Who says you have to have a capital market educational background and work as an institutional trader first? Some figures have been successful in trading, instead, they started far from the world of trading and even had a good career, but then they learned to trade on their own and decided to switch professions to become full-time traders.
There are many fascinating tales that traders should follow and use as motivation to succeed in the world of trading. Here is a list of people who succeeded in trading after deciding to become full-time traders, along with short biographies of each.
Some People Who Switched to the World of Trading.
They might have the same concerns or queries as you do when deciding to learn about independent trading and pursue a career as a trader. Nevertheless, despite their initial scepticism because they lacked any knowledge of forex trading, their perseverance ultimately allowed them to succeed in the world of trading. First up, is Joel Kruger, who is the main character.
Working as a freelance trader was never something Joel Kruger considered doing. Kruger worked hard to find employment as a law graduate who was still unemployed at the time. Kruger's perseverance eventually paid off, and he was hired as an intern in the department of Debt Capital Markets at a private bank, where his duties included serving loan funds, presenting investment clients to banks, and prospecting for new clients.
Several years of work like this tired Kruger, so he finally tried to force his superiors to transfer to the Trading Markets department and began to learn how to trade in the stock market. After working in this field for several years, he finally decided to leave the bank where he worked and try to work as a full-time salesman. However, after trying the world of forex trading with his capital, he realized that it is much more powerful than using the company's capital. According to Kruger, shopping in the capital itself makes it more stressful and mentally exhausting. Although he has suffered many failures, this did not deter Kruger at all. He continues to try to improve his trading performance by studying technical analysis, understanding basic information and knowing his trading style. Kruger said that he needs at least 6 years until he can get a consistent profit and become one of the leaders in the business world.
The next blockbuster character is Charlie Burton. He started his career as an employee in many famous companies in England. Although Burton had one stint at the top, he grew tired and sought other challenges in the financial management industry. Until the day he read the book Market Wizards by Jack Schwager, which made him curious about the foreign exchange market. So, Charlie Burton decided to find out more about himself. He decided to quit his job in 2001 and changed direction to become a full-time trader.
Like Joel Kruger's previous story, Burton also had a big loss at the start. He admitted that he lost up to a quarter of a million dollars while trading money. However, Burton does not want to give up, even saying that it is good to use a lot of mistakes in the beginning and that it is the best way to learn and correct them. After a long and heavy losing streak, Burton managed to become a marketer with a strong mindset to be able to meet his challenge of turning $10,000 to $100,000 in two years. After that, he increased his challenge from £50,000 to £500,000 in three months. In less than two years, it appears that he has managed to rise to the challenge again. Now, in addition to being a full-time trader, Charlie Burton has started a consulting company for beginners in the forex market called EzeeTrader.
The story of success in the world of business begins with disaster, namely layoffs. Yes, Michael Rogan is a chemical engineer who was voluntarily let go from the oil and gas industry, due to cutbacks. After leaving his job, Rogan decided to make a transition into the business world in 2015 and started making profits. In no time, he managed to become one of the most successful figures and established his consulting firm, Mangrove Trading Academy.
Although he was introduced to the financial world at a young age, Chris Lori did not immediately become a full-time trader. Before Lori decided to enter the business world, she was a Canadian national bobsleigh athlete who won 22 international medals. Lori began to explore again and dive back into the business world after quitting the sport that made her famous at 35. She is not only successful in the business world, but He is active in teaching new traders and has obtained the CTA (Commodity Trading Advisor) license from NFA, an American non-profit organization.
Who says that being a professional poker player can't be a good marketer? Many traders know Steve Cohen as one of the most successful and richest traders in the world. Before Cohen entered the world of business, he was a poker player by profession. But aside from that, his poker background taught Cohen how to manage risk effectively. In addition to good risk management, Cohen is also known for his reliable skills in market research and speculation.
This is evident from his ability to make a profit of $ 13.3 billion betting on $ 26.7 billion Biosciences stocks and made SAC Capital Advisor one of the most popular hedge fund management companies in the United States for twenty years before it was eventually shut down because it ran into illegal charges. Fortunately, two years before the case came to light, Cohen formed a new hedge fund company called Point72 Asset Management, with some of SAC's assets transferred to his new company. Currently, Point72 Asset Management has 1,400 employees, with an AUM (Asset Under Management) value of $14.6 billion. With a net worth like that, it's no wonder that Forbes named Steve Cohen one of the richest businessmen.
Being educated and raised in a violent and criminal environment is not a reason for anyone to be successful. Greg McLeod is one of the leaders in the business world, even though he grew up in a hostile environment. Building on McLeod's strong history as a teacher in the criminal community, he was forced to find new ways of teaching that could gain the attention and respect of his students. Due to the culture of criminals who like to support any way to make money, McLeod finally found a way to make money without violence, namely forex trading.
With a passion for teaching, like it or not, McLeod had to learn forex from scratch himself so he could teach his students how to trade. Unexpectedly, it turns out that some of his students have become interested in learning the subject of forex trading. With his success teaching kids there, Greg McLeod feels more comfortable exploring the world of forex trading. Until he finally decided to quit his teaching job and try a new challenge, getting involved in companies involved in the financial market. Eventually, McLeod was lucky enough to work for one of the forex brokers and the merchant bank. There, he gained valuable experience, as a researcher, a business consultant and a teacher. With the knowledge and experience of working in the stock market, McLeod tried to start his career as a full-time trader using the scalping trading method. After McLeod became one of the most successful figures in the trading world, McLeod founded a company called Elite Trader University.
What professional trader hasn't heard of Michael Burry? He is a famous hedge fund manager who correctly predicted the US economic collapse in 2008 and made a net profit of $100 million betting against banks. Although Burry is certainly known as one of the most successful figures in the world of business, he is not interested in becoming an investor, although he is a fund manager. Because since the age of two, Burry suffered from an illness that caused him to lose one of his eyes, and when he recovered, he became interested in the medical world. After completing his medical and economics programs at the University of California, Burry continued his education at Vanderbilt University School of Medicine and earned his M.D. However, when Michael Burry applied as a young doctor at Stanford University Hospital, he became interested in capital markets and left his medical career.
In 2000 Michael Burry founded the hedge fund Scion Capital which was founded by both of his parents. By the end of 2004, Scion had grown 55% or $600 million. However, his greatest achievement was to mark a short time after he saw the signs of an impending economic crisis. The worst recession in the United States cost Scion Capital a profit of USD 1.5 billion and a total growth of 472% for its investors. Burry himself got a $100 million job. With a net worth of $300 million as of April 2021, Michael Burry is still known as one of the most successful people in the art and business world due to his daring short bursts into the big house. wealth. This unique story has also been immortalized in a book and movie called The Big Short.