To be the best you’ve got to learn from the best. Forex trading isn’t easy, you need to stand out from the crowd and do things other people aren’t brave enough or disciplined enough to do. These 5 greatest Forex traders ever have achieved enough to inspire anyone to start trading today.
1. Bill Lipschutz
Armed with a degree in Finance, Bill Lipschutz started off investing in stocks and promptly turned the $12,000 he inherited from his Grandmother into $250,000. After losing most of the money in a big market shift, Bill shifted his attention towards Forex trading. At his peak he was making $300 million a year for Salomon Brothers investment bank. Bill embodies the mantra of standing apart from the crowd and making trades that are contrary to popular opinion.
The consensus opinion is unlikely to ever make you big money in currency. If you want to make big money in the Forex markets, keep away from the crowds and trade like Bill.
2. George Soros
A native of Hungary, George Soros has shattered many financial records in his career. His most famous achievement was when he made $1 Billion dollars in a single day shorting the British Pound. Besides being a trader and writer, he is also a philanthropist. He has donated over $7 Billion of personal savings to charities and has a net worth of over $25 Billion.
Soros looks for uncertainty and bets on the least probable outcomes in his trading. He forms strong contrary opinions, much like Lipschutz, attempting to make huge winners while trying to keep his losses small.
3. Bruce Kovner
Bruce Kovner is an American hedge fund manager worth over $5.5 Billion. He believes in strong risk management and knowing exactly where you want to get out of a trade before you get in. Focusing on the fundamentals and trusting his convictions have enabled him to amass a sizeable fortune as his fund has average well into double digit percentage gains throughout its existence.
Kovner is famous for having lost a lot of his own money early in his career and using that event to formulate a pragmatic approach to risk.
4. Stanley Druckenmiller
Formerly an oil analyst for the Pittsburgh National Bank, Druckenmiller joined George Soros at Soros’s own Quantum Fund. Aside from being a part of Soro’s mammoth successes, he also managed Duquesne Capital Management which averaged an incredible 30% in gains from it’s inception in the early 1980’s till its closing in 2010.
Perhaps the greatest thing to learn from this quote is the need to be open minded and flexible. An idea that was correct last week might not be this week, you must be both decisive yet cautious, a very difficult balance.
5. Paul Tudor Jones
Investor, hedge fund manager and philanthropist Paul Tudor Jones is estimated to be worth $4.7 Billion dollars. He was accepted into Harvard Business School but turned it down citing how they wouldn’t teach him anything he needed to know to be a successful trader. Using a swing trading strategy, he approached Forex trading by catching the market’s tops and bottoms, to make quick low risk profits compared to long term trend followers.
Paul is a not only a great trader because of his profits but also his longevity. He has been a great trader for many, many years and as a results has given himself the chance to be highly successful as he has always protected his money so well.
Overnight success isn’t just two random words joined together but something proven achievable by many of the top best traders. Although not common, it is still possible. Just one day or one trade can change your life. Here are our favourite Forex trading apps.