Who is the best forex trader of all time? By many estimations, that accolade would have to go to George Soros, the Hungarian currency speculator who very nearly broke the Bank of England on 16th September 1992. On that day (Black Wednesday, as it has come to be known), Soros sold over ten billion dollars worth of UK Sterling, causing the Bank of England to devalue their currency and pull out of the European ERM (Exchange Rate Mechanism). Soros made over a billion dollars on that trade. Not bad for an afternoon’s work!
That massive trade was just one of the highly profitable forex trades that Soros has made in his illustrious career.
Born into a Hungarian Jewish family in the 1930’s and growing up in war-torn Europe, Soros is the epitome of the self-made man. He is now one of the richest individuals in America with a total net worth of nearly fifteen billion dollars. He is also a major philanthropist, having given away around seven billion dollars over the last thirty years or so.
So how does one get to be as good a forex trader as George Soros? Well, if I could answer that question, I’d be a rich man myself!
But seriously, it’s all about taking calculated risks and trading with discipline. Soros, like all the best forex traders, is always prepared to take a risk on what he believes is the right trade. And he has the discipline to follow those trades through, sometimes in hugely adverse conditions (like going up mano-a-mano against the Bank of England!)
The best advice for anyone who wants to be a successful forex trader, like Soros, is to learn your craft, study the markets, don’t be afraid to take a risk and to trade with the courage of your convictions. Then who knows, maybe you will also be a billionaire one day (if you’re not already) and people will be calling you the best forex trader!