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    HomeBusinessHow Forex Traders Changed the World

    How Forex Traders Changed the World

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    It is difficult to mention all famous forex traders in one article. Let’s focus on Stanley Druckenmiller, George Soros, Bill Lipschutz, Bruce Kovner, and Andy Krieger.

    What Soros, Druckenmiller, and others have in common is that they share an unshakable sense of confidence, which guides their financial performance.

    We can start with Stanley Druckenmiller. He began his financial career in the 1970s as a management trainee at The Pittsburgh National Bank.

    Let’s take a look at the pin bar candlestick.

    Druckenmiller quickly rose to success and formed his company, Duquesne Capital Management. It is noteworthy that he then successfully managed money for George Soros in his role as the chief strategist for the Quantum Fund for more than a decade.

     After surviving the 2008 financial crisis, a famous trader closed his hedge fund, admitting he was exhausted by the constant need to maintain his successful track record.

    We need to mention George Soros when it comes to famous forex traders. Soros began his financial career at Singer & Friedlander in London after leaving Hungary in 1947. Soros worked at various financial firms until he established Soros Fund Management in the 1970s.

     In 2021, Soros, one of the most famous forex traders, was one of the 300 wealthiest individuals in the world.

    Andy Krieger and Bill Lipschutz

    Any list of famous forex brokers would be incomplete without Andy Krieger and Bill Lipschutz.

    Krieger joined Banker’s Trust in the 1980s after leaving a position at Salomon Brothers.

    Andy Krieger acquired an immediate reputation as a successful trader, and the company rewarded Krieger by increasing his capital limit to $700 million, significantly more than the standard $50 million limit.

     This bankroll put Krieger in a perfect position to profit from the Oct. 19, 1987 crash known now as Black Monday.

    He focused on the New Zealand dollar, which he believed was vulnerable to short selling as part of a worldwide panic in financial assets. It is worth mentioning that he greatly leveraged his exposure by using foreign currency options combined with his already high trading limit, acquiring a short position that may have rivaled the New Zealand money supply.

     As a result of this trade, Andy Krieger netted $300 million in profits for his employer.

    Another legendary forex trader is Bill Lipschutz, who started trading while attending Cornell University in the late 1970s. During that time,  turned $12,000 into $250,000;

    nevertheless, he lost the entire stake after one poor trading decision, a hard lesson on risk management that he carried throughout his career. In 1981, Lipschutz began working for Salomon Brothers.

    Lipschutz became the principal trader for the firm’s massive forex account in 1984, holding that position until his departure in 1990. Lipschutz became the Principal and Director of Portfolio Management for Hathersage Capital Management.

    Bruce Kovner

    It is hard to deny the fact that Bruce Kovner is one of the most famous forex traders in the world. Interestingly, he didn’t make his first trade until 1977, when he was 32 years old. One interesting fact: he borrowed against his personal credit card to buy soybean futures contracts and netted a $22,000 profit.

    Kovner subsequently joined Commodities Corporation as a trader, booking millions in profits and gaining a solid industry reputation.

    Lastly, Kovner founded Caxton Associates in 1983, transforming it into one of the world’s most successful macro hedge funds. The fund’s profits and management fees, split between financial and commodity positions, made him one of the most prominent players in the forex world until he retired in 2011.

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