can you afford a lamborghini being a forex trader?
hi i am 16 gonna be 17 in may, i always had this dream or desire you can say of sports car, in my city there are very few sports card like 5-6, i do not belong to a rich family i belong to a middle class family and i never expect something from my parents like other people do. they never bought me anything i know i have to do something on my own:) today i was walking up the street and i saw a guy around 21 taking out an audi r8 v10 from the showroom and all the people and the girls(lol) where looking at it like ****, i am no good in studies infact this year i am gonna fail again in high school :(, i don't want a job i want to start my own buissness and become rich. i have 5k to start with forex trading. i know 90 percent of the people loose their money trading forex and yes i am aware that for being a sucessfull forex trader you have to have knowledge of atleast 2 years . i am gaining interest in this field and i would like to know that starting with 5k how much can you make( dont say you can loose all money i am aware of that) i just want to know how much can i make in a year if sucessful? your answers are appreciated please don't be rude
- Ed NargelLv 79 years agoFavorite Answer
The first thing that people who will be wealthy in the future learn is budgeting. This means delayed gratification. That means that the skills that would put you into being a successful forex trader, discipline and delayed gratification do not meld well with your desire for a Lamborghini. Your lack of study focus and ability also means you lack discipline. Since you can't master basic stuff at the high school level you will never master such nuance based issues as are present in the forex or stock market.
If you come from modest roots, you have to learn such skills if you ever hope to be wealthy. I know it is possible to go from noggin head idiot to successful millionaire, but it will take discipline. A skill you apparently lack and are unwilling to develop at this time .
Before you waste your seed corn on investments you might consider using a "simulated" portfolio on Yahoo finance where you can test your skills and measure your competence. The market will be choppy for the next 6 months...give it a try and see if you would have made money or lost your fortune.
- Ello GuvLv 79 years ago
Honestly no, the type of people that make 6 or 7 figure salaries in the city have masters degrees in economics from the top universities and work for hedge funds and investment banks, and even those have a tendency to lose a lot now and again. And that's the sort of salary your going to need to run a car like that.
That doesn't mean someone with very little education can not start a business that will make him/her a multi millionaire, most entrepreneurs aren't academically gifted.....but you are wasting your time in the financial markets.
- Anonymous9 years ago
Not going to happen, the people who actually strike it big in forex markets have years of experience in the stock market, and usually have lots of friends who they can get advice from when they need it (other stock market geniuses). If you want that car, you are going to have to work hard and relentlessly to get to that point, and start right now! You need to make it your life starting now, your old life is over, your old interests are over, money is your driving force, and time is your only asset, your only worthwhile pursuit. If you get distracted by the fancy cars and big houses, then it will never be more than a "pie in the sky" dream. Keep pursuing your dreams, and if you are determined to prove me wrong, then you will be the next rich fancy f**k driving an audi r8 v10, but I warn you now, it isn't easy, having a regular 9 to 5 job is far less demanding and far too simple, but it is what most people settle for. Do you want to play kiss *** with your boss from the start of your career until retirement, then have the rest of your life to realize how much time was wasted making someone else money, and how insignificant your decision making capabilities in your career were? Well it's going to happen, and more than likely between you and your friends, all of you will have jobs most of your life and suffer financially, I hate to be a jerk, but thats reality, its up to you to change it, do you want to fall under the statistics as another "average" person?
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- Anonymous9 years ago
well honestly alot of people can get a lambo but the thing is to mantain it....just for a new clutch its like 12,000.....be more interested in a house that a car that cost just as much
- wizjpLv 79 years ago
Be lucky to get a used Pinto
- Ted CLv 69 years ago
I trebled my stake in about 10 years - slow but steady. Trading is essentially gambling, so you should never spend more than you can afford to lose.