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No wonder this platform attracts so many enthusiastic traders. Since the arrival of various sophisticated online brokers, common people who could only dream to compete at such a market with other big shot traders now a chance to prove themselves in front of the world. The vast exchange of information on the internet has made it very easy for anyone to pick up forex trading and aim to become one of the richest forex traders in the entire world.
One should keep in mind that forex trading is a very serious activity that requires patience and hard work as there can be serious consequences for a trader who treats it casually. With that being said, there has been an increase in young and promising forex traders who have emerged out of the shadows and shone the light on their achievements.
In this article, we will familiarize you with some of the richest forex traders in the trading environment who many traders look up to. No rich forex traders list will ever be complete without the legendary Geoge Soros who has been active in the trading scene since the late s.
Ed Seykota is the man who pioneered the computerized trading systems that are an integral part of modern trading all over the world. He became infatuated with a few trading strategies that he read in a letter published by Richard Donchian which insinuated that a mechanical trend following system could break the market. Wayne is also known for his philanthropic work in South Africa as he has created his very own forex institute called the African Forex Institute where he hopes to pass off all the knowledge he has accumulated on to the next generation of fx traders.
He has also handcrafted a few forex lessons and tutorials which he has given out completely free of charge so that everyone can have the opportunity to learn his methods. Wayne is one of the top ten best forex traders of South Africa and he even created the first-ever South African cryptocurrency called the Pip Coin. He also makes various appearances on national TV and attends various events as a motivational speaker hoping to inspire others with his life story and experiences.
Carl made the best of that money as well as the trust his uncle had put in him and became a very successful forex trader on Wall Street. His ultimate rule which he believes played an important role in his success was the preservation of capital. His company, Icahn Enterprises has made several investments in numerous successful companies such as Apple, Netflix, Viacom, Motorola, and many more.
Carl is the type of investor who likes to go with his guts. He has been known to advise his co-investors to not take everything the market tells them at face value. Instincts are very important in his book. James Simons is one of the smartest forex traders to ever exist on this planet.
He got his Ph. James is not only a forex trader, he is an accomplished mathematician who is well known in the scientific community for his pattern recognition analysis, and string theory studies the former of which he also applies to his trading strategies. James founded his own company which he named Renaissance Technologies that went on to have a highly successful operation over the years which made James a multi-millionaire.
James was able to successfully combine the principles of math with the principles of trading and he came up with an algorithm that can accurately predict the price change of a financial instrument. Many other professors also helped him achieve this goal. Ray used to work for tips as a golf caddy for Wall Street hotshots who introduced the year-old boy to the world of stock markets and currency trading. He moved to New York City shortly afterward and launched his investment company from his small studio apartment which he christened Bridgewater.
One of the most important advice that Ray has for young budding traders and investors is to be humble and never let your ego get in the way of your progress. He overcame his ego by starting his company from his bedroom rather than renting an office.
However, there are many successful, lesser known, traders all around the world, and discovering what their traits and strategies are can only widen your perspective on trading. Who is the best Forex trader in SA, for example? Hint: it's George Soros. But what about in Switzerland? Or Japan? If you are curious, why not find out?
Studying the best Forex traders in the world is an effective way of improving your trading strategy, but there is one thing I need to mention next, that is worth considering for any trader. Now, it is time to mention that, beyond learning and copying the best traders, there are many reasons to use a VPS when trading, regardless of whether you are one of the best traders in the world or not. Technical problems with your connection can lead to devastating consequences. A VPS removes the potential of such devastating complications occurring.
In turn, they can make your trading more successful. Even if you have a strong internet connection, disappointing problems can still occur. Here are a few of them:. By using a VPS service like FXvps you eliminate a lot of the worry that comes with trading and you free yourself up to focus more on your strategy and trades. So far, we've looked at the best Forex traders. There are definitely many more successful Forex traders to learn from. But remember, while there are many professional FX traders in the world trading with what seem to be flawless trading strategies, there are many strategies.
Each one works better for different traders. If you aim to make it on the list of traders that regularly earn a profit each month trading FX, it is certainly an achievable goal. However, you need to develop your own Forex trading plan first. So far, I have given a list of the most successful traders in the world and given some insight on their personality traits. Now, in case you are interested in more than who these people are, and you would like to know a bit about how to trade like them, I will now give you some basic trading strategies.
I cannot provide the strategies that these famous traders have used, but I can give you some fundamental strategies that you can consider. Past performance is not necessarily an indication of future performance. Our first strategy aims to find out when a trend might be developing. It searches for price breakouts. Markets often range between support and resistance bands. This is called consolidation. A breakout is when the market shifts outside of the boundaries of its consolidation, to a new level of high or low.
When a fresh trend forms, a breakout must take place first. As such, breakouts are perceived as a possible signal that a new trend is developing. However, every trader must be careful, because not every breakout means that a new trend has started. In Forex, no matter whether you are using complex or simple strategies, it is essential to always employ risk management. In doing so, you can minimize your losses while the trend is breaking down. If the breakout sets a new high, it means that an upward trend could be forming.
