Finding inspiration towards a successful currency trading experience is more than just knowing “What is Forex Trading? “ In the real trading situation, enjoying profits will be challenging as you will be bound to experience loss in more than one instance. These events may make you feel frustrated but having someone to look up to amidst trying times will help you to keep pushing yourself forward no matter what happens. Right now, we bring you 3 of the most famous forex traders along with their humble beginnings and successes. We hope that these people will serve as your motivation to stay positive all the time.
1.Kovner
Bruce Kovner’s eay trading experience was very similar to ordinary trading situations. At an age of 32, his first trade was not lucky enough to flourish. Instead of giving up, he took the risk of borrowing against his own credit card so he could buy futures contracts for soybeans. Amazingly, this move awarded him a $20,000 profit. After that, his reputation as a trader blossomed and in 1983, he founded Caxton Alternative Management. This company shifted into an image as one of the world’s most successful hedge funds with more than $12 billion in assets.
2. Lipschutz
Starting early was Bill Lipschutz initial strategy towards being a famous trader. As early as his university life, he was able to turn $12,000 into $250,000 but later lost it after making a wrong trading decision. Learning from this tragic experience, he pushed himself to the limit, he worked at Salomon Brothers while pursuing an MBA degree. In his stint as a staff of the foreign exchange department, he was able to capture the attention of everyone by earning $300 million per year for the company. This gave him a big break as he was tasked as principal trader handling massive accounts for the company. Right now he is the director of portfolio management at Hathersage Capital Management since 1995.
3. Krieger
Hard work pays off must be Andy Krieger’s motto in life after being awarded an increased capital limit of $700 million by the company for gaining a very fine reputation as a trader. During his trades, he concentrated on the utilization of New Zealand dollar because he believed that it was vulnerable to short selling due to the financial crisis which they were experiencing in 1987. With his capital, he swallowed an unbelievable risk by deciding to apply 400:1 to his already high trading limit. This made him acquire a position that was way bigger than the financial supply of New Zealand. Consequently, good luck favored him so he was able to make $300 million in profits for his employer. The next year, Krieger left the company but he had a reported take home amount of a whooping $3 Million from the trade.
Conclusion:
Based on the experiences of these successful traders, we could derive that the usual attitude of an effective trader is to keep striving till you reach your dream to earn huge profits. This is not an easy task as it requires thorough training, research and lots of guts to take risks. Therefore, the richest traders in the history has indeed made more effort on improving their craft rather than merely seeking for answers to “What is Forex Trading”