Great personalities always attract attention. Most traders, who proceed to studying Forex, refer to the works of greatest forex traders – aces, who have reached the highest class in the skill of trading. Starting to learn Forex mechanisms, new Forex traders typically use specialized literature and Internet resources. Somehow, they always come up with amazing stories about the achievements of the best forex traders and their scientific works. Emerging interest in life’s journeys, stages of formation of successful forex traders and desire to learn more about the best of the best is quite natural. Their way of life, methods of doing profitable business are different.
The best traders in the world – what makes them different? How to improve our own trading based on the principles they developed?
The best forex traders are those people who are truly worthy of admiration, and envy of their success is justified. Media regularly publish fresh ratings, which represent the top currency traders in the world, the most successful traders of stock market, the best traders in the world, the best traders of Russia – and in these ratings appear new, hitherto unknown persons. So you have a chance to become one of the best and to reach trading success!
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During the existence of the Forex market there were countless examples of good and simply great traders who have been able to achieve well-being. Their life stories give an incentive to inexperienced forex participants.
Top list of the greatest forex traders, in our view, could be as follows:
- Alan Greenspan,
- Alexander Elder,
- Benjamin Graham,
- Bernard Baruch,
- Bill Williams,
- Bill Gross,
- Victor Niederhoffer,
- William Delbert Gann,
- Henry Clews,
- Jake Bernstein,
- James Stephen Fossett,
- James Harris Simons,
- Gerald Loeb,
- Jesse Livermore,
- Jim Rogers,
- Joe Di Napoli,
- John Bogle,
- John Bollinger,
- John P. Morgan,
- John Templeton,
- George Soros,
- Jean Paul Getty,
- Jean-Claude Trishe,
- Ingeborg Mootz,
- Larry Williams,
- Linda Bradford Raschke,
- Lewis Borsellino,
- Michael Steinhardt,
- Mario Gabelli,
- Nicholas Leeson,
- Nassim Nicholas Taleb,
- Peter Lynch,
- Paul Tudor Jones,
- Richard Dennis,
- Robert R. Prechter,
- Steven Cohen,
- Thomas R. DeMark,
- Warren Buffett,
- Philip Carret,
- Philip Fisher,
- Charles Brandes,
- Charles Henry Dow,
- Edward S. Lampert,
- Edward Seykota.
Each of them is a successful pro, however, in this article, we will focus only on a few of them. The most legendary participants of Forex market – J. Soros and W. Buffett. Let us try to understand how they have achieved such fascinating results.
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Certainly, the most famous trader in the Forex market is George Soros, American billionaire and financier. His life story inspires all the newcomers. He became one of the first who established the Investment Fund and began to multiply profit on international Forex market. The culmination of his activity was the famous operation in 1992, when he purchased pounds for German marks and got $ 2 billion in one day. Soros at a high level provided for operations of the interbank financial market, risked all, and achieved prosperity. He is called “the person, who has entirely collapsed English pound”. During his career, he had also disadvantageous trade agreements, but there were much more profitable deals. George Soros gave special attention to charity work, spending personal funds. He has entered the annals of history as a great trader.
One more person, who has achieved financial leadership in the Forex market – is Warren Edward Buffett. He is one of the richest people in the world. W. Buffett is not a fan of risk like G. Soros is. On the contrary, he prefers longer-term investments. This great trader has not only obtained huge profit, but has also developed some tips for beginners, which nowadays are implemented in practice by countless number of traders in the Forex market. Basic rules of trading strategies in Forex of W. Buffett are the following:
- Forex trader must be persistent and organized;
- Do not rely on the professional forecasts, trust yourself;
- Don’t trade until you make sure in correctness of the decision;
- Apply only the methods and strategies of trading at Forex, which you have knowledgeably revised;
- Do not borrow money for trading in the currency market.
The way of the Forex trader is very complicated, that’s worth the effort, and G.Soros and W. Buffettproove this.
