Rogers is renowned for his correct bullish call on commodities in the 's and also for his books detailing his adventurous world travels. Born in New York, Bill has always excelled in mathematics and was a bright student overall. When I first started trading Forex, I remember spending countless hours studying setups over the weekend. Fill in your details below or click an icon to log in: He later guessed that his position as a currency trader was what ruined his marriage, which finally ended in divorce. Want to know the best part?
Top 5 Most Successful Forex Traders Ever. If you want to be the best, you must learn from the best. The same goes for the Forex market. Today, Bill is a well known forex trader in the financial sector. He is known to have made over $ million in a single year from trading on the forex .
Leading up to his trade, the market had shown no appetite for sterling strength. This was demonstrated by the repeated need for the British government to intervene in propping up the pound. Even if his trade had gone wrong and Britain had managed to stay in the ERM, the state of inertia would have more likely prevailed than a large appreciation in the pound.
Rather than subscribing to the traditional economic theory that prices will eventually move to a theoretical equilibrium, Soros deems the theory of reflexivity to be more helpful in judging the financial markets.
This theory suggests there is a feedback mechanism between perception and events. In other words, the perceptions of market participants help to shape market prices which in turn reinforce perceptions. This was played out in his famous sterling short, where the devaluation of the pound only occurred when enough speculators believed the Bank of England could no longer defend its currency.
The quote demonstrates both his willingness to cut a trade that is not working and the discipline shared by the most successful Forex traders. Stanley Druckenmiller considers George Soros his mentor. Druckenmiller worked alongside him at the Quantum Fund for more than a decade. But Druckenmiller then established a formidable reputation in his own right, successfully managing billions of dollars for his own fund, Duquesne Capital.
Druckenmiller says that his trading philosophy for building long-term returns revolves around preserving capital and then aggressively pursuing profits when trades are going well. This approach downplays the importance of being right or wrong. Instead, it emphasises the value of maximising the opportunity when you are right and minimising the damage when you are wrong. Oddly enough, Bill Lipschutz made profits numbering in the hundreds of millions of dollars at the FX department of Salomon Brothers in the s — despite no previous experience of the currency markets.
And like our other successful Forex traders, the Sultan believes market perceptions help determine price action as much as pure fundamentals. Instead, he stresses that you need to work out how to make money when being right only 20 to 30 per cent of the time. Lipschutz also stresses the need to manage risk, saying that your trading size should be chosen to avoid being forced out of your position if your timing is inexact.
Joining the list of people who are able to consistently turn a profit each month trading FX, is an achievable goal. Well, even the most successful trader had to begin somewhere and if you can regularly generate profits — you can consider yourself a successful Forex trader. Twitter Facebook Google Like this: I was born and raised at Lake Constance in the very south near the Swiss border. I have lived in Erfurt for quite a while and think about leaving the country.
In order to make my living, I started trading stocks, currencies and commodities more than 10 years ago. I survived the Lehman crisis in October and the Swiss currency intervention in and saw many bear markets, bull markets, crashes and irrational movements.
So I do now feel ready to go for the real thing - rock the market and invest the money in cars, houses, power plants and water supplies. There is no in between. Think about that for a moment. If your only reason for trading is making money, then you may want to have another look at your chosen career. Without passion and a love for trading, no amount of money can make you a successful Forex trader. Before the emails start pouring in, let me explain….
No Forex trader is without losses. Most starting out in the Forex market view a loss as a bad thing. And doing something wrong is bad. Unlike you, the market is always neutral.
Thinking this way will only dig you a deeper hole. Losses can be a powerful way to learn. Just remember that even a trade that ends up as a loss can be the right decision. Next time you have a loss, take it as constructive feedback. Analyze the situation to see how you can improve the next time.
Start seeing trading losses as business investments rather than upsetting events. Each loss is an investment in your trading business and ultimately your trading education. Whether a trader is using raw price action or simply using it to identify key levels in the market , price action plays a major role in any strategy.
It gives us some insight into the minds of other traders. Having some idea of where buy and sell orders are located in the market is critical to becoming a successful Forex trader. It can strengthen any trading strategy by providing areas to watch for potential entries as well as profit targets. Trading Forex without using some form of price action is like trying to drive a car with one eye closed.
So even if you are developing a strategy based on indicators , it would behoove you to learn about price action. If nothing else, it will provide a solid foundation from which you can design and develop other strategies.
