For budding forex traders, the figures appear to be somewhat depressing at first.
More precisely, it’s thought that up to 70% of Forex traders experience financial loss over a sustained period of time in forex triding, however other studies have shown that this percentage may reach up to 90% of traders.
However, individuals that do win from forex trading stand to gain significantly, with a number of motivational and well-known success stories having been recorded throughout history. Five of the most intriguing are listed below:
5 Forex Success Stories:
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forex trader 1: George Soros
Let’s begin with the inventor of forex trading, widely regarded as the best and most successful forex trader of all time.
George Soros undoubtedly pulled off one of the most famous Forex trading feats ever when he made a profit of more than £1 billion by shorting the pound during a period of protracted economic unpredictability and before “Black Wednesday” (when pound sterling eventually crashed to historic lows).
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For months, Soros had been accumulating a sizable short position in the pound, which became incredibly beneficial when the currency eventually fell below the bottom band of the European Exchange Rate Mechanism (ERM).
Soros is unquestionably an intelligent and proactive trader, and his approach emphasizes the value of keeping an eye on economic events and data sets that are pertinent to your selected currency pairs.
forex trader 2: Stanley Druckenmiller
The next traider is Stanely Druckenmiller, who also took part in shorting the pound in the days leading up to Black Wednesday in 1992.
Druckenmiller has built up a net worth of over $2 million over the course of a long and distinguished career in the forex trading.
He also has a great track record for managing the Duquesne Capital fund, which closed in August 2010 with assets of over $12 billion.
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Druckenmiller, like many great forex traders, has a well-defined trading philosophy and workable trading method, and he actively pursues bigger returns on transactions.
This strategy is based on essential insights and knowledge that may assist minimize losses, increase earnings in forex, and, where feasible, preserve capital.
forex trader 3: Paul Tudor-Jones
The forex trader Tudor-Jones, who was born in 1954, was always a risk-taker by nature; in fact, he first passed up a coveted spot at Harvard Business School to work as a commodity trader at the New York Stock Exchange.
He was said to have generated a profit of over 62% on short bets overall while managing his own investment business during the notorious market crash of October 1987.
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This resulted in a cash profit of more than $100 million, establishing the trader’s name throughout the world and paving the way for him to be appointed chairman of the New York Stock Exchange.
The route from a regular trader to the chairman of the NYSE is riddled with obstacles, thus Tudor-Jones’ biography undoubtedly emphasizes the value of perseverance and fortitude when trading forex.
forex trader 4: Bill Lipschutz
Another well-known forex trader is Bill Lipschutz, whose tale emphasizes the value of risk control in a highly leveraged and turbulent market.
The forex trader made hundreds of millions of dollars in profit with Salomon Brothers without having any prior expertise in the forex market, therefore he also makes the argument that attitude and characteristics like determinism can (in certain situations) conceal a lack of information or experience.
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The capacity of investors to use forex market volatility to their advantage in real-time is highlighted by Lipschutz’s frequent advice to prospective traders to concentrate on taking advantage of the moments that they are in rather than focused on being correct all of the time.
forex trader 5: Andrew Kreiger
Although Andrew Kreiger received his MBA from the Wharton School of Business, it’s noteworthy to note that he had little success in his initial trading position with the aforementioned Salomon Brothers.
He joined the Bankers Trust in 1986, where he was able to use more aggressive strategies and earn some substantial returns form the forex treding, and this is when his fortunes began to shift.
He even created history during the 1987 market meltdown when he dramatically shorted the New Zealand currency using a 400:1 exaggerated leverage ratio, which resulted in a $300 million corporate profit when the NZD ultimately plummeted.
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His efforts even resulted in an invitation to collaborate with the great forex trader George Soros, which is an accomplishment that most beginning forex traders can only hope to attain!
Are you considering investing in forex? Check out How to Trade Forex for Beginners.
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