World’s top popular forex traders this year you must be familiar with. Whether you have just started your way to learn Forex or you have spend a quiet of long time in the market, you will want to know some of the most popular Forex traders that have been successful in trading foreign exchange. This article will show you some of the top traders in the world and inspirational stories behind their success.
Top Popular and Successful Forex Traders in the World
When one of the ways to gain success in Forex is to learn by example, being familiar with those who have obtained success is a must. Despite the high number of traders who fail, we cannot deny that the amount of successful traders is not considerably smaller than the unsuccessful ones. And here are some of the popular ones that worth to mention.
George Soros
When we are talking about most popular Forex traders nowadays, we shouldn’t forget to mention George Soros. George Soros is for sure a legendary figure in the world of foreign exchange. He got his reputation as the greatest investors of all times by allegedly profiting over one billion pounds from his short point in pound sterling.
#1 The Success Story of Soros
The success story of Mr. Soros started on 16 September 1992 at the time when he successfully forecasted that an arrangement of circumstances, including the elevated level of British interest rates as well as the poor rate at the time Britain had bonded with the ERM (Exchange Rate Mechanism) and left the BoE (Bank of England) defenseless.
#2 How to Trade Like Soros
There are some tips that we can follow from George Soros in trading Forex. First, you need to have such strong appreciation toward ratio of risk and reward. Then, instead of following traditional economic theory which said prices will ultimately move to a theoretical balance, you should consider the reflexivity theory to help you judge the financial market.
Moreover, there is popular quote from him that can be a good tips for you: “know when you are wrong”. It means that you better cut a trade when it is not working anymore instead of holding it for so long. Furthermore, a high level of discipline is another great tips for any Forex trader who wants to follow the success story of Soros.
Bill Lipschutz
When you learn Forex for the first time, you must know that there is Bill Lipschutz who is another person who has made huge profits in Forex history. In 1980s, Bill was able to make profits of million hundred dollars at the Salomon Brothers’ Forex department without having initial experience of this currency market beforehand.
#1 How to Trade Like Lipschutz
When it comes to Bill Lipschutz, he is actually a person who explains Forex market as a highly psychological market. He also believes that the market perceptions are able to help in determining price action as greatly as pure fundamentals. Moreover, he also agrees to the opinion that being a successful Forex trader is not merely about being right.
In this case, Lipschutz tries to explain that the need to emphasize how to obtain money when being correct is only 20% to 30% of the time. Moreover, this successful trader also stresses on the use of good management risk as a strategy to gain profit in the market. Then, he also focuses on trading size.
A Final Word on World’s Top Forex Trader
Finally, you have recognized some of the most prominent traders in the Forex world. In addition to those mentioned above, there are actually some others who are worth to mention such as Stanley Druckenmiller and Martin Schwartz. Therefore, if you want to be like those successful traders, make sure to learn Forex more and master it!