Meet 5 of the Richest Traders in the World
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You may already know that the foreign exchange market, also known as forex, is where currencies are being traded on a daily basis by people from all corners of the world.
The forex market is widely considered as the most thrilling financial market due to the fact that transactions for over $5 trillion are being operated each and every day.
Considering the volume and size of the forex market, no wonder it keeps attracting and welcoming new traders who are interested in mastering it and earning extra profits.
Plenty of online forex trading platforms have been emerging for the past years, making it possible for not just huge financial institutions and businessmen but also everyday people to enter the market and easily start trading.
Furthermore, due to the enormous amount of information on how to learn to trade, as well as the many success stories available online, more and more people are inspired to invest time and resources into learning how to efficiently trade and eventually make big profits, just like famous traders out there.
Ultimately, it doesn’t matter if you are completely new to trading forex or already had a few seasons of trading behind your back - all traders share one key goal - to become successful in the forex market and eventually see themselves among the top forex traders in the world.
Before dreaming that big, though, let’s kick things off by giving you a little bit of inspiration and motivation. This article will explore the beginnings and success stories of some of the richest people in finance, hoping to bring out the hungry inner trader in you, ready to follow their path.
There are some wealthy traders who became professionals and left a significant mark on the history books of trading. Therefore, we at Trading Education, decided to tell you their stories, even though most of the Forex traders, especially the successful ones, decide to stay in the shadows and away from the attention of the media.
We handpicked some of the greatest ones, though there surely are plenty of other rich and successful traders to talk about.
We also want to remind everyone that with our free Trading Education course, you can start writing your own success story. We want to make sure there are more well-educated and profitable traders, that’s why thanks to our partners, we are able to provide a high-quality trading education course, absolutely free of charge.
Take a look at our “The Ultimate Guide to Forex Trading” course and apply while we still have open positions.
So, who are those 5 rich traders and how did they get to this point? Let’s take a look at our list:
We simply have to start our list with none other than George Soros.
From well-established traders to beginner traders, we are sure that almost everyone knows the story of the man who broke the Bank of England. How did he reach that point and what happened afterwards? Let’s talk more about it...
George Soros is a famous hedge fund tycoon who gained recognition after managing client money in New York from 1969 to 2011. In 1973 he set up his own hedge fund which eventually became the Quantum Fund.
The turning point of his career, however, happened in 1992, when he bet against the British Pound and reportedly made the enormous fortune of $1 Billion. He became known as the man who broke the Bank of England and will also go down in history as the first person who earned that much money in a single day.
He is a founding member of Soros Fund Management, LLC - a firm that manages hedge funds. Since its opening, the company has managed to generate around $40 billion in earnings. Not just that but he also founded Quantum Fund and the Central and Eastern Europe-focused Open Society Foundations, making over $14 billion in grants. Since 1984, Soros has guided his foundation towards supporting people and various organisations around the world, fighting for equality, freedom of speech and more. In 2017, Soros himself donated $18 billion of his fortune to fund the foundation’s future projects.
He is heavily involved with philanthropy and is trying to make the world a better place by sharing his fortune and success with as many people as possible.
Not just that but his thoughts and views on trading, investing and economics have been followed by many traders from across the world.
Don’t think for a second that everything was handed to him on a silver plate. Soros was born in Hungary but his family had to go into hiding to avoid deportation to a Nazi concentration camp.
He left the country at the age of 17 to pursue his goals and dreams. He put himself through the London School of Economics working as a railway porter and a nightclub waiter. This only proves that if you have a goal in mind, absolutely nothing can stop you. Everything is possible and it truly doesn’t matter where you come from and what is your background. You make your own destiny!
Now, let’s talk about another reputable figure in the investing world - Carl Icahn. Throughout the history of Wall Street, we have seen many investors and brokers but how many of them have gone on to become truly successful? Carl Icahn is one of those few. He is famous for his wisdom and intelligence when it comes to investing and is often compared to Warren Buffet (some may even say that he is even smarter).
Carl Icahn was born in New York in a family of teachers. He was a typical street-smart New Yorker. He was close to his uncle - M. Elliot Schnall, who eventually helped him buy a seat on the New York Stock Exchange by loaning him $400,000. The rest is history.
In the mid-80s, Carl Icahn also purchased Trans World Airlines (TWA), which became one of his most turbulent investments when the company filed for bankruptcy in 1992 and emerged from it a year later.
With his holding company, the Icahn Enterprises, Carl invested in a lot of both international and U.S. companies, including Apple, Netflix, Time Warner, Revlon, Viacom, Motorola and others.
His smart investments are what made him one of the richest men in the world with a net worth of over $17 billion.
