Day trading success stories can be a great inspiration for both new and experienced traders. Reaching day traders’ success is the dream of many, from young graduates hoping for the same career to retail investors trying to apply their advice to get rich.
But who are these successful day traders and how can their day trading success stories inspire you to become a better trader? The best traders in the world are either famous or discreet.
In this article, we are tackling day trading success stories, covering their inspirational aspects as well as the perks of trading for a living as a concept of life.
Best Day Trading Success Stories – Trading for a Living
Each trader has a different career path and starting point, using different trading strategies and trading styles. All together going through ups and downs and harsh trading days, they also share the will to stand up and be successful after all.
The principle of everyday trading success stories is always the same: it’s not over unless you decide to give up on your own.
Forex Day Trading Success Stories
Here is an overview of the most talented and successful day traders.
Ross Cameron is one of the most successful day traders coming from Australia. He came into the focus of a wider audience as a founder of the day trading platform called Warrior trading.
He started as a long-term investor by buying shares in Pfizer Caterpillar, US Steel. The stock values remained unchanged for a long time until he tried his hand in day trading.
Always struggling to find decently paying jobs, before his day trading career, he worked as a pottery teacher, and a pool boy.
But trading was more appealing and turned out to be his best skill. The 2008 crisis represents a turning point in his career. With his financial advisers’ assistance, he invested an inheritance from his father of $100,000.
Having a large brokerage account, he started trading penny stocks. From then he succeeded to grow the profit to 5 million dollars.
Michel is primarily famous as one of the founders of the Commodities Corporation Company. Besides, he takes place among the most successful forex traders of all time.
He became a successful currency trader at a young age owning approx. 300 million dollars in German marks. He developed his career with the help of a mentor Ed Seykota.
Later on, Marcus became the mentor to Bruce Kovner, another stellar American trader and investor.
Bill Lipschutz’s career represents one of the best forex day trading success stories. His story is quite inspiring for beginner traders since Bill entered the market with very little forex trading experience.
But it turned out he was capable of amassing millions of profit within the Forex department known as the Salomon Brothers.
The insightful trading mindset was at the core of his trading success story. Also, he had an original trading approach that focused on taking advantage of the market’s momentary state rather than chasing the right moment to take action.
Ed comes from the old generation of traders whose career was at a peak at 70. He was the mentor of Michael Marcus. Seykota was an unconventional day trader who developed original computer-based trading systems while working at a brokerage house.
He developed algorithms for trading systems and started using computer programs for stock exchange trading – and the amount of profit he made on account of one of his clients is still at an all-time high.
Profits made by the robot he was using were over 250,000% between 1972 and 1988 – that is, Seykota’s client received over $15 million from $5,000. These systems are today largely implemented in trading.
Our best day trading success stories would be incomplete without mentioning George Soros. He was born in 1930 in Budapest. In 1947, he emigrated to England.
Upon graduation from the London School of Economics, he started as broker trading stocks in New York City and then moved quickly to Wall Street to earn enough money to become a philosopher or a writer for the rest of his life.”
But fate willed otherwise for Soros who founded his own investment fund, the Soros Fund Management, after his success in the American markets.
The speciality of Soros’ fund is speculation on the bursting of the financial bubble. In 1992, amid Britain’s recession, he bet 10 billion pounds on the pound’s collapse, which exerted such strong pressure that the price collapsed. Therefore, the pound had to leave the European Monetary System.
Since then he’s also famous as “the man who broke the Bank of England.” He pocketed $ 1.8 billion from that transaction alone. Today Soros Fund Management manages over $28 billion in assets, with George Soros’ personal fortune amounting to $19.2 billion.
What Can We Learn from Day Trading Success Stories?
The profession of a day trader has always made common people “talk” a lot. Criticized and envied for their results, day traders have not always been at the mercy of public opinion. This is especially true since the financial crisis of 2007 and the consequences it had on the real economy.
All these day trading success stories showcase the biggest traders’ common traits such as persistence, and the unconventional mindset as the key to stellar success.
Also, the role of mentorship is as important as self-driving motives. If you consider trading for a living as your career choice, we hope these stories inspire and help you establish the original trading mindset.