The foreign exchange market is the largest market, with numerous traders worldwide. However, when it comes to successful traders there are only a few traders.
Forex trading is a great way to make money from money and create huge wealth. However, only a few people know the right approach to trade currencies.
Traders have actually made huge amounts of money in the market. To understand how, In this blog, we will discuss the top ten forex traders in the world with their stories, approaches,Trading strategies, and psychology:
Top 10 forex traders in the world
The finest way to get practical knowledge is to learn from the stories of successful traders. Their stories will help you discover the approaches that make these traders successful and the things you need to avoid for a successful journey. So, here is the list of the greatest forex traders of all time:
George Soros
George Soros is the best currency trader in the world. He is popularly known as the man who broke the Bank of England. He made the day of September 16, 1992, the black day in the history of the financial world. In 1992, Soros made a profit of more than one billion dollars in one day.
The trader believed that the Great British Pound was overvalued and opened a short position in the British Pound. His analysis became right, and he created his name amongst the most successful forex traders.
George has an impeccable understanding of the economic aspects of the financial world. He believes that the investor’s sentiments can largely influence the currency market. Based on this philosophy, the trader made many big trades.
Andrew Krieger
Andrew Krieger is popularly known for making a profit of around $300 Million by predicting the fall of the New Zealand Dollar. In 1987, during the Black Monday crash, Andrew opened a short position in NZD, and the currency fell by 5 percent.
Andrew was so good in his profession that his firm gave him a trading limit of $700 million when the usual limit was around $ 50. He was amongst the most aggressive forex traders with a high-leverage trading approach. So, his approach may not be ideal for beginners or traders with limited risk.
A quick glance
- George Soros
- Andrew Krieger
- Stanley Druckenmiller
- Bill Lipschutz
- Paul Tudor Jones
- Michel Marcus
- Bruce Kovner
- Kathy Lien
- Richard Dennis
- Ray Dalio
George Soros is the best currency trader in the world. He is popularly known as the man who broke the Bank of England. In 1992, Soros made a profit of more than one billion dollars in one day.
Kathy Lien is the most popular female forex trader, financial analyst, and author. She has worked in several trading firms and made potential money from the forex market.
Embrace continuous learning, risk management, money management, rule-based trading, discipline, and patience for becoming a successful trader.
Stanley Druckenmiller
Stanley was a great supporter of George Soros and worked under him for a decade. He plays a key role in the success of Soros during the 1992 Wednesday crash.
Druckenmiller started his career at the Pittsburg National Bank, and in a short period, the trader opened his own company, Duquesne Capital. He made significant profit from his firm during the Black Wednesday. Being a chief strategist of George Soros, Stanley’s trading psychology and approaches are highly influenced by him.
Bill Lipschutz
Bill was quite passionate about the trading world from an early age. He received around $12,000 after his grandmother’s death. Bill turned this $12,000 into $250,000 by trading in the financial market. However, the success was temporary as the trader lost the entire amount due to a wrong trade decision.
Even after the big loss, Bill continued his trading career. He joined the foreign exchange department in 1985 and opened his own firm in 1995. The trader made a significant amount of profit throughout the trading journey.
Bill was a strong believer in patience and discipline in trading. The huge loss at the beginning of his trading journey plays a key role in fixing his trading approach and making him profitable.
Paul Tudor Jones
Paul Tudor is amongst the top forex traders in the world. Jones’s journey to trading started when he lost his job after falling asleep on his desk. Tudor then became a commodity broker, and within four years, he opened his own firm. The investment firm allows traders to trade or invest in a wide range of assets.
In his career span, Paul has made many big trades and earn a good amount of profit. His most popular trade was in 1987, where he made around $100 million by taking short positions. The day was popularly known as the black Monday stock market crash.
Paul believed in risk management, capital preservation, and trading with limited losses. His disciplined approach and rule-based trading made him successful in the market.
Michel Marcus
Michel Marcus is another popular name on the list of the best forex traders in the world. From an initial capital of $30,000 to $80 Million, Michel’s trading journey has been quite inspiring for new traders.
There was a time when Michel used to open a trade position of around $300 million. He also founded a commodity trading firm and earned a good amount from it. Michel was trained by some of the great traders; thus, his trading approach is amongst the best.
He emphasized money management and spreading capital in trading. The trader emphasizes risking less than 5% percent on a single trade, so one can make the best use of the capital even during wrong decisions.
Bruce Kovner
Bruce was a taxi driver and started his trading journey at 32 from the borrowed money. He made a profit of around $20,000 from his very first trade. The profit ultimately paved the way for him to enter the trading world, and he joined a commodity firm.
In 1983, the trader founded his own firm, Caxton Associates, and made a huge amount in the foreign exchange market. Bruce Kovner’s journey inspires those who feel you need to be rich and young to start trading.
Kathy Lien
Kathy Lien is the most popular female forex trader, financial analyst, and author. She has worked in several trading firms and made potential money from the forex market. Kathy is now the managing director of FX strategy for BK Asset Management.
Kathy used a combination of fundamental and technical analysis to make the trade decisions. She has written many books on forex, its working, analysis, and investment methods. Kathy’s knowledge and zeal to learn continuously made her successful in the trading world. If you want to learn practical trading approaches and strategies, then you should consider reading her books.
Richard Dennis
From borrowing 2000$ to becoming a Millionaire, Richard Dennis’s forex trading success story is worth reading. Dennis borrowed 2000$ from his relative and started trading.
The trader is popularly known as Prince of the Pit due to his trading achievements. He turned a small amount into 200 dollars in ten years. However, he has seen both profit and loss in his journey. In 1987, he suffered significant losses. However, the trader continued the journey and recovered them in the later years. His trading approach is based on discipline and consistency.
Ray Dalio
Ray Dalio is a popular American trader and macroeconomic analyst globally. His trading approaches and strategies are highly based on analyzing economic conditions. In 1975, he started Bridgewater Associates with a two-bedroom apartment.
The firm is now amongst the biggest and most profitable hedge funds globally. Ray’s trading is based on risk management principles, capital diversification, and analysis of fundamental events.
Wrapping Up
The best forex traders in the world have also seen failures in their trading journey. Their success is built on the foundation of failure. So don’t be afraid of failure; learn from your and others’ mistakes.
In addition, risk management, money management, rule-based trading, discipline, and patience are common in the above success stories. These elements are important to achieve success, so integrate them into your trading career.