His investing strategies have always been fascinating to traders and investors. Icahn became famous for not being afraid of taking risks and for his impeccable judgments when it comes to investment opportunities. It seems like things always work out for him, as some sort of a miracle. Is it a miracle, though? Or is it just a result of being in the game for so long that you know potential when you see it.
The strategies that made Carl Icahn one of the richest traders in the world are often referred to as quite active and even aggressive. His status as an active investor and by utilising his ownership position, he made changes that often led to an increase in the value of shares. Carl Icahn is also an economic advisor and an active philanthropist.
“Don't always believe what market tells you. If you think you're right, stick to your instinct” was what he would often advise his co-investors.
Let’s talk about another success story.
Ray Dalio grew up in a middle-class Long Island neighbourhood and got involved with the markets at the age of 12. He collected money by getting tips as a golf caddy. Most of the golfers he caddied for worked on Wall Street and that’s what got him interested in the world of trading stocks.
He earned his MBA from Harvard Business School in 1975 and went on to launch the investment company Bridgewater from his two-bedroom apartment in New York city.
The company’s success skyrocketed in the ‘80s and by 2011 it would turn into the largest hedge fund in the entire world. Today, the hedge fund firm manages about $160 billion in assets.
He also predicted the global financial crisis in 2007 and further explained his model in an essay titled “How the Economic Machine Works: A Template for Understanding What Is Happening Now.” His net worth is an astonishing $12.5 Billion.
In addition to his renowned essay, he also published a book, titled “Principles,” praised by many investors and traders from all over the world. In his book, he explains in detail the philosophy behind his investments as well as corporate management, based on his own corporate experiences and self-analysis.
Some of the principles he advocates to younger businessmen and traders are to keep their integrity, listen and observe more experienced traders, and analyse events.
Moreover, he shares that money was never an important part of his life but rather it led to an exciting and memorable life.
Ray Dalio has always been one of those investors who loves sharing his success with others. He has given over $700 million to various philanthropic causes. Moreover, the Dalio Foundation supports inner-city education, microfinance and nature conservation.
David Tepper is often referred to as one of the greatest hedge fund managers of all time and for a reason.
David Tepper was born in 1957 in the East-end of Pittsburgh, Pennsylvania. He graduated with honours in Economics and started experimenting with investments from a very young age.
Tepper started his career as a credit analyst and started developing his sense of money management and investing. He built up his career after carefully observing and learning the credit structure of a company that is experiencing financial troubles.
He became popular for picking up distressed companies and transforming them into profitable ventures due to the knowledge he obtained. He also bought bonds from banks on the verge of a bankruptcy during the late ‘80s. After the banks survived the bond market crash, he made a lot of money due to his investments.
He is also famous for founding the Tepper's Appaloosa Management hedge fund firm in the early ‘90s which currently manages over $15 Billion.
In addition to being one of the most praised names in the investment world, Tepper is known in the philanthropic world, giving back to society. He continues to donate great amounts of money to schools, universities, academic centres and scholarship programs.
James Simons is surely one of the most intriguing figures on our list because, in addition to being a billionaire hedge fund manager, he is also a mathematician and quantitative investor, known for his famous studies on pattern recognition and string theory development. In the trading community, he is known as “the world’s smartest billionaire”.
James Harris Simons was born in 1938 in Newton, Massachusetts. As a teenager, he worked in a garden supply store. Determination, curiosity and hard work, however, earned him his PhD in Mathematics at the young age of 23.
His dreams to combine his passion for mathematics and trading led him to establish a team of professors, scientists and engineers who built an algorithm to predict any change in the price of a financial instrument. His ideas became the foundation of what we call today the “quantitative investor”.
James Simons founded the famous Renaissance Technologies, which made him a billionaire and became one of the world's most successful hedge fund companies.
He is an expert in pattern recognition. He uses mathematical models to help him analyse hedge funds and end up with more accurate predictions than any other method. He is considered a true hero because as previously mentioned, he achieved such enormous success in a field other than mathematics by heavily utilising his mathematical knowledge.
He is also a generous philanthropist - it has been estimated that he has given over $2.7 billion to various philanthropic causes over his lifetime.
His current net worth has been estimated to over $20 billion.
"There is no real substitute for common sense except for good luck, which is a perfect substitute for everything."
Trading Education has just introduced 5 of the most successful traders in the world of investment. We hope that their stories are inspirational, however, risky financial moves can make you think twice about your trading career.
Next time when you hear someone asking about rich people in finance, you can’t go wrong by telling them the story of one of our picks.
Most importantly, the goal of this list is to showcase that even the richest and most successful trader started from scratch and built up their fortune with significant knowledge, experience and hard work.
We hope that our list triggered your desire to learn more about forex trading, stock trading or cryptocurrency trading and become a notable trader, just like everyone else on this list.
We, at Trading Education, can guide you on your path to achieving your trading objectives. You can register for our free forex educational course and start your trading journey right now!