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Finding fame with forex trading

They may not be common household names, but forex traders don’t easily shy away from the limelight either. There is a selection of successful investors, being philanthropists as well, that have gained star status as a result of their profound impact on the financial industry, and their extraordinary trading prowess over long-established careers.

As an investor, new or experienced, you cannot only learn more about forex trading from online resources and educational materials provided by your chosen trading platform, you can also learn from some of the most famous forex traders. By analyzing their trading strategies, you can learn some insider tips on becoming successful yourself when it comes to the forex market — or in some cases, learn perhaps what not to do.

Here are our top forex traders that have found fame through their trading efforts and financial performance, and are an inspiration to other traders embarking on their own forex journey.

George Soros

Perhaps one of the most famous forex traders, George Soros has an impressive trading career that spans several decades. Born in 1930, he moved to the UK in 1947 after surviving the German occupation of Hungary during World War II. He first began his financial career at Singer and Friedlander Group plc, London, before working various jobs at merchant banks and financial firms in the UK and the US.

In 1970, he set up the investment management firm and hedge fund, Soros Fund Management. This went on to become one of the most profitable firms in the hedge fund industry, with an average 20% annual rate of return over the four decades it had been established. As of March 2021, Soros’s overall net worth was $8.6 billion, having donated more than $32 billion to the Open Society Foundations, which financially supports civil society groups around the world.

Although Soros has led a successful financial career, is one of the wealthiest individuals in the world, and his firm has reportedly generated more than $40 billion in profits in the last five decades, he is most notably rose to fame as the forex trader who supposedly ‘broke’ the Bank of England.

Back in 1992, Soros executed a short trade on the British pound (GBP) which saw him gain a huge profit of $1 billion. He had successfully predicted a certain set of circumstances that led to the value of the GBP and the situation of the Bank of England at the time. Following Soros’ trade, the UK withdrew the currency from the European Exchange Rate Mechanism, which has gone down in history as Black Wednesday.

Stanley Druckenmiller

Leading nicely on from Soros, Stanley Druckenmiller was the lead portfolio manager at Soros’ hedge fund between 1989 and 2000, and also worked with him when the infamous Bank of England crisis happened in 1992.

Druckenmiller has, however, made his own mark on the financial industry, establishing the Duquesne Capital fund in 1981, which saw him manage billions of dollars over the years and had an average annual return of 20%. In fact, at the time of closing, Duquesne Capital had over $12 billion in assets and when he retired, Druckenmiller had an estimated net worth of more than $2 billion.

He was a pioneer of the long-term profit trading strategy, which involved the idea of preserving capital and pursuing profits when the market is favorable, with timing being the ultimate focus.

Bill Lipschutz

Finally, we turn to a famous forex trader who before the ‘80s, had no previous experience in the currency market. This was apparent, as although Bill Lipschutz managed to turn a $12,000 investment into $250,000, he lost it all after one poor trading decision. Forex traders can learn from his determination though, as Lipschutz went on to work for Salomon Brothers investment bank whilst studying for his Masters of Business Administration (MBA) degree. This huge loss also provided Lipschutz with a lesson about risk management, which he was then able to apply to his future endeavors.

Known as the ‘Sultan of Currencies’, in his role at Salomon Brothers he was able to earn the company more than $300 million every year. From there, he formed his own management firm, Hathersage Capital Management, which remains one of the most successful in its industry.

abubakarbilal

Abubakar is a writer and digital marketing expert. Who has founded multiple blogs and successful businesses in the fields of digital marketing, software development. A full-service digital media agency that partners with clients to boost their business outcomes.

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