Every person involved in trading sometimes needs a sort of push, which would give them even more enthusiasm and self-confidence. Examples of success of those who were able to reach the top of financial Olympus are a great motivation to continue to go towards their goal, and we are ready to share them with you. Pause – read an article about famous traders. And let these 5 minutes of rest give you the strength to continue to strive to implement your ideas.
1. George Soros: the man who put the Bank of England on his knees
The experience of this famous trader clearly shows that it’s never too late to start. He began his career as a financier only at the age of 26, hitting a brokerage company at the invitation of his acquaintances. He was inspired by the idea of making money on international arbitration, which brought him his first success. True, at 33, after the change of legislation in the USA, he was forced to wind it down. At the age of 39, he becomes a manager in one of the companies, where he comes to realize that he is capable of more. In 1973, when he was already over 40 years old, he created his own investment fund, Quantum Fund, whose capital increased to 20 million dollars over 20 years. United States.
You can arbitrarily long condemn the ways Soros achieves his goals, but the winners are not judged. Success in currency speculation brought him foresight, the ability to manipulate and in some way unprincipled. He often ruled the market through media and connections, directing the thoughts of traders in the right direction. The most famous of his deal was the game against the Bank of England, which in 1992 was subsequently forced to sharply reduce the rate of the pound sterling against the German mark. By the way, Soros is also a great philanthropist who supports with the help of grants from scientists, students and public organizations.
2. Jesse Livermore: the man who earned on the stock market crash
Another famous trader who was able to earn millions and just as easily lose them. His first capital Livermore earned in 15 years, making transactions in the bookmakers. But fame brought him the success of stock market crashes of 1907 and 1929. While everyone was losing money, he made millions on this. He is one of the first to formulate clear rules for risk management, on the basis of which more than one generation of traders will grow later.
A few of its rules:
- Do not lose money. This is about risk diversification. No need to invest all the money in one transaction, a balanced investment portfolio is the key to success.
- Insure transactions. Livermore was a supporter of short stops – it is better to immediately close a losing trade than to risk even more.
- Reinvest profits wisely. Livermore preferred to invest in turnover only 50% of the profits, forming a reserve fund of the remaining money.
There have been dark spots in his career, but they happen to everyone.
3. Larry Williams – the father of technical analysis
His personal best is 11,000% profit in one year. This well-known trader was one of the first to formulate strategies for technical analysis, developing proprietary indicators. Many of them are included in the standard basic set of tools MT4 and are used to this day.
An interesting fact: after testing their own indicators, Williams admitted that he preferred to get away from technical analysis, relying on intuition and fundamental factors. And his profit after that has grown.
Stay tuned with the FxCash cognitive blog. We hope you are interested in us!