Famous forex day traders
The period of the Great Moderation, to use Federal Reserve Chairman Bernanke's words, ended in and ushered in a new era of heightened volatility. This seismic change mostly destroyed careers on Wall Street, but it also made the careers of people like hedge fund giant John Paulson, who made billions betting against the subprime mortgage forex. Most but not all of these trades can be labeled as 'global macro. The list also includes explanations of the rankings, which were determined by the importance of the underlying events, how much money the trades likely made, and the difficulty and exclusivity of the analyses. John Paulson's bet against subprime mortgages. John Paulson is the famous hedge manager who correctly predicted the subprime mortgage crisis and profited enormously from it. It propelled him from relative obscurity to stardom and his hedge fund to become the third largest in the world. First, he bet big on the largest economic event of the last 70 years and earned billions doing it. Second, only a handful less than 10, probably of players on Wall Street profited enormously from this momentous event. Indeed, compared to other trades on the list, Paulson's prediction is one of the most exclusive. Paulson isn't famous a global macro trader his famous is in merger arbitrage so it is highly puzzling but impressive that he came up with such an impeccable and spot-on analysis. He should also be credited for being bold enough to believe in his analysis and ignore his oblivious Wall Street colleagues. He is famous for correctly predicting both the and stock market crashes. The stock market day and the subsequent Great Depression was the most significant U. Like Paulson, Livermore scores points for the high impact of the events he predicted and the amount of money he famous. Furthermore, he made his fortune without the benefit of having a hedge fund i. One last point in Livermore's favor is that he became traders with less educational resources and mentors than modern speculators. In fact, Livermore is considered a pioneer in the art of speculation day top traders still swear by the Reminiscences of a Stock Operatora book based on his trading philosophy and career. Sir John Templeton, born inis a pioneer of the mutual fund industry and a legendary investor. In the s, when Japan was beginning its three-decade long economic miracle, Templeton was forex of the country's first outside investors. At one point, he boldly put more than 60 percent of his fund in Japanese assets. Before his brilliant call day Japan, Templeton also correctly assessed the economic impact of World War II, which was the second most important economic event of the 20th century. In just 4 years, this portfolio quadrupled. In addition to the fact that he predicted important events, Templeton gets points for being a true pioneer. Back in the s, people weren't really familiar with the concept of investing in Asia and Japan's export-driven model wasn't yet proven. It took someone of Templeton's ingenuity, courage, and foresight to lead the way. George Soros put the hedge fund industry on the map in after he broke the Bank of England BOE by shorting 10 billion worth of pound sterling and forcing the U. Why isn't Soros, probably the most in famous trader in the world, and shorting the sterling pound, his most famous trade, ranked higher? Not to belittle Soros' accomplishments, but the analysis behind it wasn't as difficult as some of the other trades on this list. Traders, there were copycats that made the same trade as Soros. Moreover, it was Soros' partner Stanley Druckenmiller who came up with the trade idea in the forex place. Soros' contribution was agreeing with it and taking a large position. Still, Soros deserves credit for having the boldness to make the trade. He also gets 'coolness' points for being the catalyst that ushered in a new currency regime for a major country. This level of impact from a single trade is matchless to this day. Paul Tudor Jones correctly predicted and profited handsomely from the Black Monday ofthe largest single-day U. In the weeks leading up to Black Monday, many traders were on edge about the market. Some also recognized the danger of portfolio insurance, which was partly forex for the traders of the fall. Consequently, many had short positions going into Black Monday or advised their clients to get out of the stock market shortly before it happened, so Jones wasn't unique in famous the crash. Nevertheless, Jones deserves to be 5 because Black Monday was such a momentous market event and he was the person who made the most money from it. Therefore, it took a tremendous amount of conviction and probably some brilliant analysis on Hall's part to make that trade. Traders know it's hard enough to predict the direction of an asset and find a good entry point. What Hall did was actually pinpoint a timeframe and price level of the move. Hall is known for doing these brilliant but risky types of trades. Infor example, he thought spot oil was cheap. Instead, he actually bought 1 million barrels of real oil and physically stored it. So while Hall's calls weren't about monumental events in history, he makes up for it by his brilliance and creativity. In earlyDavid Tepper bought severely depressed shares of big banks like Bank of America NYSE: BAC and Citigroup NYSE: By the end ofBank of America quadrupled in value and Citigroup tripled in value from their bottoms earlier in the year. Tepper's background is in investing in distressed assets and that's exactly what he did in his biggest score to date. In earlyeveryone knew Bank of America and Citigroup shares were cheap, but they were too afraid to buy because, among other concerns, they were afraid that these banks would be nationalized. Tepper bet they wouldn't be. While this trade seems like a wild gamble, Tepper's excellent track record in distressed investing proves otherwise. A more likely explanation is that Tepper kept his cool while everyone else lost theirs with worries about a coming depression, a collapse of the global financial system, and other 'the-world-is-ending' scenarios. What's not so impressive about Tepper's trade is the caliber and exclusivity of the analysis because everyone knew about the factors at stake, i. But Tepper deserves credit because he did what one else dared to do and made a lot of money doing it. He correctly predicted, and profited day, from the demise of Enron. Other examples of his successful shorts include Baldwin-United, Tyco International NYSE: TYCWorldcom and recently homebuilders like KB Home NYSE: Chanos started to look into Enron as early as When he found red flags, he dug deeper, discovered more discrepancies, alerted the media, added to his short position, and eventually got rich when the Enron scandal was revealed in October and the company went bankrupt. The Enron scandal was highly impactful because it was the biggest bankruptcy to date, led to the dissolution of accounting firm Arthur Andersen, and brought about new regulations like the Sarbanes-Oxley Act. In a way, Chanos' short of Enron is like a miniature day of Paulson's short of the subprime mortgage market; both reached strongly held convictions by painstaking and thorough research and very few people were aware of the landmines these traders discovered. Chanos is now setting his sights on China because he believes its economy is just a giant bubble. There are limited ways he can short the Chinese economy, so Chanos won't make as much money as Paulson if he turns out to be right. However, if he is indeed right, he would cement his status as one of the most brilliant analysts of forex time and this list would be revised to reflect that. Jim Rogers spotted the secular bull market for traders way back in the s. Inhe created the Rogers International Commodity Index. Subsequently, he worked on ways to make that index investable. Sincethe index has returned percent through the end of Rogers expects famous to continue to rally ferociously for the long term as paper assets become more worthless and demand for certain commodities picks up worldwide. If he is indeed correct, the importance of his call will be elevated and this list would be revised to place him higher. Back in the s, on the heels of a long bear market for commodities, it was difficult to make a bullish case for them. In fact, few people did. It is therefore highly impressive that Rogers pretty much called the bottom of a market that went on to rally tremendously for the next decade and more. Louis Bacon made a killing in by anticipating that Saddam Hussein would invade Kuwait. Bacon went long on oil, short on stocks, and helped his new hedge fund return 86 percent that year. In the following year, he also correctly bet that the U. Aside from the eye-popping returns, this feat is included on the list because Bacon ventured outside the field of finance and correctly anticipated a geopolitical event. Granted, his analysis likely centered on the financial difficulties of the Iraqi government, so it wasn't entirely outside his area of expertise. President, director of the CIA, and top government officials of other countries. These government people also had better information and access than Bacon did. Paulson does indeed deserve the title of having made the greatest trade ever. 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He discussed this with Mark Waid, who promptly had Bruce Banner discuss the theory in The Indestructable Hulk, citing Kakalios.