What is the secret of success in trading on Forex? You will hardly find a single exact answer in expert reviews or guides. Every professional trader has a personal approach and a unique strategy. Read on to get some tips from the most influential traders on the market.
Here is our top list of most successful Forex investors:
1. George Soros. He is known to earn his first billion from the Black Wednesday crisis by opening a short position against the UK pound. His strategy was based on taking advantage of high leverages. As of now he owns an $8 billion net and is holding the first position among the richest Forex traders. His advice to beginners is to focus on unexpected steps rather than on obvious ones.
2. Paul Tudor Jones. He started his career in commodity trading, namely from a short-selling strategy. That allowed him to make capital of about $100 million. Afterward, he established his own company specializing in currency trading. He recommends novice traders focus on the protection of their funds rather than on huge earnings. Namely, he claims that every day he determines stop limits for all of his positions so that he knows when to quit if their rates move against his forecasts.
3. Joe Lewis. He worked with George Soros on Black Friday and earned $1.8 billion. This trader assures that it is better to enjoy one’s success quietly without making too much fuss about it.
4. Stanley Druckenmiller. He explains that his strategy is to invest all funds in one asset and then constantly monitor its movements.
5. Bill Lipschutz. His advice is to be patient and to refrain from excessive steps and trades, which allows reducing losses.
In sum, there is no universal approach, which will suit every trader, still, by studying the experience of leading traders, you can find lots of useful prompts.