• Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions
Monday, March 8, 2021
No Result
View All Result
ABC Money
PR Fire Press Release Distribution
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
ABC Money
No Result
View All Result
Home Business

Famous Forex Traders

by Claire James
11/01/2021

There have been many great traders and strategists in the history of forex trading, who have compelled the world to sit down and watch in awe, as they became billionaires and changed the course of the markets. When we talk about these traders, there is one name that will always take the top position. That man is George Soros, also called “the man who broke the Bank of England.”

George Soros achieved iconic status in September 1992, when he earned $10 billion on a single bet against the British Pound Sterling. He reportedly profited more than £1 billion from his short position in the pound sterling, ahead of Black Wednesday, September 16, 1992.

Early Life

As a teenager, George Soros fled his native country of Hungary to arrive in the UK, where he attended the London School of Economics. He went on to work in an investment bank in London, and later went to the US in 1956. There, he worked in companies like FM Mayer, Wertheim & Co and many others. In 1973, he founded his own hedge fund, Soros Fund Management, which eventually became the Quantum Fund.

By the 1980s, George Soros was one of the richest people on the planet. This was when he started concentrating on philanthropic activities. As a person, he is a strong advocate of human rights, education and political freedom. He has spoken and written extensively on these matters.

Creating History – The 1992 Pound Short

Britain was a part of the European Exchange Rate Mechanism (ERM), which required the government to intervene if the British pound weakened beyond a certain level against the Deutsche Mark. Soros knew that the UK was in an unfavourable position under the ERM and that the inflation rate also was very high.

For months leading up to September 1992, Soros had been building a short position in the pound sterling. By September 16, 1992, his fund had sold short more than $10 billion worth of pounds. The UK government’s reluctance to increase its interest rate or to float its currency worked in Soros’ favour. On the morning of Black Wednesday, when the Bank of England began buying billions of pounds from the market, they found the price had moved. Taking the cue from Soros, speculators had also started selling in the market.

RelatedPosts

Protect Your Retail Store with These Easy Steps

5 online side hustles that could boost your income in 2021

National Governments Keen to Use Blockchain Technology

Top Most Successful Student Entrepreneurs

Load More

The UK announced its exit from the ERM and started the free-floating of the pound sterling. The currency plunged 15% against the Deutsche Mark, and 25% against the US dollar, but Quantum Fund made over $1 billion. Thus, Soros became “the man who broke the BOE.”

The Soros Technique

His investment strategy was always a combination of free markets, human rights and scientific enquiry. Highlights of his strategy are:

  • The Scientific Method:George Soros creates a strategy based on current market data. He tests his theory on smaller investments first and then on larger ones, when the smaller ones succeed.
  • Reflexivity Theory:This method values assets based on market feedback, to understand how the rest of the market is valuing the assets. Soros uses this method to predict opportunities and market bubbles.

Soros has an ability to combine global and economic trends with detailed leveraged forex strategies in both currencies and bonds. He has always trusted his gut and has been on a constant lookout for ways to stand out amongst the crowd.

Previous Post

Profit is made through money management

Next Post

Four Lessons From Jumanji

Related Posts

Protect Your Retail Store with These Easy Steps
Business

Protect Your Retail Store with These Easy Steps

08/03/2021
5 online side hustles that could boost your income in 2021
Finance

5 online side hustles that could boost your income in 2021

05/03/2021
National Governments Keen to Use Blockchain Technology
Finance

National Governments Keen to Use Blockchain Technology

05/03/2021
Next Post
Four Lessons From Jumanji

Four Lessons From Jumanji

HVAC Service Software – Expand your HVAC Business without Payroll Commitments

HVAC Service Software - Expand your HVAC Business without Payroll Commitments

How to prepare your business for AI

How to prepare your business for AI

Latest News

Advancements of Bitcoin and Cryptocurrency

Advancements of Bitcoin and Cryptocurrency

08/03/2021
A Bitcoin Emerges as a Big Boom

A Bitcoin Emerges as a Big Boom

08/03/2021
Protect Your Retail Store with These Easy Steps

Protect Your Retail Store with These Easy Steps

08/03/2021
Blinds, Types and Materials Used: You Must Know

Blinds, Types and Materials Used: You Must Know

08/03/2021
5 ways attackers exploit your resources

5 ways attackers exploit your resources

08/03/2021
POST-PANDEMIC READINESS

POST-PANDEMIC READINESS

08/03/2021

Social

Contact

For editorial enquiries:

editorials@abcmoney.co.uk

For advertising enquiries:

advertise@abcmoney.co.uk

Top Topics

  • News
  • Business
  • Finance
  • Property
  • Technology
  • Investment

Guides

  • Best UK Bridging Loans
  • Best UK Secured Loans
  • Best UK Commercial Mortgages
  • Best UK Business Loans
  • Best UK Payday Loans
  • Best Sites for International Money Transfers
  • Best Press Release Distribution Service

Social

  • Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2020 ABC Money

No Result
View All Result
  • Write for us
  • Contact
  • About Us
    • Authors
  • News Desk
    • Business
    • Finance
    • Property
    • Technology
    • Investment

© 2020 ABC Money

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.