In this article, we’ll discuss the iconic traders whose names are synonymous with success, wealth, and prosperity. With discipline and hard work, they’ve managed to multiply their investments and earn the reputation of the greatest masterminds in their industry. Let’s cover the main milestones on their way to the top and find out what it takes to become a consummate trader with a global name.
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John D. Arnold
Born in the United States in 1979, John Douglas Arnold is now head of Centaurus Energy Advisors, a Houston-based company involved in trading energy products. Arnold started out working for Enron, an American energy company. In 2001, he earned Enron $750 million in energy futures trading. As a reward for his efforts, he got an $8 million bonus. After Enron had collapsed the following year, Arnold launched his project, the Centaurus Advisors hedge fund.
As of today, Arnold is worth more than $3 billion. While receiving a lot of interest from the media, the youngest billionaire trader keeps his personal life under covers. Along with his business conquests, he is actively engaged in philanthropy. Arnolds is hands down, an inspiring example for traders worldwide. He is living proof that nothing is impossible.
Martin Schwartz
It won’t be an exaggeration to say that Martin Schwartz is one of the greatest intraday traders of all time. Before trading, he received an MBA from Columbia University and served in the U.S. Marine Corps Reserves. Schwartz started as a finance analyst. With his first $100,000, he purchased a seat on the American Stock Exchange.
He started to earn good money trading futures and stock options. Within just a year, he made a whopping $600,000. Gradually, his daily earnings reached $70,000. What’s the secret of Schwarz’s success? He admits that he has never focused on one particular trading instrument. Instead, he aimed to diversify his trading portfolio. To all aspiring traders out there, he recommends going with the market instead of fighting it. It was Martin Schwarz who showed the benefits of intraday trading, making it popular among traders worldwide.
Joe DiNapoli
Peter Lynch
In 1977, Lynch was appointed head of a then-unknown investment fund. Within ten years under Lynch’s management, the fund had grown to $14 billion in assets. Today, Peter Lynch is a successful investor and author of three books, including “One Up on Wall Street” and “Learn to Earn.” Plus, he owns a restaurant chain.
Michael Marcus
Marcus spent his lifelong savings on plywood futures. His first investment earned him $700. In 1972, his stake increased from $700 to $12,000. The following year, with his highly effective trading strategy, he turned $24,000 to $64,000.
The success of the aspiring trader didn’t go unnoticed. Marcus was offered the position of chief trader with a major corporation. Using his vast skills and unfailing intuition, Marcus grew the company’s assets by 2,500 times. A truly stunning result! This and other accomplishments make Michael Marcus one of the iconic traders of our time.
George Soros
George Soros is considered the main factor behind the famous Black Wednesday when the British pound collapsed. On September 16, 1992, Soros’ fund sold about $10 billion in GBP/DEM, which caused the devaluation of the British pound. According to some estimations, Soros earned $1 to 1.5 billion. As a result of Black Wednesday, the UK Treasury suffered huge losses. Due to that incident, George Soros is sometimes called “the man who broke the Bank of England.”
George Soros is also known for his philanthropy work, as well as progressive economic and political views. The business magnate acts as a consultant to major companies and governments. He authored a plethora of bestselling books, including “The Alchemy of Finance” and “George Soros on Globalization.”
John Paulson
Today, Paulson & Co. is worth a whopping $24 billion. Paulson makes regular donations to charity organizations, universities, and hospitals.
Steven A. Cohen
In 1992, Cohen invested $25 million of his savings into establishing his hedge fund, S.A.C. Capital Advisors. Today, Cohen’s company manages billions of dollars in assets. Cohen’s estimated fortune is $10 billion. Named “the hedge fund king”, Cohen is the 30th richest person in the US.
Larry Williams
Along with trading, Williams teaches finance courses at universities and business schools. He has had a prolific career as an author. His books, such as “Long-Term Secrets to Short-Term Trading” and “Day Trade Futures Online”, provide valuable guidelines for both novices and pros.
Edward Lampert
When it comes to his trading methods and techniques, Lampert is not a fan of financial derivatives, credit leverage, scalping strategies, and small lots. Lampert prefers long-term trading, with his portfolio including 3 to 15 stocks.
In 1988, Lampert established ESL Investments. Lampert is also CEO and top shareholder of Sears Holdings. His assets are estimated at $2 billion.
Bottom line
The road to success is not an easy one. To become a recognized trader, you need to possess a whole bunch of qualities, such as discipline, patience, ability to take risks, persistence, etc. Ups and downs are an indispensable part of any trader’s career. You can’t avoid mistakes, and the best approach you can take is to learn from them. It’s also important to create a strategy that works for you and stick with it even in case of adversity. We hope that the stories of famous traders and investors will push you towards new heights and give you the courage to strive for more.