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The 10 Most Famous Traders Of All Time

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The careers of the world’s most famous traders are colored by both triumph and tragedy, with some exploits achieving mythological status within the industry. The dramatic and varied stories of the most famous traders have made compelling material for books and movies.

Themes of boldness, adventurism and ambition run through the lives of the 10 most famous traders selected for this designation by Investopedia. Short selling securities is a tactic many of these individuals share.

The top 10 are listed below in chronological order of their birth dates. All but the first two are still alive. Most of the historical material is from Wikipedia.

Jesse Lauriston Livermore

Jesse Lauriston Livermore, an American who lived from 1877 to 1940, shorted the stock market crashes of both 1907 and 1929 and was worth $100 million at his peak.

He began his trading career at 14 by posting stock quotes for Paine Webber in Boston.

Livermore would write down calculations about future market prices and later check them for accuracy. He began to put money on the market by making a bet at a “bucket shop,” an establishment that took bets on stock prices but did not buy or sell the stock.

The bucket shops eventually banned him for winning too much money. He moved to New York City and began trading in legitimate markets. This led him to devise new rules to trade the market.

He created a working philosophy for trading securities that emphasizes increasing the size of one’s position as it moves in the right direction, then cutting losses quickly. He said his lack of adherence to his own rules was the reason for his losses after making his fortunes in 1907 and 1929.

In 1907, he noticed a lack of capital existed to buy stock. He predicted a sharp drop in prices with speculators forced to sell by margin calls and lack of credit. Without capital, there would be no buyers to absorb the sold stock, driving down prices. He took advantage of this situation and bought stocks at depressed values. After the crash, he was worth $3 million.

Livermore was worth $100 million in 1929 following a similar scenario to 1907.

It was never clear what happened to his fortune, but he lost it all by 1934. It is believed he turned prematurely bullish and bought stocks and commodities long before the market bottomed in the summer of 1932.

He committed suicide in 1940.

William Delbert Gann

William Delbert Gann, a finance trader who lived from 1878 to 1955, used market forecasting based on geometry, astrology and ancient mathematics. His technical tools included “Gann angles” and the “Square of 9.” He wrote a number of books.

Gann started trading when he was 24. He reportedly believed in the religious and scientific value of the Bible. He was also a Freemason, to which his knowledge of ancient mathematics is attributed. He also studied the ancient Egyptian and Greek cultures.

In his book, “The Basis Of My Forecasting Method,” published in 1935, Gann described the use of angles in the stock market.

Calculating a “Gann angle” is equivalent to determining the derivative of a certain line on a chart. Each geometric angle divides time and price proportionally.

Gann called the most important angle the 1×1 or the 45-degree angle, which represented one unit of price for one unit of time. By drawing a perfect square and then a diagonal line from one corner of the square to the other illustrates the angle, which moves up one point per day.

There is no consensus whether Gann made profits by his own speculation.

George Soros

George Soros

Born in Hungary in 1930, George Soros is the chairman of Soros Fund Management, one of the most successful hedge funds. He earned the moniker, “The Man Who Broke the Bank of England” in 1992 after short selling $10 billion worth of pounds, earning a $1 billion profit. In February 2017, his worth was estimated at $25.2 billion.

He began his career by working at merchant banks before launching his first hedge fund in 1969. He started his second hedge fund in 1970.

His studies of philosophy led him to apply Karl Popper’s General Theory of Reflexivity to capital markets. He claims this theory provides a clear view of the fundamental/market value of securities, asset bubbles and value discrepancies for use in swapping and shorting stocks.

Soros’ fund was later renamed the Quantum Fund based on Werner Heisenberg’s principle of quantum mechanics.

By 1981, the fund grew to $400 million when a 22% loss and substantial redemptions by some investors cut it in half.

In 2011, Soros said he had returned funds from outside investors’ money and invested funds from his $24.5 billion family fortune due to changes in U.S. Securities and Exchange Commission disclosure rules. The fund had at the time averaged over 20% per year compound returns.

In 2013, the Quantum Fund made $5.5 billion, the most successful hedge fund in history. Since its inception in 1973, the fund has generated $40 billion.

Soros built a large position in pounds sterling for months leading up to September 1992. He recognized the unfavorable position of the United Kingdom in the European Exchange Rate Mechanism. On September 16, 1992, his fund sold short more than $10 billion in pounds, profiting from the government’s reluctance to raise its interest rates or float its currency.

The U.K. withdrew from the European Exchange Rate Mechanism, which devalued the pound. Soros’s profit was estimated at over $1 billion.

James Rogers, Jr.

