12 Most Successful Forex Traders to Get Inspired From

If you are a forex trader then you will know how challenging the field is. Yet many make their fortune in forex trading. We hear many rags-to-riches stories. These stories are incredible and inspiring to any aspiring forex trader. Besides these, we as beginners in forex trading can look into their strategies and methods and learn some very practical lessons from them. Let us read about 12 the most successful forex traders to get inspired from.

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12 Most Successful Forex Traders to Get Inspired From

When learning to trade, it can be extremely beneficial to understand how other traders achieved success. Seeing how they attained such great success and knowing that it is possible can be motivating. This article examines some of the most prosperous Forex traders in history, their trading journeys, and how some of them quickly rose from poverty to affluence.

George Soros

He is known as the man who broke the Bank of England. He is also one of the top forex traders in the whole history. He is a legend in forex trading and has inspired many aspiring forex traders to achieve much in their lives. In 1992, he made headlines for the first time by selling short on the pound. He made a billion dollars for himself on a short sale that was worth £10 billion.

In addition to making him wealthy, this also made him the most successful trader in history, as he closed the largest trade in a single day with the largest profit. His expertise has not been restricted to foreign exchange. In 1969, he also founded a hedge fund management business. This company has generated $40 billion in sales since its founding, demonstrating its extraordinary performance. It’s common to refer to Soros’s strategy as “difficult” to imitate. Fundamentally, Soros believes that markets are typically driven by investors, particularly inexperienced ones.

He takes enormous wagers on whether investments will improve or decline in value, using a combination of excellent research and what he calls a ‘seat of the pants’ approach. This is what he does for currencies, which is why other investors tend to keep a close eye on him. His focus on a particular currency causes them to follow suit, which frequently causes the forex markets to fluctuate significantly. But it’s because of his Bank of England incident that some consider him to be the world’s greatest currency trader. He is often regarded as the world’s most successful trader, despite being arguably the highest-earning forex trader in history. Soros has a total assets value of $24 billion and has been making big trading profits for many years through his flagship, the Quantum Fund.

Bill Lipschutz

Even among the list of most successful traders, the story of Bill Lipschutz is the most intriguing one. Today he manages a very successful forex trading firm. But when he started in the field this was not the case. He did not have much knowledge of economics or a background in trading. He learned everything by himself. Lipschutz had a very rough start to his profession. After making his first significant trade with a meagre $12,000 investment, he eventually built a portfolio valued at $250k after devoting all of his risk capital. He inherited the first $12,000 cash upon his grandmother’s death.

Then, because of changes in the market, he lost all of that money. He recovered and was hired by Salomon Brothers. They established a new department not long after he started working for the corporation. Trading on the foreign exchange market was starting to gain significant traction at that time (early 1980s) in both investing and media circles. Salomon Bros. established a whole new division for foreign exchange trading. Lipschutz became a member of this team.

Lipschutz’s philosophy is fairly similar to Soros’. In his opinion, it is incorrect to follow the crowd when it comes to forex trading. Instead, you ought to trade against them to maximize your profits. He has benefited greatly from this. He was earning $300 million annually at the height of his career with Salomon Brothers. Then Bill Lipschutz left Solomon Brothers in 1990 to co-found Hathersage Capital Management.

Stanley Druckenmiller

George Soros is arguably the most well-known forex trader in history. He has a significant impact on other traders as well. Stanley Druckenmiller is one of these traders. Stanley Druckenmiller has always acknowledged that Soros was his mentor. He was Soros’s employee at the Quantum Fund for several years. After that, he founded Duquesne, his hedge fund. Even though he is now retired, he made enormous gains via Duquesne and has billion-dollar personal wealth. His trading method is fascinating, to say the least.

Soros has always been a strong proponent of taking positions that go blatantly against the grain, whereas Druckenmiller has taken a less daring route and actively works to minimize losses. When trading currency pairings, his main goal was to hold onto as much of his cash as possible. When profits materialized, he would then ramp up his trading activity. He was able to greatly lower risk as a result.

Paul Tudor Jones

Paul Tudor Jones, a trader almost as well-known as George Soros, is recognized for generating massive profits. He runs his firm, Tudor BVI Global, which has benefited from his ability to pick aggressive currency bets. A high point occurred in 2013 when he wagered against the Japanese yen. He is regarded as an exemplary swing trader’. He makes the most money when swings occur, rather than during the periods in between.

His use of the “mental stop” strategy is another fascinating feature of his work. Here is where he establishes and maintains a stop position. This applies regardless of what happens in the FX market. He will close the position regardless of what happens. He monitors in real time as he takes positions, which is another significant difference. Working in real-time requires you to work around the clock. While this is not strictly his current strategy, it was surely among his earlier trading successes.

Andrew Krieger

After earning his degree from Pennsylvania’s Wharton Business School, Krieger started working for Bankers Trust right away. The bulk of dealers panicked when Black Monday occurred in 1987. Krieger sold the New Zealand dollar instead of doing so. This made him $300 million, and that was a big thing. The significance of this occurrence was so great that his sales orders exceeded the money in the New Zealand government’s treasury. Shortly following his enormous success with the Kiwi, he started working for George Soros.

