Most Successful Day Traders In the World

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Secrets of the Richest Day Traders:

Jim Simons - the use of mathematical and statistical models on a large array of historical data.

Ken Griffin - convertible arbitrage strategy in the bond market.

Ray Dalio - the ideologue of a philosophy that involves constant self-improvement and learning from one's mistakes.

Steve Cohen - adheres to conservative strategies, trying to deeply understand the market and close deals if the market is in chaos.

Day trading - making numerous trades throughout the day with the goal of profiting off small, short-term price fluctuations - is notoriously difficult. Most day traders eventually lose money. However, for a lucky few, it has produced extraordinary fortunes. This article reveals some of the approaches that have enabled day traders like Jim Simons, Ken Griffin, and George Soros to amass multi-billion dollar fortunes.

We'll examine the analytical techniques, risk management practices, and philosophical mindsets that these “titans of the tape” employ. From quantitative models and algorithmic patterns to discipline, discretion and experience, their diverse yet effective methods offer insights for aspiring day traders looking to refine their own strategies. Overall, getting an inside look at how history's most successful speculators approached the market can help shine a light on earning potential pathways in the high-stakes world of day trading.

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  • How much do top day traders make?

    The average salary of day traders in the USA is 56 USD per hour (that's about 117 thousand dollars per year). Approximately 10% of the total number of traders earn about 200,000 per year.

  • What is the success rate of day traders?

    Studies show that around 95% of day traders lose money and quit within their first year of trading. Only about 5% are consistently profitable long-term.

  • How much capital is needed to day trade for a living?

    Most experts recommend having at least $25,000 in your account if trading stocks in the U.S., and $500-2,000 if trading currencies or commodities with low margin requirements.

  • How many hours a day do professional day traders work?

    Most professional day traders work 8-12 hours per day, spending significant time researching markets, developing strategies, and placing trades.

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Jim Simons | King of the day traders

Jim Simons is the richest day trader with a net worth of $28.6 billion. He is an American hedge fund manager, philanthropist, and billionaire. In 1988, he founded Renaissance Technologies, a successful quantitative hedge fund, and has been a quantitative investor and trader for over four decades.

His hedge fund uses mathematical and statistical models to trade in financial markets. The fund is one of the most successful hedge funds in history, averaging annual returns of nearly 30% since its inception.

As of January 2023, his net worth is estimated by Forbes to be $28.6 billion, making him one of the richest people in the world. Simons began his career as a math teacher before moving into investment banking.

He has also been a generous donor to various causes, including cancer research and arts education. Simons is an inspiration to many aspiring traders and investors. His story proves that anyone can achieve their financial goals with hard work and dedication.

Ken Griffin | Second Place

Ken Griffin is also one of the richest day traders with a net worth of $27.3 billion. He is the founder and CEO of Citadel, a global financial institution with over $32 billion in assets under management.

Griffin began his career as a day trader from his dorm room at Harvard University. He later founded Citadel in 1990 with just $4.6 million of capital aided by contributions from Frank C. Meyer, the founder of Glenwood Capital. Today, the firm is one of the world's largest and most successful hedge funds.

In his early trading career, Griffin used a convertible arbitrage strategy he developed at Harvard. This strategy is based on a model that attempts to maximize arbitrage opportunities in the convertible bond market. That year, he returned 70 percent using his strategy.

Like most great hedge fund investors, Griffin exploits divergences from typical patterns to make money. “What makes Citadel a worthwhile investment is its uncanny ability to go where other people are not—and make a lot of money there,” says Mark Yusko, former chief investment officer at the University of North Carolina’s endowment fund.

Richest Forex Traders - Trading Secrets & Life Stories

Ray Dalio | Third Place

Day trader Ray Dalio is one of the richest and has a net worth of $22 billion. He is the founder of Bridgewater Associates, the biggest hedge fund in the world. He is an American billionaire investor, businessman, and philanthropist.

Dalio started his career working on the floor of the New York Stock Exchange. He soon transitioned to working as a research analyst for an investment bank. In 1975, he founded Bridgewater Associates, a hedge fund that would later become uber successful.

But what makes Dalio genuinely unique is his philosophy on life and business. Known as "Principles," Dalio's philosophy is based on the idea that we should constantly strive to improve ourselves and learn from our mistakes. This philosophy has helped Dalio become one of the world’s most successful traders, and it can help you too. So if you're looking for some inspiration, take a page from Ray Dalio's book and start striving to improve yourself today.

Ray Dalio's advice for beginners: “The most common mistake of investors is to think that the markets that went up are good investments rather than more expensive.”

Steve Cohen | Fourth Place

Steve Cohen is an American hedge fund manager, entrepreneur, and philanthropist. He is also a day trader with assets worth $17.4 billion. He is also the founder and CEO of Point72 Asset Management, which is a family firm and hedge fund.