Alexander Elder is a professional stock trader, the recognized expert in the field of stock trading, his book “How to play and win at the stock exchange” became a good manual for many traders, and it is worth of denomination as an international bestseller. The Financial Trading Company Inc., the owner and Director of which is Alexander Elder, is the leading company for training specialists in stock trading. He worked as a psychiatrist and professor at the Columbia University. He took great interest in stock exchange operations and began to invest in securities. Personal experience and knowledge in psychology allowed him to develop his system and line of behavior in trading.
The multimillionaire Bill Williams is the legend of trading on the futures market. He is the author of popular books about stock trading – “Trading Chaos, New trading dimensions”,”Trading Chaos 2”. Traders from all over the world dream of getting to the school Profitunity Trading Group, which was founded by Bill Williams. In his numerous books, articles, monographs this great trader expressed his opinion on stock trading. After retiring from the postulates of fundamental and technical analysis, he created his direction market analysis based on “chaos theory” and fractal geometry. Bill Williams came to the conclusion that prices cannot be predicted, the main factors for opening your trades, according to his theory, are fractals and Elliott waves. In his method, Williams tried to limit the subjective factor in the interpretation of signals. Williams’ methods are based on aggressive behavior of a trader in the course of the market trend movement.
Ed Seykota – is one of the most self-taught traders. In the years of early youth Seykota got a job at a big established brokerage firm. He has developed and launched the world’s first computerized commercial system designed for management of client assets in futures markets. Nowadays this great trader works in his house, located at the Lake Tahoe and trains traders through his own Internet site and through the “Trader clan”, which is a large community of like-minded traders. He has trained and became a mentor of a number of prominent traders, among whom are M. Marcus, D. Draz, I. Kater and D. Hamer.
Based on the results of studying life and professional achievements of the best currency traders of the world, it can be argued that, in the first place, they differ from others in their ability to follow own strategy, to observe the discipline, being completely disconnected from emotions in trading, and just to work until the result is achieved.
Getting profit on currency trading attracts an increasing number of people. Forex is a popular alternative to wage labour. Having learned to manage capital, people obtain financial independence and determine the amount of their income themselves. Basic experience and skills are acquired in practice. The career of such a specialist is not a periodic change of functions, but continuous improvement of knowledge and this process is inevitably expressed in money equivalent. In essence, Forex is one of the few activities in which the profit depends on the intelligence, perseverance, and skill development of the person. Many established pro traders, earning in the Forex market thousands of dollars monthly, are ready to confirm this.
1. The web sites of Forex brokers, which describe success of traders and investors, in most cases post only the most profitable and attractive stories of good foreign exchange trader with large incomes. However, career rise of many pro traders on the Forex has not been associated with the rapid growth of welfare. For some well-known personalities, the start of profitable trading was preceded by years of training. It is important for beginners to understand that in order to assess their potential adequately.
2. To develop a successful trading strategy, you need to see the strengths and weaknesses of approaches practiced by other pro traders. Learning strategies of the top traders, it is important to understand what brought them to this method of doing business.
3. Knowing the facts of the biography of the renowned traders and top investors, new Forex traders will obtain the context needed for better understanding of their works.
4. Careers of prominent traders are a good motivating factor for personal achievements. The fact that many of them have built a multi-billion dollar capital virtually from scratch, shows, what opportunities are provided with due persistence and determination.
Forex market attracts a large number of people. Many try to trade on Forex, and not getting any results, just leave the market; some become good Forex traders, and trading Forex becomes their profession, and some reach the highest peaks of skill and are considered brilliant traders.
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If you want to achieve profit and success, you take an example from those who have already achieved that! Reviewing the description of the successes and failures of the great traders of the world will be useful to everybody who desires to achieve success in on Forex and to learn how to make money on the exchange. Finally, let us formulate what should be learned by every trader in order to receive stable profit on forex: you will need to spend years learning the basics of trading and developing practical skills. The most important issue in the early stages is stability and clear plan of action.
Notes: The names of the most successful traders are listed in the article either alphabetically or in random order solely and entirely in accordance with the personal opinion of the author. This article was not paid for by any interested parties. The order of presentation of personalities in the list is not determined by any internal system of prioritization.