How?
“How?”
Buy low, sell high, I suppose.
But seriously - I know that this is stupid, but I had always found stock trading to be a lot like gambling and horse racing, vaguely immoral. I suppose, you are using your knowledge and skills to make money, but it somehow seems unproductive. Now that I am older, though...
How do you become a millionaire in the stock market? Start out a mulch-millionaire.
Early in her career, Hillary was allowed to order 10 Cattle Futures Contracts, normally a $12,000.00 investment in her first commodity trade back in 1978, although she only had $1000. in her account at the time.
Records show that over 10 months, she turned her investment into nearly $100,000.00 relying heavily on advice from her friend James B. Blair, an experienced futures trader.
Many consider this record of transactions and others, as evidence of Hillary doing purchases based on Insider Trading, which was illegal at the time, and may still be illegal.
Making large, leveraged, concentrated bets on things and winning, I guess. If he’s 17, he’s been trading, what 3 years?
I don’t begrudge people success, but if it’s too good to be true, usually is. Insider trading? Money laundering? Tho I would say lately considering Fed’s printing money like mad, all you had to do is BUY, and buy with leveraged instruments like options, and you make $$$.
I’ve been out of the game since 2010 after Frank-Dodd, but I ran a paper portfolio on a model I worked on about a year back, in 2013. Getting 20-1 leverage I could show almost 80% net over the 6 months that I tracked it, and primarily the gains were there because the market just keeps getting inflated by Fed.
But even that kind of return doesn’t get you from essentially 0 to 72M, over, say 4 years of high school. Not even close. It doesn’t get you to 72M if you started with $1M.
Guess I’m not that smart. That’s why I’m not eating the $400 caviar. Or perhaps that’s because I only do legal things.