I am 17 years old and when I turn aged 18 in a few months I intend to try and become a millionaire using Options, hopefully by age 19, and at least age 20-21. Is this possible to do reasably quickly by holding a long stock position for a stock?
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A ‘long’ position means you think the stock will go up, a ‘short’ position means you think it will go down. It is possible to make big $$$ in the market, also possible to lose it. The individual investor doesnt move the market like institutional investors do. If you want big $$$ ‘Quickly’ then best chance is to buy penny stocks. However this is not recommended as a good long term investing strategy. If you can make 20% return per year, you will be considered very good.
“Quickly”, no, but with a high degree of probability, yes; let’s say you get a job at age 18 that pays you the average salary (of around $25,000 a year), and you consistently invest 20% of every penny you earn after taxes in a growth stock mutual fund (to eliminate the possibility of choosing the “wrong” stocks), and it earns the average long-term return of 7-10%. Even if you never get a raise, you’ll be a millionaire within 25 years or so.
If you get a better job that pays closer to $35,000, you invest 20%, and the market does a little better (which it probably will after all the recent silliness), you could reach your first million in 20 years.
Yes, if you really know what you’re doing, if market conditions are active and if you pick exactly the right stocks. Or you can lose ALL of your money very fast and go completely broke.
To be honest you stand a better chance of winning your state lottery, if you buy the winning ticket.
If it was so easy to make money in stocks and options , everyone wouldd be doing it, and why work at all, right ?
In reality only 10% make money in stocks 90% of the people lose money. It is an extremely tugh and high risk business. Take it from a professional trader who’s beeen at it for many years.
But theoreticaly, yes, its possible.
No. You can become a millionaire or even a billionaire, but not in that time frame. Maybe 30 if you’re dedicated and keen to learn. Risk management is very important
I would suggest buying stocks first and really get to know the market and develop a trading system that works for you, then trade options.
not possible
Sounds like a realistic plan……