Experienced Forex Traders and What Traders Can Learn from Them
Automated trading programs bear the name "Expert Advisor" quite rightly. Even the most experienced traders have barely a fraction of the knowledge that the programs acquire day after day.
They can analyze every movement of the market around the clock - an ability that every human trader lacks. At the same time, this does not mean that beginners cannot learn anything from experienced Forex traders. Quite the contrary, in fact, as the example of copy trading has shown.
In this form of trading, the human factor cannot be completely eliminated, yet Forex professionals usually have their emotions under control far better than inexperienced traders. Furthermore, it can be worthwhile to seek inspiration from famous traders who have made considerable fortunes in the past by making wise investment decisions. Three of them are presented below in a short portrait for interested traders.
- George Soros: One person who should not be missing in any list of the most successful currency traders is George Soros. He built up a large short position against the pound sterling in 1992 and earned several billions within a very short period of time when the British currency depreciated considerably against the German mark.
- Stanley Druckenmiller: One person who profited from Soros' spectacular trade but went on to build a billion-dollar fortune for himself is Stanley Druckenmiller. His trading approach is to increase risk on trades that are doing well.
- Bill Lippschutz: He is known as the "Sultan of Currencies" and earned several hundred million dollars in the 1980s - without having any previous experience in the financial markets.
Beginning traders often have a hard time finding a balance between maximizing profits and limiting losses, because they are often euphoric by a first trading success or over-motivated by losing trades. To practice dealing with the various emotions involved in trading, we recommend starting with a Forex demo account and virtual credit. With this, traders can even test the helpful automated trading systems that are available, for example, with the Forex trading platform par excellence (the Exness mt4), and thus also contribute to successful risk management when trading on the foreign exchange market.
Conclusion: Beginners have access to the FX market
The Forex Trader comparison of the three most famous traders in the world brings one fact to light: Despite different biographies, all three people were able to build up a considerable fortune by acting skilfully on the markets.
They have one thing in common. Because at the beginning of their careers they were all inexperienced Forex traders, who only acquired and expanded their knowledge over time. Anyone interested in trading on the forex market should take these stories as inspiration.
On the other hand, those who have no time or patience at all to learn the ins and outs of the market still have the opportunity to make money through forex trading. Copy trading or automated trading programs (Expert Advisors) allow traders to put their investment decisions fully in the hands of others.