Turning $10 Into a Fortune: Daily Doubling Strategy
Last Updated on 23 July, 2024 by Abrahamtolle
Have you ever thought the $10 in your pocket was sufficient to make a fortune?
Yes, you heard it right!
I can imagine you saying this is a white lie! People like me just live in hypothetical situations that never become real. Let me clarify that this is neither a magic trick nor am I inclined to be sarcastic. If you have the spark to make your fortune, a little amount like $10 can do wonders for you.
You are eager to know how it is possible. Let me tell you, nothing in the world is impossible as long as you are determined and consistent. So, without wasting your time, let’s discuss how you can make a fortune with a mere $10.
Does $10 turn into a fortune?
Why not? Let’s look into the real situation. If a shopkeeper buys a product for $10 from the wholesale market and sells the product for $15 to a customer, he has made a 50% profit. If he can make it half-double in a realistic approach, can you not take this amount twice?
It works as a complete process
Who am I to sit in front of my system and declare my amount will double every day until you want it to be?
So, make it clear that you can achieve this through a proper procedure in a disciplined way and surely through a proper channel. Like every other thing in this world, the money-doubling thing also works as a proper process. It means you will only be rich with knowing about this process and making moves.
The process that can double your money daily is known as compounding interest and is very popular among those who want to change their future for a better one.
The compounding interest is the interest that a person gets for the already earned interest. Yes, you heard that correctly! Not only can you get the interest on your investment, but your interest will bring more interest behind it. Nobody has told you that your money has magnetic power, which will attract some other amount to make your account bigger!
As a matter of fact, it’s the interest on the interest that makes you rich – only you wait long enough. Warren Buffett has more or less made all his money after he turned 50, and this is the reason!
What is the difference between Simple and Compound Interest?
Normally, people are familiar with the interest that comes to them for their invested money. They invest their money for a certain period and get the interest according to the interest rate. In the case of compound interest, people get interested not only in their capital but in the achieved interest, too. That’s why it is named compound interest, as we all know the word compound.
What is your preference now? The single interest that leads you to tiny profits or this heavenly combination of profits that will take you to your good times faster?
Classification of Compound interests
Your compounded interest depends on the duration for which you calculate it. Depending on these time spans, we can classify the compounded interest.
Yearly compounding:
When you set the duration of one year to get your compound interest, it will be the annual type of compounding, which means you will get the compound interest only once, and that is after a whole year.
Half-year compounding:
When you decide you will get your accumulated interest after every six months, this means you are choosing a semi-annual type for compounding your interest.
Quarterly Compounding:
This type of compounding allows you to get the compounded interest four times a year. It means you can get your compound profit after every three months.
Daily Compounding:
This is the type of compounding that brings you the profit in the fastest manner. You can invest daily and can get your profit daily.
Let’s do it practically
Suppose you have invested $10 in your forex trading account. You have done a trade and tried to multiply your capital by 2. It went in your favor, and you got $20 the next day. You again invested your $20, and the next day, you got $40, which means you doubled your actual investment and your interest.
Can you make a rough estimate of the compound interest you will get after 30 days? You get your first million on the eighteenth day.
Yes, it is more than you think about it!
Which businesses will help you to double your money?
The very next question that will swap across your mind is which business has that much power to double your money daily. There are different ways to double your money. You can invest it in some business, can make it double through real estate, or can trade your money to make double the profit. But you can’t double it up daily.
Forex and trading strategies – your compounded interest
You have seen what compounded interest is and how it works. Now, if we discuss trading, it is all about making money. It can generate compounded interest for you faster than any other business, but it’s very difficult. There are different types of trading, and each type has the potential to double your money every single day. The advantage with trading is that it’s a scalable success.
But don’t fool yourself. Scalable business means that most who try fail. And this applies to trading as well. If you dream of getting rich quickly, we believe you are better off getting rid of that dream. Be realistic.
Bottom line
So next time you hear someone saying he is involved in forex trading and doubling his $10 there, don’t take it as a lie or an imaginary sta. Gather the courage and jump into it to make compound interest and your future.
