Lessons from 5 Successful Forex Traders
One of the most famous forex investment quotes by Jesse Livermore is,” Money is made by sitting, not trading.”
Understanding the seven-lettered quote has promoted many novice forex traders to millionaires or positioned them to regularly make decent earning from the venture.
So, how does that quote relate to your trading? It is simple.
You should understand the market enough to pinpoint entry or exit positions. You can rely on technical analysis. Alternatively, you can forego analysis conduct coping trading.
What if you rely on the above decision-making channels but still garner losses? That is where learning from successful forex traders plays a massive role in inspiration, risk, and portfolio size management.
What is more? Find out below.
2 Things to Pay Attention to When Tracking Biographies of Successful Forex Traders
Before analyzing the specific virtues of specific forex traders, it helps to have a checklist of how the forex traders managed funds and the actions the traders took after failure or success.
Here are some of the most successful forex traders and how they joined the global billionaires’ list.
1. George Soros
George Soros is an American citizen, born on 12th August 1930 in Budapest, Hungary. He appeared at number 288, with 8.6 billion USD in Forbes list of the World’s Richest forex traders in 2021.
George Soros is known as the forex trader who made the highest earning in a day. It was 16th September 1992 when he won about 1 billion USD by going short on the Sterling Pound.
He closely watched the events of ERM and the British pound in 1992. He risked a massive portion of his wealth against the Bank of England. The market favored him when the pound lost from the speculative market drastically.
His success comes from understanding the forex market and using complex trading strategies that see him build his forex wealth.
As a hedge fund manager, he has crazy investment strategies, understands competitive advantage, risk management, and an avid sales plan.
2. Bruce Kovner
Bruce Kovner is an American investor. His speculative interests began when he was 32 years old.
Bruce Kovner gathered 3000 USD from credit and invested it in forex. He earned 23000 USD. If not for his poor timing, he would have reaped 40000 USD from the trade.
He proceeded to start Caxton Corporations that transitioned into Caxton Associates through diversification and his keenness to change strategies with dynamic forex market times.
From Bruce, you can learn courage and the ability to spread risks and funds.
3. Stanley Freeman Druckenmiller
Stanley Druckenmiller is an American investor, hedge fund manager, and former chairman of Duquesne. He is recognized for making gains with George Soros during the crash of the Bank of England.
George Soros had earlier hired him to manage Quantum group of funds in 1988. He also made fortunes from German mark devaluation in 1980.
His market analysis helped him make over 60% ROI when political issues surrounded the Berlin Wall. His understanding of currency values made him patient enough to draw heavily from the undervalued currency.
4. Joe Lewis
Born on 5th February 1937, Joe Lewis is a UK citizen with a Jewish origin. He dropped formal schooling at 15 to manage a family business.
Joe’s management skills saw him make West End Catering Business successful before moving to the Bahamas in the 1970s. He developed an interest in forex trading in the 1980s and has been an active trader to date.
His persistence and knowledge of the forex market have seen him rise to a successful forex trader. He owns Tottenham Hotspur and UK’s Butler pub operator.
5. Bill Lipschutz
Bill Lipschutz is an American forex trader who developed his investment interests at Cornell University. He studied Architecture and Arts.
Through stocks and forex trading, he managed to convert 12000 inheritance to 250000 USD while at university.
Bill once made mistakes that almost squandered all his earnings. But through failing to give up, he managed to resurrect his dying portfolio and earn more later.
Despite college or wealth background, you can make it in forex trading. All you need is solid market analysis, risk management, and strong determination to succeed in the venture.