Secretly unveil the 6 true Forex secrets that the world accepts

Profitable forex trading is not something that started in May. Many people think they need massive debt or a final sum of money in their account to get started. But in reality, world-class forex traders focus heavily on risk management, making principled decisions, and learning from losses, rather than setting high profit targets from the outset.

Get to Know 6 Legendary Forex Traders

The skills and methods of great forex traders may be similar or different, but each has their own strengths.

1. George Soros - The Lion in the Currency Market

As of July 2023, George Soros has a net worth of $7.16 billion. His wealth stems from the Black Wednesday event on September 16, 1992, when he bet against the British pound, selling $10 billion and making a profit of $1 billion in a single trade.

His success formula: Soros uses a method called “Reflexivity,” which involves market predictions based on current economic conditions. He starts with small investments to test hypotheses and gradually increases his stake if the market moves as predicted. He stops immediately if the market moves against him.

2. Stanley Druckenmiller - The Impatient Protégé

As of July 2023, Stanley Druckenmiller has a net worth of $9.88 billion. He began by reading Soros’s book “The Alchemy of Finance” and believed in the same approach. In 1988, Soros invited him to manage the Quantum hedge fund.

In 1992, Druckenmiller decided to bet against the British pound, believing UK reserves couldn’t support it. The result: over $1 billion profit. Later, he also made a billion dollars betting on the Swedish krona and the Danish krone.

His success formula: High confidence and knowing when to exit trades. The key is knowing when to sell and managing emotions well when making decisions.

3. Andy Krieger - The Young Challenger

As of July 2023, Andy Krieger has assets worth $3 billion. He became a famous trader quickly after Black Monday in 1987, when the stock market plummeted and the dollar fell sharply.

Krieger saw that the New Zealand dollar couldn’t withstand the pressure. He used large sums supported by Bankers Trust to short the New Zealand dollar by 10%. The Reserve Bank of New Zealand had to capitulate, and Krieger made a $300 million profit for Bankers Trust.

His success formula: Target weak national currencies, follow trend-following strategies consistently, and excel in managing highly volatile situations.

4. Bill Lipschutz - The Risk Taker

As of July 2023, Bill Lipschutz has a net worth of $1.1 billion. In 1985, he generated $300 million for his company.

As a student at Cornell University in the late 1970s, he turned $12,000 into $250,000. Later, he lost everything due to poor trading decisions—an important lesson that changed his trading approach.

His success formula: Truly understand risk and reward. When opening a position, know the entry point and market logic. Gathering and analyzing data thoroughly boosts confidence.

5. Jim Simmons - The Quant Wizard

As of July 2023, Jim Simmons has a net worth of $28.1 billion. From 1968 to 1978, he was a mathematics professor and chair of the mathematics department at Stony Brook University.

Now, his net worth is approximately $23.5 billion. Known as the “Quant King,” he entered hedge funds in 1982 and founded Renaissance Technologies, a fund specializing in automated trading using mathematical models based on historical price data.

His success formula: Use quantitative strategies (Quantitative Trading), employing algorithms and mathematical models to find profit opportunities from past data. This system helps him manage volatility well and generate consistent returns.

6. Bruce Kovner - The Card-Playing Collector

As of July 2023, Bruce Kovner has a net worth of $6.6 billion. Starting in 1977 as a commodities trader, he achieved great success.

In 1983, he founded Caxton Associates, a hedge fund employing diverse strategies such as global securities trading and trend following. Today, it is one of the largest hedge funds in the world, managing over $14 billion.

His success formula: Trade enough to avoid disappointment from losses, maintain emotional balance, and if trading large amounts, risk no more than 1-2% per trade.

Top Forex Traders in Thailand

Many Thai forex traders exist, but the most internationally recognized is Mr. Surkiat Yawanoopas, who competes in large global funds. He founded ALPHA Academy to help new generations learn.

Surkiat Yawanoopas’s Trading Journey

He started by joining fund trading through a broker invited by a friend. Later, he obtained global fund management certificates and followed various regulations.

After continuous practice and self-improvement, Mr. Surkiat topped the leaderboard nine times and recently ranked 4th in the world. He was appointed brand ambassador and won a withdrawal of 1 million baht.

Surkiat is a good example of a Thai trader with notable achievements. While other Thai traders are building portfolios, his intense self-development serves as a role model for beginners.

Essential Skills for Forex Trading

Research and Analysis Skills

This skill is crucial for successful forex traders because it helps understand the overall market fundamentals and identify the impact of data to make buy or sell decisions.

Analyzing fundamental factors such as interest rates, unemployment, GDP, and economic data from various countries is essential. For example, analyzing the EUR/USD pair requires checking data from both zones and comparing, along with following economic news to gauge opportunities.

Technical Analysis

The main method of successful traders is to identify future trends using charts and indicators to study past data.

Components of technical analysis include:

• Price trends
• Chart patterns
• Volume and momentum indicators
• Oscillators and moving averages
• Support and resistance levels

For USD/JPY, if using a Moving Average (MA) indicator and seeing a downward trend in recent hours, one might choose to sell.

Winning Mindset

Successful forex traders do not let losses destroy their confidence. Even if trades sometimes don’t go as planned, their secret is patience in waiting for the right opportunities rather than fighting volatility.

Risk Management

Successful trading mainly involves controlling risk. Aim to keep trades aligned with your plan, evaluate your trading system, adjust, and try again. These actions require patience and discipline to achieve goals.

Fully Utilizing Trading Tools

When starting with a broker, you get tools to analyze the market, such as economic calendars, indicators, time frame settings, and even demo accounts for practice before trading with real money.

Strong Mindset

This is the foundation of successful forex traders. Firm determination and focus are essential when facing pressure situations. Importantly, understanding the basics of forex is crucial for beginners—trading without understanding how the market works can lead to both wins and losses. Learning and practicing are key.

Summary: Lessons from the Real Experts in Forex

World-class forex traders do not rely on luck but on serious market study, developing their own trading strategies, and confidence in their actions.

Soros, Druckenmiller, Krieger, Lipschutz, Simmons, and Kovner have all experienced failures. What brought them back was knowing where they went wrong and being ready to fix it immediately.

If you’re starting in forex, learn from successful traders and gradually learn from your own mistakes to move toward future success.

Frequently Asked Questions

Who is forex suitable for?

Those who enjoy studying and analyzing market movements and are willing to take risks at any time, as the forex market is highly volatile. It can lead to large profits or total losses.

How risky is forex?

The risk in forex comes from constant currency fluctuations. Some enjoy this opportunity for profit, while others see it as unpredictable risk.

How to trade forex profitably?

Start trading with small amounts, develop your own trading strategies, and manage your emotions well when making buy or sell decisions.