George Soros is widely considered the most profitable trader in history, famous for earning over $1 billion in a single day by shorting the British pound on "Black Wednesday" in 1992. Known as "The Man Who Broke the Bank of England," his Quantum Fund achieved unprecedented returns through aggressive, high-conviction macroeconomic bets.
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Takashi Kotegawa, also known as BNF, is a legendary Japanese day trader who famously turned an initial capital of around $13,600 into an astounding $153 million in approximately eight years.
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The "24-year-old trader making $8 million" refers primarily to Jack Kellogg, a successful day trader who reported over $8 million in gains from trading in 2020 and 2021, starting with just $7,500 and leveraging key indicators like VWAP, support/resistance, volume, and linear regression for simple, adaptable strategies. His story highlights achieving significant returns by weathering different market conditions, learning from losses, and sticking to core principles rather than overcomplicating things.
The "90-90-90 rule" in trading is a harsh reality check stating that 90% of new traders lose 90% of their money within the first 90 days, highlighting the high failure rate due to emotional decisions, poor risk management, and lack of education/strategy. It serves as a cautionary tale, emphasizing that success requires discipline, a solid trading plan, continuous learning, and strict risk control (like risking only 1-2% per trade) to avoid the common pitfalls that wipe out most beginners.
He seems to have shifted his focus on the slower real estate market (a rumor is due to spend more times with his wife and families).
Many people have made millions just by day trading. Some examples are Ross Cameron, Brett N. Steenbarger, etc. But the important thing about day trading is that only a few can make money out of day trading and the rest end up losing their entire capital in day trading.
While most lost fortunes, a few savvy investors profited from the 1929 crash by short selling (betting prices would fall), including legendary trader Jesse Livermore, Joseph P. Kennedy, and others like Bernard Baruch, who correctly foresaw the downturn and exited early, while wealthy investors later bought blue-chip stocks at fire-sale prices as the market bottomed out.
Jhunjhunwala was often referred to as the "Big Bull of India" and was widely known for his stock market predictions and bullish outlooks. In 2023, he was posthumously awarded the Padma Shri, India's fourth-highest civilian award.
He told me that his famous father could not support his family by trading but earned his living by writing and selling instructional courses. When W.D. Gann died in the 1950s, his estate, including his house, was valued at slightly over $100,000."
While pinpointing the absolute "longest" is tough, Peter Tuchman is widely recognized as the longest-standing active trader on the New York Stock Exchange (NYSE) floor, working there since 1985, weathering major crises, and becoming a symbol of old-school, chaotic trading amidst modern tech. For historical records, Louis Schwabe was noted as the oldest member of the Manchester Royal Exchange in 1922, receiving a free pass after 60 years, suggesting incredible longevity in that specific market, though records are less detailed.
I just crossed + $500,000 in profits after 1 year of full time day trading. In that time, I have had a maximum cumulative drawdown of only — $6,419 with an average drawdown of -$1,000. This article is my holistic approach to risk management that any trader can apply to their own strategies.
The "24-year-old trader making $8 million" refers primarily to Jack Kellogg, a successful day trader who reported over $8 million in gains from trading in 2020 and 2021, starting with just $7,500 and leveraging key indicators like VWAP, support/resistance, volume, and linear regression for simple, adaptable strategies. His story highlights achieving significant returns by weathering different market conditions, learning from losses, and sticking to core principles rather than overcomplicating things.
The 2% rule in trading is a risk management strategy where you risk no more than 2% of your total trading capital on any single trade, calculated from your account balance to your stop-loss price. It protects your capital from significant losses, allowing you to stay in the game longer by ensuring even consecutive losses don't wipe you out, as it dictates position sizing based on risk tolerance rather than fixed dollar amounts. For a $10,000 account, the maximum loss per trade would be $200.
Some of the most frequent reasons for traders' failure to reach profitability are emotional decisions, poor risk management strategies, and lack of education.
The 84% Rule in trading is a concept where traders re-enter a trade at the same key level with identical parameters (stop-loss, target) after an initial stop-out, expecting an ~84% success rate for the second attempt, especially after a fake-out or liquidity grab, leveraging the idea that the market often respects the original level despite the initial false move. It's a trade management technique to recover losses or capitalize on high-probability setups when price returns to the original thesis, often involving identifying market imbalances like Fair Value Gaps (FVGs) for confirmation.
10 Best Rules For Successful Trading