John Key (the 38th Prime Minister of New Zealand) and Jimmy Wales (the founder of the Wales Foundation) are two examples of well-known former traders who went on to other pursuits. On the other hand, the merchants on this list are well-known for being traders. The careers of the world’s most renowned traders are marked by both victory and tragedy, with some of their exploits attaining mythical significance in the financial business.
Most currency traders prefer to stay out of the spotlight, but a handful has achieved worldwide fame. Some of the most well-known players have defied the odds and achieved remarkable success over lengthy periods of time. Here are some of the greatest traders of all time. They all have one thing in common: unwavering faith in the future that drives their financial results.
George Soros
Following his liberation from Nazi-occupied Hungary in World War II, George Soros started his financial career in London at Singer and Friedlander. One of his most well-known accomplishments was short-selling $10 billion in British pounds in 1992 and making a $1 billion profit, breaking the Bank of England’s 10-year-old lending limit.
As a result of George Soros’ trading, the United Kingdom withdrew its currency from the European Exchange Rate Mechanism on September 16, 1992, cementing the day as “Black Wednesday.” As a result of this deal, he was crowned one of the greatest merchants in history. Currently, Soros, who is one of the most successful traders as well as one of the world’s richest individuals, has a net worth in excess of $25 billion dollars. But, i’s worth mentioning that he lost some amount of money when he wagered that Brexit would not happen during the Brexit referendum.
George Soros, despite his advanced age, continues to trade in the stock market, but with less than outstanding results. The Open Society Foundation is where he devotes much of his time. George has written around 15 novels during the course of his career.
Andy Krieger
After leaving Salomon Brothers in 1986, Andy Krieger joined Bankers Trust as a Vice President. As a result of his achievement, the corporation increased its capital limit from $50 million to $700 million, a huge increase from the regular limit of $50 million. The Oct. 19, 1987 stock market meltdown, known as Black Monday, was the ideal opportunity for him to make money.
When there was a global panic over financial assets, Krieger concentrated on the New Zealand dollar (NZD). He used 400:1 leverage on top of his already high trading limit to take on a short position that was larger than the whole supply of New Zealand currency. When he departed in the following year, he reportedly had $3 million in his bank account from the deal he made.
Stanley Druckenmiller
As a young manager at a Pittsburgh bank, Stanley Druckenmiller came from an upper-middle-class family in suburban Philadelphia. His business, Duquesne Capital Management, was founded four years later. Between 1989 and 2000, Druckenmiller was the primary portfolio manager for George Soros’ Quantum Fund and was very successful. 8
On the legendary Bank of England deal, Druckenmiller and Soros worked together. Because of the ongoing pressure to maintain his record of success, he decided to shut down his hedge fund in 2008, after surviving the economic crisis of 2008. The World Economic Forum (WEF) and the Sohn Conference are two of the most prestigious financial gatherings in which he is a frequent speaker.
After appearing in the well-received book, The New Market Wizards, he became a well-known investor. Stan Druckenmiller is a multi-billionaire investor with a net worth of over $3.1 billion. Many financial journals often interview him.
Bill Lipschutz
In the late 1970s, while still a student at Cornell University, Bill Lipschutz began trading. However, he lost the whole investment due to one bad trading choice, teaching him a harsh lesson in risk management that served him well for the rest of his career.
During a period when forex trading was becoming more popular, Lipschutz moved to Salomon’s newly established foreign exchange section. By 1985, he was raking in $300 million a year for the firm, making him one of the most successful CEOs of all time.
After losing most of his money in a major market move, Bill decided to focus on Forex trading. At his height, Salomon Brothers investment bank made $300 million a year from him. Bill epitomizes the adage that you should never follow the herd and always go against the grain while trading.
Bruce Kovner
It wasn’t until 1977, when Bruce Kovner was 32 years old and still living in Brooklyn, that he made his first deal. In order to acquire soybean futures contracts, he borrowed money from his own credit card.
The Caxton Alternative Management hedge fund, which he created in 1983 and has grown to be one of the world’s largest with more than $12 billion in assets, is named after him. Since the earnings from the fund’s commodities and currency holdings were divided equally between him and his management fees, Kovner became an important participant in the forex market until he retired in 2011.
