The list of forex traders who have made themselves from 0 to the top. Successful traders are often called stock market players, speculators, and investors whose strategies have passed the test of time and turned out to be winning.
In this article, we will talk about forex traders who were able to turn their modest investments into millions of fortunes, thanks to their hard work, perseverance, and desire for knowledge.
List of forex traders
The richest trader of our time is Carl Celian Icahn. He is a true veteran of the list of top forex traders. In his youth, he began trading on the stock market with money received as a gift from his uncle.
Most successful forex traders
To date, his annual earnings amount to $17 billion. Being one of the most successful forex traders, he recommends investors not believe market data and independently analyzes any indicators.
Best forex traders to follow
Rainer Teo is one of the best forex traders to follow in 2022. He runs a YouTube channel with more than 1.5 million subscribers and a TradingwithRayner website that unites more than 30,000 traders. He teaches his colleagues how not to lose money, what are the typical mistakes, and what solutions apply to the current market trends.
Top forex traders in the world
This is how he describes his work:
“At the moment I am a swing position trader. I am trying to capture individual market movements that occur in a four-hour or daytime period. A positional trend trader is a trader who follows a trend and then tries to hold his position until the very end of it! You know, as they say, the trend is our friend, and you need to follow it until it ends.”
What makes Mark Minervini one of the top forex traders in the world? In the first year, he received 128% of the profit, and in five years – 220% – and all this with several thousand dollars in his pocket. Truly, such a record can only be achieved by talent from the list of top forex traders.
Minervini is the author of several useful books, for example, “Think and Trade like a champion: Secrets, rules and the rough truth of the master of the stock market.”
Mark says that success in trading is not about finding the lowest point, but about getting into the trend.
Famous forex traders
Simon Cawkwell is one of the most famous forex traders from the UK. His investment strategy boils down to short sales. It was thanks to her that he earned 1 million pounds after the 9/11 attacks.
Biggest forex traders
As befits a former accountant, he is well able to analyze, insightful, and quick-witted, which he successfully uses to get rich and regularly get on the list of best forex traders. Simon immodestly believes that he is simply better than most of the biggest forex traders because when the turmoil makes everyone panic, he never does.
Successful forex trader in the world
Simon Cowkwell loves financial crises because then he watches others become stupid and make mistakes that he does not allow himself to make. That’s when he has the opportunity to prove himself as the most successful forex trader in the world.
How to become a successful Forex trader?
Dry statistics show that 95% of novice forex traders who tried to get at least something suffered losses and left the market forever. Profitable trading today is not only a talent for investing but also hard work every day. Not many people can handle it.
It won’t work to make a million out of a hundred dollars right away. Experts consider the yield of 30-50% per annum quite good. Don’t expect fabulous wealth to fall on you from heaven, but get ready to work hard. The mistake of many is the hope for easy money.
Here’s what you need to know to start trading Forex:
How much money will forex trader need to start?
To start a full-fledged trade, you need to have a capital of $ 1,000 or more. This amount will allow you to comply with risk management rules and analyze large periods.
If we correlate this amount with the above profitability, it turns out that it is unlikely that you will be able to provide yourself with earnings from such trading. Therefore, the capital will have to be significantly increased before you become a professional.
When will Forex trading start making a profit?
Lucky and most successful forex traders on average get a tangible profit two years after they start actively doing something to become traders. Unintelligent and inattentive forex traders get nothing!
5 steps on the way to the top of the list of best forex traders:
- First of all, it is necessary to understand how the market works. It is necessary to understand what a currency pair, spd, quotes, leverage, margin call, swap, point price, etc. are. To become one of the most successful forex traders in the world, you also need to study how the trading terminal works (you can start with MT4, it is quite a professional platform used by top forex traders in the world), how to place orders, use indicators and graphical tools (along the way, consider various types of charts reflecting quotes).
- Find out what fundamental and technical analyses are. Read about the impact of news on the market and how it can be used. After that, you can open a demo account and practice trading “on the news”. Firstly, you will need to understand this mechanism in any case. Secondly, you will consolidate the skills of working with the platform.
- The next stage is the most time–consuming – the study of technical analysis. The problem is that it is not enough to remember how to use indicators and basic figures. It is necessary to understand why such recommendations exist.
Biggest forex traders
In other words, any biggest forex traders should know the formula “sewn into the indicator” and how it reacts to fluctuations in quotes. Mandatory results of studying technical analysis are the ability to analyze the dominant trend and the current state of the market, the ability to determine price channels, support and resistance levels, understanding which tools are preferable in the circumstances. Best forex traders to follow also recommend learning the basics of wave theory, the ability to identify corrections and distinguish them from trend changes.
Best forex traders
- Next – risk management training. This is a separate science, about which best forex traders have written many thick books. Here a beginner can relax and just remember that in any transaction you cannot risk more than 2% of the trading capital. The second truth is that martingale, so actively advertised on the Internet, is a path “to nowhere” (it has a negative expectation of profit).
- You will also have to dive into the rules of opening and transaction support – learn how to correctly determine the entry point to the market when a forecast is made regarding the direction of its movement. You also need to know how to correctly place stop orders and manage them.
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