The foreign exchange market (also known as Forex or FX, the abbreviation of the English term Foreign Exchange) moves daily a trading volume of about 5 trillion dollars.
Behind this immense daily trading volume, we will find the so-called “speculators”. Scattered all over the world and in attack attitude in order to make a profit from currency price fluctuations. The foreign exchange market revolves around the price fluctuations of currencies such as the Dollar, Japanese Yen, Euro and Pound Sterling. There are more currencies of exchange and, not infrequently, the big players have created their fortune by trading with them. Most currency traders keep a low profile, avoid being the center of attention. They build their fortune in silence. Of how little is known of them, in a note to The New York Times Joe Lewis said:
George Soros
The man who broke the Bank of England
Schwartz György was born on August 12, 1930 in Budapest, Hungary. In 1936 his birth name changed from Schwartz to Soros as part of a plan by Soros’ father, Tivadar Soros, to hide their identities from the extermination of Hungarian Jews by Nazi Germany. Soros immigrated to Switzerland in 1946 escaping the Soviet occupation, in 1947 he immigrated to England. He worked in various trades while studying at the London School of Economics and Political Science. He graduated in Philosophy in 1952. His financial career began in 1954 working as an employee for the London Business Bank, Singer & Friedlander. In 1969, after working for various financial companies, he founded Soros Fund Management, a hedge fund management company. The firm has generated more than $40 billion in revenue since its inception.
In 1973 he founded the Quantum Fund, now managed by his sons, as his primary avenue of operation.
The fateful event is remembered in politics and economics as “Black Wednesday”.
Stanley Druckenmiller
He made a $1 billion profit by betting on the Deutschmark.
He was born on June 14, 1953 in Pittsburgh, Pennsylvania, United States. He grew up with his middle-class family in the suburbs of Philadelphia. By the end of the 1980s, the Deutschmark was suffering constant depreciation due to the dramatic political and social complications surrounding the negotiation for German reunification. Druckenmiller looked closely at the situation of the Deutschmark and understood that the German currency was undervalued, at which point he saw a buying opportunity. At first, Druckenmiller executed a long position in Deutschmarks for a millionaire sum, then Soros made him increase the purchase by 2000 million Deutschmarks. This transaction brought a 60% profit to the Quantum Fund.
Andrew Krieger
Krieger against Kiwi
After graduating from the Wharton School of Business (University of Pennsylvania), in 1986 he began working at Salomon Brothers for a short time before joining the Bankers Trust Company. His reputation as a businessman grew rapidly, increasing Krieger’s confidence, and as a reward, the company granted him a $700 million increase in his capital limit. A figure considerably higher than the standard capital limit of $50 million.
His new bankroll allowed him to generate a significant profit on October 19, 1987 (Black Monday). After the global panic unleashed by the collapse of the financial markets, Krieger turns his attention to the New Zealand dollar (NZD), colloquially called “kiwi”, believes it is overvalued and there is a short-selling opportunity.
4 Bill Lipschutz
The Sultan of Currencies
Born in 1956 in Farmingdale, New York. He attended Cornell University and earned a Bachelor of Fine Arts in Architectural Design while enrolling in business classes and earned an MBA in Finance from the Johnson School of Management and Cornel University.
He took his first steps in investment while attending college. He began operating in venture capital after inheriting $12,000 from his grandmother’s death, quickly turned it into $25,000, and then lost all his capital to a bad business decision and a market turn. This loss taught her the importance of risk management, which she would apply for the rest of her career.
In 1982 she attended a training program at the investment company Salomon Brothers, and in May of the same year she began working full-time for the company.
During his training program, Lipschutz was offered to join a new department dedicated exclusively to the foreign exchange market that would be created in the foreign division of the firm as part of the company’s plan in response to the growing popularity of the foreign exchange market.
In 1984 he became the main trader of the company. A year later, Lipschutz represents Salomon Brothers a profit of $300 million annually, its successful performance was maintained until its exit in 1990.
Bruce Kovner
An objective and sober trader
Born in 1945 in Brooklyn, New York. His first operation was not until he was 32 years old in 1977. He used $3000 from his MasterCard credit card to make a purchase of soybean futures contracts, the operation brought him $40 thousand dollars in profits and after suffering a fall, he closed a profit of $23 thousand dollars.
Then, he stated that this first nervous operation taught him a hard lesson about risk management.
He is said to have been very successful in his position as an employee of Commodities Corporation, generating multi-million dollar profits for the company and earning the respect of being an objective and sober trader.
Michael Marcus
He was one of the largest currency traders in the world, along with the banks
He was part of the founding line of Commodities Corporation, where he was the main coin trader. Marcus learned money management from Ed Seykota, whom he met while working as an analyst at Commodities Corporation. Shortly thereafter, Marcus would pass on his knowledge to Bruce Kovner, who was hired by Marcus to work as a trader at Commodities Corporation. During Ronald Reagan’s presidency and with a strong dollar, Marcus held positions in Deutsche Mark worth 300 million dollars, making him the world’s leading currency trader, along with banks.
Paul Tudor Jones
TRADER: The Documentary (1987)
His leap to fame occurred after predicting the 1987 accident (Black Monday). A fact that would later be captured in the film TRADER: The Documentary (1987) showing Jones in his method of prediction. He is a hedge fund manager known for his participation in the macro trader, mainly betting on fluctuations in interest rates and the currency market.
In 2013 he obtained a 14.3% return for his firm, Tudor BVI Global, according to investors, this gain was made possible by winning bets against the Japanese stock market and the Japanese Yen.
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