Most successful and famous Forex traders in the history of forex trading —

Forex trading is all about currency exchange and building profit out of it. However, most of the forex traders prefer to stay away from the limelight and build profits silently. Although, there are few which have received stardom in the international market. These successful forex traders have become famous as they have posted their incredible results on the Forex websites and have broken the trend of silently earning a profit. They believe in inspiring other traders by leaving a strong impact on the trading industry.

These traders are a guiding light for the other traders who are looking to enter this trade and also for the traders who are earning very low. Using their techniques and strategies other traders can also look forward to increasing their earnings in this market. The most important characteristics of these traders are that they have invested by taking calculated risks and waited patiently to make enormous profits. All of them have an amazing sense of confidence and it can be seen in their financial performance.

Let us look at the top 6 successful Forex traders who have left their mark in the Forex trading industry —

George Soros — Born in 1930, Soros was working at Singer and Friedlander company in London since 1954. He had escaped from Hungary which was occupied by the Nazis during the Second world war. After his first job, he worked in several financial firms till 1970 and then he finally established his own firm named Soros Fund Management. With his experience and passion, he was able to generate more than 40 billion dollars as profit in the five decades since he started on.

As a trader, he has acquired fame internationally and has broken the Bank of England in 1992 after he earned a profit of 1 billion USD in the forex trading. He had sold 10 billion dollars’ worth of British pounds. From the European Exchange Rate Mechanism, UK has to withdraw its currency because of this magnanimous trade in 1992 as it could not maintain the required trade band. This event is known as the Black Wednesday. This was the turning point in his career and created a solid base for him and earned him a position in the list of the top forex traders of all time. Currently, in the world, he is listed amongst the top 30 wealthiest people.

Stanley Druckenmiller — This individual was from a middle-class family in Philadelphia. In 1977 in the Pittsburgh bank he started his career as a management trainee. He gained success quite promptly and started his own company within four years named as Duquesne Capital management. He was involved in the management of money for several years for George Soros. After that, he progresses as the portfolio manager for Quantum fund during the years from 1988–2000.

Stanley was involved with Soros in the Bank of England trade and gained stardom from there. His fame increased when his story was published in the book The New Market Wizards in 1994 which is best-selling. He suffered in the 2009 economic collapse and after that, he has closed the hedge fund in 2010 as he could not keep up with his successful track record.

Andrew Krieger — This trader had joined the Banker’s trust in 1986 and earlier he was doing a job at Solomon brothers. He was good at trading and the company recognized this and rewarded him by substantially increasing the capital limit to 700 million dollars. Earlier it was 50 million dollar limit. So this was a substantial boom to his career in Forex industry. His position in the bank allowed him to make a profit even during the crash in October 1987.

Krieger was focused on short selling the New Zealand dollar as there was worldwide panic in the market regarding the financial assets. He gave an extremely high 400:1 leverage to his high trading limit and acquired a short position which was bigger than the money supply of New Zealand. He earned a profit of 300 million dollars for his employer and left the job with a share of 3 million dollars to trade individually.

Bill Lipschutz — Bill started off with trading while he was still studying at Cornell University in the 1970s. During that period he invested around $12000 and earned $250000. That was a huge profit within a short span of time. However, he lost his entire money in a poor trading strategy. After this, he learned about the risk management and moved on with his career by doing a job at Solomon Brothers while pursuing MBA in 1982.

He was transferred to the foreign exchange department of the company when the forex markets were gaining popularity. He made huge profits for the company starting from a profit of $300 million per year from 1985. He was the principal trader of the company’s massive forex account from 1984 to 1990. After that, he held the director position of portfolio management since 1995 at Hathersage Capital management.

Bruce Kovner — Born in Brooklyn, New York in 1945, he started trading at the age of 32 in 1977. He made a profit of $20000 by buying soybean futures contracts. He did not have enough money for the transaction and so he borrowed it against his credit card which is personal to him. After this success, he joined as a trader into Commodities Corporation where he gained a solid reputation and millions of dollars as profit.

In 1982 he started his own venture named Caxton Alternative Management which became one of the most successful hedge funds of the world. Soon it had $14 billion in assets. He became one of the most successful forex traders and retired in 2011.

Conclusion — All of the successful forex traders have followed these principles in addition to self-confidence —

• Clearly defined goals
• Taking calculated risks and choosing right broker
• Choose a good strategy and be consistent
• Make sure to keep the timing in sync
• Calculate the expected profit and reliability of your system
• Remain focused
• Customer satisfaction and positive feedbacks
• Do proper past analysis
• Make sure to keep a printed record on paper.