There are almost 10 million active forex traders in the world today, but only 15% make a profit. Forex trading is not an easy endeavor, but some have broken the mold and risen above the challenges to become icons of the investment industry.
Below are some of the most famous forex traders in the world. These remarkable individuals have achieved success by taking calculated risks and having unshakeable confidence.
James “Jim” Simmons
Jim Simmons, an award-winning American mathematician, is considered by many as one of the most successful hedge fund managers in the world. Known as the “Quant King,” he relies on algorithmic and systematic strategies when making trading decisions.
He founded the quantitative hedge fund known as Renaissance Technologies in 1982 and served as its CEO and chair until 2010. Jim Simmons was such a master of his craft that during the 2008 financial crisis, he was still able to make more than 70%.
Renaissance Technologies has two main funds: a public-to-public fund and a closed-end fund called Magellan Fund. Magellan Fund uses complex mathematical calculations to find the best trading opportunities available. This strategy allowed it to achieve an annual growth rate of over 20%.
Simmons currently has a net worth of $24.4 billion and sits at 28th place in the Forbes 400 list.
George Soros began his career in London after escaping from Hungary during World War II. He first worked in different financial companies and then started Soros Fund Management. Since the ‘70s, the company has grown exponentially, garnering a profit of over $40 billion in the last few decades.
In 1992, Soros made history by betting against the Great Britain Pound (GBP) and earning over £1 billion in profits. His brave move forced the U.K. to withdraw the currency from the European Exchange Rate Mechanism in what is now known as Black Wednesday.
Since then, Soros earned the label the “trader who broke the bank of England” and is considered the greatest currency trader of all time. Despite being in his 90s, Soros remains active in the financial market and is well regarded for philanthropic pursuits.
George Soros currently has $8.6 billion and is 92nd on the Forbes 400 list.
Bill Lipschutz started trading while studying at Cornell University in the 1970s. He became famous at one point for turning a $12,000 investment into $250,000, only to lose it all after making a wrong trading decision.
Lipschutz continued his studies and began working for Salomon Brothers. He was eventually migrated to Salomon’s newly-established foreign exchange division during forex’s early years. He ended up being so successful that he started earning around $300 million a year for the company.
After leaving Salomon Brothers in 1990, he established the highly successful Hathersage Capital Management, also considered one of the world’s premier multi-asset management firms.
Andy Krieger left a position in Salomon Brothers and joined Banker’s Trust in 1986. There, he became a very successful trader. As a result, Krieger’s company rewarded him by raising his capital limit to $700 million—a significant increase from the standard $50-million limit.
This new capital placed him in a unique position to profit from the 1987 financial crash known as Black Monday. During the worldwide panic, Krieger focused on the New Zealand dollar (NZD) and made a risky trade that netted him over $300 million in profits for his employer.
He left Banker’s Trust a year later with $3 million in his pocket due to the highly successful trade.
Bruce Kovner made his first trade in 1977 at 32 years old. He started trading by borrowing funds from his credit card and purchasing soybean futures. This deal earned him more than $20,000 in profit.
Since then, Kovner gained a solid reputation as a trader that booked millions in profits. He eventually established Caxton Alternative Management (CAM) in 1983 and transformed it into one of the most successful hedge funds in the world.
CAM managed over $14 billion in assets and made him one of the key players in the forex industry until his retirement in 2011. Kovner is currently worth $6.2 billion and is 161st on the Forbes 400 list.
Whether it’s Kovner or Soros, the common theme that everyone on this list shares is their ability to make thoughtful trades, the willingness to take risks, and a dash of self-confidence. It’s these three traits that made them more than just famous investors but wealthy individuals as well.
Do you want to follow the path of these successful investors? Fair Forex can help you make informed trading decisions and assist you in navigating the dynamic forex world.
If you want to know more about the services we offer, contact us today, and our team would be happy to answer any of your questions.