Top 7 Successful Forex Traders You Should Know
The most successful Forex traders are:
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George Soros has a current net worth of about $8 billion.
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Joe Lewis has a current net worth of about $5 billion.
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Paul Tudor Jones has a current net worth of about $4.5 to 5 billion.
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Bill Lipschutz has a current net worth of about $2 billion.
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Andrew J. Krieger has a current net worth of about $1.6 billion.
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Stanley Druckenmiller has a current net worth of about $2 billion.
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Michael Marcus has a current net worth of about $2 billion.
The wealthiest Forex traders worldwide have assembled staggering fortunes. Their money was not acquired through mere luck either. Instead, the richest Forex traders obtained most of their fortunes by skillfully trading in foreign exchange markets.
Today, there is much that everyday traders can learn from the major players in their field. Our leading Forex traders use a range of methods to secure success in the markets they trade in.
In truth, it can be hard to achieve repeated financial gains in the Forex market. With this in mind, knowing a bit about how major players ensure their success can certainly inspire the rest of us, while making the process a lot more understandable.
In this guide, we’ll look into the success stories and secret strategy of top Forex traders. It has become clear that their efforts leave a lot to be learned by those who wish to achieve the same success. Further, this guide also looks into a few of their known trading techniques.
Start trading Forex right now with RoboForex!George Soros
This Hungarian billionaire cannot be excluded from any top traders list. George Soros’ current net worth comes to about $8 billion at the time of this publication. Not only has he amassed loads of wealth from trading Forex, but his trading career began while he was still attending high school.
Mr. Soros formed a distinct strategy that ultimately helped him secure his success in the foreign exchange market. He took positions that were highly leveraged based on how their associated currency rates were performing.
During the early nineties, he made use of this exact strategy. It was in 1992 that he held a short position against the United Kingdom’s currency – the pound – in the middle of the famous financial crisis now referred to as Black Wednesday.
Goerge Soros had anticipated a few factors that would leave banks vulnerable. The related trade he made secured him a $1 billion in earnings. Ever since that day, the Hungarian billionaire kept accumulating wealth for nearly thirty years. Soros now has a total estimated net worth around $8 billion. He is among the richest traders to have ever existed.
Soros is one of the richest Forex traders to ever exist.
For beginner traders, Soros has the following advice to offer: “Markets are constantly in a state of uncertainty and flux,” he assures, “and money is made by discounting the obvious and betting on the unexpected.”
Joe Lewis
Joe Lewis currently holds a net worth in the vicinity of $5 billion. He is a U.K. trader that has an incredibly inspiring rags-to-riches tale. Lewis began working at the young age of fifteen. It was a choice made to help his family’s catering business. After Lewis inherited the business, he subsequently sold it and started his journey in the realm of currency trading.
As it turns out, it was a decision that benefited him immensely. In fact, Lewis reportedly worked with earlier entry George Soros. More specifically, he worked with Soros during the same profitable day that earned that skyrocketed his wealth.
From his portion of the trade, Lewis took home more than $1.8 billion. That wealth has since grown to around $5 billion according to reports.
Much like our other entries, Lewis offers advice for Forex traders still wrapping their heads around the craft. He advises that humility is better than boastfulness in this game. Suggesting that a boastful ‘just got rich’ persona is a major deterrent to your wanted success.
In his own words: “One of the rewards of your success is the quiet enjoyment of it. Being on the front page of newspapers doesn’t allow that.”
Paul Tudor Jones
Today, Paul Tudor Jones’ current net worth tallies in at around $4.5 billion to $5 billion. Many opportunities were presented to him after he graduated from the University of Virginia in 1976. The man was even asked to attend Harvard Business School.
Jones turned down all of these offers. He instead chose to work in the field of commodity trading and this proved to be one of his wealthiest choices ever. It was in the middle of the 1987 market crash that Jones made the choice to short the market. The result earned him over $100 million.
