Nickolas Fennema Nickolas Fennema is a decentralized finance and crypto investor. He has been involved in the cryptocurrency and blockchain space since early 2017. Nickolas has a background in business, having graduated from the University of Utah with a degree in Entrepreneurship and Marketing. He is passionate about helping others learn about and get involved in decentralized finance and cryptocurrencies. Nickolas believes that these technologies will change the world as we know it, and he wants to help be part of that change.

Top Success Forex Traders Stories of All Time

There’s a lot to gain from successful forex traders’ stories that are hitched to the sands of time. These accounts are of individuals who have taken calculated risks, exhibited trading discipline, done thorough analysis, and exercised patience to succeed in forex trading.

It is no news that forex trading is no get-rich-quick scheme or gamble that people can use to earn a quick buck. Although there are many forex investors in the field, only a few have succeeded. 

According to DailyForex, 85% of traders in Forex do not succeed. These grim statistics can be pretty discouraging, especially for new forex traders. Despite the disappointing statistics, there are still success forex traders’ stories that are pretty inspiring. 

4 Forex Success Stories That Broke The Record 

George Soros 

This hedge fund manager, born in 1930, can easily be considered the most notable personality in Foreign exchange. His success story has drawn massive traffic because of its uniqueness and account of his prowess. He is famous for breaking the Bank of England and obliterating its financial system. 

George Soros oversaw a group of traders to make a groundbreaking bet at a time when hedge funds were still unpopular. They bet the price of Pounds will devalue in contrast with the government’s confidence that it will not fall. 

Soro went for the jugular by positioning the Quantum Fund to gain if the price of the already overpriced British Pound went down. 

His in-depth knowledge of macro-economics brought him to the limelight in 1992 as the man who slammed the Bank of England. He played a significant role in enforcing the market and earned $1 billion from the deal. His actions before Black Wednesday made him recognized as a brilliant currency speculator. 

His primary trading strategy involved taking highly profitable positions influenced by movements in currency prices. He emphasizes the need for tracking analysis datasets and economic news on preferred currency pairings.

George Soros is listed among the 56th wealthiest individuals globally with a net worth of over $8 billion according to Forbes

Paul Tudor-Jones 

The story of this hedge fund manager details the importance of passion when it comes to forex trading. He was born in 1954, and he rose to the top through determination and consistency. He studied economics at the University of Virginia and actively participated in boxing while in college. 

He spent two years of active trading before applying to the Harvard Business School but later gave it up. Paul valued practical education in finance rather than what was taught in school, which he believed had little impact on trading, his passion. Eli Tulis, a cotton trader, helped tutor and mentor Paul in trading cotton futures which had a massive impact on his career. 

Paul came into stardom during Black Monday after accurately predicting and gaining when the market got hit in 1987. He proved himself as a worthy trader after thoroughly analyzing the historical data from the Standard and Poor Index. 

This prediction brought huge returns of 62% because the trader took advantage of the situation by holding massive short positions. He made over $100 million over this period and later became NYSE’s chairman. Paul is popular for his bets on currencies and interest rates.  

In the year of his notable success, a documentary named Trader was released, detailing his sheer brilliance. However, he later bought all the recordings he could find and banned other reporters. It was because he wanted to keep his trading technique secret. In recent times, these secrets have been discovered. He currently has a net worth of $7.3 billion. 

Stanley Druckenmiller

Stanley Druckenmiller’s story shows the importance of mentorship and how it can determine the trajectory of one’s life. He also participated in the nation-breaking Black Wednesday alongside George Soros, with whom he worked for 12 years. 

His philosophy about being successful in a career like forex trading prioritizes having a great mentor above earning a lot of money. However, his primary strategy is based on having reasonable capital that can help you advance in your trading career. Stanley also emphasizes following profits on good trades with tenacity and reducing losses. 

The unique perspective that Stanley Druckenmiller possessed on trading increased his impact, especially in global finance. Also, he successfully managed the Duquesne capital, which had over $12 million when it closed in August 2010. Recently, he believes that crypto will replace the dollar as the world’s reserve currency. According to Forbes, this forex trader has a net worth of $6.8 million. 

Bill Lipschutz 

If you’re an inexperienced forex trader, then you’ll find Bill Lipschutz’s story quite thrilling. 

Born on January 1st, 1956 in New York, Bill Lipschutz has a unique story that stands out among others. After gaining a Bachelor of Arts in architecture, he made imaginary moves in the stock market by taking advantage of different courses. In the end, he had converted $100,000 into $29 million. 

Bill got an inheritance of $12,000 from his grandmother, and he managed to raise it to $250,000 in four years. However, his success was short-lived because he later lost everything because of excessive leverage. However, he remained resilient throughout his trading journey. 

After one year in Salmon Brothers, he raised $300 million in profit yearly for the Foreign Exchange Department. His eight-year contribution to the company helped it expand into a significant participant in currencies within a short period. 

Afterwards, he left Salmon Brothers to run his own company. A major strategy that Bill Lipschurtz employed was based on managing risks and leveraging market volatility to make gains. He believes it is essential for anyone interested in trading to have the right mindset. 

Lessons From The Richest Forex Trader’s Success Stories 

Despite the failures foreign exchange traders encounter, these successful traders have distinguished themselves from the lot by employing brilliant strategies that newbies can adopt. With a burning passion for trading, resilience, patience, and an in-depth understanding of risk management, among other factors, you can also move into the category of the 15% who succeed at Forex.

The success forex traders’ stories show that you can defy your background to succeed tremendously in Forex trading.