Michael Marcus: how the road to success began
Michael Marcus is an example of a successful trader, who through ups and downs, huge profits and losses were able to earn a capital of $80 million.
He was born in 1956 into an ordinary middle-class family. Marcus had never dreamed of being a millionaire, much less thought about the financial market. It all turned out rather by accident. Michael graduated from Hopkins University and received a scholarship to Clark University, where he was going to write his thesis on psychology. In the future, the young man planned to become a teacher.
However, everything changed when his buddy offered to invest in one enterprise, in order to get back the double amount later. Despite the fact that everything was extremely similar to a gamble, Michael decided to try. Marcus gave his friend a thousand dollars, and together the young men went to Reynolds Securities. They decided to try their hand at the commodities exchange, where they bought soybeans and corn. However, the money manager was also a novice at Reynolds Securities, and after a few unsuccessful trades, Marcus lost about $500.
But Michael became interested in trading, and abandoning the services of his friend and the company, he decided to act on his own. He tried various strategies but failed to make a profit. The last chance was 3 thousand dollars, which Markus received as insurance after his father’s death. In this case, the novice trader took his time, he began to study the peculiarities of the stock exchange, and read the works of financiers. His diligence paid off, and his first deal to buy wheat turned out to be successful. Since then Marcus made a profit, though not much.
In 1970 the young man bought corn contracts. At that time there was a low crop, and this move brought him a large sum. Thanks to the subsequent transactions, Michael at that time managed to earn $30,000.
The young man became so involved with the financial market that he dropped out of graduate school and moved to New York. In 1971 he borrowed $20,000 and invested a total of $50,000 in wheat and corn contracts. However, the strategy didn’t work, and Michael was left with only $10,000. This failure made him realize that he shouldn’t invest all of his money in one type of asset. Then Marcus took a job as an analyst at a company.
Michael was prompted to start trading again by the creation of a program for the exchange. The trader got interested in the software, studied all its possibilities, and finally started succeeding. In 1972, he managed to earn $12,000 on the purchase of plywood, and since then his career has sharply gone up as well as his capital.