Has anyone turned 5 figures into 7-8 in a few years?

[Overnight]

I have - this was how it happened -had an appetite for risk, a vision of cell phones having a future before they became...

Heh, here's Mr. Gumby carrying the cell-phone predecessor, thinking about the future.

 

[ajacobson]

When I worked at CBOE - Schwab sent us one of their customers for a floor event. He was trading long synthetics and short puts on tech and telecom. He turned about $75,000 in to a little over $20 million and got out before the tech wreck.
In my experience trends have created lots of wealth. Knowing when to leave is the hardest part.

 

[Pekelo]

We all know one. This website's owner...

 

[Bobbybax]

I have a friend who over the last 20 year has turned 100k into $20 M three times lol. Now he has the bulk of his assets in real estate and trades with maybe $5 M.

 

[iamnewuser911]

I have a friend who over the last 20 year has turned 100k into $20 M three times lol. Now he has the bulk of his assets in real estate and trades with maybe $5 M.

3 times?! Did he lose it all twice?

 

[Hoi]

Or know someone who did, not talking about 1-2 years, maybe 5-10. Just curious, no need to say things like focus on yourself, why does it matter etc. Let's just talk

I know a lot of them, as well quite a number which will do just that in the coming years. All holders (not traders) in the crypto currency space.
But it's not easy, you have to study a lot and have balls of steel.

 

[Pekelo]

All holders
........you have to study a lot and have balls of steel.

I disagree with the study a lot part. Agree with the balls of steel and holding. Those 2 are the real money makers. Patience to hold it while it goes your way and balls to push your advantage when it provides itself.

 

[schweiz]

this is a stupid thread:

• those who made it will never post it
• and if they would post it nobody would believe it

this can only end in a catfight between believers and bashers.

the fact that there are quite a few traders who made it and none of them post here tells what the average profile of ET members is...

 

[schweiz]

I disagree with the study a lot part. Agree with the balls of steel and holding. Those 2 are the real money makers. Patience to hold it while it goes your way and balls to push your advantage when it provides itself.

if you don't study enough you need balls of steel.

if you do study enough, you don't need balls of steel as you will have knowledge. knowledge is better than balls of steel.

and as most don't study enough, they don't understand this as they never understand the difference of: with or without knowledge.

a lot of traders tried the balls of steel theory: they stayed in a trade till they got wiped out. but at least they proved they had balls of steel.

 

[Pekelo]

if you do study enough, you don't need balls of steel as you will have knowledge.

First, you don't need to study a lot because certain strategies are available for free. You just have to stick to them.

Second, if you don't dare to put on a big enough positions (aka having balls) when you have an advantage your returns will never take you to the 100 times returns, as the OP asked. Sure you might make decent profits, but for huge returns you also need huge balls.