The forex market may sound exciting, but it takes a lot to make it to the top. Only a few have the skills and knowledge to beat the forex market and become wealthy.
Rich traders rely on the forex market to grow their wealth. They come with new strategies and formulas to take over the currency market and make maximum profit. If you want to be a part of the forex trading journey, you should first learn the basics, including the forex market hours in GMT. The top forex traders have complete knowledge about the operating hours. Without knowing the opening/closing time, you cannot get started with forex trading.
If you are curious to know about the richest forex traders in the world, you have come to the right place. We have named five of the most successful traders in the below post.
Here you go with the list:
1. Paul Tudor Jones
With an estimated net worth of $7.5 billion, Paul Tudor Jones happens to be the richest forex trader in the world. He is mainly known for his bets on currencies and interest rates. He is truly a macro trade expert.
Tudor also founded a hedge fund company called Tudor Investment Corporation. He made a massive profit of $100 million before the 1987 crisis. His success is credited to his experience and knowledge of short bets.
He is one of those traders who focus more on the ever-changing interest rates in the forex market. Between 1992 and 1995, he served as chairman of the New York Stock Exchange. He is also the founder of the Robin Hood Foundation.
2. George Soros
In the second position, we have George Soros, the founder of Double Eagle hedge fund with an estimated net worth of $6.7 billion.
George is one of the most successful forex traders out there. He entered trading right after his post-graduation from the London School of Economics. At that time, he worked as a merchant banker in the UK and the US.
He set up his hedge fund company called Double Eagle in 1969. The following year, he started another hedge fund company called Soros Fund Management.
George is known for his excellent money-making skills. In 1992, he made a huge profit of $1 billion by short-selling the British pound. His actions caused the Bank of England to go broke.
3. Bruce Kovner
According to Forbes, Bruce Kovner’s net worth stands at $6.6 billion, gaining him the third position on the list. By profession, he is a successful investor and hedge fund manager.
Kovner is a hard-working man. He dedicated one year of his life to learning everything he needed to know about the world financial markets. He is the man who made a profit of $22,000 by investing $3000 out of his credit card.
However, he built his fortune by becoming a prop trader. He rose to prominence for turning Caxton Alternative Management into the most profitable and successful hedge fund in the world.
4. Stanley Druckenmiller
Stanley Druckmiller is in the fourth spot with a net worth of $6.4 billion. He holds a degree in economics and is one of the richest forex traders in the world.
He founded his own company, Duquesne Capital Management after building a successful career in the trading sector.
His trading record was so impressive that he was recruited by George Soros in 1988. He spent two years working at the Quantum Fund. He became more popular after being included in the book New Market Wizards which was released in 1992.
Druckenmiller always focused on maximizing his profits. His idea of trading was to grow his profits and reduce losses. Despite being a world-famous forex trader, he was faced with controversy in 2010. He had to close his hedge fund company on the claim that a large amount of money was used to maintain its performance.
5. Joe Lewis
As per Bloomberg reports, Joe Lewis’ net worth is $5.6 billion. This puts him in the fifth position on the list of the richest forex traders.
Lewis started working at an early age. Before entering the trading market, he was involved in his family business. After inheriting the company, he decided to sell it and pursue a career in forex trading.
Some of you might not know but Lewis was a part of the group that bet on the British pound to drive it out in 1992. This made the Treasury lose almost $3.4 billion. As per reports, Lewis made a profit of $1.8 billion from this trade.
Conclusion
Conquering the forex market is difficult, but not impossible. These people have proved their worth by showcasing their exceptional trading skills in currency trading. If you are a beginner, you might learn a thing or two from them.