He claims that he turned $1600 into $1,700,000 in 5 months trading gold and silver. Is this guy legit, if so he trashed dan zangers world record yearly percent change.
anyone can post a video today saying they turned $1600 into $1.7 million, there is nothing in that video to make anyone believe that story......
Complete and utter bullshit. Making 1000 times his money in less than half a year? Just look at the more volatile silver. If he caught the exact low in January 2011, then sold at the exact top in April, 2011, he would have made a non-leveraged less than 100%. Even if he was able to go 10:1 leverage, that's still < 1,000%, or 10 times his money, not 1000 times his money. For the video he probably borrowed someone's Porsche and printed, then framed a fake statement to put on his wall. Read Market Wizards. Michael Marcus became one of the world's top traders by making after tax 120%/yr for about 10 years. Richard Dennis made 116% after tax from 1970 to 1987 ($400 to $200 million), or 46%/yr after tax from 1974 to 1987 going from $1m to $200m, then losing a good chunk of his money when the markets didn't trend very well. Gary Bielfeldt made about 38%/yr after tax for 23 years (before wiping out in the late 1980s and early 1990s when the bond market got choppy). http://www.forbes.com/forbes/2003/1027/108.html "...in the late 1980s Gary’s business soured. He incurred $172 million in capital losses."
Possible but highly unlikely...Daytrading Gold margin at futures brokerages is 1000 dollars minimum....But, in the beginning, if Mr. Man carefully placed trades off of 60 minute charts and picked days where volatility was high, it can be done
"Andy was a civil engineer turned trader who went on to become one of Mike Ser’s top performing traders. He began his trading career in 2006 when he attended a stock trading program taught by Mike. Having no prior knowledge or experience with the financial markets, he became fascinated about the possibilities in building wealth through trading. Like many traders who start out in trading, he failed miserably in his first year and lost money. However, he didn’t give up and continued to work closely with Mike to improve his trading skills. What was uncovered was his inability to trade the markets well in the mornings due to his inflexibility of his full-time job and therefore, he had to find another instrument to trade. In 2008, he decided to focus exclusively on the Gold and Silver market and learn as much about it as possible. He liked the idea that he could trade part time, and the Gold/Silver market was open 24 hours a day. Over the next few years, Andy’s trading improved dramatically and he became a consistently profitable trader. However, the big breakthrough of his trading career so far was in 2011. That year, he started with $1,600 in his trading account and subsequently, turned it into $1.7 Million. With this success, in 2012 Andy joined forces with Mike to share his knowledge of the Gold and Silver market to the community. In his personal time, Andy loves cars and can be seen busy building his dream car collection."
Is his results audited? Remember the high schooler from Queens who supposedly made tons of $ between classes.... Guys/ gals claiming astronomic returns are dime a dozen.
It would be interesting to see how far ET traders could go with 1700 dollars trading Gold...That would be a joyous contest
I don't know about whether the guy did it but it is possible, highly unlikely but possible. My broker gives 500:1 Leverage all he would have to do is lever up 100x and catch 5 3% moves it could be done within a couple of weeks depending on how gold is moving