Every Forex trader wants to be successful. That’s the goal: to trade successfully and make profits. And if you are honest with yourself, you know that there are no successful traders that did not encounter setbacks and losses on their journey.
That’s why we’ll be sharing with you the 6 most successful Forex traders in the world. What’s more? We’ll be sharing tips on having a successful career in the Forex trade.
The Most Successful Forex Traders in the World
1. George Soros
The list of the most successful Forex traders in the world is incomplete without George Soros.
In 1992, Soros made over a billion USD from short-selling British pounds. This big score earned him the title ” the man who broke the bank of England”. With his incredible understanding of economic trends, he monitored market changes and used it to his advantage.
In the UK, Exchange Rate Mechanism (ERM) was practiced. This practice gave the government in charge of the pound’s worth when compared to other countries’ currencies. But this practice was a reason the inflation and interest rates increased. Soros knew that due to the ERM, pounds were high.
When the ERM practice stopped, the value of pounds decreased. Soros who already knew this would happen, made so much money by short-selling pounds. He has an estimated net worth of $8.6 billion, making him the richest Forex trader in the world.
Soros’ famous saying: I am only rich because I know when I’m wrong.
Being in a risky venture like Forex trade, acknowledging your errors is paramount to success. The ability to learn from your mistakes as well as the mistakes of others.
2. Stanley Druckenmiller
Another person on our list of the most successful Forex traders is Stanley Druckenmiller. Mentored by George Soros himself, Druckenmiller rose to the heights of success in Forex trade as his mentor. Moreso, Druckenmiller worked with Soros at Soros’ Quantum Fund for about 10 years.
With a net worth of over 3 billion USD, and a successful empire called the Duquesne Capital, he is undoubtedly one of the most successful Forex traders in the world.
Druckenmiller revealed that his main strategy in trading is to preserve his capital. When the trade is going fine, he makes as many profits as he can and cut his losses when they don’t. This is what Forex traders should learn: Making the best use of opportunities at hand and cutting losses when necessary.
Druckenmiller’s famous quote: There are a lot of shoes on the shelf; wear only the ones that fit.
Also check: Successful Beginner’s Guide To Forex Trading
3. Andrew Krieger
Krieger is perhaps the most aggressive trader of his era. This is because his company gave him a trading limit of $700 million when the usual is a $50 million limit.
As a graduate of Wharton School of Business and an employee at the Bankers Trust, and Salomon Brothers, Andrew Krieger has made a name for himself when it concerns Forex trade.
In October 1987, after Black Monday, Krieger made of his opportunity when he noticed that the New Zealand dollar is overvalued. And the end of the trade, Krieger and his team made a profit of 300 million USD.
4. Bill Lipschutz
Lipschutz is the founder of Heathersage Capital Management. This company trades only with G10 currencies.
Bill’s story is an inspiring and relatable one. While in the university, he traded with the money he inherited from his late grandmother – $12,000. He succeeded in his venture and made a whopping $250,000.
However, Bill lost all the money when he made a wrong decision. How devastating! A lot of people would have left Forex trade for good after a major loss like that. But not Lipschutz. He continued to trade. When he graduated, he joined Salomon Brothers and trained there. Then he joined their Foreign Exchange Department and soon, he began making $300 million yearly for the firm.
Lipschutz’s story is an inspiration to many traders who are on the verge of giving up on trading and have suffered a devastating losses due to wrong decisions or mistakes. Since he was able to make a comeback after a huge setback, anyone can.
Lipschutz’s famous quote: “You have to figure out how to make money from being right only 20 to 30 percent of the time.”
5. Michael Marcus
Michael Marcus turned $30,000 into $80 million within 20 years!
He is one of the founders of the Commodities Corporation Company.
Marcus is known for his shrewd money management. His famous statement: “Always bet less than 5 percent of your money on any one idea. That way you can be wrong more than twenty times; it will take you a long time to lose your money”, proves it.
6. Paul Tudor Jones
Jones is one of the richest traders in the world. He has an estimated net worth of 7 billion USD.
He graduated from the University of Virginia in 1976 and traded cotton futures at the New York Cotton Exchange before he got fired for sleeping on duty.
Afterward, he worked as a commodity broker and soon, established a firm, Tudor Investment Corporation.
His big break came in 1987 when he was predicted and shorted the Black Monday crash and earned about a hundred million USD!
Skills used by the most successful traders
- Courage: The ability to be confident in your analysis and predictions.
- Perseverance: Successful traders stick to their plan. Even when they fail, they get back up and keep pushing.
- Risk Management: This is a vital skill. Every trader should know when to cut their losses and quit trading when the market isn’t favorable. They know when to return as well.
- Knowledgeable: All successful traders know that market so well. They know when they should trade when they shouldn’t, how big they should invest, and for how long they should.
Learning from the greatest traders of all time is a way to set your trading in order, stay focused, and win big, eventually.
We’ve come to the end of this article.
What’s stopping you from being the best Forex trader there is? The answer is nothing. From this article about the most successful traders in the world, you know now how these men traded, how they lost, how they rose back and how they won big. It’s up to you to do the same today.
What skill do you think you need the most to begin trading better? And which trader inspired you the most?
Let us know in the comment section.