The important thing to remember about this is that Krieger employed fundamental analysis before acting. He was able to make the appropriate decision by carefully observing the markets and movements. Although he happened to strike at the ideal moment, the technical analysis turned the tide in his favour.

Michael Marcus

Marcus first met Ed Seykota, who became the most significant person in his life, in October 1971. Seykota created his trade analysis software at an early age. Keep in mind that this occurred in 1971. Marcus benefited greatly from Seykota’s effective mentoring, which helped him acquire a fortune. Over the years, there have been numerous discussions over his approach. Marcus believes that courage is vital for maintaining a position, which comes as no surprise. In his opinion, reaching the top of the trading tree also requires having the guts to take a chance while adhering to a sensible plan. He is without any doubt one of the most successful forex traders in the history.

Bruce Kovner

Kovner is possibly the least likely FX billionaire on our list when compared to the other people. After completing his studies at Harvard, Kovner started working as a cab driver. He started learning about commodities trading while working as a driver and placed his first trade. He closed his first soybean contract trade in 1977. He purchased $3000 worth of contracts using a credit card, and he saw their value climb to $40,000. The fact that he only sold the contracts when their value fell to $23,000 made even this particular moment non-traditional. He learned the need for sound risk management from this incident.

Then, before founding Caxton Associates, he joined Commodities Corporation. As of right now, his net worth exceeds $5 billion. His trading approach is founded on the firm belief that you should always have and adhere to a stop loss.

Michael Steinhardt

Steinhardt is renowned for his consistently good yields despite being a modest man and not being a well-known currency trader. Few traders can claim to have grown at a compound annual growth rate of 24% over 28 years. Well-known for having a broad approach to investing, he has set himself apart from other profitable traders by spreading his capital across a variety of options and positions. Maybe because of his adaptability, he has been able to maintain that remarkable yield figure for so long. He has always emphasized the importance of information in his investment strategy. He also thinks that no one would ever possess every piece of information needed to make a flawless trade. Your odds increase with the quantity and quality of information you possess. He is also one of the most successful forex traders in the world.

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Urs Schwarzenbach

In 1968, Schwarzenbach began employment at The Swiss Bank Corporation. He eventually became a part of the currency division. In 1972, he travelled to London on business. Schwarzenbach started his own business in London. Among the top currency traders, he is recognized for being relatively unknown, especially in comparison to Soros. Most of his work is kept under wraps, and he avoids discussing his tactics with the press. Most people agree that he is a disciplined as well as cautious trader.

Richard Dennis

Dennis started as a runner on the Chicago Mercantile Exchange floor. He was seventeen years old at the time. In 1974, he made $500,000 with soybeans, which was his first significant profit. He became a billionaire by the time he was 26 years old. Over the years he was active, his money fluctuated greatly, and he reputedly lost $10 million in the 1987 Black Monday meltdown. Dennis has long extolled the benefits of having a strong trend-following framework. He once used his system to teach a lot of beginners how to trade forex successfully and offered them access to his personal trading account. The traders made $175 million in profit when the project was completed.

Joe Lewis

Lewis is closely associated with George Soros. He participated in the well-known deal that made Soros the man who broke the Bank of England. He had made a great deal of money before he collaborated with Soros on that major trade in 1992, but he did not take on a great deal of risk. He was known as a reasonable, meticulous trader before meeting Soros.

Following the Soros episode (in which he allegedly made more money than Soros himself), Lewis struck another large deal against the Mexican peso. Mexico’s stockpiles of currency were depleted by the mid-1990s, and the country was facing internal strife. Lewis got a sizable profit by trading on a short position in the currency. He is a very private person who first spoke with the media in the late 1990s. He practically goes so far as to bully a currency when it is in a bad spot because his method is based on an aggressive approach.

Ed Seykota

Ed Seykota is a highly fascinating trader who, unlike the others in this piece, uses electronic methods. Indeed, back in the 1970s, Seykota was among the first to start experimenting, testing, and eventually effectively utilizing such systems. Ed Seykota started experimenting with his trading technique at his brokerage firm, which employed punch cards and basic computers. He quickly set out on his own to handle client finances utilizing his electronic technologies after testing and developing these systems. In the book Market Wizards, Jack Schwager wrote on Seykota, stating that his accomplishments must certainly place him as one of the greatest traders of our time. Surely, he is one of the most successful forex traders in the world.

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Most Successful Forex Traders in India

The field of Forex trading in India is brimming with traders whose success tales are widely known. They have used their abilities to navigate the nuances of foreign exchange markets, not only making money but also changing the way that others think about trading. Let us see some of the most successful forex traders in India also in this article.

Shashikant Sharma

India’s most prominent currency trader, according to many, is Shashikant Sharma. When he started trading at the age of 22, he accumulated a sizeable wealth. Shashikant Sharma persisted in his enthusiasm and made it work, even though his family disapproved of his choice. A few years later, he became a forex millionaire.

