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Don’t know how to get started? We got you! Start practicing trading with virtual assets in the Admiral demo trading account. New to Forex trading and need some motivation after taking a big loss? Here is what the richest Forex traders had to say about their trading journey and the advice they would like to give you as a beginner:
First, let’s look at George Soros, who is widely regarded as one of the most famous figures in the history of currency trading. Many people consider Soros to be one of the most successful investors in the history of the world. He has built a strong reputation for his keen understanding of economic trends.
He has the ability to identify gaps in the market and profit by entering into large transactions that are highly profitable. When he made more than a billion dollars shorting the British pound in 1992, he cemented his status as a legend. This earned him the nickname “The Man Who Broke the Bank of England”.
Inflation was high in England at the time, with interest rates exceeding 13 percent. Because of this, Soros concluded that the ERM was responsible for maintaining the artificially high value of the British pound. The day Britain officially left the European Monetary System and allowed its currency to float freely is now known as “Black Wednesday”.
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This event started the decline in the value of the pound. By then, Soros had already built up a large short position against the pound worth more than $10 billion. “I’m rich only because I know when I’m wrong,” Soros once said. Being able to recognize when you’ve made a mistake is an important part of being the most successful forex trader.
One of the most important skills a successful forex trader needs is the ability to recognize when they have made a mistake and act quickly to correct it. Successful traders benefit from limiting their long-term losses using this method. George Soros is undoubtedly one of the richest forex traders in the world, according to the latest estimates of his net worth of $8.6 billion.
There is a tie between this profitable forex trader and the trader who took first place in our ranking of the best forex traders. For more than 10 years, Stanley Drakenmiller worked as an associate of George Soros at the Quantum Foundation.
Drakenmiller sees Soros as his mentor. Since then, Drakenmiller has made a name for himself by providing seamless management of billions of assets on behalf of the investment firm he founded, Duxin Capital. He has undoubtedly claimed to be the most successful Forex trader in the entire world.
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In addition to contributing to Soros’ famous victory on Black Wednesday, Drakenmiller achieved a remarkable profit record with Dioxin in the years before his retirement. As a result, his net worth is believed to be over $3 billion at this point in his life.
According to Druckenmiller, the concept of holding money is the basis of his most profitable trading strategy, which he uses for long-term profits. When his trades are profitable, he aggressively pursues profits and quickly cuts losses when there are no profits. If his trade is not profitable, he quickly cuts his losses.
The key to success, according to Druckenmiller’s approach, is to maximize your chances when you’re right and limit your losses when you’re wrong. Asked about the popular book Wizards of the New Market, Drakenmiller said, “There’s a lot of shoes in the closet; just wear the right clothes.”
Many in the Forex trading world consider Bill Lipshuts a living legend. His illustrious career in the financial markets began in the 1970s while he was still a student at the institution where he now holds an important position.
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After his grandmother’s death, Lipschutz inherited twelve thousand dollars and continued his education. Lipschutz started trading with that amount of money and was able to double it to $250,000. On the other hand, all of Lipschutz’s $250,000 was wasted because of one bad choice.
This will be the last straw for many people and they will leave the business forever. But not Lipschutz, who is widely regarded as one of the most successful forex traders in the world. After graduation, he continued in business where he joined Salomon Brothers as part of their training program.
Soon after, he was asked to join their forex division, and by 1985 he was averaging about $300 million a year for the company. Lipschutz believes that market assumptions have as much influence on price behavior as fundamentals, similar to the views of other successful forex traders. He defines the currency market as very intuitive.
Additionally, Lipschutz agrees with Stanley Drakenmiller’s view that being a successful forex trader requires investing when you are right. “You have to figure out how to make only 20 to 30 percent of the money right,” he once said of entrepreneurship.
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Does this sound like a strange statement? It is important to remember that even if you win more than half of your trades, your winning trades should be worth much more than your losing trades. Many traders are looking for a strategy that guarantees them a profit on every trade and allows them to win eight or nine out of ten trades, while minimizing the risk of losses and short-term trading.
However, a successful business requires patience. There is always risk and it is important that this risk is explained and managed. The moment you limit your exposure, you open yourself up to losing trades. However, the fact that your losses will be limited and manageable increases the chances that you will benefit from this strategy.
The story of Lipschutz’s dedication and ability to bounce back from such a crushing defeat early in his career to become a successful trader earns him a spot on our list of the world’s richest forex traders.
If Andrew Krueger was not on the list of the best Forex traders in the world, the list simply cannot be considered complete. Krieger joined Bankers Trust in 1986 after earning a degree from the Wharton School of Business. Many people of the time thought that he was one of the most intelligent and famous businessmen who lived in that era.
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Because he did such a good job influencing the management of his company, they increased the business limit to $700 million. This was fourteen times the usual maximum of $50 million!
After the stock market disaster known as “Black Monday” in October 1987, which saw many markets fall by at least 20 percent, Kruger decided that the New Zealand dollar was trading at too high a price. He then opened a short currency position worth hundreds of millions of dollars and made a significant profit.
In fact, his short position at the time was so large that it was speculated that it actually exceeded the total.
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