Ever since, Jones formed his own investment company, which focuses on the fluctuations seen in the interest rates of currency markets. It wasn’t all money making ventures, though. Between the years 1992 and 1995, Jones also sat as the New York Stock Exchange’s chairman.
Paul Tudor Jones remains among the wealthiest Forex traders around, with his net worth placed around $4.5 billion to $5 billion.
The successful trader asserts that the most vital rule is “to play great defense” instead of great offense. The successful trader goes on to state that he constantly assumes that the positions he has taken in the market are wrong.
“I know where my stop risk points are going to be,” Jones reports. “I do that so I can define my maximum drawdown. If they are going against me, then I have a game plan for getting out.”
Bill Lipschutz
Bill Lipschutz has amassed a net worth that is currently around $2 billion at the time of this report. He is constantly ranked among America’s richest Forex traders. By trading with Salomon Brothers in the 80’s, Lipschutz earned hundreds of millions of dollars.
Lipschutz first got his love of trading while he was attending college. He initially began by investing the $12,000 he gained in inheritance money. Fast forward to the present day and Lipschutz is seen sitting on an impressive net worth of $2 billion.
His advice to Forex traders is very forthright. In short, patience is a virtue. Or, Lipschutz’s own words:
“If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.”
Andrew Kreiger
This list would be incomplete without bringing up Andrew Kreiger. He graduated from the Wharton School of Business. The year 1986 saw him join the Bankers Trust. It is alleged that this move came after some form of disagreement at Salomon Brothers.
Some considered Kreiger to be among the most hard-hitting and well-known traders of his era.
He impressed the top management at his firm so much they gave him a trading limit of $700 million. The usual limit given to other traders was around $50 million.
Following the 1987 crash, most markets were seen spiraling downwards by around 20%. That was an opportunity in the eyes of Kreiger. He had identified that the New Zealand dollar was, at the time, extremely overvalued. He amassed a small fortune by shorting the currency and has been among the world’s top traders ever since.
Stanley Druckenmiller
Our next entry is Stanley Druckenmiller. He currently holds a net worth of $2 billion, or thereabout. Like a lot of the entries featured on our list, his success story has some tie-in with George Soros.
The trader made his debut in the economic world. He had graduated with a degree in that exact field before working as an analyst for a national bank. Today, Stanley Druckenmiller is one of the richest Forex traders alive.
After just a year of exposure to the industry, Druckenmiller launched Duquesne Capital Management, his very own investment firm. Most of his wealth was made while managing cash for George Soros.
Druckenmiller was the lead portfolio manager of Soros’ Quantum Fund. It held the position for well over ten years.
Druckenmiller has since turned to philanthropy. He has donated more than $700 million to charity and is also popular for offering a lot of much needed advice to Forex traders.
“I like putting all my eggs in one basket,” Druckenmiller once stated, “and then watching the basket very carefully.”
Michael Marcus
Michael Marcus is one of the original members of the Commodities Corporation Company. The trader was under the mentorship of the well-known Ed Seykota. Marcus eventually mentored other great traders, of which Bruce Kovner made the count.
During Ronald Reagan’s era, Marcus secured positions of nearly US$300 million. This was in German marks. It is still said that, at the time, along with banks, Marcus was the biggest foreign exchange trader in German markets.
Is Forex a good investment?
When it comes to investing, Forex trading is definitely worth your consideration. The foreign exchange market currently stands as the most liquid market in the world. It has a jaw-dropping turnover of over $6.6 trillion daily. That figure was only $5.1 trillion back in 2016.
This increase represents the niche’s growth, acceptance and sustainability. In 2023, the forex market is said to be worth $2,409,000,000 in total.
The foreign exchange space is the only market that operates 24 hours per day. Beyond that, it is made up of 170 different currencies. That being said, those who claim that the forex space is a dollar exchange platform aren’t that off. The U.S. dollar accounts for an average 88% of all forex trades.
