Everyone is curious about Forex and how people got rich there. They usually think it was an easy thing and a matter of luck. As soon as you start searching and reading about some of the richest forex traders ever, you quickly realize that isn’t the case.
Forex traders consider many things: a solid strategy, the right time to act, following what’s happening politically and economically, and how it affects the foreign exchange market. You have to be brave, and yes, luck is needed but just a bit. You can’t rely on it. It’s a matter of knowledge, tactics, and having the guts to act when required.
Top Forex Traders in the world:
George Soros went to the London School of Economics 70 years ago to continue to work with Singer & Friedlander, a prominent bank. He switched his workplace quite a lot throughout the years until he finally founded his own company in 1969 – The Soros Fund Management. Concentrating solely on hedge funds management, he made $40 billion. No longer after, expanded his business through opening the Quantum Fund in 1970, and that’s how his forex journey began.
Keep in mind that when he “broke the English bank” and became the most famous Forex trader was 22 years later, after lots of experimenting with buying, selling, and gathering information. Only after years of analyzing, he could figure out that he could short-sell 10 billion GBP in only one day. Why the expression “broke the bank of England”? Because the bank had to withdraw the currency entirely. That is not a small thing to achieve.
Andrew Krieger also started small. After his graduations, he worked for a few companies, but he achieved his most tremendous success while working at the Bankers Trust company. He was such a good businessman that the company went from a boost from $50 million to $700 million of the trading capital limit! This is when his fame comes into play.
On October 19th, 1987, the financial market started to collapse, together with Forex. There was one thing everyone overlooked – the New Zealand Dollar. It was overvalued, and Krieger took that opportunity to start selling it short. He earned a staggering 300 million dollars, but he left the Bankers to trust a year later because they gave him only a 3 million dollar bonus after making 100 times more for them. He is still one of the best Forex traders ever.
Bruce Kovner is a man who found the market exciting and gave it a chance. He bought soybean stocks, and that brought him $23000 at the time. Later, he learned he could’ve gotten forty thousand if he knew when to pull out. That’s when he dove into the stock market world and started to learn a lot about risk management and money management in general.
He worked for Commodities Corporation for a few years and then started his own company called Caxton Corporation. Their main focus was on Forex, and he was able to make around $14 billion. That brought him fame and the status of one of the best Forex traders.
Paul Tudor Jones
If you’ve seen the movie “The Trader” it’s about this guy here. Paul Tudor Jones started small, but he was cunning enough to make a significant risk: on Black Monday, he put a lot of capital against a large currency. You can guess they did short-selling from the previous stories but with Yen and earned a 15% return. This gave him a stunning reputation and a hefty bonus.
Urs Schwarzenbach is not a famous trader, but that doesn’t mean he’s not successful. That’s why he’s on our list. Born in Switzerland when he was only 24 years old, he succeeded in turning 1000 CHF into his first million. He borrowed the money from his dad so that he could execute the trade on Forex. Today, he’s trading privately, with his own money, saying he can’t take significant risks if it’s other people’s money involved. He is both careful and a huge risk-taker. He is not that famous simply because he doesn’t want to be. Despite that, he’s proof you can be a respectful trader and earn money by being smart and dedicated.
Michael Steinhardt holds an absolute record in the industry by 24% of compound growth without interruption for 28 years in the market. That gives him legendary status. He started from the stock market, shifted to Forex, and only continued to build up his immaculate portfolio. No wonder people admire him, and if you dig a bit deeper, you will also be fascinated by this man.
Some people succeeded in the forex industry by having a bit of luck, but the fact remains they all had to experiment and learn from both their rise and fall. If it seems to you from their stories like they got rich overnight, read once again because they had to eventually go through a lot to be where they are today. They are top forex traders because they were brave and smart at the same time. Most importantly, they were persistent and confident they can turn any situation into something better.