Sunday, April 12, 2009

Forex Trading (2): Some Success Stories

In this game there are a lot of losers and winners. Only some of those winners are regarded as greatest forex traders because they have made enormous profits. I write success stories of those greatest forex traders here to motivate all forex traders .

The first and i assume the greatest forex trader of all time is George Soros. Even though he is accused by some of government leaders as a person who likes to ruin the economy of many countries. Some other observers said that Soros encourages many nations to become open societies, not only freedom in its commerce but also tolerances to new ideas, behaviors, and thoughts. His biggest success story is known as Black Wednesday event. On September 16, 1992 George Soros did short-selling more than 10 billions Poundsterlings and profited approx. US$ 1.1 billions because of UK's reluctance to raise its interest rate levels or to float its currency.

Another success forex trader is Joe Lewis. In 1979 He became multimillionaire after selling its family catering business and then relocated to Bahamas. Then he reinvented himself as currency trader although he is just a high school drop out!!. He also participated in Black Wednesday event and taking lots of profits. Three years later he gained profit against Mexican peso. Those jackpots brought him to become one of the greatest forex traders. His net worth is approx. US$ 2.5 billions.

Bruce Kovner also amongst those success forex traders. From 1979 to 1989 He realized 87% averaged annual compounded return from his investments in commodities and foreign exchange. His trading methodology is based on analyzing worldwide political and economic events. He always set up alternative scenarios about what this world would be in the future based on current worldwide events. He also gets gurus report daily: Preichter, Zweig, and etc. He made money by holding a position with a conviction that is based on his worldwide events analysis, his predetermined stop decision, and etc. His net worth is approx. 11 billions US Dollar. In 2001 he made 500 millions US Dollar personally!!.

There are also Bill Lipschutz and Paul Rotter. Paul Rotter was nicknamed "the Flipper". Those two also considered amongst greatest forex traders. Paul Rotter, 32 years old German has made 65 to 78 millions US Dollar per year for 10 years (1994 to 2004). A lot of traders don't like him because he often changes his position so quickly. Bill Lipschutz is a trader who in 1985 pulled in 300 millions US Dollars per year for Salomon Brothers.

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