As an upside, those looking to deal with US dollars should definitely consider investment in forex. It’s not all dollars and pounds, though. Even virtual tokens can now be traded, better known as cryptocurrencies. If you’re interested in investing in these sorts of currencies, you can rest assured that the market has added more than 6,000 kinds of crypto over the last twelve years alone, with many more set to be included.
In summary, yes – entering Forex is a good investment. This is because it is the world’s largest financial market when you consider the liquidity of its trades and overall value.
Trading in stocks, for instance, would limit your trading times to those of your respective stock exchange.Other exchange markets don’t offer the 24/7/365 availability of the forex market.
Top Forex Brokers to Copy
Copy trading is a relatively simple concept. Traders make use of certain tools and analysis platforms to copy forex trades made in real time. This way, every time the trader makes trades, you can use your brokerage account to replicate the trade as well.
RoboForex
RoboForex is one of the leading brokers globally, offering a wide range of financial trading instruments, including forex. With small spreads and leverages up to 1:2000, it offers some of the most competitive currency pairs (over 40).
RoboForex is particularly ideal for automated trading, i.e., copy trading, as it implements trading strategies almost instantaneously. The company has a reliable infrastructure that delivers good speed. Pair that with price alerts, and you have yourself a platform you may actually make profits off.
The broker uses MT4, MT5, and Web Trader platforms. It also provides negative balance protection, which is one way to mitigate risk in automated trading.
IC Markets
For those in it for the short haul, IC Markets is a reliable, regulated platform offering raw spread accounts. With spreads starting at 0.0 pips, it offers both MT4 and MT5 platforms on the web and mobile.
It's regulated by three finance regulatory authorities, including Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), and Seychelles Financial Supervisory Authority (SFSA).
The most obvious advantage of going with IC Markets is that its standard forex accounts do not charge any commission. Plus, it allows free deposits and withdrawals, which is ideal for active traders.
Investor protection is limited to EU-based traders only. However, the minimum deposit for trading is only $200. It offers ten currencies in different pairings.
How to be a successful forex trader
Choose the right broker – It is said that choosing the right broker makes up half the success of a forex trader. This advice actually implores traders to deeply consider the trading instruments used by the broker, the overall leverage offered, the type of available accounts, and the methods used to diversify risk. All of these aspects can lie directly with your broker, making your choice.
Deposit management – It’s not recommended for novices to make use of huge leverages or expose their entire deposit to trading risk. Manage most of your deposits as if they were your last. When it comes to your deposit strategy, deeply consider the risk involved and reserved funds. This will allow you to bounce back from bad trade so that you always have enough funds in your accounts to keep trading.
Minimize and diversify risk – Work with more than one trading instrument, open more than one account running simultaneously, obtain up-to-date market analytics, use multiple PAMM accounts when investing. The Forex market offers many opportunities to lower your risk exposure. Be sure to make the most of them to produce stable earnings.
Summary
From George Soros to Michael Marcus, there is no shortage of successful forex traders from which you can draw inspiration. Their success is proof of just how lucrative the foreign exchange market is. We assure skeptics that, yes – forex trading is certainly a good investment. Better still, if you’re having trouble getting started, there is no shortage of successful brokers to copy. We hope that this post has been useful and that you’re inspired to draw more gains from the forex market.
FAQs
Is the forex market lucrative?
Yes. The foreign exchange market currently stands as the most liquid market in the world. It has a jaw-dropping turnover of over $6.6 trillion daily. That figure was only $5.1 trillion back in 2016.
Is successful forex trading more about impulse or patience?
That depends on which successful trader you ask. As a general rule, though, to be successful in the world, traders ought to learn to wait a bit. In the words of Bill Lipshutz, “If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.”
Is there a quick way to forex success?
There is never a quick route to any meaningful success, and forex is no exception. There are three tips that will help to gain success, though. You need to ensure you work with the right broker, manage your deposits and work at minimizing your overall risk.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
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Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.