Ever wondered about how people start before they can make a big name for themselves in FOREX Trade? What are the stepping stones that lead them on this path of consistent success? What better way to get an answer to these questions than looking at some of the best success stories of people.
The most affluent FOREX trader is George Soros, who is a Hungarian-American investor. With a net worth of about $8 billion as of February 2018, Soros claims that two non-negotiable attributes to become a successful trader is will power and education. With a profit of $1 billion in a single night on Black Wednesday, 16 September 1992, he popularly proved to be a financial magician and the man ‘who broke the Bank of England. He asserts that not all investments will reap results and that is the reason education is one of the most potent weapons which ensure, to a certain extent that unsuccessful ventures are kept to a minimum. Another essential aspect to remember when you start trading is the mindset. You can have a loss and give up or recognize it as an indicator that you went wrong and moving forward by rectifying it and trying again.
The second success story is that of Stanley Druckenmiller, who considered George Soros as his mentor. With a net worth of more than $2 billion, he believes that the principle for growing long term returns on investments revolves around saving capital for the right time and aggressively following profits when trades are on the rise. According to him, this principle modulates the aspect of right or wrong and makes one realize the opportunity they are grabbing by educating themselves about the ways of profitable trade. As Edison rightly said, “I may not know the ways the bulb will work, but I know 10,000 ways of how it will not work.” This same principle has been applied by Druckenmiller in his philosophy of trade
Even though Lipschutz had no prior experience with currency exchange, he made huge profits of millions of dollars in FOREX. He pronounces FOREX as a psychological market and often reiterates the fact that it is more vital for a successful trader to recognize where he/she went wrong, rather than where he/she went right. Lipschutz exclaims that this is the only way one can educate oneself about the rerouting of paths when trying to be successful in this business. He suggests that a trader must take a cushion of only 20 to 30% profits when trading so that any more than that is a gain.
We have looked at a few of the world’s most successful traders’ stories and the one thing common with all these were the will, passion, and confidence to do what they thought best for themselves and the fact that they always took education very seriously. Education is not limited to high school or graduation, but can be amassed even at the age of 85 and used to learn more about anything one is passionate about.
So never stop learning and educating yourselves because education is the premise of everything!
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