Today’s lesson is a veritable treasure trove of wisdom and insight from some of the best trading minds of all time. We will go on a journey of discovery and learn a little about some of the best traders of all time and analyze some of their famous quotes to see what we can learn and how this is applicable to our own trading.

George Soros

George Soros gained international fame when he invested billion in trading the single currency in September 1992, when he closed the position on the British pound. He was right, and in one day the deal made a profit of billion – after all, it was reported that his profit from the deal reached almost billion. As a result, he is commonly known as “the man who ruined the Bank of England”.

Jesse Livermore

Livermore, author of “How to Trade Stocks” (1940), was one of the greatest traders of all time. At the peak of his career in 1929, Jesse Livermore was worth million, which is about billion in today’s dollars, depending on the index used. Perhaps he is best known for selling short positions on US stocks before they collapsed in 1929, raising his bank account to million.

Ed Seikota

Acting as a trend follower, Ed Seikota has converted in 12 years on his model account – a real customer account. In the early 1970s, Seikota was hired by a large brokerage firm as an analyst. He designed and developed the first commercial computerized trading system that manages clients’ money in the futures markets.

John Paulson

Paulson became world famous in 2007 and closed the US housing market, anticipating a crisis of low-quality mortgages and betting on mortgage-backed securities by investing in credit default swaps. Paulson’s company, which is sometimes called the biggest deal in history, has become rich, and on this deal alone he personally earned more than billion.

Paul Tudor Jones

The closing of the position by Paul Tudor Jones on Black Monday was one of the most famous deals in history. Paul Tudor Jones correctly predicted in his 1986 documentary based on graphic models that the market is on the way to reaching epic proportions. He made a pretty good profit on the collapse of Black Monday in the fall of 1987, the largest one-day decline in the US stock market (in percentage terms) in history. Jones has reportedly tripled his money by closing futures, earning as much as million on this deal, as the Dow Jones Industrial Average has fallen 22 percent. An awesome business, from which you can get away with a fortune, when so many others were ruined after. He played them perfectly. His funds have achieved stable returns for decades.

Richard Dennis

Richard J. Dennis, a stock speculator who was once known as the “Prince of the Abyss”, was born in Chicago in January 1949. In the early 1970s, he took in and reportedly earned million in about a decade. Dennis and his friend William Eckhardt are best known for having founded Turtle Traders, a group of 21 average people to whom they taught their rules and proved that everyone, having received the proper education, can trade successfully.

Stanley Drakenmiller

Stanley Drakenmiller is an American investor, hedge fund manager and philanthropist.

In 1988, George Soros hired him at the Quantum Fund instead of Victor Niederhoffer. He and Soros became famous for “ruining” the Bank of England when they closed positions for the British pound in 1992, allegedly making more than a billion dollars in profit. They estimated that the Bank of England did not have enough foreign exchange reserves to buy enough pounds to maintain the currency, and that a rate hike would be politically unacceptable.

Jim Rogers

James Biland “Jim” Rogers Jr. is a Singapore-based business tycoon of American descent. Rogers is considered a brilliant investor in the business world, and is also an author and financial commentator. He was a co-founder of the Quantum Fund Global Investment Partnership, along with George Soros, another equally brilliant businessman.

Ray Dalio

Raymond Dalio is an American billionaire, hedge fund manager and philanthropist. Dalio is the founder of the investment firm Bridgewater Associates, one of the largest hedge funds in the world. According to Bloomberg, as of January 2018, he is among the 100 richest people in the world.

Warren Buffett

Warren Buffett, known as the “Oracle of Omaha”, is one of the most successful investors of all time. He heads Berkshire Hathaway, which includes more than 60 companies, including insurer Geico, battery manufacturer Duracell and restaurant chain Dairy Queen. He has pledged to donate more than 99% of his fortune to charity. At the moment, it has allocated almost 32 billion dollars.

Conclusion

Personally, I think that if you are a beginner or a difficult trader, the most important thing to be learned from today’s lesson is to first understand yourself, how to handle your money, have patience and discipline, understand what your advantage is in trading and how to trade it correctly before you start risking real money in the markets. If you do this, you will be trading largely according to the understanding and tips given to you by the major traders mentioned above.