There are many forex traders. As it is impossible to discuss all of them, let’s focus on the top 10 richest forex traders in the world.
We need to mention George Soros when it comes to the top 10 richest forex traders in the world. He is one of the most well-known forex traders in history. It is really hard not to be amazed by his achievements.
Interestingly, he is well-known for using his understanding of economic trends in order to spot market inefficiencies and exploit them with large, highly leveraged trades. He is a legendary trader.
George Soros deserves to be among the top 10 richest forex traders in the world. He knows how to use his knowledge and experience in order to make a lot of money. In the 1990s, more precisely in 1992, Soros reportedly profited over $1 billion from short-selling the British pound. He is also known as “the man who broke the Bank of England.”
What’s important is that Soros isn’t afraid of mistakes. The world one of the most well-known traders stated that “I am only rich because I know when I’m wrong.”
As you can see, Soros is a great forex trader, to say the least.
Interesting details about the richest forex traders
The list of the top 10 richest forex traders in the world would be incomplete without Stanley Druckenmiller.
Druckenmiller used to work with Soros at Soros’ Quantum Fund for more than ten years. According to Druckenmiller, George Soros is his mentor.
One of the richest forex traders in the world knows what it means to be a forex trader. His biography is full of interesting facts.
For example, he is the founder of Duquesne Capital.
It won’t be easy for the new generation of forex traders to reach similar results. Without a doubt, Druckenmiller is one of the best forex traders in the world.
What about Bill Lipschutz?
As in the case of Soros and Druckenmiller, it is hard to overestimate his achievements. Without exaggeration, Druckenmiller is a legendary forex trader.
He started trading in the 1970s. The world’s one of the most well-known forex traders inherited
$12,000 following the death of his grandmother. Interestingly, Lipschutz turned this modest sum into $250,000. Due to one wrong decision, he lost $250,000.
Do you know what he did? No, he didn’t stop trading. On the contrary, Lipschutz continued trading. After university, he joined Salomon Brothers. After a short period of time, the management of the Salomon Brothers asked him to join their Foreign Exchange Department.
In the 1990s, Lipschutz founded Heathersage Capital Management.
According to Lipschutz, forex is a highly psychological market. As in the case of the vast majority of other successful traders, Lipschutz believes market perceptions influence price action as much as fundamentals do.
Lipschutz is a great example of a forex trader who was able to cope with various challenges. As you can see, it takes time and effort to become a successful forex trader.
Andrew Krieger and Paul Tudor Jones
It is impossible not to mention Andrew Krieger and Paul Tudor Jones when it comes to the richest forex traders in the world.
Both of them are very famous forex traders. In 1986, Krieger joined the Bankers Trust.
He is considered as one of the most well-known traders of that era. The management of Bankers Trust was very impressed with his results. As a result, they gave Krieger a trading limit of $700 million. They gave him a one-of-a-kind limit.
Following the Black Monday crash in October 1987, in which most markets fell by at least 20%, he identified the dollar, not the U.S. dollar but the New Zealand dollar, as being overvalued.
Krieger subsequently initiated a heavily leveraged short position against the New Zealand dollar, which was worth hundreds of millions of dollars. Interestingly, the country’s currency subsequently declined by 5%, netting his employers a profit of $300 million!
There are good forex traders, and there are legendary forex traders. One of them is Paul Tudor Jones. He is one of the most successful and richest traders in the world.
He graduated from the University of Virginia in 1976. After university, Paul Tudor Jones began trading cotton futures at the New York Cotton Exchange.
Do you know why he lost his job? He fell asleep at his desk.
More than 40 years ago, he founded Tudor Investment Corporation. It is worth mentioning that the above-mentioned company trades and invests across a range of assets.
Michael Marcus and Bruce Kovner
Michael Marcus is an experienced forex trader. Marcus deserves a place on the list of the most well-known forex traders. Moreover, he is one of the richest forex traders in the world. Furthermore, Marcus is also one of the founding members of the Commodities Corporation Company.
As we all know, only a small number of forex traders have reached phenomenal heights. In order to become one of them, you need to study hard. Marcus had a great mentor. Interestingly, Marcus was trained by Ed Seykota. Apart from Marcus, Ed Seykota was the mentor of Bruce Kovner.
What is one of the most important qualities of a successful trader?
According to Marcus, you should wait for a good moment. Patience is very important, to say the least.
Now, we can switch to Bruce Kovner.
He is also one of the richest forex traders in the world. Kovner was born in New York City. What’s interesting, Kovner didn’t make his first trade until 1977. Back then, he was more than 30 years old, more precisely, 32 years old.
His career is quite interesting. For example, Kovner used to work for Commodities Corporation as a trader.
In the 1980s, Kovner founded Caxton Associates. Thanks to Kovner, Caxton Associates has become one of the most successful macro hedge funds in the world.
The fund’s profits and management fees, Kovner one of the biggest players in the forex world. Kovner retired in 2011. His life and career serve as a good example to novice traders.
Steve Cohen, Kathy Lien, and Ref Wayne
The list of the richest forex traders in the world is quite impressive.
Steve Cohen is a very successful forex trader. Cohen is the founder of the hedge fund Point72 Asset Management. Apart from the above-mentioned fund, he is the founder of S.A.C Capital Advisors. What’s interesting, S.A.C Capital Advisors no longer exists. It ceased to exist as a separate entity in 2016.
We also need to mention that Cohen is no stranger to scandals. In 2013, S.A.C Capital Advisors
pleaded guilty to insider trading. Importantly, it agreed to pay $1.8 billion in fines as well as more than $900 million in forfeited profits.
We can’t forget about Kathy Lien when it comes to the richest female forex traders in the world. She is a very experienced trader. Many years ago, Kathy Lien joined FXCM and started DailyFX.com. As a reminder, DailyFX.com is a popular website among retail traders.
Journalists from various media outlets like to include her opinion in their articles and programs. Lien is also a famous writer. She is the author of “Day Trading and Swing Trading the Currency Market”.
Lien’s breadth of experience as well as numerous achievements, has earned Lien a place on our list of the richest forex traders.
Refiloe Nkele also deserves to be on the list of the richest forex traders. He is not even 30 years old. Nevertheless, he is already the richest forex trader in Africa.
As a reminder, Refiloe Nkele is the true name of Ref Wayne. He was born in 1995 in South Africa. Apart from forex, he is also good at writing. People buy books written by Refiloe Nkele.
Final Thoughts
In this article, we have looked at some of the most famous and richest traders in the world.
It is a great idea to read books and articles about the most famous forex traders in order to understand their strategies, achievements, failures, etc.
If you want to become a successful trader, you shouldn’t only rely on their strategies.
Remember that the above-mentioned traders didn’t become successful overnight. All of them started somewhere, developed their skills, and grew their trading balances over several years, and they worked day and night in order to overcome various challenges.
