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Hello Guys Welcome To Profit Fx Markets Today We Are Going To Know Top Successful Forex Traders | Top5, Top 10 | Best Forex Traders
1. George Soros
Let’s start our review of the best Forex traders to follow by having a look at one of the most legendary symbols of excellent fortune in Forex trading, George Soros. If we were to ask, “Who is the greatest Forex trader? ” Soros’ name would almost always appear high up on any list.
Mr Soros is well known as one of the greatest investors in all of history. He sealed his reputation as an incredible money handler by reportedly profiting more than £1 billion from a short position in pound sterling. He successfully pulled this off before Black Wednesday, 16 September 1992.
At the time, Britain was participating in the Exchange Rate Mechanism (ERM). This system required the government to interfere if the value of the pound fell below a specific level against the Deutsche Mark.
Soros was successful in predicting that a certain set of circumstances—which included then higher-than-average interest rates in Great Britain, and less-than-desirable rate at which Britain had become a part of the ERM—had resulted in the Bank of England (BoE) being in a vulnerable situation.
2. Stanley Druckenmiller
George Soros casts a long shadow, so it shouldn’t be too much of a shock that this successful Forex trader is connected to the following trader on this list. Stanley Druckenmiller considers George Soros his mentor. Mr. Druckenmiller was a coworker of George Soros at the Quantum Fund for over ten years.
Since then, Druckenmiller has developed an esteemed reputation for himself, successfully handling billions of dollars for Duquesne Capital, a fund which he started. Without a doubt, many of the best Forex traders see him as one of the best day traders on Earth.
Druckenmiller has said that his trading strategy for developing long-term profits is founded on the idea of preserving capital. He aggressively pursues profits during times when his trades are working well. With this strategy, it is less important to be right or wrong. In this case, timing has a focus.
3. Andrew Kreiger
Any list of the best Forex traders on Earth would be incomplete without mentioning Andrew Kreiger. Kreiger graduated from the Wharton School of Business, and in 1986 joined the Bankers Trust, following a stint at Salomon Brothers.
Many considered him to be one of the most aggressive and well-known traders of that era, impressing the top management so much that they gave him a trading limit of $700 million, against the usual $50 million limit.
In the aftermath of the October 1987 crash, where most markets went spiralling downwards by at least 20%, Kreiger identified the New Zealand dollar to be highly overvalued. He went short on the currency at a leverage of 400:1; exceeding the actual circulating liquidity of the currency.
4. Bill Lipschutz
Oddly enough, Bill Lipschutz earned hundreds of millions of dollars in profits at the FX department of Salomon Brothers in the 1980s – despite having no previous experience in currency markets. Often called the Sultan of Currencies, Mr Lipschutz describes FX as a highly psychological market. And, like our other successful Forex traders, the Sultan believes market perceptions influence price action as much as pure fundamentals do.
Lipschutz also agrees with Stanley Druckenmiller’s view that when you are considering how to be a successful trader in Forex, your success is not dependent on being right, and, in fact, more often than not you are wrong. 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.
5. Bruce kovner
Kovner’s first trade was in 1977 for $3,000, borrowed against his MasterCard, in soybean futures contracts. Realizing growth to $40,000, he then watched the contract drop to $23,000 before selling. He later claimed that this first, nerve-racking trade taught him the importance of risk management.
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