The number of losers in the Forex market overpowers those who actually succeed. We want to share with you the top 3 most successful Forex traders who you might have already heard of. Let’s delve into their stories which we hope would inspire and push you to become a better trader.
George Soros
The most popular of the three, George Soros, is a business magnate whose net worth stands at $8 billion, making him the 60th richest on the Forbes 400 list in 2018. He earned the title “the man who broke the Bank of England” when he generated more than $1 billion in profits when he bet against the British pound in 1992.
Soros is known for his discipline, a trait successful traders have in common. He once told the Wall Street Journal, “I’m only rich because I know when I’m wrong”. Soros is also a philanthropist who has donated most of his net worth to his charitable organization, Open Society Foundations.
Stanley Druckenmiller
Stanley Druckenmiller considers George as his mentor. Soros recruited Druckenmiller to manage the hedge firm he founded, Quantum Fund, in 1989. By 1993, Druckenmiller helped the firm to generate a 40 percent annual average return. He has also made a name for himself, managing billions of dollars for his own fund, Duquesne Capital, boasting an incredible record of successive years of double-digit gains.
Druckenmiller stated that his trading philosophy revolves around preserving his capital. When trades are going well, he pursues profits, and when traders are going bad, he minimizes the damage. Druckenmiller’s net worth is valued at more than $2 billion.
Bill Lipschutz
Even without previous experience trading currencies, Bill Lipschutz found himself earning millions of dollars at Solomon Brothers’ Forex department in the 1980s.
When Lipschutz entered the Forex market, he realized how aggressive the market was when he lost his entire fortune of $250,000. He learned the importance of controlling risks and understanding the market sentiment. He advises traders not to ignore market trends and place trades only when the fundamentals are favorable.
Also read: 5 Forex Websites You Should Follow
