
It doesn’t happen.
Seriously think about the question logically: if your typical bright 18 year old with no experience and $ 1000 dollars could turn that into a million dollars in a year or five (or ten or twenty), wouldn’t everyone be doing it? Certainly, experienced 50 year old investors like me would be all over it…heck, we should all be retired billionaires by now.
Here are the cold hard facts — typical year over year returns for the average investor average out to be less than the S&P 500′s 9% return. Very good financial managers make an excellent living returning the low teens on average to their clients. Excellent managers make the high teens. The very, very best (think Warren Buffet and George Soros) average low to mid twenties.
The longer you trade and the more you use leverage the more likely you are to have catastrophic losses (relatively speaking) that take you back closer to your starting point (over and over again).
Trading the Forex can be lucrative but it take some time and advice to get there. Most people have to take classes or join a trading community. Others use software to help them play the market. I wouldn’t suggest just buying some robot and expecting it to glide along and make you money. you have to know the market or at least be connected to people who do, so you can ride the waves. Typically, the market has swings or turns you can ride for a while and the play remains constant. By using a robot with the settings tweaked a lot I have made some money and am just now (after a few months) starting to see potential. This recent dollar rise has been great. Check out Fap but be mindful it takes some tweaking and knowledge to win with this system but it makes it easier than having to learn and do this on the trading platforms alone.
Well, There is no definite answer to it. I dont think you are trading forex in real market because when you open an account with any broker you need to be above 18 years and you said that you are just 18 now. You must be practicing demos till now.
My friend it takes years to excel in forex and become millionaire, i know there is huge scope but at the same time there is much risk too.
All the best!