10 Most successful Forex traders
Who is your role model in forex trading? Don't know? You will get a role model for you after reading this post on successful forex traders. We will mention the ten most successful traders in the world who ruled the foreign exchange market. Also, we will let you know how they trade currency pairs. From the very beginning of their career or trading forex, we will take you up to their success. Know about what makes these people the top successful traders of all time. What are the trading qualities? Get started with our hand-picked list of traders who are a benchmark for all of us.
#1. George Soros
Have you ever heard about becoming a billionaire overnight as a forex trader doing currency trading? Yes, it may be a miracle for us, but this man has done it in reality. George Soros came into light at the end of the '90s when he earned more than one billion US dollars overnight. With a smart trading strategy and technical analysis, he was able to make that much.
No day trade strategy: George Soros usually don't use any day trader strategy. He also never used some other short-term trade forex strategies in the fx-market.
Popper’s Theory: At the beginning of his career, he used to apply Popper’s theory in foreign exchange to buy or sell stocks.
#2. Andrew Krieger
Talking about successful forex traders, and the name of Andrew Krieger is not on the list? Impossible. Do you know about the Black Monday crash of forex trade which made some currencies more valuable than US dollars? The world has seen this event as a recession for the US dollar in the financial market. But Krieger sees it as an opportunity. He traded and made a huge profit out of trading New Zealand dollars with a deep knowledge of USD.
#3. Paul Tudor Jones Short Position: He used a mixed strategy of position trading in foreign exchange trading. He used short positions and made millions of dollars through the New Zealand dollar trade.
Quick Decision Maker: Krieger is a quick decision-maker. He makes decisions quickly with a balanced risk appetite and a stop-loss plan. It’s always great to learn how to trade from these living benchmarks of the currency-market.
“Where there is an end to the world, there is another opportunity.” - Andrew Krieger.
#3. Paul Tudor Jones
Paul Tudor Jones came into the light when he made millions of dollars through trading Japanese Yen. If you want to see a trader with mixed trading strategies like leverage, short term, long term, etc. Then Paul Jones is the perfect example and he says fundamental analysis is very important for a trader.
Focus On Knowledge: Paul Tudor Jones says that you must focus on education. You must try hard to gain more knowledge with your trading account. This is the key to the success in CFD trading or any other form of trading.
Patience: Tudor Investment Corporation faced heavy losses, but he didn't lose patience. He managed to make his company profitable again.
“Your thirst for information and knowledge will make you a successful trader.” - P.T. Jones.
#4. Bill Lipschutz
If you are an aspiring trader and you say that trading works with large money only, then maybe you are wrong. Because here is the forex trader who has turned $12K to a $290+ million dollar investment company with his trading plan. We are talking about Bill Lipschutz whose forex trading strategies are popular all around the world. He made millions of dollars with small investments through his knowledge, patience and trading currencies plan.
Bust The Myths: Lipschutz busts all the myths going around in the online forex market. He says he never focuses on all the forex news and keeps on investing using his knowledge.
Use Resources: Today you can learn sitting on a couch and searching on the internet. But Bill learned financial markets by just reading books in the library. He used whatever trading services or resources he had. Right from forex account to future trading, Lipschutz learnt all by himself.
“Traders will even make more money than others if they have to sit idle half of the day” - Bill Lipschutz.
#5. Bruce Kovner
Specialties: Bruce Kovner started trading with commodities in late 1977. He used to buy some commodities with a contract. But due to a lack of risk management in the commodity market, he didn't make much more money out of it. Later on, he focused more on risk management, trading volume and earned millions of dollars with his best forex plans.
Dedication: He used to drive a cab to get some money to learn forex and start trading.
Cool-Headed: Bruce Kovner is known as a cool-headed currency trader, as he manages high-risk and volatility amazingly.
“You can’t trade if you personalize losses. The emotional burden is substantial in trading.” - Bruce Kovner.
#6. Stanley Druckenmiller
He is among the top wealth creators in the trading market with a total net worth of $4.2+ B. This legend used to work as a hedge manager and he served hundreds of clients in commodity futures trading. He used to manage their forex trades and get brokerage for managing their advanced trading.
Belongings Don't matter: His upbringing was held in a suburban area.
Long term trader: Stanley is always a long term trader. He earned a lot through his long term trades.
“Reinvesting your profits is the key to success for any business.” - Stanley Druckenmiller.
#7. Joe Lewis
According to Forbes magazine, Joe Lewis has more than two hundred financial assets in ten countries. Joe is among the most popular currency traders who is an expert in earning money from the global market.
Experiments: He always does experiments with his trades and with market trends also.
Influencer: He is not a trader who gets influenced by the market, although now he is a financial influencer in the market.
#8. Michael Marcus
Michael Marcus started earning through trading when he was just in his 20s. He learned more about the market volatility, arbitrage forex market and finally became a high-level trader in just ten years.
Upgrade Fast: As he is a quick decision-maker he upgrades faster than others. He never thinks too much before switching to a new trade.
Mistakes Matter: According to him, Mistakes matter in your trading career. So always learn from your mistakes.
“Courage is required to become a trader.” - Michael Marcus.
#9. Alexander Elder
Alexander Elder is well known as a teacher for traders. This Russian-American trader has also written some books on trading. Many traders around the world say that Alexander Elder is like a mentor for them. Alexander Elder was a psychiatrist in the early days of his career. Later on, he turned into a full-time worker. He did awkward jobs before trading.
Psychology Matters: Due to his experience as a psychiatrist he used psychological methods in trading also. Experts say that it is the psychology that made Alexander Elder a successful trader.
Spread Knowledge: He loves gaining knowledge as other top forex traders do. But he also loves spreading knowledge. That is why he has written many books on trading.
#10. Jack D. Schwager
Followers of Jack Schwager, call him a real market wizard. It is due to some of the books that he has written on trading. His book Market Wizards is among the top read books between beginners and experienced traders. He has served as the director for some future research in Wall Street’s leading companies for more than two decades.
Direction & Timing: Schwager says that direction and timing are two very important parts of trading. If you are wrong with any of these two parts, then you can't succeed.
Learning Approach: In his books, Schwager writes about some other traders also. So it is like learning from others. He loves learning and he loves educating people through his own books too.
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