I have been studying forex for a few weeks now and something that still bother me and to which i can't find an answer is the following. Other than the famous Soros, i don't know if any super rich guy that made his fortune in the Forex market. By super rich i mean a billionaire, but "just" knowing of a few multimillionaires who run some Forex investing fund would be enough. Maybe i haven't searched enough, but i can't find anything about it. I know if super rich people who made it through businesses (obviously), trading stocks, options, futures, but not one single forex trader (who made his fortune primarily through it; mentioning how Buffet invests in currencies now and then doesn't count). Why is it? And then i see all the supposed big shots in the Forex investing area, and they all became speakers, or working for companies, or became "miracle forex programs" sellers. They seldom mention how much they actually made through forex. Am i wrong? Can you name super rich forex investors of the top off your head (or are YOU one)??
In September 1992, Lewis teamed up with George Soros to bet on the pound crashing out of the European Exchange Rate Mechanism. The event, which was dubbed Black Wednesday, made Lewis very wealthy, and some say he made more than Soros. ... That's where the money is from - betting the house against the pound under Soros. And he build his initial stake from a real business which he sold.
Joe Lewis, the same guy who lost $1 billion on Bear Stearns. Based on this, you might assume that he's not a forex daytrader.
Michael Marcus Bruce Kovner Paul Tudor Jones Bill Lipschutz to name a few.. There out there still running funds or are retired. As for new money currency traders FX concepts the majority of their income comes from trading currencies. The millionaires ride cyclical currency moves for months pyramiding into positions as the market moves their way or they come in with heavy volume and capture a big swing play that can last minutes. The Retail side of the market for forex is a joke honestly I see all the time orders of retail clients and the majority of the executions that come through are from EA's that they did not develop and lose money. Today's market has been saturated with morons who sell signals or scalping EA's so the client can make $5.00 on a micro lot trading in and out multiple times per day only to have less than a 60% win rate and commissions applied. No other market in the world allows you to open and trade an account for only $25 and this game not only attracts the ill informed but I would say some of the laziest players who bitch about .02 commissions and want some one else to make them millions. Read about the traders above interviews, fund Info, MW and gain some of their insights on currency trading from the 80's to today, then go to a currency trading forum and click on a discussion where you will see guys touting making 3pips or as I like to call it less than minimum wage. Cheers, Lazard
Many of the best keep very low profiles. Unless you're selling something (a fund) or have a (weak) need to impress others, you have little to gain and a lot to lose by being known.
currencies are just a commodity, why not ask, where are all the billionare bean traders? Everynow and then someone makes a killing in commodities, but most can't build up longterm positions in commodities like they can in stocks. If you bought apple 5 years ago you are doing well. If you bought yen five years ago you were just sitting in cash in a foreign bank. Many big players make big bets in commodities from time to time, but not all the time like they do in stocks. Buffet had his silver, GS had their corn, even Bill Gates they say made a killing in CAD. When asked about it, Bill Gates said, forex just isn't big enough to invest a lot of money in unless it is eurusd. It's a trillion dollar market, but a trillion dollars invested in a currency won't get you much.
They post on ET from time to time when they're not throwing parties on their yachts with supermodels and blow.
All the retail forex millionaires--where are they? Do any of them have boats? I know one who has a boat. Here's a pic of it~the "S.S. SMA Xover" It ain't fancy, I know. If he hadn't lost so much money to loser gurus maybe he'd have been able to afford a better one.