The way to success for traders has never been easy. Choosing this thorny path, you should prepare yourself for a rollercoaster ride full of ups and downs. Forex is a place where everything is possible. To prove it, we’ve gathered the world’s greatest success stories of the most outstanding and inspiring traders who conquered the forex trading Olympus.
The world’s best forex traders: outstanding stories about money-making
What is more inspirational than the story of success? One way to improve your trading experience is to learn from others. It can serve as a good starting point to build your own vision and develop your own trading strategy. Let’s figure out what successful forex tradershave in common and how it may help you achieve huge profits.
Ladies first: Ingeborga Mootz
Image source: fbs.com
The world’s famous “million-dollar granny”, Ingeborga Mootz, is a 96-year old self-made millionaire. Instead of knitting and baking, like her peers often do, she has chosen trading, which eventually changed her life to the core.
Now one of the most famous people in Germany, 15 years ago she was just an ordinary German widow. Born into a poor family, Ingeborga got married when she was 17 to escape from poverty. She spent many years under the pressure of her husband, who was always bringing her down. He called her stupid and unable to earn money.
When her patience came to an end, Ingeborga found a way to make money – she became a trader. When her husband died, she discovered 1,000 shares in the company in which her husband worked. Mootz decided to take the risk and trade them. As a result, during the first 8 years of her trading experience, Mootz earned over €500,000.
Mootz chose trading and was right. Today, she is a role model for both men and women of the financial world. Alone, she proves that every person, regardless of age, sex and professional background has the opportunity to earn money through trading.
Ingeborga Mootz is already a legend. Her first trading principle sounds clear and simple: buy cheap, sell expensive. Her trading style has nothing to do with modern gadgets, technical indicators and cutting-edge trading platforms. She still gets everything from morning newspapers and against all the odds – it works!
If you’re interested in how this kind of a strategy brought millions to this fabulous lady, read her book “Borsenkrimi” (“Stock market detective”).
The man who broke the Bank of England: George Soros
Image source: The Independent
Born into a Hungarian-Jewish family, Soros is known as one of the most successful forex tradersof all times. Having survived the Nazi occupation, George studied and worked as a railway porter and waiter to earn a living.
Later on, he moved on to New York where he started working for a couple of Wall Street brokerage companies. This is where his brilliant career as a financial genius originated.
George Soros is famous all over the world as a man who earned a billion pounds in one night! Often referred to as ‘the man who broke the Bank of England’, George made a huge winning bet against British pound on 16 September 1992, the day known as Black Wednesday.
Mr. Soros is recognised all over the world as the greatest investor in history and a legendary money manager. The top forex trader, George Soros, once told the Wall Street Journal: “I’m only rich because I know when I’m wrong”. This quote proves a high level of discipline, which is required for all forex traders, and the willingness to cut the trades that are not working.
Not only a billionaire, but the world’s foremost philanthropist, George Soros created the Open Society Foundation, which operates in 100 countries around the world.. In 2018, the Financial Times named Mr Soros “the Person of the Year”.
The father of commercial trading systems: Edward Arthur Seykota
To love, all ages yield surrender. So they dofor trading. If Ingeborga Mootz started her trading career at the age of 75, Edward Seykota made his first trade when he was just 5. Seykota came from a family of immigrants who arrived in the US from the Netherlands, and exchanged a gold-coloured medallion for five magnifying lenses.
Ed Seykota is always referred to as the father of trading systems. In the 1970s, when he just started his trading career, he was excited about the idea to create an autonomous money-making machine.
He was the one who developed mechanical algorithms for trading systems and started using computer programs for exchange trading. Due to his solutions, Seykora’s clients got a record profit – $15 million out of $5,000. And luck has nothing to do with this, it was just an effective algorithm.
Edward Seykota has several trading rules he lives by. They are:
What is the secret of forex trading success?
The list of successful forex tradersdoes not have an ending. There are no 2 identical trading stories to compare. Every trader is unique, going through their own ups and downs. The one and probably major feature that distinguish real traders from fake ones? They never give up. Successful traders lick the wounds, stand up and eventually succeed. Your trading journey will never end, unless you decide to give up. Maybe one day, you’ll join the top forex traders in the world.