Online trader goes from A-level failure to teenage millionaire

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

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 Mercedes AMG 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

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

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

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

read more from dailymail.....

PREV King Charles meets the ambassadors of Burundi and Moldova at Buckingham Palace ... trends now
NEXT In news vacuum, rumours and concern swirl over Catherine mogaznewsen