Now, speaking of successful Forex traders, let’s enlighten some of the great traders in the market
Bill, despite of having no experience in the currency market before made profits ranging up to hundreds of millions of dollars. And he doesn’t believe in being right more than being wrong while trading but the fact that one should try to focus on how to make great money while being right just the one time.
He strongly believed in reasoning with the trading idea before implementing it and that every plan should be well revised before implementing it and should be well reasoned.
He believed in knowing the market before making a deal and the fact that one must be aware about the focus of the market at the time of dealing as Forex is a 24 hour market and doesn’t sleep at all.
He believed in having high risk management system which should hold you in the market even when it’s a bad time for you.
Druckenmiller’s net worth is known to be more than $2 billion and did great in the successive years before retiring.
He believed in saving the capital and using it once the market is going right
This keeps you in a very safe position when the market is not going right and raises your profit at the time when the market is flowing with you.
He believed in making the most out of the right decision that you make and not focusing on the wrong ones.
Our list is of course going to end with the industry’s legendary, George Soros
He came to be known as the legendary trader by making a profit of about $1 billion from his low-key position in pound sterling.
Despite of his trading going wrong he still prevailed in the market because of his profound risk management. He once stated to a Wall Street journal that “I’m only rich because I know when I’m wrong”.
This statement right here should tell you the entire dynamic of how he worked as a trader in Forex. This is the list of some of the great Forex traders and there are thousands out there who are profitable traders. And the only thing that is we can learn from them is the fact that we all start from somewhere, some start with big and some with small but if you learn to be consistent in this market, you’ve a way to go!!