Most Successful Forex Traders in History

Is it possible to know who the most successful forex trader in history is? What we consider currency changed over time from barter to universally valued items like salt, then precious metals, and now paper and digital currencies. When you know who the most successful forex traders in recent history are, you can borrow a page from their playbook to set yourself up for success. These are three forex legends who’ve all succeeded in different aspects of trading.

George Soros

Soros is infamous in certain forex trading circles and considered a genius by many others. Nicknamed the man who broke the Bank of England, he made the “forex trade of the Century” that almost led to the collapse of a major economy. Soros has never been shy about making uncomfortable decisions and taking seemingly untenable positions. Love him or hate him, you need to learn more about the man because no one becomes a self-made billionaire worth more than $8 billion by chance.

Soros’ crowning achievement happened on 16 September 1992, when he took a massive billion-pound short position against the British Pound because he believed the currency was overvalued around the time when the British government was forced to exit the ERM due to financial pressure. Soros is well known for his understanding of market forces due to extensive macroeconomic analysis. He also believes in the ability of market players to influence the market through investor sentiment. If you’re looking for the man credited with the single most profitable day in trading history, look no further than George Soros.

Paul Tudor Jones

Soros is well known for his risky positions, but Jones’ approach is significantly different and can be described as the polar opposite. Jones has shown that forex traders can be successful by investing heavily in risk management. Capital preservation and avoiding large losses are at the core of Paul Tudor Jones’ trading philosophy. Jones fully embraces following trends as a market strategy and is not shy to “ride the wave” of market momentum.

In 1987, Jones successfully predicted the stock market crash, took a sizable short position against the market, and earned more than $100 million in profits in a single day of trading. You can become a successful trader through diligence, capital preservation, and risk minimization. Jones showed that you can do it on a small scale and a large scale when your trading operations become more sizable. You might be wondering whether to be more like Soros or Jones. You do not have to decide between one or the other because your best bet is combining a bit of both, which will give you an edge in the market.

Cathie Wood

Cathie Wood has been one of the most exciting and talked-about names in forex trading over the last decade. Wood has set the bar high for all traders, thanks to the incredible returns posted by her ARK Invest. Wood is well known for her activities in the stock market ecosystem, but the things she and her company have been able to achieve over the past few years have been industry-leading. Wood’s grasp of macroeconomic trends and their impact on global economic activities has made her one of the most competent traders in the last decade.

Wood gained critical acclaim a few years ago when the returns posted by ARK Invest became too attractive to ignore. Any trader can record a few good days or weeks in the market. Wood is different because its investment tool has been able to routinely post incredible returns that are far more than what other firms are able to achieve. Soros and Jones achieved a lot decades ago, but by the time the dust settles on Wood’s legacy, she might go down as (one of) the most successful forex traders in history.

What Makes a Successful Forex Trader?

Patience

All or most of the successful traders you look up to spent most of their professional lives working, learning, and growing. You need to be patient and give your strategies time to come to fruition. You won’t achieve success overnight.

Strategy & Teachability

Your trading strategies will make or break you in the market. That's why you need the best strategies possible while being open to learning during the journey. Being teachable as a trader will give you more opportunities to win because you’ll never be able to know it all.

Are You Next?

A decade from today, will your name be mentioned among the best retail forex traders in the ecosystem? If your answer is yes, then you need to lay the foundations for success today. Soros, Jones, and Wood have demonstrated that hard work and patience (and the right smart decision) can help you achieve your goals within the global currency market.