Most currency traders avoid the spotlight, but there are some true greats in the field who have risen to worldwide fame. These well-known forex trading players broke the stereotypes, shocking with incredible results over a long career. These people have had a significant impact on the investment industry.
Forex Trading Today
Celebrity traders offer guidance to people who are just starting their careers in the stock exchange and looking to improve their results. These traders achieved their results due to careful calculation of risks and by choosing a trustworthy broker to trade with. It is best to choose one of Zero Spread Forex Brokers.
Below we have compiled a list of the top five traders in history. Some of them are surprisingly modest, while others, on the contrary, demonstrate their success publicly. But they all have one thing in common — an unshakable sense of confidence boosts their financial performance.
Working on the financial exchange takes a lot of time and requires perseverance and patience, and the trader has analytical skills. Well-known millionaires who made a fortune on Forex transactions became the best traders not by chance but due to the ability to predict situations and use the opportunities of the exchange to their advantage.
To become a wealthy person through Forex trading, novice traders need to follow a few simple guidelines:
- Choose a reliable, proven broker with a good reputation.
- Adhere to the rules of money management and risk management.
- Carry out prudent financial transactions, and work according to a forex strategy.
- Use it at the initial stages of trading a demo account.
- Risk small monetary assets, accumulating profits.
- Use available technical analytics tools.
- Constantly monitor the market, and follow the quotes.
The currency and stock markets offer great prospects for all participants. Without a hardworking attitude towards trading, achieving the heights that the most successful specialists in this field have achieved is difficult.
The financial instruments traded on Forex are currencies, stock indices, precious metals, and commodities, and you can make good money on each asset if you show enough diligence and perseverance.
George Soros
George Soros was born in 1930 in Budapest to a Jewish lawyer. He began his financial career in the UK in 1954 after graduating from the London School of Economics and Political Science.
In 1956, he arrived in New York at the invitation of the father of his London friend, who had a small brokerage firm on Wall Street. A career in the United States began with international arbitration, buying securities in one country and selling them in another.
Soros created a new method of trading, which he called internal arbitrage — selling separately combined securities of stocks, bonds, and warrants before they could be officially separated.
He gained experience working for several firms in New York before starting his hedge fund in 1970. During its existence, the company has received more than $40 billion in profits.
Ed Seykota
Edward Seykota is a trader who went down in the history of exchange and currency trading as the founder of the process of automating the trading process and creating trading robots. He owns the development of algorithms for trading systems and leadership in using computer programs in the field of exchange trading.
In his work, Seikota combines the sensitivity of analytical work and the technical capabilities of modern computers; in addition, he is an excellent psychologist and perfectly feels the market and the mood of its players.
Trader’s trading principles are based on the following principles:
- Reduce losses;
- Keep winning trades;
- Make small bets;
- Strictly follow the rules;
- Know when the rules can be broken.
In his work, Edward adheres, first of all, to indicators of a long-term trend. Each current moment of work in the market in its activity is supported by a graphical model generated by the machine. The trader does not allow risks exceeding 5% per trade or 10% per volume from multiple positions.
Trader Edward Seykota prefers to trade small volumes and avoid serious losses. In the event of a loss, he curtails trading or lowers it to a minimum level. The trader believes failures are worth waiting out and not trying to win them back.
Paul Tudor Jones
Paul Tudor Jones became a trader by chance and made a fortune of over $5 billion. The secret of Jones’ success lies in his unconditional belief in himself and his willingness to take risks. The story of an American trader is an excellent example of how a head on your shoulders and a little courage can achieve everything you dreamed of and even more.
In 1980, Paul Tudor Jones left EF Hutton to start his investment company. Within two years, he managed a $1.5 million portfolio. It was both his funds and the money of clients.
Jones soon became bored. He even considered going to Harvard Business School, as his father urged. But at the last moment, he realized that the teachers would not teach him anything new.
Instead, he switched to trading more good assets such as oil, currency, and government bonds. In the next five years, his fund’s return was 100%; in the sixth year, it dropped to 99.2%, which Jones considered a failure.
Jim Rogers
Jim Rogers is a Baltimore-born writer, financial commentator, and successful international investor. He often tops the front pages of The Times, The Washington Post, The New York Times, The Barron, Forbes, Fortune, The Wall Street Journal, and The Financial Times, his name can be found in most publications on economics or finance.
He believes that financial sectors are temporary and will change depending on economic needs. This means that what can bring great economic wealth in one period will be at a disadvantage in another period.
In a recent interview with Forbes, he said that the most intelligent people in the United States would learn to drive tractors because the next most affluent group will be farmers. Today, his net worth is over $300 million.
The millionaire believes economic conditions are ideal for Asia to dominate the financial markets of the 21st century. Because of this, he moved his entire family to Singapore to adjust to what he believes are the changes to come. China may just become the next superpower, but not because stocks or bonds drive it.
The following drivers of the economy will be those who produce wealth. Who makes the most material goods right now? Who then will be able to set prices for goods around the world? Of course, it is China.
Conclusion
The list of the best traders is quite impressive. The fortunes of financiers are estimated at millions and billions of dollars. Everyone can trade on the Forex market – no one is immune from success in trading.
Trading financial instruments is a profitable and promising way to make money on the Internet. The international Forex market works according to its principles, it does not submit to or belong to anyone in particular.
Entry to the exchange is available to every user who has free time to conclude purchase/sale transactions and conduct ongoing analysis of market situations. The best traders have made a millionth fortune in the Forex market — any user can try to trade successfully.
The examples of world-renowned traders showcase that every person can become a successful forex trader.