I want to know in your opinion if spread betting can make you a millionaire quickly as I heard that in a week, from a book, the naked trader, someione turned their £9,000 into £220,000. What do you say here like? Please answer to earn 5 star best answer. Thanks.
you can certainly make huge amounts margin trading in a short-time period but it is definitely not risk-free and it cuts both ways. Turning 9k into 220k equates to over 24 times their initial fund.
9 double -> 18k
18 double -> 36k
36 double -> 72k
72 double -> 144k
144 double -> 288k
this implies that to turn £9,000 into £220,000 would imply taking huge risks and you will more than likely end up wiped out. Sure there are stories of Soros having bet some $10 billion (i think) and made $2 billion shorting the pound in 1992 but how many Soros are there?