A teenager who failed his A-Levels has become a millionaire after learning how to trade foreign currencies on YouTube – and investing money he’d saved from his Saturday job.
Dan Legg, 19, faced an uncertain future after he flunked his exams in the summer of 2017 but now flies on private jets, owns two houses as well as several luxury watches, and pays his parents a salary so they don’t have to work.
The online trader from Cheddar, Somerset, says he built his fortune by trading on a foreign exchange (Forex) market using an app on his phone, and has become such an expert that he charges up to £1,000 for people to learn his tips.
Dan Legg faced an uncertain future after he flunked his exams in the summer of 2017 but now says he enjoys a luxury lifestyle thanks to Forex trading. He’s seen next to a private jet
He says he started out with a £500 investment – made from savings from working in a Thai restaurant and helping out in his parents’ cafe.
Despite saying he is restrained in his spending, Mr Legg frequently posts snaps from his luxurious lifestyle of private jets, lobster and fast cars on Instagram and has more than 26,000 followers. He owns a Range Rover costing around £80,000.
He said: ‘I work hard so I can spend my money on what I like. My parents instilled a great work ethic in me and I’m grateful for everything they gave me.
‘I wouldn’t want to go and work for a bank because I like to be able to work when I want from where I want.’
Mr Legg comes from humble beginnings in rural Somerset where his parents ran an ice cream parlour near to the world-famous Cheddar Gorge.
‘My parents owned a little a cafe in Cheddar Gorge,’ he said. ‘They gave me everything I needed but were never well off.
Mr Legg – pictured enjoying a meal on holiday – started out with a £500 investment – made from savings from working in a Thai restaurant and helping out in his parents’ cafe
Despite saying he is restrained in his spending, Mr Legg frequently posts snaps from his luxurious lifestyle on Instagram
Mr Legg with his proud parents, Sandra and Kevin, who he says receive a monthly salary paid by him
‘When I was young I worked at the cafe for them. I also worked in a Thai restaurant while I was at college too to earn a bit of extra money.’
In May 2018, Mr Legg persuaded his parents, Sandra, 55, and Kevin, 60, to sell their cafe and now claims to pay them an annual salary of £2,000 a month.
Sandra said: ‘He’s a very driven young man. He works very hard.
What is Forex and how does the market work?
Forex, or foreign exchange, sees traders across the world buy and sell currencies between each other.
Just like a holidaymaker would transfer their home currency into the one used at their destination, companies and central banks need to transfer huge amounts of money across borders to buy products or services.
This is the practical use of foreign exchange, but most transactions are done by traders looking to make a profit.
The amount of currency traded each day makes the price of each one very volatile, so traders look to buy one when it is cheap and sell when the price rises.
However, Forex trading is very risky, and no amount of skill or expertise can guarantee a profit.
‘We worked hard so we could do nice things with him. He’s kind and just wants to make us happy.
‘At first when we sold the cafe I thought ‘I need to do something’ but he was determined to pay us back for the hard work we put in and the opportunities we gave him.
‘He’s always been entrepreneurial. I’m incredibly proud, as long as he’s happy I’m happy.’
Mr Legg, who is currently single, said that he first began trading in August 2017 when he turned 18.
‘I became interested in online trading that summer,’ he said. ‘As soon as I turned 18 my friends and I got into it and started learning through YouTube.
‘I started out with £500 I’d saved up from working in a Thai restaurant. I quickly lost it but soon started learning how trading Forex worked.
‘I did A-levels and failed all of them apart from one. I went to college to do a business course, purely because I didn’t have any other options. All the while, I was trading and trying to learn how to do things.’
Mr Legg was accepted into the Navy but spent much of a week-long induction on his bed trading.
‘I realised it wasn’t for me that week and I wanted to do my own thing,’ he said. ‘My parents went nuts and said the trading wouldn’t work out but it’s worked out in the end.’
Mr Legg was accepted into the Navy but spent much of a week-long induction on his bed trading and quickly gave it up
Two luxury cars pictured on Mr Legg’s Instagram account, which has more than 26,000 followers
A private jet parked next to a Land Rover in one of the many luxury snaps Mr Legg has shared
Mr Legg said that despite some initial losses, his first big Forex success was a single trade in which he made £15,000.
‘I started trading myself and did OK,’ he said. ‘My mates started doing it and I started teaching them. They said I should start teaching people and set my own business up.’
Mr Legg uses a Forex trading app on his phone meaning he can work from wherever and whenever he wants.
Mr Legg and a friend sitting on a private jet
He’s set up TeamFX which charges £300 for a basic course in Forex trading and £1,000 for his advanced course.
The market – in which traders aim to make a profit from the changing prices of various foreign currencies – is notoriously risky.
Mr Legg has had thousands of clients and claims to rake in five to six figures a month from his trading and coaching wannabe Forex traders.
The online trader says to have now built a considerable fortune and says he owns two properties and is looking to make more long-term investments as he thinks of the future.
‘It depends on the month, some trading months I might earn more from the courses but it depends, it can be different each month,’ he said.
‘I’m worth between one and two million but I don’t actually know for sure, my accountant deals with that.
‘I’ve got two houses, one of them a buy to let and also rent two houses for Airbnb. I’ve only just started in the last few months and it’s going really well.’
The pair before they boarded the jet – which has been pictured numerous times on the Instagram account
Mr Legg on a water-propelled hoverboard (left) and sitting inside a luxury car on a holiday
Despite the sports cars and global jetsetting, Mr Legg said that his life isn’t all champagne and lobster.
‘It’s been hard graft and I’ve made a lot of mistakes along the way,’ he said.
‘There’s been a lot of stress and a lot of hard work. I’ve had to teach myself how to trade and market my course.’
The online trading wizard says his main piece of advice to any wannabe Forex trader is to keep a cool head.
‘The main part is your emotions,’ he said. ‘You can’t get upset if you lose money because you’ll try and trade it back and it becomes gambling.
‘You’ve got to know when to cut your losses. You don’t need to trade every day, just when the right one comes up.’
Despite the sports cars and global jetsetting, Mr Legg said that his life isn’t all champagne and lobster. ‘It’s been hard graft along the way,’ he said
