We all want to reach success as forex traders, but it’s not always that easy. Sometimes, it seems like no matter what you do, you keep losing more than you are earning. So what does it take to actually earn something?
Sometimes, you may not be able to do it alone, and you might require some extra help. What better way to improve your forex trading strategies than by learning from the experts? Here are the stories of some successful traders that managed to make it big.
Bill Lipschutz went to college in the 70s, and that was where his passion for trading first started. He invested $12,000 and turned it into $250,000, but a bad decision made him lose his whole stake. He began working with institutional and VIP foreign exchange brokers, joining the Salomon Brothers, which earned the company $300 million in just 4 years.
Andy Krieger is famous for making some of the greatest currency trades ever, earning a fortune. He worked for Bankers Trust, where his task was to make currency trades and earn more money. He ended up increasing the capital of the bank by $700 million, making all the right decisions at the right time. Krieger bet against the New Zealand Dollar (NZD), an investment that turned worthwhile when the 1987 exchange crash took place.
Chris Wheeler started his trading career with a $25,000 deposit. In only two months, he was able to withdraw $1,000 in earnings. He opened a Trading point account in July, and by the end of September, he would earn his first million dollars. He became famous for the fact that he could take only a small amount of money and turn it into significant profit in only a few months.
Adam Haeems is the founder and CEO of Alphachain Capital. While he is a big business owner now, he first started working at the Bank of America Merrill Lynch of London as an analyst. He had a passion for cryptocurrencies and Blockchain, which caused him to become a chief operating officer at BABB. After closing a $20 million token sale, he quickly raised the income of the company through crypto investments.
Stanley Druckenmille was a person living in a middle-class suburb, working as a management trainee at the National Bank in Pittsburg. He began trading forex, which brought him the necessary income to form Duquesne Capital Management. He used various non-traditional investment strategies to generate great returns, which eventually brought him success. While his net value decreased from $3.08 billion to $2.76 billion, he is still esteemed as one of the most successful traders in the world.
Edward Arthur Seykota
Raised in an immigrant family, Seykota made his first trade at the impressive age of 5. He is known in the world as the father of the mechanical algorithm trading system, using technology to make the best trades. Later on in life, he used his algorithm to trade his first deposit, which was $5,000. Between 1972 and 1988, his profits grew, allowing him to withdraw $15 million.
Frau Mootz teaches us that you don’t have to be a young person to make your first investment. At the age of 96, she is now a millionaire. Until 15 years ago, Frau Mootz was just your average widow, born into a poor family and leading a frugal life. After her husband died, she inherited 100 shares from her husband, which she decided to trade. She got around $500.000 from the ordeal.
Known as the man who broke the bank of England, George Soros was born in a Jewish family that barely escaped the Nazi occupation. During his childhood, he would struggle to earn money by working as a railway porter and as a nightclub waiter. When he moved to New York, he started working for some brokerage companies on Wall Street. In 1992, he made a significant bet against the British pound, which brought him a billion dollars in just one move.
The Bottom Line
These forex traders taught us several things. First, if you want to be successful, then you’ll need to be well-educated in your domain. Secondly, if you want to make a good trade, you need to be disciplined. And lastly, if you want to enjoy the benefits, you have to be patient. Also, keep an eye on the market and make the right decision accordingly.