From all the success stories behind his name, I’m sure number 1 didn’t come as much of a surprise. Soros published a book in 2008, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means, it’s about 160 pages. This could change your mind on how you see economic meltdowns. In 2009, George said “We witnessed the collapse of the financial system.. It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”
Greece can testify to this. Soros is one of the most famous Forex billionaires. This is due to his one day profit of $1 billion, which he made after the famous ‘Black Wednesday’ in 1992. In September of 1992, the British Pound exchange rate versus other European currencies was fixed by the Bank of England (BOE). In order to maintain that value, the bank set their interest rate at a high level, similar to the one offered by Germany. However Germany’s high interest rates were appropriate for a robust economy in need for a cool down to prevent a spike in inflation. Britain was in the opposite situation, with its economy in the doldrums. The Hungarian immigrant spotted this situation, decided that it was unsustainable and shorted the market 10 billion pounds.
He completely devalued the Great British Pound based on a prediction and won. He made $1.1 billion USD. He was also blamed for causing the 1997 Asian financial crisis. How’s that for a resume? As of May 2016 George Soros’ net worth is $24.9 billion.
Are these the only five billionaire traders? There are several other Foreign Exchange success stories that give people both insight and hope. We’re not going to win the lottery tomorrow, or maybe, you never know, but with trading, throughout the years, new doors will open for us. Some Forex millionaires have just been lucky whereas others have had to work hard to make it happen. Yet, to make $Billions doing any ‘one thing’ is not an act of luck or a whim. It’s pure science.
Build an algorithm, base your strategies on technical and fundamental analysis and understand short and long term fluctuations of a currency. Fair value measures help to spot currencies that are away from their underlying value, these currencies will converge to that price in the long run. Stay motivated and hungry, and who knows? Maybe you can become the next Forex billionaire.