It is estimated, that the total number for Forex trading globally goes over $5.1 trillion a day. To even grasp the sheer size of this amount of trading value would be an insurmountable task itself. With such a high volume each day, it should be a surprise to anyone, that Forex trading has birthed countless millionaires and many billionaires, who are now believed to be exemplary when it comes to reaching success in this market. These people have shown us what is possible to achieve with hard work and in the right circumstances, and as such, are now very popular among traders of all kinds who have the same aspirations
However, for each and every millionaire, billionaire, and the richest people in finance who blow our minds with their immeasurable wealth and riches, there is a story, or rather, many stories. These stories tell us what kind of a path these people had to walk before getting where they are now, how they got there, and where they got. Of course, telling one’s life story is definitely not enough to get an idea of why the person has become so rich and prosperous, but knowing what kind of trials and tribulations they passed will be of huge help for any aspiring trader who wants to reach success themselves.
George Soros (Net Worth – $8.3 billion)
When we’re talking about the richest man trading Forex, it would be a blasphemy to start the list off without George Soros. Soros is a Hungarian-American investor and financial magnate of Jewish descent. For many years now, Soros is known by everyone who is involved in the financial market in any way, shape, or form. In fact, Soros is such a prominent figure in the world of financial trading, that his very name is synonymous with it.
Besides being the leading financial trader and investor, Soros is also known to have a very large degree of control and involvement in the international political and economic scene. The latter is not because he has some kind of a governmental position, but rather, due to how much respect he garners when it comes to the financial markets, and how much involvement he has in political affairs due to being a major lobbyist and conducting various political activities with the usage of NGOs that he finances.
Before reaching this state, however, there were a lot of trials and tribulations that Soros had to go through. Indeed, it wasn’t always sunshine and rainbows for Soros before he reached this level of prosperity and positions of power. Being of Jewish descent, he had to flee from his country due to Nazi aggression and had to build a new life in the United Kingdom. This hardship turned out to be a blessing in disguise, as not only did Soros manage to break through, but he became the world’s richest Forex trader too, known by pretty much all Forex traders in the world, big or small.
In the United Kingdom, Soros started studying at the London School of Economics, where he got a Bachelor’s and Master’s degrees in Philosophy. After he graduated, he quickly started getting involved with the world of financial trading. He started working at various medium-level merchant banks, and as time went on, his skills and knowledge increased quite a bit fast, and so did his capital. Soon thereafter, in 1969, Soros created his own hedge fund, called “Double Eagle. Double Eagle was quite successful and attracted a lot of solid clients, whose money Soros handled excellently.
Double Eagle was later renamed to Quantum Capital, which is, to this day, considered to be one of the best hedge funds to ever operate. At the time of its creation, it was handling $12 million in assets, while at its peak, it was handling over $25 billion, which is unimaginably big progress. All of this was possible due to the vast wealth of knowledge that Soros possesses on the financial markets and how they work. Due to these achievements, he is still, to this day, considered to be one o the biggest authorities when it comes to the global financial markets.
However, with all the admiration and respect that the man deservedly gets for hi vast knowledge and capabilities, his reputation is equally as tainted in many others’ eyes. The reason for this, as mentioned, are some of the questionable activities and involvements in international politics that Soros is known for.
However, if there was one single thing that we could mention as an argument for Soros’ notoriety, it would be the “Black Wednesday” of the UK financial market, the event that made Soros known to the public as “The Man Who Broke the Bank of England”. Soros got this “nickname” after he short-selled about $12 billion’s worth of GBP during the UK currency crisis, after which the country was not able to maintain the currency rate that was mandated by the European Stock Exchange Rate Mechanism (ERM), and was forced to withdraw the GBP from it.
Sure, Soros may not have been the one and only reason for this crisis, but he is for sure though to be the main one. This was just one example, and there are many more, some of which the majority of the public does not even know. This shows us the sheer influence and respect that the man commands. The truth is, for a man who is considered to be the most richest Forex trader of all time, one should expect no less.
Bruce Kovner (Net Worth – $5.4 billion)
Bruce Kovner is quite a well-known figure in the world of financial trading. For many years, he has served as one of the best examples of how one can start from zero and go to the very top with nothing but hard work and dedication. Indeed, while there are many people in this market who got to the top based on mostly luck, Kovner is not among such people.
Although he did not have to live in poverty, he was not particularly well-off either, so he didn’t have the life given to him on the golden platter. Kovner, from a very young age, had always been an exceptionally good achiever in almost all things. In school, he always had good grades, had participated in various extracurricular activities, was involved in sports, etc. Basically, the work ethic was something that he had been practicing for a very long time, and it paid off for him in a major way.
Bruce Kovner is an American investor and philanthropist born in 1945, with a very extensive and decorated experience and career in the financial market. Just like Soros, Kovner is a hedge fund manager, and quite an able and successful one at that. This is very impressive when you consider Kovner’s humble beginnings. Despite never having to necessarily live in poverty, Kovner didn’t “have it easy”. The reason for him becoming a millionaire through Forex trading is the fact that he has always been a hard worker and had always been very dedicated to learning, studying, and constantly growing as a person.
