Success forex stories

I disagree with this point of view and say that each traders trades against himself. You are your worst enemy and the only one holding you back. Therefore it was important for me to find a strategy which suits my personality.

After researching many different ones, I decided to mix-and-match and create my own by borrowing from four different strategies. I blew a few accounts as I fine-tuned my strategy, but the lessons learned were crucial. Not only did I improve my trading results, I also learned a lot about trading psychology which may be the biggest enemy to all traders. The last three years I was building my account balance. I did this through a combination of small, monthly deposits as well as through the success of my trading strategy.

Since this February this year, I managed to build may account to the size I need to make enough money per month to pay my rent. Stanley Druckenmiller Next up is Stanely Druckenmiller, who also participated in the shorting of the pound prior to Black Wednesday back in September Like all successful forex traders, Druckenmiller has a clearly defined trading philosophy and actionable strategy, which sees him pursue increased profits on trades as aggressively as possible.

This strategy is built on intelligence and key insights too, which can simultaneously help to minimise loss, maximise profits and preserve capital where possible. Bill Lipschutz Bill Lipschutz is another famous forex trader, and one whose story outlines the importance of risk management in a highly leveraged and volatile marketplace. He also suggests that mindset and attributes like determinism can in some cases mask a lack of knowledge or experience, with the trader having amassed hundreds of millions of dollars in profit with Salomon Brothers without any prior experience in the forex market.

Often, Lipschutz has advised aspiring traders to focus on taking advantage of the times that they are in rather than focusing on being right all of the time, with this highlighting the ability of investors to leverage forex market volatility to their advantage in real-time. Andrew Kreiger Andrew Kreiger graduated from the Wharton School of Business, but interestingly, his first trading role with the aforementioned Salomon Brothers was largely unsuccessful.

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Bill has often told his followers that having a correct mindset was the key to his success. He had a very different approach to fx trading. If you are motivated enough, you could be the very next Bill Lipschutz. During his prime, he was the biggest currency trader in German marks as he owned around USD million in German marks alone. Marcus learned everything he could from his mentor Ed Seykota and he later became the mentor of Bruce Kovner who himself became a successful trader later on.

In the year , he joined the Bankers Trust where he quickly became a famous trader due to his aggressive tactics. Kreiger became so famous for his skills that he was invited to work for the legendary George Soros after this historical event.

At that time he was working at the Chicago Mercantile Exchange as a floor order runner. After a decade, Richard became a millionaire. He believed that one should never throw away their capital on sub-optimal trades and preserve capital for rare instances where you have a chance of making lots of money in a short period.

Forex success stories such as these give many the strength to chase their dreams. Had Dennis shied away from borrowing money from his friends, he would not have become a millionaire. One can say that Seykota is somewhat different from the rest of the traders on this list because he comes from an older generation of forex traders. Seykota is said to be the first one to implement the methods of trial, testing, and implementation of the most viable system.

While working at a brokerage house, Seykota researched his trading systems on basic computers as well as punch cards that were common during the 70s. Traders should never shy away from using unconventional means to perfect their craft. Kovner went on to become one of the greatest forex traders of his time until his retirement in I invested into my own education first so that I fully understood what forex trading can do for me and how to get there.

After my first year in forex, I needed to decided which strategy would be best for me. I read that many believe that you trade against big firms, brokers and professional traders which is an impossible battle to win because they have too much capital. I disagree with this point of view and say that each traders trades against himself.

You are your worst enemy and the only one holding you back. Therefore it was important for me to find a strategy which suits my personality. After researching many different ones, I decided to mix-and-match and create my own by borrowing from four different strategies. I blew a few accounts as I fine-tuned my strategy, but the lessons learned were crucial. Not only did I improve my trading results, I also learned a lot about trading psychology which may be the biggest enemy to all traders.