Following his achievement, he entered the wealth management industry and now advises a diverse group of investors hoping to achieve similar results. With the correct mindset and well-informed decision-making, anyone can do what he has accomplished, he emphasizes, crediting hard work and passion for his success. It’s believed that Shashikant Sharma is worth $8 million. Without any doubt he is one of the most successful forex traders in India.

Azim Premji

Azim Premji is renowned for his accomplishments as an entrepreneur, financier, engineer, philanthropist, and as the previous chairman of Wipro Limited. Premji, who is sometimes jokingly referred to as the “Czar of the Indian IT Industry,” has had a revolutionary effect on Wipro’s development, helping the business establish itself as a leader in software worldwide during its forty years of growth and diversification.

During the 1980s, Azim Premji transformed Wipro from a modest family business to a dominant force in the IT industry, fulfilling his ambitious goals in the technology industry. His investment portfolio, which includes sizeable shares in Wipro in addition to Trent Ltd., Tube Investments of India Ltd., and Craftsman Automation Ltd., is noteworthy for reflecting a targeted approach. Even though Premji seems to be a more technology stock-focused investor than other investors, his astute decisions have continuously produced outstanding returns, solidifying his place in our ranking. The estimated net worth of Azim Premji is USD 11.5 billion.

Anish Singh Thakur

Anish Singh Thakur is a very prosperous businessman who also trades forex. His enormous wealth has been amassed via astute investment choices. He has made wise choices in a variety of marketplaces, including equities, forex, securities, and more. He is the owner of Booming Bulls Academy, a trading school that teaches Forex fundamentals only. It’s made so that anybody can join the market and begin making money as the pros do without becoming overly involved in technical analysis, which is an intriguing opportunity for inexperienced traders.

Mohnish Pabrai

Mohnish Pabrai is well-known for his value investing strategy. He has advanced to become one of India’s most influential figures. It is mostly due to his admiration for Charlie Munger and Warren Buffett’s investment philosophies at Berkshire Hathaway. After working for a while as a technology consultant in the computer business, Pabrai started his investment career in the 1990s. In 1996, he entered the Transtech space, specializing in software solutions and technology outsourcing for large, international corporations.

Even though the business had difficulties in the market and failed to achieve the desired level of success, Pabrai gained valuable knowledge and analytical perspectives from this entrepreneurial endeavour that improved his approach to investing. It fostered a more knowledgeable and astute investing style by offering a deep comprehension of business challenges.

After departing from Transtech in 1999, Pabrai dedicated himself to investing full-time and founded Pabrai Investment Funds, which focused on long-term value investments. Pabrai has since written books on investments and given talks at conferences and colleges on the subject of investments. Motivated by Buffett and Munger’s philosophy, he has gained recognition for making wise investment choices and providing exceptional returns for customers. Respected worldwide by colleagues and admirers for his investment acumen and unrelenting dedication, Pabrai is regarded as a stalwart in the field.

Ashish Dhawan

Ashish Dhawan is a well-known figure in Indian stock exchanges. He is regarded as a prolific stock trader as well as an entrepreneur and philanthropist who has made substantial contributions to several fields. At the moment, Dhawan serves as the CEO of the Central Square Foundation, demonstrating his broad involvement outside of stock investing. His investment portfolio, which includes 16 stocks for a total of $263 million, is a testament to his keen financial sense.

Glenmark Pharmaceuticals Ltd., one of his noteworthy holdings, holds a prominent position in his portfolio with a value of $34 million. Dhawan’s investment approach prioritizes diversity, as seen by his holdings in a variety of businesses, including Equitas Holdings Ltd., IDFC Ltd., and Birlasoft Ltd. Ashish Dhawan’s insightful approach, which combines entrepreneurship, philanthropy, and financial knowledge to navigate the Indian stock market, is demonstrated by his dynamic presence across numerous industries and his strategic investment selections.

Radhakishan Damani

Renowned Indian financier Radhakishan Damani makes his debut as a wealthy investor and the creative force behind the well-known retail company D-Mart.

With a remarkable net worth of $17 billion, Damani secured the 101st position on Forbes’ Real Time Net Worth Index as of November 26, 2023. His investment prowess is further demonstrated through Bright Star Investments Limited, his investment firm that manages a well-crafted portfolio. Damani is a discerning investor who has assembled a portfolio of 14 equities from various firms. Of these, D-Mart and VST Industries Ltd. are noteworthy holdings.

Significant diversification characterizes Damani’s investment approach, which is especially clear given his preference for retail companies to dominate his stock selections. His approach to choosing stocks reflects shrewdness combined with a firm long-term outlook, demonstrating a measured and deliberate approach to investing that has driven his success in the constantly changing market environment.

From the story of everyone discussed in this article, we can understand that not all of them follow the same strategy or trading methods. Each of them has a unique style and preferences. We can observe their methods take inspiration from them and then adopt the strategies that best suit our circumstances and trading psychology to become one of the most successful forex traders.

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Most Successful Forex Traders FAQs

1. Who is the best most successful forex trader in the world?

Most trading enthusiasts will say that George Soros is the best most successful forex trader in the world.

2. Who is the best most successful forex trader in India?

Most trading experts will say that Shashikant Sharma is the best most successful forex trader in India.