People are seriously making big cash in the forex market. Forex millionaires do exist, in the sense that there are people who sit in front of their computer looking at the same MT4 charts as you. But why do you lose? Why do they win? You know the answer don’t you. I keep saying this; that forex needs a lot of patience, persistence, discipline and being plain “hard core”, by that I mean learning not to give up. Those forex millionaires who have made it all lost lots of times. They lost big moneys but giving up wasn’t an option. The trick is, with every fall, there was a new lesson learned, they fell enough times that they’ve been able to correct almost all the mistakes there could be to make them the forex pros that they are now. And that’s what most of us traders lack — These qualities that are putting them on top.
In no particular order of reverence, I have gathered the top forex millionaires alive (bare in mind this is my personal list). This is a list of people I admire and look up to, learn a lot from their way of life, style of trading and anything I can find about them that concerns trading.
Lipschutz is by no doubt one of the best forex traders alive. He inherited $12, 000 worth of stocks after his grandmother died. He invested a lot of time reading and learning about the market which was later to spike up his interest in financial trading. He turned this initial investment to $250,000 but lost it all, something he considered to be a very valuable lesson. He persevered and it’s now known that Bill has made over $300 million per year in trading only on the forex market.
Bruce Kovner borrowed $3,000 to trade, turned it into $40,000 and then back down to $23,000 before deciding to get out. $20,000 of pure profits from an initial $3,000. Not bad. But coming back from $43,000, Bruce Kovner said that trade thought him one valuable thing every trader should know about: Risk Management.
Kovner has a mansion in New York City that has a lead-lined room to protect against a chemical, biological, or dirty bomb attack. What can’t you do when you’ve got the money. He’s worth $4.8 billion dollars as of March 2014.
You expected he’d be next didn’t you? George is sitting on about $26.5 billion. This guy has insight. Soros enjoys dual citizenship from Hungary and USA. He has written a book, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means that I would recommend you check out. It’s only 208 pages and you can learn a lot from this book! In 2009, George Soros said “We witnessed the collapse of the financial system … It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.” Greece can testify to this.
This is a guy that inspires me a lot personally. He’s worth $4.7 billion. He sold his family business to get a starting capital in the forex market and succeeded. He had previously worked with George Soros, another successful trader. Joe is now a tax exile in the Bahamas and lives a happy life like every one with money would. If you’re an active forex trader, you would know about him. And oh, there’s another Joe Lewis! But he’s nothing near this Joe Lewis I am writing about, he’s actually the complete opposite.
This guy is a doctor, a psychiatrist. No. Seriously. At age 16, back then, he entered medical school. He understands psychology like it’s no one’s business, well, I don’t want to say this but… duh?! And applying his knowledge in the field of trading makes him one of the best traders alive. He has a couple of books as far as I know. One of which is widely recommended: Come Into My Trading Room: A Complete Guide to Trading. The funny thing is that I honestly can’t tell how much Alexander is worth but judging from his past successes with trading and trading books, any could bet his net worth is well over the $1 million mark. However, I included him in this list anyway because he’s worth following!