Michael Marcus
Do you know the taste of defeat? Do you know what it's like to fall to your knees and rise again? What does it mean to push
through and achieve your success?
Can you perhaps imagine what it would be like for a trader to lose tens of thousands of dollars?
Everyone is familiar with these phrases, but for some reason, the vast majority, having ever found themselves at rock bottom or suffered their first serious losses, begin to forget about their dream of becoming a trader.
It doesn't matter whether it's trading or business; in any field of activity there are ups and downs, and only strong people are able to achieve their own goals.
Michael Marcus is one of the world's most famous traders, having managed to turn $30,000 into $80 million and earning a place in history as one of the most unique traders in the world. While $80 million isn't exactly a surprise these days, especially compared to figures like Soros and Buffett, the ups and downs of Michael Marcus's career can be a powerful lesson for those who have almost given up on their strategy.
Michael Marcus first encountered the world of stock trading while still a student at Johns Hopkins University. After graduating with honors, he received a scholarship to write his dissertation, opening the door to a career in teaching. However, he was faced with severe financial difficulties, and a student named John came along who promised him financial independence and quick money in the commodities market.
I don't know what Michael was thinking then, but he entrusted his entire stipend to John and went with him to the commodities exchange. As often happens in life, John turned out to be a simple smart aleck, but he was completely removed from the real world of trading. When they arrived at the trading floor, Michael saw a board with numbers and quotes that could only be seen through binoculars among the crowd.
One of the crowd members shouted, "Let's buy soybean flour," and everyone, like a herd, including he and John, ran to buy soybeans. However, after a couple of minutes, the quotes began to fall sharply, and in one minute he lost $200.
Recovering from their initial failure, he and his partner decided to buy some corn, but this too was met with failure, resulting in the loss of a quarter of his capital. They also attempted to buy wheat, but here, too, a large sum was lost within three days.
The scholarship for his research paper was dwindling, and when half the funds remained, John suggested gambling on futures , deciding to buy contracts now and bet on a decline in future deliveries. Of course, Michael was gullible, and he ended up losing his last money. This last episode led to a rift between Michael and his so-called financial advisor.
Second chance.
If most beginners at that time had suffered such crushing losses, they would likely have given up, but not Michael. He began actively studying the literature and embarked on independent trading. His trades began to fluctuate between profits and losses, but his $3,000 insurance began to gradually dwindle after his father's death.
However, one day his predictions about soybeans come true, and Michael Marcus earns $30,000 in just one summer. After seeing news of locusts swarming the fields, Michael decided to buy corn with all his money, but after making that bet, he lost every penny.
After suffering a series of crushing losses, Michael Marcus takes a job as a consultant analyst at Reynolds Securities, where he begins trading illegally, despite company prohibitions. Borrowing money from his mother and a friend, he experiences his first taste of victory, turning $700 into $12,000.
Having conducted active trading and accumulated a solid capital, he entered the cotton exchange, and then actively tried his hand at the foreign exchange market.
The streak of success in his life became his reward for many years of failure, and by the end of his career he had amassed a fortune of over 80 million dollars.
Perhaps you see yourself in Michael Marcus's story of failure, so his example should motivate you to never give up!