James Rogers, Jr., born 1942, is the chairman of Rogers Holdings. He co-founded the Quantum Fund along with George Soros in the early 1970s. He is known for his correct bullish calls on commodities in the 1990s.

In 1964, Rogers joined a Wall Street firm where he learned about stocks and bonds. In 1998, he founded the Rogers International Commodity Index. In 2007, the index and three sub-indices were linked to exchange traded notes under the banner, Elements. The notes track the total return of the indices as a way to invest in the index.

In February 2011, he started a new index fund focusing on leading companies in metals, agriculture, mining, and energy sectors as well as those in the alternative energy space.

Richard J. Dennis

Richard J. Dennis, born in 1949, became successful as a Chicago-based commodities trader. He reportedly built a $200 million fortune in 10 years from his speculating. With partner William Eckhardt, he co-created the mythical Turtle Trading experiment.

He began as an order runner on the Chicago Mercantile Exchange trading floor at 17.

To circumvent a rule requiring traders to be at least 21 years of age at the MidAmerica Commodity Exchange, he worked as his own runner, hiring his father to trade in his stead in the pit.

He profited as he bought successively new weekly and monthly highs in the inflationary markets of the 1970s, a time of global crop failures.

Dennis held positions for longer periods than most traders, riding out short-term fluctuations.

When a futures trading fund he managed suffered major losses (estimated around $10 million) in the U.S. stock market crash of 1987, he quit trading for several years.

He managed funds for a period in the mid and late 1990s, but closed these operations following losses in the summer of 2000.

Paul Tudor Jones II

Paul Tudor Jones II was born in 1954 and is the founder of Tudor Investment Corporation, a leading hedge fund. He gained notoriety after making around $100 million from shorting stocks in the 1987 stock market crash.

His cousin, William Dunavant, Jr., CEO of one of the world’s largest cotton merchants, introduced him to a commodity broker who hired him and mentored him trading cotton futures.

The Tudor Group investment strategies include growth equity, discretionary global macro, quantitative global macro (managed futures), quantitative equity market neutral and discretionary equity long/short.

Predicting Black Friday 1987 allowed him to triple his money during the event due to his large short positions.

While the hedge fund industry standard is 2% per annum of assets under management and 20% of the profits, Tudor Investment Corporation charges 4% per annum of assets under management and 23% of the profits.

Forbes Magazine in 2013 listed him as one of the 40 highest-earning hedge fund managers.

John Paulson

John Paulson, born 1955, runs the hedge fund Paulson & Co. He made $4 billion in 2007 using credit default swaps to sell short the U.S. subprime mortgage lending market.

Paulson started his career at Boston Consulting Group in 1980 researching and advising companies. He worked at Odyssey Partners, Bear Stearns and eventually Gruss Partners LP, where he was a partner. He founded his own hedge fund in 1994 with $2 million and one employee. By 2003, the firm had $300 million in assets.

The firm specializes in “event-driven” investments — i.e., in mergers, acquisitions, spin-offs, proxy contests, etc. Such events involve merger arbitrage, described as waiting when one company announces it’s buying another, buying the target company’s shares, shorting the acquirer’s stock, and then earning the differential between the two share prices when the merger closes.

In 2010, he set another hedge fund record making nearly $5 billion in a single year.

In 2011, he made losing investments in Bank of America, Citigroup and the China-Canada listed company, Sino-Forest Corporation.

Steven Cohen

Steven Cohen, born 1956, started SAC Capital Advisors, a hedge fund focused primarily on equities.

After school at Wharton, Cohen took a Wall Street job as a junior options arbitrage trader at Gruntal & Co. in 1978.

His first day on the job, he made an $8,000 profit. He would eventually make the company around $100,000 a day.

In 1992, Cohen launched SAC Capital Partners with $20 million of his own money. By 2009, the firm managed $14 billion in equity.

On November 20, 2012, Cohen was implicated in an alleged insider trading scandal involving an ex-SAC manager.

Cohen was not directly named in the 2012 indictment.

A civil case against Cohen was settled in January 2016. The agreement prohibits him from managing outside money until 2018.

The hedge fund itself pleaded guilty to similar criminal charges in a $1.8 billion November settlement that required it to stop handling investments for outsiders.

David Tepper

David Tepper, born in 1957, is the founder of the successful hedge fund Appaloosa Management. He is a specialist in distressed debt investing.

For the 2012 tax year, Institutional Investor’s Alpha ranked Tepper first, for earning $2.2 billion. In 2016, he earned $1.2 billion, making him the world’s fourth highest earning hedge fund manager.

After earning his MS in 1982, he took a position in the treasury department of Republic Steel in Ohio.

