What are the biggest and the most successful traders that sets them apart from the rest? You may think that trading is so easy since it can all be done in the comfort of your own home. But unfortunately, it isn’t. You must wake up from your dreams and realize that trading isn’t an easy thing. In fact, only 90-95% of traders succeed and the rest remain on the losing side until such time that they realize the importance of learning in FX trading.
What does being successful mean?
Being knowing the successful people in trading, it is important to know first the meaning of success. By saying success, the very first thing that gets into your mind is the continuous successful profits. This can be true to some as profits are indeed the benchmark of success in one way or another.
However, it is important to understand that success doesn’t necessarily spell ‘money’. It can sometimes be about the joy and passion that the trader has exerted while he trades the market. But emotions such as joy and passion cannot be taught by anyone else. You find it from yourself.
You can either like trading or you just simply don’t. So, if you have a burning passion for trading, can you truly be successful? Think of the answer firmly. If you are not in love with your work every day, will you be able to get content no matter the success you achieve?
With passion and love for your chosen craft, you can certainly become a successful trader in no time. Here are some of the most famous and successful traders across the world.
For so long, Stanley Drunkenmiller considered George Soros as his trading mentor. They were even able to work together with the Quantum Fund for not less than a decade. The duo also reportedly made $1 billion in profits just in a single trade.
If you’re heard of him, you certainly know how inspiring his story is. Bill Lipschutz was able to turn his inheritance money of $12,000 into a whopping $250,000 while he was still studying in college. Unfortunately, Lipschutz taught us a lesson the hard way.
Though he was able to turn the $12,000 into a huge amount of money, he then made a bad investment that cost him so much, he almost blew his entire account. He came back to square one. Even after the big blow on his trading career, he still manages to stay focused and determined. Lipschutz used his losses as a means to work even harder. One year later, he is making $300 million annually with the Salomon brothers.
Now that you’ve known two of the most successful Forex traders in history, it is now time to know their attributes and how they managed to become the best in FX trading.
- They don’t see losses as a bad thing.
- They utilize price action.
- They understand the trading edge.
- They also relax.
- They think of the risks and how to manage it.
- They trade what they can afford to lose.
- They know when to stop and walk away.
- They don’t just focus on the wins but on the losses as well.
- They never want to give up.