The Best Forex Traders in the World And Their Secret.

1. George Soros

We start out list of the best Forex traders in the world by looking at one of the most legendary figures in Forex trading history, George Soros. In any debate over who is the greatest Forex trader of all time, Soros is likely to feature prominently.

Soros is regarded as one of the greatest investors in history, well-known for using his exceptional understanding of economic trends to identify market inefficiencies and exploit them with large, highly leveraged trades. He sealed his legendary status in 1992, when he reportedly profited more than $1 billion from short selling the British pound (GBP), earning himself the title of “the man who broke the Bank of England” in the process.

Prior to Soros’ windfall, the UK was participating in the European Exchange Rate Mechanism (ERM), which effectively guaranteed that the government would pursue policy to keep the value of the pound within a certain limit compared to other European currencies.

At the time, the rate of inflation in the UK was high and interest rates were over 13%, leading Soros and other successful Forex traders to believe that the ERM was keeping the UK’s currency artificially high.

The UK eventually withdrew from the ERM and allowed their currency to once again float, which caused the value of the pound to drop, in what is now known as Black Wednesday. By this time, Soros had amassed a huge short position against the pound worth more than $10 billion, in what will undoubtedly go down as one of the greatest Forex trades ever and secured Soros’ status as one of the best Forex traders on earth.

Soros once said: “I am only rich because I know when I’m wrong”. This quote reflects an important aspect of being one of the best Forex traders: being able to admit when you are wrong.

For a successful Forex trader, being able to admit when they are wrong and moving swiftly to rectify the mistake is a crucial skill and, in the long-run, helps successful traders minimize their losses.

George Soros has made his way to the top of the list as one of the best Forex traders to follow and, with an estimated net worth of $8.6 billion, is definitely among the richest Forex traders in the world.

2. Stanley Druckenmiller

This successful Forex trader is actually connected to the previous entrant on our list of the best Forex traders. Stanley Druckenmiller worked alongside George Soros at Soros’ Quantum Fund for over ten years and considers him his mentor.

Since then, Druckenmiller has developed an esteemed reputation for himself, successfully handling billions of dollars for Duquesne Capital, which he founded. Without a doubt, he has earned a reputation as one of the best Forex traders in the world.

In addition to playing a part in Soros' well-known success on Black Wednesday, Druckenmiller established a record of impressive profits with Duquesne, leading up to his retirement and now has a net worth estimated at more than $3 billion.

Druckenmiller has said that his successful trading strategy for developing long-term profits is founded on the idea of preserving capital. He aggressively pursues profits during times when his trades are working well and cuts losses quickly when they aren’t.

Druckenmiller’s strategy focuses on the value of maximising opportunities when you are right and minimising your damage in situations where you are wrong. As Druckenmiller stated when interviewed for the celebrated book 'The New Market Wizards', "There are a lot of shoes on the shelf; wear only the ones that fit".

3. Bill Lipschutz

Amongst the Forex trading community, Bill Lipschutz is something of a legend, famous for his inspiring trading journey, which started while he was attending university in the 1970s.

Whilst studying, Lipschutz inherited $12,000 following the death of his grandmother. With this money, Lipschutz began trading and, remarkably, turned this modest sum into $250,000.

However, thanks to one wrong decision, Lipschutz lost the entire $250,000!

For many people, that would have been enough to give up trading for good, but not for one of the world’s best Forex traders, Lipschutz. He continued trading and upon graduating joined Salomon Brothers as part of a training programme. Soon afterwards, he was asked to join their Foreign Exchange Department and, by 1985, was making the firm an average of $300 million a year.

In 1995, he founded Heathersage Capital Management, which focuses on trading G10 currencies. Lipschutz describes Forex as a highly psychological market and, like many other successful Forex traders, he believes market perceptions influence price action as much as fundamentals do.

Lipschutz also agrees with Stanley Druckenmiller's view that in order to be a successful trader in Forex, your success is dependent on capitalising on the occasions when you are right. He once, famously, said of trading “You have to figure out how to make money from being right only 20 to 30 percent of the time.”

Lipschutz story of determination and ability to recover from such a devastating loss early in his career to become a successful trader earns him a position on our list of the best Forex traders in the world.

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