In 1984, he was recruited to Keystone Mutual Funds in Boston, and in 1985, Goldman Sachs recruited him for its high yield group. Within six months, Tepper became the head trader on the high-yield desk, focusing on bankruptcies and special situations.

He started Appaloosa Management in 1993.

In 2001, he generated a 61% return focusing on distressed bonds.

In 2005, he began focusing on Standard & Poor’s 500 stocks. He makes significant gains investing in companies such as Mirant, Conseco, Marconi and MCI.

In 2009, his hedge-fund earned about $7 billion by buying distressed financial stocks and then profiting from the recovery of those stocks.

Nicholas Leeson

Nicholas Leeson, born in 1967, is a rogue trader who caused the collapse of Barings Bank. He served four years in a Singapore jail, but later bounced back to become CEO of Galway United, a football club.

Following school, his first job was as a clerk with a private bank, Coutts. He then moved to Morgan Stanley in 1987 for two years, then to Barings.

In 1992, he became general manager of a new futures markets operation in the Singapore International Monetary Exchange.

Barings Bank allowed Leeson to remain chief trader while also being responsible for settling his trades, jobs usually done by different people. This made it easier for him to hide his losses from his superiors.

At the end of 1992, the account’s losses surpassed £2 million, which expanded to £208 million by the end of 1994.

The beginning of the end occurred on 16 January 1995, when he placed a short straddle in the Tokyo and Singapore stock exchanges, betting the Japanese stock market would not move overnight. But an earthquake hit early in the morning on January 17, sending Asian markets into a tailspin.

Leeson fled Singapore in February. Losses reached $1.4 billion, twice the bank’s available trading capital. Following a failed bailout attempt, Barings was declared insolvent in February.

Leeson was arrested in Frankfurt and extradited to Singapore.

He pleaded guilty to two counts of deceiving bank auditors and of cheating the Singapore exchange, including forging documents.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 8 rated postsLester Coleman is a veteran business journalist based in the United States. He has covered the payments industry for several years and is available for writing assignments.




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Analysis

Bitcoin Cash Continues To Drop Ahead Of The Hard Fork

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The past few months have been really quiet in the crypto world.  Traders are used to dealing with big stories and big drama.  And while there hasn’t been much drama over the past few months, that’s all about to change.  Bitcoin Cash (BCH) has had a crazy 30 days of trading ahead of its scheduled hard fork on November 15.

For a while, it appeared that BCH would be trading near a high as the fork commenced.  BCH had a strong rally for about a week starting on November 1.  The price soared by more than 50% as it reached its high of approximately $637.  But over the past week, the price has been tanking and doesn’t show any signs of recovering.  Since November 7, BCH has dropped in value by more than 20%.

Why Is Bitcoin Cash Falling Ahead of the Fork?

There are two possible explanations for why Bitcoin Cash is dropping ahead of the scheduled hard fork.  One reason is profit taking.  Although a 50% return wouldn’t have meant much in 2017, it certainly is a lot in 2018.  However, a second and potentially more troubling reason is the conflict between Bitcoin Cash SV and Bitcoin Cash ABC.

Craig Wright, an Australian computer scientist and the biggest proponent of Bitcoin Cash SV (BCHSV), appears to be at war with Roger Ver, the most famous name behind Bitcoin Cash ABC (BCHABC).  Wright was in the news recently after proclaiming to be Satoshi Nakamoto, the founding father of Bitcoin (BTC).

As of this writing, BCHABC is trading at $420 while BCHSV is trading at $118.  According to Coin Dance, data shows that a majority of hash power favors SV.  On the other hand, there are significantly more BCHABC nodes running on the Bitcoin Cash network than there are BCHSV nodes.  Although it’s interesting to look at this data, it’s quite simply impossible to determine what this means as far as which network will come out victorious.  Creating a BTC node is relatively inexpensive so a user could start several of them for under $1,000.  And while the hash rate is important for demonstrating PoW (proof-of-work), it’s meaningless if exchanges don’t accept the coin.

Bitfinex Support

On November 12, Bitfinex announced support for the Bitcoin Cash hard fork.  On the exchange’s twitter handle, they tweeted, “We are happy to provide full support for the upcoming Bitcoin Cash hard fork.”  While the support is certainly helpful for traders, Bitfinex wouldn’t commit to choosing a side.  Instead, the exchange said, “At the time of writing, we do not believe that there is sufficient consensus to identify a clear winner in the Bitcoin Cash hard fork.”  Bitfinex expects to release an additional statement on November 16.  Traders should certainly pay attention to that as it could be material.

