Successful Forex Traders - Who Are They and What is Their Secret?

By Chris Dudley

Successful forex traders - perhaps we can learn from them and become successful in our own trading? In this article, I've done a short bio on 3 of the most successful forex traders the planet has ever seen.

George Soros

This man is famous for moving entire currency pairs on his own. In the UK, he is famous for "breaking The Bank of England" and forcing it to come out of the Exchange Rate Mechanism.

George Soros has been quoted in interviews as saying that he does not have a particular style of trading. Instead, he modifies his style to suit the situation.

This tells us that we should not be rigid in our trading or we will miss potential opportunities.

Marty Schwartz

Marty Schwartz was one of the most successful traders who mainly had his success in stocks, futures and options. However, we can still learn a lot about trading from him in general as he has made a lot of money.

For instance, he turned $100,000 into $1.2m within 2 years!

Marty was a big fan of turning quick profits. He was not really in it for the long run. He would try to book a profit every single day if possible. The moral of this is that all the small profits can add up to a large one.

Paul Tudor Jones II

Paul Tudor Jones is a well known trader who is worth a cool $2.5bn and is the 369th richest person in the world!

He is so revered that there is even a documentary of him called "Paul Tudor Jones II" that is so difficult to obtain that illegal VHS copies change hands for over 300 bucks a piece!

Jones' style is to go against the trend at the right moment and try to catch a big swing. If he feels uncomfortable then he will pull out of a trade.

He will decrease his trading size when he is doing poorly and conversely increase his trading size when things are going very well.

He is religious with his stops. If he hits a stop then he will pull out, no matter what.

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