As you may have guessed, if the breakout results in a new low, then what follows could likely be a downward trend. We can consider it a buy signal when the price has broken out beyond the day high. On the other hand, it is a signal to sell when the price breaks below the day low. While this is simple, it comes with one potential drawback. Specifically, as I mentioned above, while a breakout to new highs can indicate that an upward trend is forming, it is not always the case.
The same is also true for downtrends. Downtrends do not always follow new lows. These are called false signals. This is one example of how, even when a trader follows a strategy, it is essential to employ risk management all the while. Using a stop-loss is one way to help prevent losses after you enter into a trade. For long term trading, some traders follow the rule to simply exit a trade after a certain number of days have elapsed.
By using this strategy, you can avoid misinterpreting downtrend signals. However, this is a long term strategy, not a short term strategy. And, as always, if you find that it does not yield positive results, then you should adjust it. For example, you can shorten your strategy and use hours instead of days. This strategy uses what we call a simple moving average SMA. If you are unfamiliar with what that is, you can read all about it here. The SMA is an indicator that uses older price data and evolves more slowly than the rate at which the current market price changes.
The SMA can be averaged over various periods of time. If it is averaged over a longer period of time, then the SMA moves more slowly. It is common for traders to use both a long and short SMA in conjunction with each other. For this example, we will use a day moving average and a day moving average. In this chart above, you can see the day moving average, which is the dotted red line. This line follows the real price closely.
The day moving average is the smoother, dotted green line. You can see that it smooths out the price changes over time, depicting a different, less volatile looking, trend. Now, when the two SMAs cross each other, it often indicates a trend change. Specifically, when the short SMA crosses above the long SMA, this means that the current prices are higher than old ones. This can indicate a bullish trend, which would be a buy signal.
When the opposite occurs, and the short SMA crosses below the long SMA, it means that current prices are lower than old ones, which can signal a downtrend, which we can interpret as a sell signal. Aside from indicating buy and sell signals, SMAs can also be used to confirm overall trends. As such, we can combine two different strategies with the SMAs to help identify dangerous situations in which we could lose.
If it is not, then it is often better to wait. This is an essential strategy. This one is in wide use by professionals, so we cannot consider it a complete beginner strategy. However, it is quite simple to understand and implement. The aim of a carry trade is to profit off the difference in the yield between two currencies. In order to understand, I am first going to demonstrate a basic principle with an example of a person who converts money.
Suppose that a trader borrows some amount of the Japanese Yen. If the benchmark Japanese interest rate is very low, then the cost of holding this debt is also very low. Next, the trader exchanges the Japanese Yen into US dollars and then buys a government bond, which yields a higher percent than the benchmark Japanese interest rate. The interest this trader will receive on the bond should cover the cost of financing the Yen debt.
If the Yen appreciates against the US dollar, the trader will lose money, in the end. The same principles are relevant when someone is trading Forex. However, Forex traders have the luxury of it all being consolidated into one trade. If a trader buys a currency pair, in which the ''base currency" has a sufficiently high interest rate, relative to the ''quote currency'', the trader's account will profit. The amount the trader yields correlates to the amount of currency the trade commands.
This is why some traders use leverage, which can greatly multiply the size of the yields. However, leverage can equally greatly multiply the size of losses. Because of this, it is extremely dangerous. This is why it is highly important to assess the currencies you are considering trading and try to select the right ones. In these trades, inertia is essential. You want to find a low a low volatility FX pair.
Lower volatility can offer safer trades. Trading highly volatile currencies can result in large and unexpected losses. It is worth noting now that the Japanese Yen has been a common funding currency for a long time, because its rates have been quite low for a long time. The Japanese Yen is also seen as a stable currency. This strategy can work well when traders are seeking out higher-yielding assets.
As traders implement this strategy, this action supports the strategy. This is because as more people enter trades using this strategy, the selling pressure on the funding currency increases. However, there can be a problem with this strategy in times of crisis.
When there are low interest rates around the globe, the differential between interest rates in different currencies is narrow. When traders lose their appetite for risk during a crisis, many of them can lose as people put their funds into safe haven assets like the Japanese Yen. If the Fed signals that it intends on tightening monetary policy, then under these conditions, the carry trade can become favourable. Well, even the most successful trader had to begin somewhere and if you can regularly earn profits - you can consider yourself a successful Forex trader, but getting rich depends on your skillset and, of course as always, a bit of luck.
While you learn, you can get out there and capitalize on all of the resources available in today's world and, for example, find a video tutorial on YouTube, or find the best Forex traders to follow on Telegram. However, whether you learn from the best Forex trader course, or you learn from your own research, there are key fundamental traits that most traders share.
Hopefully, this article has given you some insights into those traits shared by the best Forex traders. If you would like to learn more about Forex trading and potentially join the growing list of Forex masters in the future, we recommend you to check out our guide on How to Become a Successful Forex Trader , which provides the basics of Forex trading, together with, some professional tips and ideas for trading strategies.
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Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time.