Reluctant to remain in Hungary until either the Nazis or the Soviet Union took over, he fled in June 1943 at the age of 23 with a forged exit visa and fifty pounds sterling to Istanbul, Turkey.
Market moves of that size have only happened seven times since 1950, according to Yahoo Finance weekly S&P 500 prices.
He would use cables and telegrams to send his buy and sell stop orders to his broker in New York City.
From now on Darvas would select a stock when it made a good advance on strong volume, with favourable fundamental company research.
[4] Darvas claimed his method often revealed the signs of insider trading before a company's release of favourable news to the public.
At the age of 39, after accumulating his fortune and also being exposed in Time magazine,[6] Darvas documented his actions in the book, How I Made 2,000,000 in the Stock Market.
In his third book, he wrote "Later, I went on to explore and become successful in other fields, the fashion industry, theatrical producing, real estate are just a few".
[9] Time magazine subsequently reported that the New York Attorney General had "thrown the book" at Darvas, charging that his story was "unqualifiedly false" and that it could find "ascertainable" profits of only $216,000.
[10] The action was the first to be taken under a broadened state law that banned fraud or misrepresentation in giving investment advice.
In a follow up, dated January 13, 1961, Time reported that the probe was blocked by the court, which ruled that the investigation by Attorney General Louis J. Lefkowitz was an "unwarranted invasion of the free press".
Time also reported that state investigators admitted that they had not been able to track down all of the dancer's brokerage accounts.
[citation needed] Darvas called the charges false, a "cynically irresponsible action, book burning by publicity".