It is a well-known figure in Forex trading that 90% of all Forex traders fail to succeed. Some even say that this figure is even 95%. So what makes this 5%-10% of traders so special and what sets them apart from unsuccessful traders?
Of course, the reasons behind it must be discipline, self-control, experience, analytical mind, etc. But that can’t be it. The most important factor that makes successful Forex traders…successful is that they think absolutely different from the rest. They are not trying to trade every day without paying attention to the current market state, neither are they trying to get a high win rate every time they trade.
Even though the majority of the most successful Forex tradersare trying their best to avoid being in the limelight, there are still those who have risen to international stardom and we can’t avoid talking about them as an example to follow. It is worth admitting that these people are the ones who influenced the investment industry greatly and have shown incredible results over long careers.
They have become an example to follow for those who are only starting to get into currency trading. The most successful Forex traders were also led by examples and were taking calculated risks – that’s how they became the best and are now talked about as a flagship of trading on Forex.
Without further ado, let’s go right towards the topic of this article.
George was born back in 1930 and started his trading career in 1954 at Singer and Friedlander in London right after escaping Nazi-occupied Hungary during World War II. Before establishing Soros Fund Management in 1970, he was working in different financial firms. Over the last 50 years, his firm managed to generate more than $40 billion in profits.
He got internationally famous after 1992 when he successfully broke the Bank of England, netting a profit of $1 billion after short-selling $10 billion GBP. However, after failing to maintain the required trading band due to Soros’ trade, the U.K. withdrew the currency from the European Exchange Rate Mechanism on Sept. 16, 1992. This day is now known as Black Wednesday.
Andrew started working at Banker’s Trust in 1986 after quitting Solomon Brothers firm. The company noticed that he is a very talented and smart trader and increased his capital to $700 million straight away, which is way higher than the standard $50 million limits. This put him in a very beneficial position to profit from Black Monday, which is a financial crash that happened on Oct.19, 1987.
Andrew was betting on the New Zealand dollar a lot believing that the currency was vulnerable to short selling as part of a worldwide panic in financial assets. He decided to apply leverage of 400:1 to his already high trading limit and as a result, he yielded $300 million in profits for his employer.
Stanley began his financial trading career in 1977 in Philadelphia at a Pittsburg bank where he was working as a management trainee. After, he was successfully managing money for Goerge Soros who was mentioned earlier in the article. Stanley was working as the lead portfolio manager for the Quantum Fun between 1988 and 2000 for Soros.
Moreover, Stanley was also working for Soros on the notorious Bank of England trade, which basically marked the beginning of his rise to stardom. His fame got even bigger after Stanley released his own book, The New Market Wizards, in 1994. But even though he survived the 2008 economic crisis, Stanley Druckenmiller decided to close his hedge fund and admitted that he got tired from constantly needing to maintain his successful track record.
Drawing a bottom line here, we’d want to note that successful traders are:
And now it is up to you – whether you will analyze the points mentioned above and think of what they might mean in a broad understanding or will follow the blueprints created by average analysts for average traders. Choose your own path.