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People who got rich from forex?

Forex, short for foreign exchange, is the largest financial market in the world. The market operates 24 hours a day, five days a week, and trades more than $5 trillion worth of currencies every day. Forex trading involves buying and selling currencies with the aim of making a profit. Over the years, many individuals have made fortunes from forex trading. In this article, we will explore the stories of some of the most successful forex traders.

1. George Soros

George Soros is considered one of the most successful forex traders of all time. He was born in Hungary in 1930 and later moved to the United States. Soros is a philanthropist, author, and investor. He is known for his work in currency speculation, which helped him amass a fortune of $8.3 billion.

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In 1992, Soros made a bet against the British pound, believing that the currency was overvalued. He borrowed billions of dollars and sold the currency short. When the Bank of England failed to prop up the pound, Soros made a profit of $1 billion in a single day. The event became known as Black Wednesday, and Soros became known as the man who broke the Bank of England.

2. Stanley Druckenmiller

Stanley Druckenmiller is a former hedge fund manager who made his fortune in the forex market. He was born in Pennsylvania in 1953 and started his career as a trader at Pittsburgh National Bank. Druckenmiller later worked for George Soros as the lead portfolio manager for the Quantum Fund.

In 1992, Druckenmiller worked with Soros to bet against the British pound. He made a profit of $1 billion in the process. Druckenmiller later founded his own hedge fund, Duquesne Capital Management. He retired in 2010 with a net worth of $4.4 billion.

3. Bill Lipschutz

Bill Lipschutz is a forex trader who made his fortune by trading currencies. He was born in New York in 1956 and attended Cornell University. Lipschutz started his career at Salomon Brothers, where he worked as a trader. He later founded Hathersage Capital Management, a forex trading firm.

Lipschutz is known for his ability to read market trends and make accurate predictions. He has said that he makes trades based on a combination of technical analysis and fundamental analysis. Lipschutz has a net worth of $1.5 billion.

4. Andrew Krieger

Andrew Krieger is a former currency trader who is known for his successful trades in the forex market. He was born in 1956 and worked for Bankers Trust and Solomon Brothers. Krieger later worked for George Soros at the Quantum Fund.

In 1987, Krieger made a bet against the New Zealand dollar, believing that the currency was overvalued. He borrowed $700 million and sold the currency short. Krieger made a profit of $300 million in the process. Krieger later founded his own trading firm, Krieger & Associates. He has a net worth of $150 million.

5. Bruce Kovner

Bruce Kovner is a former hedge fund manager who made his fortune in the forex market. He was born in 1945 and started his career as a taxi driver in New York City. Kovner later worked for Commodities Corporation, where he traded currencies.

Kovner founded Caxton Associates, a hedge fund, in 1983. The fund became one of the most successful hedge funds in history, with a net worth of $14 billion. Kovner retired in 2011 with a net worth of $4.8 billion.

Conclusion

Forex trading can be a lucrative business for those who are willing to put in the time and effort to learn the market. The traders mentioned in this article are just a few examples of the many individuals who have made fortunes from forex trading. While not everyone will achieve the same level of success, anyone can learn the skills necessary to become a successful forex trader.

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