Through the decades, it’s been discovered by many hopefuls that day trading isn’t their forte and it’s a job that doesn’t always lead to a successful outcome. Day trading has earned a rap that makes it a choice for hobbyists who are dabbling, but few have developed the confidence to make a career out of it. The skepticism has resulted from hordes who have lost and become discouraged, then moved on to something more profitable. Having said this, there are a few who refused to give up, even after losing money in deals while they were actively engaged in the learning process. Some have made their fortunes in day trading but who is the richest day trader in the world today, how did he do it and what precisely is his net worth today?
Day Trading vs Swing Trading
Before determining the richest Day Trader in the world, and naming Paul Tudor or George Soros, it’s important to note the distinction between Day Trading and Swing Trading. Day Trading is one of the more challenging types. A Day trader executes multiple techniques and strategies throughout the day on a given asset, to attempt to capitalize on market inefficiencies that they believe exist. It involves a high level of self-discipline, objectivity and technical analysis. It involves buying and selling securities in one single trading day and it’s most commonly executed within the Forex and stock markets. Day traders engage in short-term trading to capture small price movements within liquid stocks and currencies. Sudden significant moves are opportune moments for day traders. This type of trading is more intricate than Swing trading and long-term investing. We’re targeting the richest investor who predominantly has made a fortune in day trading.
Why George Soros isn’t our top pick
The Hungarian born George Soros is currently the chairman of Soros Fund Management. He is notable among the most successful traders in the industry and he gained the reputation of being “The Man Who Broke the Bank of England” when he earned a $1 billion profit when he executed a 10 billion pound short sale, but Soros has earned his fortune in a variety of different investment activities. His estimated net worth for 2020 is $8.3 billion. There is no doubt that he is a highly successful day trader among other things, but we’re focused on a trader who has a more singular approach than Mr. Soros.
Minervini has a unique philosophy when it comes to day trading. He’s a day trader who also provides training for hopefuls who are interested in putting in the time and effort to get past the learning curve required to become proficient at day trading. In his first year, Minervini was making 128% profit and by the five year mark in his career as a day trader he was at 220% profit. His focus is on becoming the best day trader, not the richest. When you consider the fact that the money follows the passion, it is feasible to predict that Mark may well, in time become the richest day trader in the world. He presently does not hold that position, but he’s one to keep your eye on in the years to come. He has developed his own methods for day trading and he’s on his way. He’s the founder of Quantech Fund LP hedge fund and the chairman of the Quantech Research Group, specializing in analytics for choosing stock interests for institutional clients in accordance with his methodology.
The best and richest Forex Day Trader in the world
Bill Lipschutz is a master when it comes to day trading. He’s a Cornell University graduate who began trading professionally in 1984. Salomon Brothers had a position in their brand new Forex division that year and withing 12 months, Lipschutz leveraged the bank a profit of $300 million day trading. He went on to become the Merrill Lynch subsidiary, the North Tower Group’s president. He went on to establish Rowayton Capital Management that evolved into Hathersage Capital Management by 1995 specializing in trading of the G10 countries currency trading where he continues his activities as a day trader. Lipschutz has developed his own philosophies and methods which include his catchphrase “Trade like crazy or stay the same.” He’s known for turning profits with record speed by working around the clock, building strategies both day and night. Now that’s purism in day trading.
The secret to his success
Lipschutz has never backed off because of a significant loss. Even when he made mistakes that cost him a quarter of a million dollars in 5 days he endeavored to persevere. He’s obsessed with making calculated/perceived good deals and he has a passion for trading. Each loss hurts and he allows himself to feel the pain but he doesn’t back down. He maintains sharp analytical skills and he puts them to good use. Similar to Minivini, he is going for the gold standard in making successful trades and it is this passion that continues to drive him to this day. He is among the best day traders in the world today, and Lipschutz gets an honorable mention when he’s not listed as the richest.
Lipschutz inherited $12,000 when his grandmother passed away. He invested it in the stock market and within a few short months he had made a profit of $250,000. Since that time he’s made a few mistakes that cost him dearly, but it was all a part of the learning process. It was when he switched over to Forex that he gained a greater sense of financial and career stability. He had found his niche. As of 2020 his estimated net worth is $25 billion, dwarfing the $8.4 billion credited to Mr. George Soros.