I see a lot of talk on the internet about the need for a trader to develop an edge and define it. So what exactly is a trading edge and why is it important? An edge is everything about the way you trade that can help put the odds in your favor.
It even includes your pre- and post-trading routine. How do you handle losses? What do you do when you win? These are all things that make up your trading edge. It was their passing, shooting, dribbling, movement of the ball, set plays and everything in between that gave them an edge over other teams.
Nor do you have to master all of them to start putting the odds in your favor. Instead, master one thing at a time. For example, become an expert at identifying key levels. Then expand your skill set by learning how to determine trend strength. After that, set your focus on learning about pin bars. Those three things are all you need to witness a rise in your profit curve. Continue to expand your skill set in this manner and soon you will have a trading edge of your own. The key is to only tackle one or two factors at most at a time.
Using a slow and steady approach will get you on the road to becoming a successful Forex trader in no time. But trying hard is what it takes, right? This might apply to other ventures in life, but Forex is the exception. This is different from studying hard. As a new trader to Forex, studying the market is highly recommended. The harder you try to learn those particular topics, the better.
However, trying to make a trading strategy work will only lead to destructive behavior, such as emotional trading. Similarly, trying too hard to find trading opportunities is a good way to lose money on subpar setups. In fact, I wrote a post that features several of his books.
When I first started trading Forex, I remember spending countless hours studying setups over the weekend. I would often come back to my trading desk multiple times on Saturdays and Sundays. Then on Monday, more often than not I would end up taking a completely different trade setup only to watch the original trade idea move in the intended direction without me.
It happened because I was trying too hard. As soon as I stopped over-analyzing trade setups and trying to make them work, my profit curve started to rise. Now I spend maybe 20 to 30 minutes per day looking at my charts—the exception being the charts I post on this website , of course.
As counterintuitive as it may seem, learning to not try so hard was one of the things that completely changed my trading career for the better. Bill also believes that having a passion for trading itself is the right way to approach forex trading. He believes that to be successful, a trader must stop focusing on earning money and rather, on perfecting the process.
The profit will be a by-product of your success. Another one of the successful traders in forex is Andrew Krieger. He also made a fortune trading the major currency event, Black Wednesday.
Known as one of the most aggressive currency traders, he joined Salomon Brothers after graduating from Wharton. Born in in Brooklyn, New York, Bruce Kovner, is the last of the top five forex traders in this list.
He studied political economy at Harvard University and engaged in a number of activities like political campaigning, writing, and cab driving before discovering commodities trading. It was in that he made his first trade, a soybeans futures contract that he bought by borrowing against his own credit card.
This taught him a valuable lesson in risk management that shaped him into the trader that he became. During his eventual employment at Commodities Corporation, he reportedly made millions in profits for the firm, which bolstered his reputation as a cool headed and objective trader. Like previous traders on this list like Soros, Kovner also uses macroeconomic fundamentals to trade, however unlike the others he heavily uses technical analysis as a tool to execute his trades. He meticulously observes global economic reports, in order to determine information consensus that the market is not confirming on the charts.
He then exploits this. He believes that technical analysis is a crucial component to any fundamental approach to trading, and is known for his ability to hold long trades with conviction.
He is also a stickler for risk management and this includes always having predetermined stops on his trades. He firmly believes that a trader should be willing to make mistakes and to learn from them. If you are asking yourself how to be a successful forex trader , after reading our review of successful forex traders, then look no further.
If you really looked at the similarities of all these men then you would notice that the majority of them had some motivation other than making money to trade. It was this motivation that allowed them to stay disciplined and objective and to make the aggressive trading positions that no one else would have.
They were passionate about what they did. They found it interesting and they worked on trading the right way. If we could learn a few things from them, it would be to:. If we can learn these things properly, then we may just be one step closer to following their remarkable successes.
Stanley Druckenmiller Stanley Druckenmiller was born in Pennsylvania to a middleclass household in
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Top three most successful Forex traders ever Whether you are new to trading Forex or an old hand at the currency markets, you are likely to share one key aspiration: How do I become more successful at trading . These are the most famous forex traders ever. By Alan Farley | Updated March 16, — PM EDT. Share He acquired an immediate reputation as a successful trader, and the company. Top three most successful Forex traders ever When most people think of success, they think of the wealthy. They usually think of giant mansions, sprawling estates, private jets, and more money than any normal person would be able to spend.