While many would think that only those who are born from families of millionaires and business tycoons make it to the list of richest Forex traders, some of them actually started from scratch.
The hesitation brought by starting a career in Forex trading urged most of them to invest pure determination, relentless efforts, time, and risking all the little money they got.
Although that huge leap of faith is uncertain, stories of rags to riches have the same reasons that clearly explain why the successful Forex traders who started from below gambled that faintest chance.
This reason is a bonus tip for this article. So to know more about it, try to read this all the way through.
Once you laid an eye on this, it’s harder to take away your sight next because this might just be your first step to the path of Forex trading.
In most recent years,
Forex trading has become one of the major trends in the global market place for exchanging national currencies against one another.
This is a decentralized market that caters to all transactions of currency trading done electronically via computer networks between traders around the world.
In other words,
it is the trading of foreign currencies in an over-the-counter Forex market. Due to globalization, currencies have claimed its significant value in the world because it is exchanged to conduct foreign trades and businesses.
And that’s the starting point where the prominent names in Forex trading pioneered their success in the industry.
So, it is only right that we unveil to you some of the richest Forex traders who started from below.
This includes the stories of their journey as they struggled to reach their target.
They all started at different ages, places, races, and vocations but they all have that one attribute that led them to the doorstep of success.
An attribute that is highly-linked to most real millionaire trader stories which will be revealed later to you.
Richest Forex Traders who started from Scratch
1. Bruce Kovner
Are you also a taxi driver who has settled to the thought of earning the same income for the rest of your existence?
Well, you must now be raging with a burning desire to become like this billionaire trader who was also driving taxis to make a living.
Hitting a net worth of $5 billion according to Forbes April 2015, Kovner made it to the list of richest forex traders in the world.
Who would have thought that a taxi driver that you once paid with a tiny amount of coin would become a billionaire, right?
As easy as it may sound but Kovner had gone through different childhood torments that left him in worst of situations. It did not stop him though until he was able to save up some amount from driving taxi cabs.
It took him only $3,000 to get his interest in trading started.
Of course, that amount did not skyrocket to millions right away. He even lost some of his profits but he embraced that uncertainty and continued risking.
2. Randy McKay
Back in the past, parents would always emphasize the need of investing time for school to improve their way of living.
While there is nothing wrong with that notion but it does not mean you wouldn’t become successful just because you are still struggling to complete a degree- or no degree at all.
During Randy’s study to become a clinical psychologist, he struggled day by day to work as a runner on the floor to pay his bills and school expenses while attending all his classes.
And as he was about to complete his degree, an opportunity came from the trading industry. His brother gave him $5,000 where he spent $3,000 for his expenses and another $2,000 for his trading account.
That speck of opportunity turned his $2,000 into $70,000 in just his first seven months in the trading industry.
Again, this may sound a piece of cake but he also suffered trading losses. And one thing that kept him risking is the thought of gaining more rather than losing a little.
Some trading experts would suggest that Randy’s net worth hits an amount of no less than $10 million today.
3. Bill Lipschutz
Just when you are halfway to earning your college degree, your grandmother suddenly died leaving you some portfolio shares of around $12,000.
What would you do? Well, Bill sold all of it in exchange for money that he used to start trading the stock market while he was still a student.
This might seem a lot of work for you but Bill even completed two college degrees- one in architecture and the other in business.
Yes, you heard it right although his second degree interested him the most. This then ended him up getting a Master’s degree in Business Administration.
His $12,000 dollar-risk profited him about $250,000 in just 4-5 years. And after his trading journey in the stock market, Bill later worked for Salomon Brothers who introduced him to the Forex market.
Similar to the traders mentioned earlier, Bill also lost millions of dollars in Forex trading but he just keeps on risking.
And now, he’s considered to be among the top five richest Forex traders worldwide while making $300 million each year.
4. Paul Tudor Jones
After earning a college degree, some would fantasize about immediately getting high-paying jobs only to end up as a trading floor clerk.
Our next Forex trader also started with this job after he received his undergraduate degree in Economics.
Paul spent most of his 2 and a half years working on this field until he became a broker.
The continuous monotonous routine he had each day urged him to try something new. And that’s the start of his path to acquainting himself in the trading industry.
He applied to Harvard Business School and later knew someone in New Orleans who introduced the nature of trading. Although he started trading of cotton, he later found out about Forex trading.
His humble journey where he started as a trading floor clerk led him to hit a net worth of $4.7 Billion as a Forex trader.
5. Warren Buffet
Don’t ever make laugh of street sellers who humbly make a living out of selling newspapers, cigarettes, and candies.
You will never know that one of them may potentially become the billionaires of the future.
Dwelling on the streets all day, Warren spent most of his childhood selling up different goods in the street. That situation did not lose him hope but rather it inspired him to dream more. His perseverance paved the way for the development of his company, Berkshire Hathaway.
His journey to earning millions of money later introduced him to the field of Forex trading. And his persistent efforts to achieve his targets gave increased his net worth to $73.6 billion as of 2017 according to Forbes.
This is some inspiring billion-dollar story for someone who worked as a street seller for starters.
6. Stanley Druckenmiller
Would you dare to open a hotdog stand while you’re still in college?
This may be a hard task to do especially if you’re also struggling with your academic classes but not or Stanley. In college, he managed to earn his degree through selling out hotdog that is somehow related to his bachelor’s in English and Economics.
Growing up in a middle-class family in Philadelphia, Stanley worked all the way through until he became an economic policy adviser to President George W. Bush. He enrolled himself in a three- year Ph.D. program in Economics only to drop out before he could even graduate.
Those ups and downs did not stop Stanley from pursuing his objectives. This then led him to make comrades with George Soros in his Quantum Funds. And that partnership marked a breakthrough after they profited $1 billion when they broke the Bank of England.
Stanley’s Forex trading journey surged his net worth to $4.7 Billion according to Forbes.
What does the richest Forex traders who started from below do in common?
All their achievements may all seem so amusing to listen to. But in every great achievement is the tenacity and persistence to make it.
This might sound silly but a lot of people only praise your achievements and not the journey that you’ve been through just to reach that peak.
So, what must be the common ground of these successful Forex traders that led them to that peak of success?
It is not about their college degrees nor their position in the social stratification but their hardwired resolve and mindset. As mentioned earlier, their lives started all miserable and very poor. Yet, they did not let any circumstance wobble their sturdy outlook in life.
It even drove them to become wiser instead.
All of them are risk-takers as well. They can’t stay within their comfort zone because it easily bored them out. Of course, it takes a lot of boldness to continue despite the number of failures but it’s all about resilience. It’s about the ability to gather yourself together and continue to venture forward whatever the future may have set for you.