Forex traders who have built wealth from the currency market: Learn from real-life examples

Have you ever wondered who is the most successful trader in the world and how they do it? The forex market may seem random and suspicious, but for those who know the methods, it becomes an opportunity to generate income that could change their lives.

Why is trading Forex difficult but achievable?

The truth is, forex trading is not a gamble. Those who can generate significant profits do so through serious market study, managing their emotions, and developing their own trading systems. Many people in this world have proven that this is truly possible.

Six Forex traders who make the market tremble

George Soros: The winner of Black Wednesday

As of July 2023, George Soros has assets worth $7.16 billion. His reputation began on September 16, 1992, when he bet against the British pound.

He saw that the Bank of England lacked enough reserves to support the pound amid economic and political crises, so he decided to sell £10 billion. When the pound actually plummeted, he made a profit of $1 billion in a single move.

Soros’s secret to success: He uses the “Reflexivity Theory,” which means he studies market data deeply, formulates hypotheses, and tests them with small amounts first. When the market moves as predicted, he increases his investment confidently.

Stanley Druckenmiller: The more suitable disciple

Assets: $9.88 billion

Druckenmiller started by reading Soros’s book “The Alchemy of Finance” and decided to follow his approach. In 1988, Soros himself invited him to manage the hedge fund “Quantum.”

In 1992, Druckenmiller participated in betting against the British pound and made over $1 billion in profit. He also succeeded in trading Swedish krona, Thai baht, and Malaysian ringgit.

Druckenmiller’s secret: High confidence and decisive decision-making are major advantages. But more importantly, he knows “when to exit” and can manage his emotions excellently.

Andy Krieger: The dog that bit on Black Monday

Assets: $3 billion

On October 19, 1987, global stock markets were trembling, but Krieger, working for Bankers Trust, saw an opportunity in the forex market.

He observed that the New Zealand dollar (NZD) could not withstand the pressure, so he invested heavily to sell this currency. The NZD dropped 10%, and Bankers Trust’s account gained $300 million from a single trade.

Krieger’s method: He focuses on national opportunities, identifies market weaknesses, and when he finds them, invests large amounts with rational confidence.

Bill Lipschutz: The great trader from university

Assets: $1.1 billion

Lipschutz started while studying at Cornell in the late 1970s. He turned $12,000 into $250,000 but then lost everything due to poor trading decisions.

Disappointed, he joined Salomon Brothers, and in 1985, generated $300 million for the company.

Lipschutz’s uniqueness: He understands risk and reward very well. Every time he opens a trade, he knows what the market is doing. When facing high-risk situations, he analyzes data thoroughly.

Jim Simmons: The king of mathematical trading

Assets: $28.1 billion (the richest)

Simmons did not start as an ordinary trader. He was a mathematics professor at Stony Brook University from 1968 to 1978, even serving as department chair.

In 1982, he founded Renaissance Technologies, which uses computer algorithms and mathematical models to find profit opportunities from historical data. This approach has achieved enormous success.

Simmons’s difference: He doesn’t trade based on “feelings” like others. He uses advanced computer programs and statistical analysis to find patterns that the market might not see.

Bruce Kovner: Pioneer of hedge funds

Assets: $6.6 billion

Kovner started as a commodities trader in 1977. He succeeded so well that he founded Caxton Associates in 1983.

Caxton employs various strategies, such as trend following and trading commodities worldwide. Currently, Caxton manages over $14 billion in assets.

Kovner’s success: He advises, “Trade just enough so you don’t regret losing money,” and maintains emotional balance. For large trades, risk no more than 1-2%.

Thailand also has: Thai traders who have gained international fame

You might think that highly skilled forex traders mostly come from abroad, but Thailand also has notable examples, such as Surakiat Yawanoopas, who competes in managing large global funds.

He started by trading with brokers through friends’ invitations, then studied global money management, and gained recognition from institutions.

After continuous practice, Surakiat topped the leader board 9 times and successfully withdrew 1 million baht, ranking 4th in the world. He was also appointed as a brand ambassador.

This example shows that with discipline, learning, and confidence, Thais can compete in the global forex market.

What skills enable them to make money?

1. Research and data analysis skills

Successful forex traders do not trade randomly. They study data, evaluate, and forecast.

Example: When analyzing the EUR/USD currency pair, you need to study economic data from the Eurozone and the US, such as interest rates, unemployment rates, GDP, and continuously follow news.

2. Expertise in technical analysis

Technical analysis is not an art; it’s a science. It uses price charts, indicators, and oscillators to understand future trends.

Common tools:

• Moving Average (MA)
• Resistance and Support levels
• Volume and Momentum
• Oscillators

Example: If USD/JPY shows a downward trend with Moving Averages on a 1-hour chart, you might consider selling at an appropriate point.

3. Winning mindset

Rich forex traders do not let losses crush their spirits. They know that losing is part of the game, and what matters is their readiness to get up again.

Patience and waiting for the right opportunity are their strengths.

4. Strong risk management

Good trading is not about winning or losing all the time; it’s about controlling losses.

Steps:

1. Evaluate your trading system
2. Adjust according to reality
3. Try again with strict discipline

Expert traders recommend risking no more than 1-2% of your account per trade.

5. Making full use of tools

Forex brokers offer many tools: economic calendars, indicators, demo accounts, and risk management tools like Trailing Stop.

Use them fully to enhance trading efficiency.

6. Steadfastness of mind

Ultimately, forex traders need a “guts” to make decisions in situations full of uncertainty. They must stay alert, decisive, and consistently handle pressure.

Who is forex suitable for?

Forex is suitable for those who:

• Enjoy studying and analyzing markets deeply
• Are willing to accept financial risks
• Have high discipline and can control emotions
• Are eager to learn from mistakes

How risky is forex?

Yes, forex is high-risk because currency markets fluctuate constantly. Some see this risk as an “opportunity,” others see it as a “threat.”

Key point: Managing risk skillfully and trading with an amount you can afford to lose.

How to start trading forex to make money

1. Start small – Let your account grow gradually.
2. Develop your own strategy – Don’t copy others; understand thoroughly.
3. Practice with a demo account – Test many scenarios before using real money.
4. Control your emotions – Don’t trade when angry or excited.
5. Learn from mistakes – Adjust and try again.

Final summary

Successful global forex traders did not reach their positions by luck. They achieved it through intensive study, smart work, and unwavering determination.

All of them have failed at times but learned from their mistakes.

If you are considering entering the forex world, study these individuals’ stories. Start with research, practice, and prepare for a long journey because forex is not a short marathon. It’s a competition that may take time, but the results are worth it.