We all want to be successful forex traders. However, how to make it come true? In this post, we will dig deeper into some stories of the most successful forex traders to be able to gather lessons from them.
Following their footsteps does not mean that you have to be precisely doing the same thing, but at least you will be motivated. Choosing the best forex broker also can help to reach successful trading.
Bill Lipschutz
In the late 1970s, after attending Cornell University, Bill Lipschutz began his journey as one of the successful forex traders. During that period, he earned $250,000 but he made a bad trading decision and his entire stake was lost.
It was a valuable lesson in risk management throughout his career. While he studied at Columbia for MBA in 1981, he worked as a foreign exchange trader for Salomon brothers.
Foreign exchange was gaining popularity. Lipschutz decided to join Salomon’s new international division. He gained immediate success and earned more than $300 million per year for the company by 1985.
He went on to become the company’s premier forex currency trader, retaining the position until 1990 when he departed. He later worked as the director and principal of portfolio management for Hathersage Capital Management.
The Next Successful Forex Traders, Andy Krieger
The next success story came from Andy Krieger who made his name in the 1980s. his duty was to make money for Banker’s trust by trading currencies. Krieger immediately earned a reputation as a successful trader.
As one of the successful forex traders, the company gave him a higher capital limit of $700 million, rather than $50 which was the standard limit. His main focus was betting against the NZD (New Zealand Dollar).
He combined high trading limits and foreign currency options to leverage his exposure, taking a position that might match the money supply of New Zealand. It was profiting heavily from the stock exchange crash in New York in 1987.
At the age of 32, in the same year, this one of the successful forex traders earned a profit of $300 million. It was given to his employer as the result of his transaction.
However, he abruptly left the firm the following year. According to a report, he was dissatisfied to get a bonus of $2.5 to $3 million.
Stanley Druckenmiller
This person was born in Philadelphia in a middle-class suburb. He became one of the successful forex traders at The Pittsburgh National Bank as a management trainee in 1997.
The first time he started foreign exchange trading, he quickly named himself by spending three years building Duquesne Capital Management. After leaving his faculty at Columbia, He spent several years for the Quantum Fund as George Soro’s chief strategist.
Druckenmiller is known as a very successful trader for using investment methods that were non-traditional that enable him to generate high returns. He outperformed even more well-known investors.
The value of his current portfolio is shrinking in Q4 2021, with a decline from $3.08 billion to $2.76 billion. However, he continues to hit the position among successful forex traders and influential investors in the world.
Chris Wheeler
It was Wheeler who earned a $1,000,000 payout in just two months after his first deposit. The professional forex trader opened a trading account with a point system and became one of the best advertisements of the company.
On top of that, in the same year, he received a million dollars on September 13. Wheeler gets a place among the most famous foreign exchange traders as his ability to convert a small investment into a huge amount of money.
There is no precise formula to succeed in forex trading and there is no shortcut to success. However, cooperating with didimax forex broker and learning from successful forex traders’ history can be a tremendously useful thing.
