Researching the world's top Forex traders can be a useful strategy for boosting inspiration and motivation. Here listed the world's leading forex traders list.
Looking into the best Forex traders in the world can be an effective way of gaining extra inspiration and motivation. However, becoming a successful Forex trader will require much hard work.
For your help, here I listed the world's top six Forex traders lists to follow and learn from them.
George Soros has made his way to the top of the list as one of the best Forex traders to follow and, with an estimated net worth of $8.6 billion, is definitely among the richest Forex traders in the world.
Soros is regarded as one of the greatest investors in history.
He is well-known for using his exceptional understanding of economic trends to identify market inefficiencies and exploit them with large, highly leveraged trades.
He sealed his legendary status in 1992, when he reportedly profited more than $1 billion from short-selling the British pound (GBP), earning himself the title of “the man who broke the Bank of England” in the process.
His best quote for the forex trader is: “I am only rich because I know when I’m wrong”.
This quote reflects an important aspect of being one of the best Forex traders.
For a successful Forex trader, admitting when they are wrong and moving swiftly to rectify the mistake is a crucial skill and, in the long run, helps successful traders minimise their losses.
Stanley Druckenmiller is also on the list of best Forex traders. He worked alongside George Soros at Soros’ Quantum Fund for over ten years and considered him his mentor.
Druckenmiller established a record of impressive profits with Duquesne, leading up to his retirement and now has a net worth estimated at more than $3 billion.
He has said that his successful trading strategy for developing long-term profits is founded on the idea of preserving capital.
He aggressively pursues profits when his trades are working well and cuts losses quickly when they aren’t.
Druckenmiller’s strategy focuses on the value of maximising opportunities when you are right and minimising your damage in situations where you are wrong.
As Druckenmiller stated when interviewed for the celebrated book 'The New Market Wizards', "There are a lot of shoes on the shelf; wear only the ones that fit".
Amongst the Forex trading community, Bill Lipschutz is a legend, famous for his inspiring trading journey, which started while attending university in the 1970s.
Whilst studying, Lipschutz inherited $12,000 following the death of his grandmother. With this money, Lipschutz began trading and turned this modest sum into $250,000.
Lipschutz also agrees with Stanley Druckenmiller's view that to be a successful trader in Forex, your success depends on capitalising on the occasions you are right.
He once, famously, said of trading, “You have to figure out how to make money from being right only 20 to 30 percent of the time.”
Lipschutz's story of determination and ability to recover from such a devastating loss early in his career to become a successful trader earns him a position on our list of the best Forex traders in the world.
Any list of the best Forex traders worldwide would be incomplete without mentioning Andrew Krieger.
Many considered him one of the most aggressive and well-known traders of that era, impressing his firm’s management so much that they gave him a trading limit of $700 million,
fourteen times higher than the usual $50 million limit!
He subsequently initiated a heavily leveraged short position against the currency worth hundreds of millions of dollars.
His short position was so large that it was rumoured it exceeded the entire money supply of New Zealand at the time!
The New Zealand dollar subsequently fell by 5%, netting Krieger’s employers a profit of $300 million!
Easily one of the best Forex traders ever is Paul Tudor Jones, one of the most successful and richest traders in the world, with an estimated net worth of more than $7 billion.
He subsequently became a commodities broker and, in 1980, founded his firm, Tudor Investment Corporation,
which trades and invests across a range of assets, including currencies, commodities and equities.
One of Jones’ earliest and greatest successes was predicting and shorting the Black Monday crash in 1987,
which we spoke of in the previous section, tripling his money and earning a reported $100 million in the process!
Michael Marcus is another of the best Forex traders in the world, who is famous for reportedly turning $30,000 into $80 million within 20 years!
He is also one of the founding members of the Commodities Corporation Company. He was trained by the renowned Ed Seykota and mentored another great trader, Bruce Kovner.
Marcus stresses that patience is one of the most important qualities of being a successful trader. He also emphasises proper money management:
“Always bet less than 5% of your money on any one idea. That way you can be wrong more than twenty times; it will take you a long time to lose your money".
During the Ronald Reagan administration, Marcus took advantage of the strong dollar to take large positions in the market,
once claiming that he regularly held positions worth almost $300 million in Deutsch marks.
In this article, we have looked at six of the most famous traders in the world but remember one thing all the successful Forex traders on this list did not become rich and successful overnight.
They developed their skills, grew their trading balances over several years, and all worked hard to become successful traders.
They all started to work hard. Sometimes they lose but don't give up.
In trading, giving up can destroy you. As a new trader, you can play smartly by choosing a broker as your mentor.
This will minimize the risk of loss, and you can learn much by using a demo account.
AssetsFX is one of the brokers that offer demo accounts for their clients. You can simply check it if you are interested in using a broker.
Hopefully, this article has given you some insight into the traits shares by the best Forex traders in the world.