Jake Bernstein - Accidental Millionaire

There are countless success stories of traders, but as practice shows, all of these stories are connected to the early days of the stock exchange, with its vast trading floors and crowds of stock market players, where each new innovation became a huge breakthrough in the field.

Jake Berstein's personality belongs to a new modern era of stock trading, and everyone will likely recognize themselves in the story of his rise to traderhood. Don't believe me? Then read to the end.

Jake Bernstein was born in Bavaria in 1946. According to Jake's recollections, his family was very poor, had many children, and didn't even have their own home, but constantly rented housing, spending their last money.

At that time, everyone was actively moving to the United States, as it was there that many had opportunities. In 1968, the family first moved to Canada, and then straight to the United States.

It was in the United States that Jake Berstein's life changed dramatically, as it did for many immigrants at the time.

First acquaintance with the stock exchange

Jake Bernstein, already a fairly successful psychologist at the time, stumbled across an ad in an ordinary newspaper, where a brokerage firm was supposedly recruiting traders and promising huge earnings and growth prospects.

I think every other trader who's ever entered the forex market is familiar with such ads. Just think of TeleTrade, which still uses this method to lure clients. As a psychologist, Jake immediately recognized the ad as a decoy, but when he was in college, he was in a class with a young guy who worked at a brokerage firm and earned quite a decent salary.

With distrust, Jake dialed the ad's author's phone number and connected with a financial consultant. Of course, from the very first day, the brokerage company began pushing free training and forecasts, just so he'd open an account with at least the minimum amount.

Jake began actively listening to advice, testing their predictions in practice, and noticed that it really worked. After opening a small account, Jake completely abandoned any market analysis and began trading strictly according to his analyst's recommendations. And guess what happened? Many people who don't have a clear head lose money, but in Bernstein's case, the opposite happened, and he managed to amass a sizable fortune in a short time.

The end of luck. The beginning of a new path

In an interview, Jake Bernstein smiles as he explains how he quickly became rich and just as quickly went bankrupt. A series of successful trades was followed by a losing streak, and Jake completely wiped out his entire capital.

Many people would probably have given up, but Jake began actively studying the literature and independently analyzing his bad trades. As a psychologist, he realized that no one can be good at all aspects of analysis, so he focused his training solely on technical analysis and became a true master of his craft.

Having mastered technical analysis, Jake Bernstein began developing his own trading strategies for futures markets, based on market cycles. The extensive development and testing paid off, and Bernstein eventually developed a truly profitable and ready-made algorithm.

Unfortunately, due to bankruptcy, he was unable to implement 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 firms, and using them as a basis for paid training.

Over time, his wealth of knowledge and experience becomes so vast that Jake begins actively writing books, earning a substantial million-dollar capital while simultaneously trading independently.

In 1972, Jake began publishing his own newsletter, the MBH Weekly Futures Trading Letter, which continues to this day. It's also worth noting that Jake became an excellent speaker and trainer, conducting hundreds of classes across the United States.

He later served as president of MBH Commodity Advisors and was an advisor to many hedge funds.

In conclusion, I would like to note that Jake Bernstein made a huge contribution to the history of trading development, as he published more than 20 books on technical analysis and about 40 different studies based on technical analysis and psychology.