Winning Tactics. Plus Most Successful Forex Traders in 2022

Trading forex, you need two things to win, direction and a regulated broker, the rest is up to you.

Forex traders around the world have achieved different levels of success. Keep reading to learn about the 5 most successful forex traders in 2022.

I have been in this industry for two decades and worked for online brokers for over 10 years now and I have seen a lot of things.

Mostly failure. That is the truth, however I have also seen a lot of big successes and sustainable income from the committed trader.

The art of trading is not an exact science and with the increasing popularity of the Fintech industry, more and more people are trading in some shape of form.

So, what makes a successful trader? This list is endless, but I will try to highlight what I believe is the most pertinent.

· They define who they are and what they want to achieve.

Obviously, most trade to make money but understanding the time required to succeed and the capital required is a must.

You can follow thousands of courses online, YouTube etc. watch endless webinars, practice all day on demo accounts, follow people like me 😊 and still fail.

The best way to succeed is to work within your defined limits.

I have x amount I am willing to invest/speculate/gamble.

I have x amount of time to concentrate on this.

Once you have defined this, you can then choose the best path for you. Don’t get me wrong this can change through time and experience or personal circumstances.

Example. I have no knowledge, but I have money that I want to invest. You can go through the traditional ways of investing via stocks, bonds, Investment Funds, Bank Products etc.

Another way, with less capital required (initially) is learn the basics of trading with leverage.

https://www.investopedia.com/terms/l/leverage.asp

This is up to you but from experience many find the whole industry exciting and do see the potential of making money by learning themselves.

Write down what you want and plan, “A goal without a plan is just a wish.” Adjust it as you go.

· They are realistic about risk to reward.

We all want to gain big money fast, and with leveraged trading this can happen, alas it can also go against you, so be prepared to lose small amounts until you are ready to trade big. There will always be opportunities in the market, don’t get hoodwinked by an account manager selling you a specific event. I have been trading and selling Brexit until now as a good opportunity. 😊 Successful traders lose, especially at the beginning but as Soros put it.

How much money are you prepared to risk or lose until you get to grips with trading? Most newcomers give up after losing money, some lose a lot of money .Understand risk, it’s not a dirty word, it is similar to investing in a business, some go to the wall, others eventually work, some make great returns. If you do not like risk, leverage trading is not for you.

· They focus on a few assets or currencies & study.

Most successful traders know the assets or currencies they trade like the back of their hand. The financial markets are massive and overwhelming and there is so much to look at and consider. So, specialise in what you understand or like and improve your skills and education one step at a time. Become familiar, eventually you will remember specific prices and support and residence with the naked eye.

I am studying new theories, strategies and listening to opinions all day, it will never end, we are talking about the biggest industry in the world.

“Education, education, education”, ok showing my age here, Mr Blair.

Watch finance programmes, websites, unbiased ones and get to grips with the jargon. I learnt a long time ago, when analyst overcomplicate terminology, they probably don’t know what they are talking about, so make it simple/stupid. It is not rocket science and no one is right or wrong and the successful trader will listen and act on his/her intuitions.

Be aware, study your success and failure and adapt. Keep it simple, there are so many algorithms, strategies out there, often the simple ones work best.


· They understand a Margin call.

This is for another blog! However, the successful trader understands margin calls.

Do not add to a losing position if told by a third party unless you think it’s best for you.

In terms of Forex & CFD trading, understanding what a margin call is fundamental, if you don’t, you will suffer.

https://www.investopedia.com/terms/m/margincall.asp

· They keep emotions in check.

Easier said than done, especially when it come to your money. Successful traders are probably good at poker. You will suffer many emotions when trading. Excitement, jubilation, greed, panic, fear, and doubt all forming part of the psychology involved in trading; you need to harness them in your favour. Naïve to say you will not have them, but a good rule of thumb is, can you sleep at night when you trade? The successful ones do.

· They follow their own instinct & judgment.

The successful trader trades his/her money and choses their own risk, don’t be swayed by others what to do but do listen and take advice. Everyone has an opinion.

· They follow money management.

The mantra of most successful traders is simple “cut your losses short, and let profits ride”, but adapt as you go.


Most Successful Traders in Forex So who are the best and can you join them?


1. George Soros

He is a world-renowned currency trader and is known for his large positions while trading the British Pound in 1992, which earned him the title “The Man Who Broke the Bank of England.” He is also the founder of Soros Fund Management, LLC. He has an estimated net worth of $8 billion and his renowned trade shorting the British pound happened on a day known as ‘black Wednesday’. This event was characterized by the withdrawal of the pound sterling from the European Exchange Rate Mechanism. It earned George Soros over a billion dollars, making him one of the most successful forex traders even in 2022.


2. Bill Lipschutz

He is known as the ‘sultan of currency’ and is the current head of Hathersage Capital Management. Lipschutz began trading currencies while studying at Cornell University in the 1980s. He is said to have made $250 million for his firm in one year. In an interview, he once said that “The forex market is always moving. Most people lose because they try to pick tops and bottoms; I sell weakness and buy strength.” This quote just goes to show how important it is to focus on the trend rather than trying to pick reversals.


3. George Van der Riet

Currently works as a full-time trader and is also a popular public speaker on financial markets. He focuses mainly on technical analysis and has developed his own unique trading approach which he has successfully used to trade forex, stocks, and commodities. He is a South African hedge fund manager and currency trader. He is currently the head trader and director of the Global Forex Institute.


4. Andrew Krieger

He is a former currency trader at Bankers Trust. In 1987, he made large bets against the New Zealand dollar, which earned him the nickname “The Kiwi Killer”. He has an aggressive trading style and his strategic trades involving the New Zealand dollar make him well known to date. After identifying that the NZD was overvalued, he opened short positions in 1987 which earned him millions of dollars.


5. Paul Tudor

This American hedge fund manager and currency trader founded Tudor Investment Corporation in 1980. He is also a philanthropist and supports many causes through his foundation. Just like Andrew Krieger, Paul was able to effectively predict and take advantage of the market crash in 1987. This trade earned him up to a million dollars.


These five traders are some of the most successful in Forex history. They have all made fortunes by correctly predicting market trends and taking advantage of them. While their trading styles may vary, they all share one common trait: they are patient and never stop learning. By following their example, you can improve your chances of success in Forex trading.

Conclusion

The art of trading is not an exact science, the successful trader does not rely on wonder methods and promises from others but will look at them and adjust strategy if it fits at any given time. I can truly say I have mentored several people which have now become better and more sucessful at trading than me and have made a very lucrative career out of it.

There is no single method or style that will generate profits all the time. The successful trader minimises losses while maximising profits.

The successful trader doesn’t give up, especially having experienced learning curves including the emotions and financial strains associated with trading.

Trading has been here forever, and the Fintech surge is here to stay, so why not try it, with the above caveat.

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