Forex Success Stories: Who Made It And How?
Forex trading is said to be one of those “Holy Grails” of job opportunities. With trillions traded by day, it is not hard to see why so many see it as their opportunity to be rich.
However, many traders give up due to frustration over not being able to keep up with the market, coupled with the “sure and easy money” attitude of most advertisers nowadays.
It has led many to believe Forex to be a scam, but the truth is that profit equals work, and success stories are not unheard. You will find some of them below.
Druckenmiller has earned a good reputation thanks to its successful management of Duquesne Capital, as well as being a participant of the famous Black Wednesday by George Soros.
His net worth is estimated to be $2 billion, which Druckenmiller says to be thanks to his philosophy of preserving capital and aggressively catching profits on good trades.
He graduated from Wharton School of Business and went on to join the Bankers Trust. Considered to be one of the most aggressive traders, he was so efficient that he was granted a $700 million limit over the standard $50 million.
He earned $300 million after pulling a 400:1 leveraged trade shorting the NZD after identifying that the currency was overvalued against the USD.
Wheeler managed to withdraw a $1,000,000 payment in just two months after his first $25,000 deposit.
The professional Forex trader deposited in July of 2011 on the Trading Point platform, and he became one of the strongest advertisements for the broker after he was paid his million USD on September 13 of the same year!
Lipschutz was made famous after making hundreds of millions with Salomon Brothers’ FX department without previous experience on Forex.
He states that it is because he kept an approach of having the correct mindset. He says that being successful is not about “being right” but on how much you take advantage of the times when you are.
He is a constant reminder of the importance of risk management.
Paul Tudor Jones
He is said to be amongst the richest day traders still breathing, with a $4.5 billion net worth by 2018.
He started his journey working as a clerk on the trading floor, and he went all the way to establishing the Tudor Investment Corporation, for which he made $100 million by shorting all positions during the 1987’s October market crash.
Of course, this list couldn’t be complete without the master of Forex trading: George Soros. In fact, many of the other members of this list have worked with him at some point in their lives, some being direct apprentices of him.
He is most famous for his short position with the GBP ahead of Black Wednesday in September 1992, when he made over a billion GBP.
He predicted that the Bank of England would be rendered vulnerable back when Britain was part of the Exchange Rate Mechanism, and that they will have no other choice but to let the Pound devalue.