New York Magazine’s Jessica Pressler reports that Stuyvesant High School senior Mohammed “Mo” Islam is rumoured amongst his friends and classmates to have made $US72 million trading the stock market.
While having caviar and apple juice with his buddies, Islam admitted to Pressler that his net-worth is in the “high eight figures.” Later that day, he was going to meet a hedge funder who “basically wants to give us $US150 million.”
At only 17, Islam has already rented an apartment in New York, but his parents won’t let him stay there until he turns 18. He also bought a BMW even though he doesn’t have his licence yet.
We profiled Islam about a year ago as a member of our “20 under 20” in finance when we noticed a trend amongst teenagers trading the market.
Here’s what he told us then:
Location: New York, New York
Investing Style: My main markets now are Crude Oil futures and Gold futures and I trade small to mid-cap equities when the futures don’t present a good trade. I trade mainly based on volatility and volume. My strategy revolves around price-action trading and some macro.
Favourite Book: Reminiscences of A Stock Operator by Edwin Lefevre
Role Model: “I would have to say that Paul Tudor Jones is a really big inspiration to me because of his determination and talent. Mr. Jones’ personality and technique are what make him so successful and I aspire to become even 1% of the man he is. He went through obstacles, yet still came out on top.”
Major Accomplishment: “When I learned that I needed discipline, a strategy that had been back tested, and enough capital, I buckled down and made sure I didn’t make one more trade until I had done that. I traded using my plan and didn’t go astray and followed the cardinal rule of minimising losses and maximizing profits. This made me profitable and to this day I look upon that as a major goal I accomplished.”
Future Plans: My future plan consists of becoming a hedge fund manager. I plan to hopefully attend a finance-oriented college after graduating from Stuy and major in finance and economics. My main future plan is to continue trading, learn from the best, and hopefully be able to find a mentor who is a great trader.
Perhaps he’ll start a fund out of his college dorm room, too.
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