In 1978, he earned his bachelor's degree from Wharton School of Business and began working on Wall Street as a junior analyst at Gruntal & Co. His first day of work earned him $8,000 in profit before earning the corporation $10,000 daily. In 1992, Cohen founded S.A.C. Capital with just $25 million.

Although Cohen's previous company S.A.C. Capital pleaded guilty to insider trading and was fined $1.8 billion; his wealth did not significantly change. With the creation of Point72 Ventures, he appeared to be able to move past the tragedy. Currently, Steve Cohen ranks among the world's wealthiest stockbrokers.

Steve Cohen's advice for beginners: If the market is moving against you or the trade is going wrong, and you have no idea of the reason, then it's better to square off half the position.

Top 7 Successful Forex Traders You Should Know

Carl Icahn | Fifth Place

Carl Icahn is an American financier and investor who has amassed a considerable fortune through his aggressive and often controversial business tactics. Such tactics have garnered him a net worth of $16.7 billion. Born in 1936, Icahn began his career as a stockbroker on Wall Street. He quickly developed a reputation for being a gifted trader and soon began to make large profits through speculative investments.

In the 1980s, Icahn began to take more active roles in the companies he invested in, frequently engaging in hostile takeover bids. His willingness to take on risk and his track record of success soon made him one of the most feared and respected investors on Wall Street. Today he is widely known for his active and aggressive trading strategies. He often changed his investing positions due to his active trading, resulting in a rise in the value of his stock positions. Like Soros, Icahn is a philanthropist and an economic advisor.

Carl Icahn's advice for beginners: “Don’t always believe what the market tells you. If you think you’re right, stick to your instinct.”

David Tepper | Sixth Place

David Tepper is an American hedge fund manager and philanthropist. He is the founder and president of Appaloosa Management, a hedge fund company located in Short Hills, New Jersey.

He was born in 1957 in Pittsburgh, Pennsylvania, and after graduating with honors in economics, he jumped into the investment world. He began his career as a credit analyst, which helped him gain a deeper understanding of investment and management. As a result, he also comprehensively understood the credit structures of troubled companies.

He became famous because of his skills to turn a distressed company into a profitable one. Around the 1980s, he did the same thing with bonds, buying bonds from banks on the verge of failing. When the bond market crash hit those banks, he made a fortune and today has a net worth of $16.7 billion.

David Tepper's advice for beginners: “Fearful environments affect the market. It is important not to mix emotions when it comes to investment and refrain from making emotional decisions about investments.”

George Soros | Seventh Place

George Soros is also one of the richest day traders with a net worth of $8.6 billion. He is one of the world's most successful hedge fund managers and philanthropists. Born in Hungary in 1930, Soros survived the Nazi occupation and later moved to the United Kingdom, where he attended the London School of Economics. After graduating, Soros began his financial career as a trader and analyst for various London and New York firms.

In 1973, he founded Soros Fund Management, which has become one of the most successful hedge funds in history. Soros developed a unique strategy for success by taking highly leveraged positions based on currency rates. In 1992, during the famous Black Wednesday crisis, he used this strategy and shorted the British pound. The trade he made earned him $1 billion, as he predicted many different factors that would leave banks vulnerable.

George Soros’ advice for novice Forex traders: “Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.”

Can I get rich in day trading?

In a nutshell, yes. Just look at the examples of the billionaires above. Their success has been remarkable, and many started as working-class individuals. However, it's important to remember that most day traders lose money on this market because it's so volatile. It all depends on your willingness to take risks.

How to improve my day trading performance

Becoming one of the richest day traders isn’t easy; however, if you want to improve your overall Forex trading experience, the Traders Union recommends using these key best practices and tips:

Constantly study the market.

Pay special attention to risk management.

Keep your emotions in check to avoid making risky decisions that don't pay off.

Create a trading strategy and stick to it.

Don't hold positions during high-impact news announcements.

Don't let a single mistake turn into more.

Know your limits, and don’t trade more than you’re willing to use.

How much do I need to start?

In the United States, the stock market has a minimum capital limit for day traders known as pattern day traders. This means that to engage in day trading activities on the stock market, you must have at least $25,000 in capital. This is in contrast to Forex and crypto trading, which do not have such limitations and can be started with very small amounts of capital.

For this reason, many people are attracted to Forex and crypto day trading to get started in the financial markets with a relatively small amount of capital.

Summary

The top billionaire day traders include Jim Simons, Ken Griffin, and George Soros. All have different approaches to trading, but all use a combination of technical analysis, fundamental analysis, and risk management to make their decisions.

Day trading is viable for anyone looking to make money in the financial markets. However, you need a solid understanding of the markets, a well-developed trading strategy, and the discipline to stick to your plan. You also need to have a sufficient amount of capital to make the trades you want without putting your financial security at risk.

Team that worked on the article

Alamin Morshed
Contributor

Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.

Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.

His motto is: I can dream or I can do—I choose action.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.