How To Calculate Your Forex Trade Profit and Losses?
Who are the Richest Forex Traders? – 2021 Update
Forex trading is considered to be one of the most thrilling financial activities where there are virtually no limits to your earnings.
Just look at the sheer amount that exchanges hands every day om the foreign exchange market- $5 trillion. No wonder this platform attracts so many enthusiastic traders.
Since the arrival of various sophisticated online brokers, common people who could only dream to compete at such a market with other big shot traders now a chance to prove themselves in front of the world.
The vast exchange of information on the internet has made it very easy for anyone to pick up forex trading and aim to become one of the richest forex traders in the entire world.
One should keep in mind that forex trading is a very serious activity that requires patience and hard work as there can be serious consequences for a trader who treats it casually.
With that being said, there has been an increase in young and promising forex traders who have emerged out of the shadows and shone the light on their achievements.
In this article, we will familiarize you with some of the richest forex traders in the trading environment who many traders look up to.
No rich forex traders list will ever be complete without the legendary Geoge Soros who has been active in the trading scene since the late 1960s.
Soros is the kind of trader who believes good investments are always the boring ones and if you’re having too much fun investing then you’re probably not making enough money.
That statement is almost ironic considering how Soros made a gigantic fortune of $1 Billion back in 1992 when he broke the Bank of England by betting against the British pound.
Soros’ notoriety made him a hedge fund tycoon overnight and that reputation alone allowed him to manage countless clients till his retirement in 2011.
Soros founded a firm that specializes in managing hedge funds called the Soros Fund Management, LLC.
Under his management, this firm went on to generate a mind-boggling income of $40 billion which later spawned many other corporations under his name.
As of 2018, George Soros had a net worth of $8 billion most of which he invests in his businesses or gives away to charitable causes.
Ed Seykota is the man who pioneered the computerized trading systems that are an integral part of modern trading all over the world.
He became infatuated with a few trading strategies that he read in a letter published by Richard Donchian which insinuated that a mechanical trend following system could break the market.
Ed was already a graduate from MIT with a Bachelor’s degree in electrical engineering so he decided to implement those ideas on to a punch-card computer.
The results of that particular experiment changed Seykota’s life entirely and recorded his name in the history books forever.
Seykota’s net worth was estimated to be somewhere between $1 Million to $5 Million in 2019 and that has been expected to rise in the coming years.
The computer programs that were painstakingly written by Seykota on his office’s punch-card computer were later adopted and implemented by many broker firms.
Ed Seykota’s achievements helped shape the entire forex trading platform as it is today.
Ref Wayne is South Africa’s most successful forex trader to date.
Growing up, Wayne didn’t have many career options and his future was rather bleak which ended up becoming the driving factor for his success as he was determined to not lose as a forex trader.
Needless to say, Wayne’s drive didn’t go to waste as he ended up becoming a multi-millionaire at just 22 years of age.
Wayne is also known for his philanthropic work in South Africa as he has created his very own forex institute called the African Forex Institute where he hopes to pass off all the knowledge he has accumulated on to the next generation of fx traders.
He has also handcrafted a few forex lessons and tutorials which he has given out completely free of charge so that everyone can have the opportunity to learn his methods.
Wayne is one of the top ten best forex traders of South Africa and he even created the first-ever South African cryptocurrency called the Pip Coin.
He also makes various appearances on national TV and attends various events as a motivational speaker hoping to inspire others with his life story and experiences.
Source : https://www.cnbc.com/2019/08/13/why-carl-icahn-invested-in-cloudera.html
Carl Icahn, who is the richest forex trader in the world got his big break when his uncle loaned him $400,000 so that Carl could buy a seat on the New York Stock Exchange.
Carl made the best of that money as well as the trust his uncle had put in him and became a very successful forex trader on Wall Street.
His ultimate rule which he believes played an important role in his success was the preservation of capital.
Carl’s always ensured that he had enough capital left over at the end of the day so he could dive back into the foreign exchange market with fewer worries and more rigor.
His company, Icahn Enterprises has made several investments in numerous successful companies such as Apple, Netflix, Viacom, Motorola, and many more.
With a net worth of $17 billion, one can say that most of his investments have been a huge success.
Carl is the type of investor who likes to go with his guts. He has been known to advise his co-investors to not take everything the market tells them at face value. Instincts are very important in his book.
Source : https://www.youtube.com/watch?v=pEA5rYFOMeI
James Simons is one of the smartest forex traders to ever exist on this planet. He got his Ph.D. in Mathematics at the young age of 23 and he put that degree to good use.
James is not only a forex trader, he is an accomplished mathematician who is well known in the scientific community for his pattern recognition analysis, and string theory studies the former of which he also applies to his trading strategies.
James founded his own company which he named Renaissance Technologies that went on to have a highly successful operation over the years which made James a multi-millionaire.
James was able to successfully combine the principles of math with the principles of trading and he came up with an algorithm that can accurately predict the price change of a financial instrument. Many other professors also helped him achieve this goal.
With a net worth of $2.7 billion, a significant portion of which goes directly to multiple charities, James is also famous for his philanthropic activities.
Source : https://www.cnbc.com/2018/05/30/ray-dalio-quit-these-bad-habits-to-succeed.html
Ray used to work for tips as a golf caddy for Wall Street hotshots who introduced the 12-year-old boy to the world of stock markets and currency trading.
As a young man, Ray worked hard and got his Master’s in finance from Harvard Business School.
He moved to New York City shortly afterward and launched his investment company from his small studio apartment which he christened Bridgewater.
The company was, of course, a huge success thanks to Ray’s hard work and dedication to his craft.
Bridgewater reportedly manages approximately $160 billion in assets in 2020, almost three decades after its inception from a small studio apartment in New York City.
The estimated net worth of Ray Dalio in 2021 is almost $12.5 billion which he has been able to amass thanks to his sharp insight into the trade markets combined with his experience over the years.
One of the most important advice that Ray has for young budding traders and investors is to be humble and never let your ego get in the way of your progress.
Ray believes that one’s ego is the only thing that stands between them and success. He overcame his ego by starting his company from his bedroom rather than renting an office.
Furthermore, Ray is an extremely philanthropic person who loves to give back as he has given away almost $700 million to various charitable causes.
Ray also founded the Dalio Foundation which under his visionary leadership aims for nature conservation and provides inner-city education.
Tracy Britt Cool
Tracy Britt Cool is an American business executive and entrepreneur who started as a humble girl from Kansas selling flowers and growing vegetables in her parent’s company.
She went on to graduate from Harvard Business School in 2009 where she founded Smart Women Securities with fellow Teresa Hsiao.
Tracy was mentored by the great Warren Buffet who took an interest in her work at Smart Women Securities.
She worked under Buffet for many years while he mentored her and trained her in the art of trading.
In the present day, Tracy is on the board of many top companies such as Oriental Trading, Kraft Heinz, Larson-Juhi, and many more.
Traders like Tracy are starting to make their presence on the trading atmosphere known which has been traditionally dominated by men since its inception.