Q:Is it possible to become a millionaire trading CFDs?
I mean I know you can’t give advice but I’m about facts here – I’m of course aware of the famous Vince Stanzione, Simon Cawkwell and George Soros but are there anymore? I also routinely hear about big losers who have lost tens of millions, there must be some winners apart from self-promoters? Can you tell me more? [I stress that I’m not asking for advice]A: Most CFD brokers would shy away from responding to these kind of questions due to legal liability. However, contracts for difference are just another way of trading on the stock market so large profits are always possible. Of course one can also make large losses.
I’d suggest you read the book Market Wizards. There’s lots of stories of people who have made huge successes on the markets, and you’ll find they all exhibit similar traits. People who lose large amounts of money also tend to have similar traits- lack of self control, emotional, no discipline, etc…
That is not to say that it is necessarily easy. However your question is quite general. Because it obviously also depends on many factors such as how much the person starts with!! The more you start with the more likely you will make a million of course. If someone starts off with £900,000 in their account, it will be easier to become a millionaire than it would be for someone who starts off with say £500 in their account.
I do know traders who make fantastic returns so becoming a millionaire trading contracts for difference is indeed possible, however it depends on many factors. Focus on the right things, such as education and risk management, to make your trading a sustainable journey.