I will admit that I really wanted to do an article about successful Forex traders and their stories but finding them online was virtually impossible.
Even the currency traders that defined themselves as real millionaires could not back that up with any audited statement of their trading account.
One prominent trader posts pictures of fancy cars and vacation. The issue is that most of his money is made from selling courses, not trading. Do you need to make millions to be a successful FX trader or is being able to pay the bills and have money left over for the finer things in life enough for you?
I can say this though, successful Forex traders or any trader for that matter that has success, has much in common with others who are successful. There is probably a very good reason why you have not obtained any level of trading success that you can be proud of. It could be anything from not having an edge to simply being under-capitalized.
Whatever the reason is for you, you can start by adopting the habits taken from the true stories of traders who are successful. We are all built the same. The successful traders you emulate are in line with what I have written for you below.
This is the probably the most defining factor of success. What is your motive? Is it for the thrill? Is it to be right? Is it because you love the challenge? Whatever your reason is for trading, be very clear on why you open the charts every day.
Make it your mission statement. What is it that makes you have a positive expectancy trading method? Can you explain why your method of trading should produce positive returns? If you are unable to define what your edge is, then you do not have one. The people who make money sometime a lot of money know exactly what their edge is and why it should give them positive returns over time.
In most interviews of proven successful traders, they will tell you that they are independent thinkers. They trust themselves and their ability to make the needed decisions in accordance with their trading plan.
If you lack confidence, you will lack the ability to execute either to enter a trade, stop out of a loser or take your profits when the market shows you the exit. Interesting enough, I had read an interview where the trader said he never takes a loss or a win. He simply takes the outcome of his trading edge and moves onto the next.
What a great way to think! All we can do is apply our edge when the time is right and let the random distribution of wins and losses play out over time.
This simply means that the money they have put up for the position is money that if the lose, will not prevent them from paying the bills. Any loss will not change their decrease their lifestyle as a win will not increase it either. Desperation will reward you with losing your account.
Success is never a straight line. While there may be the outlier, most people will have a two steps forward one step back journey to success.
During the times of struggle are the times the discipline to stick to your proven edge will become effort. In adversity strength is born and if you can walk through the fire as many times as you must by not getting burnt a blown out account , you have much better odds of reaching the success you seek. Now, I got to admit, this is not the classic rag-to-riches story but on the other hand, when you think about it, it is, when you compare how much each trader is now worth compared to when they were just starting out to build their wealth.
So in that sense, these are Rags-to-Riches story of how ordinary people became billionaire millionaire traders. It took some years of hard work and persistence. Some even considered giving up trading altogether after either wiping out their trading accounts or almost losing most of it.
This is one man who would be very thankful to have had lovely grandmother. Well, not really according this this story. Bill sold all of it and used this money as his risk capital to start trading the stock market whilst he was still a student. He started trading the stock market using this money and years later when he started working for Salomon Brothers , he started trading the Forex market.
Well, he got his architectural degree but he also ended up studying a lot of business courses and ended up getting and M. The thing was, he never practiced as an architect. It was his second degree that paved his way to secure a job with Salomon Brothers. The thing was he did not want to be an architect. It was a gradual process until trading literally took over his life. But a bad trading decision he made cost him dearly. That huge loss was a very important learning experience for him.
D-mark is an abbreviation of Deutsche Mark. To put this in perspective: This was a guy that was trading huge contracts that sometimes moving the currency markets just by his huge orders.
And there may be many reason for that. Sometimes it may take a while before someone finally figures out what he want to do in life. He was considered to be amongst the top five of all Forex traders worldwide. So if you find a picture, please let me know.
My brother, Terry, was a floor broker on the Chicago Mercantile Exchange. He got me a job as a runner on the floor, which allowed me to work in the morning, attend school in the afternoon, and study in the evening.
I worked as a runner for a couple of years with absolutely no intention of getting into this business. I was studying to be a clinical psychologist. And each year he continued to make more money than the previous year. And he was trading in the trading floors at that time. Then one day he decided to leave the trading floors and start trading from home. And tell you what? Its been reported that Randy Mckay has been profitable for his own trading account 18 out of 20 years.
What the lesson here? Soros has said that he would have an instinctive physical reaction about when to buy and sell, making is strategy a difficult model to emulate. Now, not much is known about how much this guy shown above net worth is but it should be in the multi millions I believe. He is a commodities trader, who earned S. He is reported to be the first to conceive and develop the first commercial computerized trading systems. Not much is currently know about is net worth but if rumors are true, he certainly deserves to be called a trading success story.
Computers can do your trading. You just have to find the right system and code it and watch it churn in billions! But on a serious note, yes, you can make money by using computer programs which trade on your behalf but the important thing in my opinion is to use the right trading method that works in a given currency pair. Ed is still active today in what is called The Trading Tribe. Ed is a firm believer that emotions and knowing yourself is the cornerstone of a successful trading career.
And just to think that there are some people alive today that have been taxied around by this billionaire trader?
He had some turbulent childhood as well and it must be tough for him as His mother committed suicide. He panicked and sold it. He said that the was a good lesson for him in risk management. Who is this man? Not bad for a former taxi driver. Well, it does not matter what kind of job you are doing right now. Give a shot a trading. You never know where you will end up in the end.
From an early age, he showed great interest in making and saving money…and that later translated to making him billions and many millions of dollars to many of those investors that invested with his company. But you know what? Warren Buffett is wealthier than ever thanks to the stellar performance of his diversified holding company, Berkshire Hathaway. Its coveted Class A stock, which is the most expensive of any public U.
He later studied under Graham before moving home to Nebraska and acquiring a struggling textiles company in , Berkshire Hathaway. In early February , it was the fourth most valuable public company in the U. He was born in Memphis, Tennessee. He finished high school and went on to University of Virginia, earning an undergraduate degree in economics in as well as his college welterweight boxing championship.
In , he started working on the trading floors as a clerk. Then later he became a broker. Anyway…as the story goes: This skill set is not something that they teach in business school.More...