Kovner was able to actualize his talents and work ethic to their biggest potential by going for the best education possible – the Harvard university. At Harvard, Kovner studied political economy, which was obviously a good choice for him. As was the case in the past, at Harvard, he was also one of the exceptional students, deriving maximum value out of it. Kovner left Harvard before he could finish his Ph.D., and before he had any involvement with the financial market, he was doing a lot of different things, such as writing, participating in a number of political endeavors, and more. A fun fact is that he had to drive a cab to support his family before he got started with financial trading. When you consider where the man is today, this is especially impressive.
Over time, it was inevitable that the paths between Kovner and financial trading would cross. It was back in 1977 when he made his first step in the financial market when he opened his first trade on soybeans. The interesting part is that he used his credit card for this, which was obviously a rather risky thing to do. Fortune was on Kovner’s side at the time, and he made a $40,000. However, it later got devalued to $23,000. Kovner has later said on numerous occasions, that this was one of the most valuable trading experiences he had, as it taught him the importance of “cashing out” at the right time.
After getting the taste of what can be done on the financial market, Kovner started working at some serious high-level companies such as Commodities Corporation, a company that would later become a part of Goldman Sachs. At these companies, Kovner was distinguished by his ability to remain a calm, logical, and stoic trader at all times. This would pay off in major ways for Kovner and is still something that he is known for to this day. One of the many things that Kovner himself attributes his being among the top rich Forex traders in the world, is his ability and dedication to not be driven by emotions, and use actual, factual data to base his decisions on.
Of course, inevitably, at a certain point, Kovner would not continue working for a company, but rather, would create his first hedge fund. This was to happen in 1983 when Kovner founded Caxton Associates. Caxton is, to this day, known to be one of the most respected and highly-regarded hedge funds ever. At one point, Caxton managed as much as $14 billion’s worth of assets. As of today, the number is down to $3.7 billion, due to the decreased activity by the firm itself, having discontinued accepting the same number of clients.
Kovner is held in such high regard not only because of major successes he has had in the financial market but due to how many other endeavors he has been a part of. Besides Caxton, he has served as the director of Synta Pharmaceuticals from 2002-2016. Beyond that, he has participated in many different political campaigns and non-profit endeavors in the service of his community. Currently, he serves as the chairman of CAM Capital, which he established himself, with the goal of managing his and his partners’ investments and assets.
Stanley Druckenmiller (Net Worth – $5.4 billion)
Stanley Druckenmiller was born in a middle-class Pennsylvania family in 1953. Before reaching his financial success, he was not poor nor particularly rich. It was back in 1977 when he made his very first step in the financial market, starting work at the Pittsburgh National Bank. There, it quickly started becoming clear that the man was made for this job. In just a year, Druckenmiller, who started off as a low-level trainee, advanced all the way to the position of equity research department manager. Druckenmiller worked at the bank for around four years, until eventually he left, and started his own company, the Duquesne Capital Management. It is exactly here that Druckenmiller’s trading journey had begun an entirely new, better, and bigger chapter.
However, the time window/period where Druckenmiller earned most of his money would be during the 1992 financial crisis, in which George Soros, a long-time associate of Druckenmiller, was also a prominent figure. It was precisely then that these two have become two of the richest Forex traders in the world, as is believed by many people who have been observing major events of the financial markets. Druckenmiller and Soros actually go back quite a long way. They have both worked at the Quantum Fund alongside each other for over a decade, and in this time period, Druckenmiller has managed to learn quite a lot from Soros. In fact, he considers Soros to be his mentor.
Putting aside whatever is owed to his relation to Soros, Druckenmiller himself has been, for all intents and purposes, one of the exemplary traders, and has, without a doubt, showed “how it should be done”. Druckenmiller’s strategy is quite aggressive, as he capitalizes on seizing the moment when the trades are going successfully, and pushing it to the max. This kind of approach puts little regard on the importance of making right or wrong decisions. Rather, it requires that one go all-in when they’re right, and minimize damage to as much of a degree as possible when wrong.
After a decorated and successful career, already among the richest people trading Forex in the world, Druckenmiller eventually retired in 2010, stating that the Duquesne Fund was not able to live up to his expectations anymore. Druckenmiller definitely had a point, as the fund was performing extremely bad at the time, averaging -5% returns in the last few years. This is in contrast with all of the previous year, where the average was 30% without any losses. Duquesne managed to recover eventually, and Druckenmiller shortly resumed the management of the company, only to repay his clients the funds, and eventually close down the company.
Despite these relatively fruitless last few years by Duquesne, Druckenmiller’s the respect and high regard towards Druckenmiller has not decreased in the slightest. He is still considered to be among the very best of the rich and successful traders that the world has ever seen, and he has proven this to be the case time and time again.