With a daily turnover that surpases $5 trillion, the forex market is now the biggest and most volatile in the entire world. Due to a great number of advantages, including its ease of access, and flexibility and the outstanding trading opportunities; the number of participants is constantly increasing. If you’re planning to become a forex trader, we encourage you to trade with a broker which rises to the high standards of the market. TradeFW.com is a leading online forex broker that strives to provide you with a prime trading experience in terms of features, user-friendliness, tools, support, education, and all latest practices.
To start off on the right foot completely, we present you one of the best and most successful forex traders of all times. Let them inspire you!
1. George Soros
“Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.”
George Soros, also known as “the man who broke the Bank of England”, was born on August 12th, 1930 in Budapest, Hungary. He got the nickname after a trade that made him famous all over the globe: a short sell of 10 billion pounds sterling that resulted in earnings of 1 billion dollars! His appreciation of the risk/reward and appetite of going against the traditional theories are two of the main things that made him become one of the best Forex traders in the world. He once told the Wall Street Journal “I’m only rich because I know when I’m wrong”, proving that in spite of his trading decisions, no matter how extravagant, there’s always discipline and a plan.
2. Bill Lipschutz
“If most traders would learn to sit on their hands 50 per cent of the time, they would make a lot more money.”
Bill Lipschutz, known among traders as the Sultan of Currencies, is arguably one of the greatest forex traders alive. Despite no previous experience on the currency markets, he began trading forex in college, after inheriting money from his grandmother’s death, winning $250,000! Throughout his trading career he emphasized the importance of risk management and having a trading idea that reasons your trade.
3. Stanley Druckenmiller
“The way to build superior long-term returns is through preservation of capital and home runs…When you have tremendous conviction on a trade; you have to go for the jugular. It takes courage to be a pig.”
Born in Pittsburgh, Pennsylvania, Stanley Druckenmiller started his financial career in 1977 at the Pittsburgh bank. The long position in German Marks for a multi-million sum was the one that brought his fame. Although he retired, it is safe to call him one of the greatest day traders in the world. His approach to get long-term opportunities implies preserving capital, and then aggressively pursuing opportunities when the trades are going in the right direction.
4. Michael Marcus
“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.”
Since we mentioned Druckenmiller, we can’t miss Michael Marcus, whose move that brought him worldwide fame was also a long position in German Marks that turned his initial investment of $30,000 into $80 million1! Along with banks, he was the largest currency trader in German Marks at that time.
5. Michael Steinhardt
“A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.”
With a net worth of $1.2 billion, his trading philosophy revolved around long-term positions capable of bringing big opportunities. He believed that when one puts money at risk, it is important to make sure the justify the time and effort put into that investment decision. Steinhardt became famous for maintaining a 24% compound annual growth rate over a period of 28 years, by using all possible financial instruments, including forex, stocks, and bonds2.
There are many things you can learn from the greatest forex traders of all times, but the most important lesson is to be honest to yourself, learn from your mistakes and always strive for more. Just like they reminded us, opportunities don’t come overnight; it is a sum of hard work, courage and perseverance. Stay focused on your goals and dream, the forex market is filled with extraordinary opportunities!
- Alex Barrow, “How Michael Marcus Turned $30,000 to $80 Million”, Oct, 2016, gurufocus.com, https://www.gurufocus.com/news/454910/how-michael-marcus-turned-30000-to-80-million
- Nathan Reiff, “The Greatest Investors: Michael Steinhardt”, investopedia.com, https://www.investopedia.com/university/greatest/michaelsteinhardt.asp