How Long To Become A Millionaire?

We’ve all heard the stories of people making millions in trading, sometimes in as little as 12 to 18 months!

But let me tell you….

TRADING IS NOT A GET-RICH-QUICK SCHEME!

Sorry to burst your bubble.

Trading is a long-term game, often holding onto a trade (and dealing with the emotion of it rising and falling) for days, weeks and possibly months. If you can hold onto a trade for months, these are your BIG wins.

If you manage your mindset, strategy, entry, exits and stop losses right, your trading will be a steady series of small losses and big wins.

And if you use the power of compounding to increase your trading pot, allowing you to invest more, thus allowing greater gains, you will find your pot growing rapidly…

The snowball effect.

Start small, and as you roll, you grow and grow, investing all the snow you gain on the way into your snowball.

Which means, you’re not going to get rich soon and your life may just continue as it is right now.

Let me explain further…

I have a 5 year plan to not spend any of my trading wins. I will put those wins into my investment pot to compound my growth.

Which means for the next 5 years my life will continue, financially, the way it currently is. I will still rely on my job to provide an income to pay my bills and live.

5 years…

Seems a long time right?

Might put many off…

But if you want to learn to trade, now is the time to start, because if you wait a year, or two, or even 5 years until you have the “time” to trade, then you could be waiting for up to 10 years to start reaping the benefits of it.

Thats what I did. I didn’t start with the right mindset and attitude.

8 years after first discovering trading, I am ready to take the time to invest.

13 years after first discovering trading, I expect to see results from it.

Don’t delay on starting, learn and practice NOW!

Why do I expect to wait for 5 years before seeing results?

Well, lets look at compounding.

I have created an Excel worksheet to see how much my investment pot is likely to be worth depending on starting size and monthly returns.

Quick figures, assuming starting trading July 2017, and reinvesting ALL profits back into the pot:

Starting pot value: £2,000
🔹 5% monthly interest return = Millionaire by Feb 2028
🔹 7% monthly interest return = Millionaire by Feb 2025
🔹 10% monthly interest return = Millionaire by Dec 2022

Starting pot value: £5,000
🔹 5% monthly interest return = Millionaire by July 2026
🔹 7% monthly interest return = Millionaire by Jan 2024
🔹 10% monthly interest return = Millionaire by Feb 2022

Starting pot value: £10,000
🔹 5% monthly interest return = Millionaire by May 2025
🔹 7% monthly interest return = Millionaire by Mar 2023
🔹 10% monthly interest return = Millionaire by Jul 2021

Starting pot value: £20,000
🔹 5% monthly interest return = Millionaire by Mar 2024
🔹 7% monthly interest return = Millionaire by Apr 2022
🔹 10% monthly interest return = Millionaire by Dec 2020

Monthly returns are never going to be steady, some months will be losses, but if you can average a 5% return per month, then that’s a (compounded) return of 79.59% per year. Much higher than any bank savings.

5% is a realistic target to achieve.
7% is possible with good trading experience.
10% is possible with full-time trading using a strong winning strategy.

But even at 10% monthly returns on a £20,000 starting account doesn’t make you a millionaire within 18 months.

Lets get that mindset right and make a start shall we…?

#forex #trading #spreadbetting #wealth #money #tradingmindset #tradersmindset

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