With daily turnover expected to top $7 billion, forex trading is the fastest expanding sector of the global financial system. It has receded from its top of $6.6 billion in April 2019 and is now well-positioned to grow, aided in part by a looming revival in retail demand. With such a liquid market, the extraordinary growth in online trading will undergo a new revolution, fueled by technology advancements. From governments to institutions, to FinTech and retail, there are hundreds of millions of traders.
While there is sufficient number, quality Forex traders are focused in a small, exclusive group. Over 70% of retail traders make a loss on their portfolios, with only 2% or fewer trading for a livelihood. This article will look at the finest Forex traders, uncover the necessary attributes needed to win regardless of trading method or portfolio size, and put you on the right route to joining the elite club of Forex traders.
The Best Forex Traders in the World
Let's take a look at three Forex traders that are widely considered as some of the finest ever in the business, with a reputation for incredible success in their sector.
1. George Soros
The guy who broke the Bank of England is the co-founder of the Quantum Fund. His now-famous short bet on the British Pound in 1992, which led to Black Wednesday on September 16th, netted him nearly £1 billion in personal profit. Soros was disciplined in going against the majority, resulting in a huge profit from one trade. It demonstrates that quantity is less important than quality. “I am only wealthy because I recognize when I am mistaken.” Soros' comment demonstrates his openness to admit mistakes.
2. Stanley Druckenmiller
He worked at the Quantum Fund with George Soros, entering the large short position against the British Pound in 1992, before launching Duquesne Capital. With steady double-digit annual profits, he cemented his status as one of the top Forex traders. His achievement was aided by his patience and risk management. When you see marketing ads advertising extravagant and unreasonable outcomes, keep in mind that one of the best traders ever made “just” double-digit earnings every year.
3. Bill Lipschutz
He gained hundreds of millions of dollars in profit at Salomon Brothers in the 1980s, despite having no prior expertise with the Forex market. He was known as the Sultan of Currencies. It demonstrates that knowledge is necessary for success and that there is no substitute for it. He acknowledged that about 20% to 30% of transactions are lucrative, emphasizing the significance of maintaining a successful portfolio while experiencing more losses than gains, demonstrating yet again that quality beats quantity in the financial markets.
