Retracing the Footsteps of the Most Successful Traders

In the foreign exchange market, it’s a known fact that trading currencies is a daunting task. A grand financial reward may be waiting for you at the other side, but you have to master various subjects; the list includes learning about the forex fundamentals, conceptualizing sound strategies, and monitoring historical and present-day economic conditions. The process can be mentally challenging. And, only if you ensure that money management and risk management skills are part of the equation, a long-term forex career may be for you.

However, as the most successful traders in history can attest, making it big in the forex market is possible; of course, that’s only so if you adopt the right attititude.

Stanley Druckenmiller: Be Persistent

Persistence is important, according to the popular successful trader Stanley Druckenmiller. After he left his job as a Pittsburgh National Bank oil analyst, he struggled with different tasks; but he remained motivated to learn the forex essentials and practice various trading strategies. This trader is known for his big contribution (30% return investment) in a multi-billion dollar deal and he succeeded by having a steadfast foundation, which ultimately caused losses to turnaround.

Bill Lipschutz: Focus on a Goal

$ 12,000 to $ 250,000 in stocks is a huge deal; Bill Lipschutz is the man with a reputation of having turned a small inheritance into a fortune. Due to the unpredictable nature of the market, and generally, the forex industry, he went down for a while. But, his loss (worth hundreds of thousands) did not hinder his success; he was confident that he could bounce back – and bounce back he did. As this famous trader advises, the identification of a primary goal is important; focusing on it is as important.

Andrew Kreiger: Take Calculated Risks

Many forex traders recognize Andrew Kreiger; he is known as the trader who sold the New Zealand Kiwi for up to $ 1 billion. It’s an extraordinary feat since it went beyond the money in circulation. In the process, he was aware of the major risk. However, he confidently pursued his original deal and he employed virtually flawless strategies. According to him, success in forex may involve taking risks, but staying safe is equally important; instead of boldly entering the market based on luck, learning to calculate risks is integral to a winning hand.

George Soros: Lean on Practicality

“Admit having made bad investments”, “plan entry and exit positions”, “trade objectively”, and “quickly recover from losses” are just a few of George Soros’ words of wisdom to novice and veteran forex traders. In spite of poor decisions and avoidable losses, continue your pending course, and be practical and realistic from then on. For someone who earned $ 1 billion in a single day and someone with the nickname “the trader who won over the Bank of England”, his credibility is unquestionable; he knows what he’s talking about.