Could I make £10 million by age 23 by trading currency options?
I am 18 years old and have been looking into various investment opportunies and vehicles, and I’ve found that trading currency options floats my boat. I used to find options trading absolutely complicated and I couldn’t understand them at all, but I’ve been learning about them and how they work. I’ve learned a bit how to read charts, i.e. technical analysis too.
I have a few grand and I have a plan of how I will trade them, and that is to start with maybe £2,000 and after analysing the charts to predict which direction each currency pair will move in for 10 currency pairs, I will spread my portfolio over the 10 different currency pairs to diversify my investment, and if half win and half lose and I make a decent profit, that will be the way I will trade.
Could this plan make me £10 million by age 23?
Tagged with: 10 million • 18 years • currency options • currency pairs • decent profit • different currency • investment opportunies
Filed under: Currency Trading Charts
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You probably will not get to 10,000,000 for three main reasons
1. Past performance is not a predictor of future trends, so your historical analysis may give a sense of how things pan out, it will not tell you when it happens and it may ultimately not hold true to form
2. Your starting balance capital is magnitudes below your desired goal. You simply don’t have enough money and time to work with to get to your goal
3. Currency values do not change at the levels needed for your capital to grow in such amounts.
You would need to obtain rates of return in excess of 1000%, each year. This means you would have to, not triple, not quadruple, but earn 10 times your money, each year. So after year 1, your 2,000 would need to be 20,000. After year two, that 20,000 would need to be 200,000…etc. This is not possible.
However, that does not mean your money can not grow…I think you just need to lower your expectations signiciantly. If you turned your 2,000 into 20,000 at the end of 5 years, you would should be estatic.