Forex investing is referred to as an enjoyable financial activity. In FX trading, you will never run out of ways to earn money. Trading and investing are the two terms that captivate everyone’s attention because, in both cases, there is a combination of pleasure and money.
However, the FX market is more like a business activity. The first person that comes to mind when we think about the wealthiest investor is George Soros. He had started his career as a clerk and later established his firm. In April 2020, he had an estimated net worth of $8.3 billion.
Suppose you are investing in FX and wonder how the wealthiest speculators in the world become so rich. Then, in this article, you will discover who they are and how they become so wealthy by participating in this market.
Richest traders in the world
Undoubtedly, the traders need to follow the top FX market professionals. Also, we can learn from them as well as appreciate them. Throughout the article, several examples of the most prosperous traders for you explain how you can benefit from them.
1. George Soros
Schwartz György was born in Hungary on August 12, 1930. He is a man that has extensive financial knowledge. During his studies at the London School of Economics and Political Science, he had started trading and had a total net worth of $8 billion in February 2018.
In September 2020, George Soros had an estimated amount of $10 billion. In some cases, this amount exceeded $25 billion.
Soros continued to trade for many years. He owned a charity foundation known as the Open Society Foundation in more than a hundred countries, to which he transferred $18 billion. However, in 2000 he withdrew to focus on charity work. George Soros remains a Wall Street icon.
2. Bill Lipschutz
He is a professional FX trader known as a co-founder and director of the portfolio management department at Hathersage Capital management. He is a successful day trader. He was born in New York in 1956. Throughout his school, he maintained good grades. Also, math was his favorite subject.
Approximately $8.3 billion is his estimated net worth for 2020. In the FX hedging market, he is known as Sultan of currencies and has an exciting approach to trading that describes the FX as a very psychological market.
3. Paul Tudor Jones
He is one of the world’s wealthiest day FX dealers and is one of the most famous investment professionals of all time. Jones’s net worth was estimated at $6 billion in September 2020.
Black Monday happened in October 1987, but Paul Tudor Jones had foreseen it long before that.
In 1987, in a seemingly busy market, Tudor Jones began to notice a significant overvaluation of stocks. He and his colleagues in his Tudor Group sat for hours on the charts of the Wall Street crash of 1929. They analyzed historical markets and sales data and noted direct comparisons to 1929 markets. With this information, they made one of the most incredible deals in Wall Street history.
Two weeks before that same October day in 1987, Tudor Investment Group began trading aggressively against the market. By the close of trading on October 19, the Dow Jones was down 22% in one day, breaking many records. Tudor Jones left with $100 million and a reputation as one of the most astute traders.
4. Stanley Druckenmiller
The American hedge fund manager and philanthropist Stanley Druckenmiller runs a very successful investment company and is a very well-known investor. He was born in a middle-class family in Pennsylvania. He studied English and Economics in his undergraduate program but became an oil analyst at Pittsburg National Bank, and he left his Ph.D. program.
Also, as a lead portfolio manager at Quantum Fund, he was responsible for managing investment funds. Later, George Soros hired him as a trader at Quantum Fund. According to his estimated net worth in 2020, he had $4.7 billion.
5. Martin Schwartz
An investing champion in 1984, Schwartz is best known for his expertise in stocks, FX, and options. He has invested in stocks, options, and futures in making a fortune as a Wall Street trader.
He made $1.2 million on the American Stock Exchange by investing in options and futures in two years.
He owns champion horses and has won many major racing event championships, including the Meadowlands Cup, Coronation Stakes, Prix de Diane, Prix Vermeille, and Prix Vanteaux.
6. Joe Lewis
During his teenage years, Joe Lewis began working for his family’s catering business. He subsequently sold the business and started investing in financial currencies.
As a result, he took home an impressive $1.8 billion for his part in the deal, given that he joined George Soros in 1992 to wager against the British pound. Currently, his net worth is near $5 billion.
7. Ref Wayne
After his school dropout, Ref Wayne, a South African FX trader, started investing as a teenager. His FX business made him one of the wealthiest millionaires in South Africa by 19 years old. In the $5 trillion a day currency market, Ref has proven he is adept at navigating the online investing world.
Refer Wayne’s net worth is estimated at around $500 million, making him one of South Africa’s top five most prosperous traders.
8. Louis Bacon
Bacon had already secured the winning bet in the Black Monday markets alongside Paul Tudor Jones. However, this is not his biggest triumph.
Louis Bacon began his trading career while studying for an MBA at Columbia Business School. He traded in commodities for the first three semesters, using a loan to get the money he needed. Suffering annual losses, he asked his father for a loan to cover his basic needs. In his fourth and final year, Bacon made a profit.
After several years of success, he founded his own company, Moore Capital Management LLC, in 1990 with $25,000. He inherited and shortly after that made one of the most fantastic deals in history.
9. Sandile Shezi
He is also among the wealthiest retail FX investors in South Africa. He is one of the country’s youngest FX millionaires and began investing at just 12 years old. At present, his net worth is approximately $2.4 million.
Also, Sandile established the Global Forex Institute to offer beginner financial training to young people from low-income families.
10. Uche ParaGon
There are many currency millionaires in South Africa. However, some of the top FX traders can also be found in other parts of Africa, such as Nigeria, Ghana, and Uganda. One of them is Nigerian dealer Uche Paragon, who earns a living from trading currencies and commodities.
ParaGon’s net worth was more than $16 million in 2019. The key to his success, according to him, is his desire to learn the market and master investment strategies before he applies them to actual money.
Final thoughts
The world’s wealthiest traders have earned millions if not billions of dollars on the global currency market. Most people who appear on these lists aren’t merely motivated by the idea of being among the top ten or twenty most successful traders of all time.
They don’t invest in short-term gains or risky investments. An alternative approach employs practical methods that promote risk management, conduct technical analyses, and set long-term goals.
