![]() Photograph: Mohammed Islamġ7-year-olds aren’t allowed to trade stocks. Here’s how smart traders knew something wasn’t right, even before Islam admitted the hoax. Islam was at it long before New York magazine discovered him, bragging to Business Insider in 2013 about his investing skill. Mohammed Islam, the 17-year-old Stuyvesant High School student who duped New York magazine into believing he made $72m, had none of these things. It requires a complicated infrastructure including a broker, enough money to invest, someone to lend on margin and, most of all, proof that you’re over 18. ![]() Trading, however, is not an easy business, particularly if you’re trying to make more than $1m. The practice of talking up one’s prowess, and never admitting fault, has even led to a Wall Street saying about letting yourself down easy for those stock ideas you missed: “you’re never wrong you’re just early.”Ī lot of these stories are by their nature unverifiable – the reason that some exacting traders on Twitter even started a hashtag, #timestamp, to show they were predicting the market before it actually moved. Told over beers or tweets, these stories are how traders bond. ![]() The same way fishermen compare the one that got away, stock traders compare the profits that just eluded them: if they’d only hung in on that Apple stock or sold IBM at its peak.
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