Jake Bernstein - Accidental Millionaire
There are a very large number of success stories of traders, but as practice shows, all these stories
are connected with the birth of the exchange, with huge halls and crowds of exchange players, where each new innovation simply became a huge breakthrough in this area.
The personality of Jake Berstein already belongs to the new modern era of the development of stock trading, and in the history of his becoming a trader, probably every second person will see himself. Don't believe me? Then read to the end.
Jake Bernstein was born in Bavaria in 1946. According to Jake’s recollections, the family was very poor, had many children and, in addition, did not even have their own home, but constantly rented housing, while spending the last of their money.
At that time, everyone was actively moving to the states, because it was in the USA that prospects opened up for many. In 1968, the seed first moved to Canada and then directly to the USA.
First acquaintance with the stock exchange
Jake Bernstein, already at that time a fairly successful psychologist, accidentally came across an advertisement in an ordinary newspaper, where supposedly a brokerage firm was recruiting traders and promising simply huge earnings and growth prospects.
I think every second trader who came to the Forex exchange is familiar with such advertisements; one only has to remember the Teletrade company, which lures clients in this way even today. Jake, as a psychologist, immediately saw this ad as a decoy, but when he was in college, there was a young guy with him who worked in one of the brokerage companies and earned quite a lot of money.
In disbelief, Jake dialed the phone number of the ad's author and ended up with a financial advisor. Of course, from the very first days the brokerage company began to push with its free training and forecasts, if only he opened an account for at least the minimum amount.
Jake began to actively listen to advice, test their predictions in practice, and noticed that it really worked. Having opened a small account, Jake completely abandons any market analysis and begins to strictly trade according to the recommendations of his analyst. And what do you think happened? Many who do not have their own heads lose money, but in the case of Bernstein, everything turned out the other way around, and in a short time he managed to amass decent capital.
End of luck. The beginning of a new journey
In an interview, Jake Bernstein says with a smile that just as quickly as he became rich, he became bankrupt at the same speed. After a series of successful trades, a black streak came into trading, and Jake completely destroyed all his successfully traded capital.
Probably, many people would give up, but Jake begins an active study of literature and conducts an independent analysis of erroneous transactions. So, being a psychologist, he consciously understood that a person cannot be good in all areas of analysis, therefore in his training he focuses only on technical analysis and becomes simply a master of his craft.
Having mastered technical analysis, Jake Bernstein began developing his own trading strategies for the futures markets, which were based on the cyclical nature of the market. Long-term development and testing were not in vain; as a result, Bernstein had a truly profitable and ready-made algorithm in his hands.
Unfortunately, due to bankruptcy, he did not have the opportunity to realize his ideas. Many would have gone to the bank and borrowed money, but Jake Bernstein took a completely different path. He began actively selling his developments to various private traders and brokerage companies and conducting paid training based on them.
Over time, the store of knowledge and experience becomes so great that Jake begins to actively write books, while earning a solid million-dollar capital, while at the same time trading on his own.
Since 1972, Jake began publishing his newsletter called MVN Weekly Futures Trading Letter, which is issued to this day. It is also worth noting that Jake is becoming an excellent speaker and trainer, teaching hundreds of classes throughout the states.
He then served as President of MBH Commodity Advisors and was a consultant to many hedge funds.
In conclusion, I would like to note that Jake Bernstein made a huge contribution to the history of the development of trading, since he published more than 20 books on technical analysis and about 40 different studies based on technical analysis and psychology.