Final Thoughts

There is an incredible amount of information to digest regarding the hard fork.  As of this writing, it’s unclear which side will prevail as both certainly have their positives and negatives.  Given the recent slide of Bitcoin Cash, BCH holders should certainly be paying very close attention as the hard fork nears.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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“The Core of Any Blockchain Project is Decentralization” – Jack Zhang, Lightning Bitcoin

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Lightning Bitcoin is a fork of the ‘first-crypto-currency’ Bitcoin about which we decided to take the opportunity recently to speak to advisor Jack Zhang (AKA DianfuDatou / 点付大头 – known best as a Founder of Chainfunder and DAF).

Discussion topics include: what makes this project unique, as well as how you shouldn’t get it confused is not to be confused with the Lightning Network upgrade which is being applied to the original ‘Bitcoin’.

Who is Jack Zhang

Jack Zhang (AKA DianfuDatou / 点付大头) is a Chinese investor, business leader, and entrepreneur whose “portfolio includes XRP, XEM, IOTA, NEO, EOS, TEZOS, VEN”.

Zhang proudly describes himself as “one of the leading advocators of Ripple in China” having “translated Ripple into Chinese as ‘ruibobi’” – as well as the co-founder of NEO. Please note that most sources ascribe this latter achievement regarding NEO to an ‘Erik Zhang’ and so this claim requires further confirmation – however this writer sees no reason for him to lie in this respect.

He claims that his first experience with cryptocurrency was in 2011, when he entered the industry himself having previously worked as an investment banker at companies such as Zhejiang investment bank.

“I bought more than 10 thousand bitcoins at the price of 5 dollars and sold all of them out at the price of 7 dollars. At that time, I remember how I was reading posts on Bitcointalk about blockchain for several months and got fascinated by the genius design of the technology.”

Zhang says that the Lightning Bitcoin team members “come from a diverse cultural background, including China, the United States, Canada, the UK, Russia, Germany, and India.” And that:

“Currently Lightning Bitcoin has four core developers (listed on the website) with a team of 6 specialists. Eason Zhao is a CTO and H.H.Wang is a leading developer.

“Lightning Bitcoin also has an operational team of 8 outstanding and hardworking people managed by Wasley together with a community manager James Vuitton… We have independent leaders for each directions of the business;”

What is Lightning Bitcoin?

According to Zhang, Lightning Bitcoin is “a coin that takes the best from existing blockchain titans and adds advanced consensus mechanism.”

“Lightning Bitcoin forked from Bitcoin blockchain at block height 499,999… Lightning Bitcoin (LBTC) is a fully decentralized Internet-of-value protocol for global payments.

“The specific applications include peer-to-peer transactions and exchange platforms. Any users that operate on the LBTC protocol can enjoy instant, secure and nearly free global financial transactions of any size.”

Lightning Bitcoin is far from the first (nor will it be the last) fork from Bitcoin. A number of observers have claimed that the correlation between new forks and over inflation of Bitcoin. Jack Zhang however sees it as follows…

“Back in 2017, Bitcoin blockchain started to face network congestions, and a lot of other problems, that is one of the reasons why there were so many hard forks popping up. However, all of them changed either size or difficulty adjustment, what in my opinion did not improve the situation. That is a consensus that makes the difference. Pow and PoS are easily centralized, while DPoS represents true decentralization. Moreover, DPoS has the benefit of high efficiency, with little resource consumption.”

This mechanism utilises the relatively young Distributed Proof of Stake (DPoS) protocol which this writer has written about in a recent article, despite its basis upon the Proof of Work (PoW)-based ‘Bitcoin’.

Zhang states that Distributed Proof of Stake “allows separation of the voting power and block production, with no risks of a hard fork.” In fact, the aftermath of the announcement of DPoS adoption coincided with the company taking on another of its advisors “Stan Larimer a founding partner of Bitshares… we found mutual interests, as a result Stan joined Lightning Bitcoin advisory board.”

“Lightning Bitcoin uses DPoS, with the forging interval of 3 seconds, and the block size of 2M. We have achieved the TPS of thousands of transactions.

“Anyone can use LBTC, without censorship. The transaction fees are charged only for preventing network security issues, like DDoS attacks. It is not an off-chain solution on top of the Bitcoin blockchain as Lightning Network. I personally believe that Lightning Network will face the problem of centralization eventually.”

Furthermore,

“Lightning Bitcoin’s on-chain governance system enables LBTC holders to vote for the blockchain improvement proposals and the delegates who maintain the network as Lightning Nodes. It solves the problems of centralization of bitcoin by incorporating all participants in the Lightning Bitcoin ecosystem into the decision-making process.”

Lightning Bitcoin vs Lightning Network

Due to the similarities in naming, it seems natural that there may be a little confusion on behalf of the public and crypto-investment community with regards to the differences between ‘Lightning Bitcoin’ and ‘Lightning Network’.

“There is some confusion, you are correct.

When Lightning Bitcoin forked in December 2017, for Lightning Network it was still unclear when it is going to be launched, since it was still at the internal testing stage; only after four months later, in March 2018 when Lightning Network released its beta, both projects started to be confused by users in some countries.”

This, according to Zhang, is actually a problem more specific / limited to region,

“In other countries, like China, lightning network is not that well-known, as well as it has different Chinese name, that gives us more room for the development in Asia.”

Present and Future of LBTC

“Currently, Lightning Bitcoin network is stable, we constantly improving its functions and adding more products.

“The next big step for LBTC that we are working on right now is the development of on-chain governance, that will allow the network to self-improve and self-upgrade.

“In the future, stable upgrades of Lightning Bitcoin network in combination with chain governance, and decentralized transactions will allow cross-chain flashovers and smart contracts… the exploration of the on-chain governance model will become one of the most important tasks in the current stage of LBTC.”

Zhang continues to discuss the future for the coin in-detail as well, including that:

“In short, after complete integration of on-chain governance, next milestone is the development of new decentralized exchange. It will be an important component of the LBTC payment function.

“This exchange will have both basic functionality such as flashovers function of the gateway, as well as a system to guarantee the ease of cross-chain operations. Additionally, it will have the function of early crowdfunding of project under the necessary supervision.”

Finally,

“After implementing and perfecting the decentralized exchange, the development of intelligent contracts based on the UTXO model will be carried out, and a high-concurrence-based public chain ecosystem will be established to guide the flow of DAPP traffic.”

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Encrypgen Offers A Low Risk, High Reward Opportunity

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Since the start of the year, crypto valuations have been collapsing faster than Kevin Spacey’s career.  For investors who entered the market a few years ago, it’s been painful but not deadly.  For those who entered the market at or near the highs, this bear market may have turned them off of crypto for a very long time.  However, one bright side of the current market is that some incredible values exist.  And one day these compelling values are going to make today’s investors boatloads of money.  While I’m keeping my eyes on several tokens, perhaps the most exciting crypto company is Encrypgen (DNA).

Investors love to claim that projects they are following or investing in are the most likely to succeed.  But despite the bear market, many coin price collapses have been the fault of the companies themselves.  Many companies have missed their own deadlines and/or adjusted the roadmaps to something less ambitious.  Encrypgen has done just the opposite.  They are meeting their deadlines and are on the verge of releasing a revolutionary platform in the field of blockchain genomics.

It’s well known that small cap healthcare/biotech stocks have the potential of generating the highest returns in the equity markets.  Of course, those high returns come with astronomical risk.  So what if I told you that Encrypgen could generate those kind of returns with only a fraction of the risk that typically comes with start-up science companies?  Well, I fully expect Encrypgen to do just that.

I mentioned the risk is only a fraction typically associated with these types of companies because at some point in the 4th quarter (probably much sooner rather than later), Encrypgen will release the full working version of the Gene-Chain.  The beta version is already live.  The Gene-Chain will allow researchers and scientists to purchase data directly from consumers using Encrypgen’s token, DNA.

In addition, a buy-now feature will be implemented in the platform.  This is expected imminently.  This game-changing functionality will allow researchers to convert FIAT to DNA tokens directly on the Gene-Chain.  Researchers will receive DNA tokens and Encrypgen will receive funds that will be converted to BTC so that the company can continue to operate, expand, and enhance their product offerings.

Anther reason why I consider the risk to be much lower than usual is that the company has already done a tremendous job of navigating the complicated regulatory hurdles.  Because of the sensitive nature of the information being uploaded to the Gene-Chain (consumer genetic data), it certainly is necessary for regulation to exist.  Nevertheless, Encrypgen has already dealt with that while other competitors, such as Nebula Genomics, Shivom and LunaDNA, are significantly behind.  I always prefer to invest my hard earned money in market leaders rather than followers.  And there is no question that Encrypgen is the current leader in this space.

Investors should also take note that Encrypgen currently has an ICO cap of approximately $3.1 million.  Based on some of the other valuations I’ve seen in the crypto space, that is a significant undervaluation.  A $3.1 million valuation for a market leader in one of the fastest growing spaces that is about to release game changing technology doesn’t make much sense to me.  I am expecting a sharp and rapid increase once the Gene-Chain is being used by researchers.  The opportunity to accumulate at these prices won’t exist for much longer.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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