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Successful and Legendary Forex Traders...

Posted by Nelayan Forex On 5/13/2013 07:32:00 PM 0 comments

Here is a list of 10 successful and legendary forex traders, whose profit at the Forex market is calculated in millions of dollars...

1) Warren Buffet - according to the Forbes magazine ranking he is among the top five richest people in America, his fortune is estimated at $36 billion. Buffet is called a great investor: he has an outstanding ability of super-successful investments. He buys stocks, providing strong assets in the hope that sooner or later market will evaluate these securities at their true worth.

2) George Soros - he owes his success to the gift of financial foresight. Soros became famous after 'Black Wednesday' - 16 September 1992 when his one day profit amounted to over a billion dollars. Currently his fortune is estimated at 11 billion dollars.

3) Larry Williams became a successful forex trader due to the forex trading strategy at the world exchange stocks, which he developed and which helped him to make millions of U.S. dollars. He opens a position and holds it open from 2 to 5 days. Larry Williams is a typical example of the American dream which came true - making a fortune from scratch, in a short time.

4) Steve Fossett made his fortune at the New York Stock Exchange, however he became famous for his records in aviation and sailing. According to the Chicago Stock Exchange Director Fossett very quickly became 'one of the most risky forex traders'. At the peak of his career in 1980 Steve Fossett founded one of the largest U.S. trading corporations in the USA - Lakota Trading Inc.

5) Laura Pedersen began working at Wall Street when she was 17. At the age of 20 she became the youngest participant at the American Stock Exchange. Lora Pedersen earned 1.5 million dollars before she reached the age of 24.

6) William Delbert Gann is a very interesting and unusual personality in the world of stock trading; he was able to predict not only forex market behavior but world historical events as well. He was considered one of the most mysterious and great figures of his time. He gained a reputation of a successful forex trader trading on two accounts simultaneously. He earned $25 000 in 3 months with the help of his first account (originally the account had 300 dollars). The second account gave him 12 000 USD within 30 days (originally the account had 130 dollars).

7) Legendary Jesse Livermore, the most successful stock market trader in the history of exchange. He made his first deal when he was 15, by the age of 30 he was already a millionaire. It was Jesse Livermore who caused market wreck in 1907 making 3 million dollars in one day. At the time of the forex market crash in 1929 he managed to make profit of a hundred million dollars.

8) Nicolas Darvas - made a fortune of 2 million dollars out of 36 thousand dollars for 18 months. In his book 'How I Made $2,000,000 in the Stock Market', published in 1960 he shared his secrets of forex trading.

9) Alexander Gerchik, one of the most successful and well-known forex traders of America and in SIC. From 1998 to present he is a professional de-trader of NYSE. He is a managing partner of one of the largest brokerage in the U.S. since 2003. Since 1999 Alexander Gerchik has never had a single unprofitable month.

10) Edd Seykota he gained a fortune of 14 million dollars out of 5 thousand USD presumably for 13 years. One of his profound statements which became well-known nowadays:' Everyone gets his wish from the market'.

Think of your wishes!

It is very probable that Forex can make your wishes come true: as you can see, there are some above mentioned examples to illustrate this.

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The above original article can be found HERE.

Millionaire | |

Forex Millionaires

Posted by Nelayan Forex On 5/13/2013 06:56:00 PM 0 comments

The basic aim and whole essence of trading in general, and Forex trading in specific is extra profit. The ambitious traders push it to become more than ‘extra’ profit but a respectable amount. The realistic dreamers who allow themselves to dream big, but are grounded enough to work hard are the ones who reach the ultimate dream of becoming millionaire and billionaire traders.

Be wary and cautious, be careful with your risks, and do not lose your money; so the story goes. Of course this is solid and very good advice. Throwing all your life savings into a trade will not open up doors to a future of exotic trips, expensive drinks, and luxurious mansions. On the other hand no one makes it big without ever taking a risk.

The hard truth is that not everyone can make it. Everybody can perform the action of trading, everybody has the mental capacity to observe the market and make predictions, but very few have the immense talent to go the extra mile, create their own strategies, follow their very own systems and find an even combination of skills and requirement to lead the way.

The father of all successful traders to this day is the legendary Jesse Livermore. Born in 1877, he had earned thousands of dollars through trading by the age of 15, after running away from a farmer’s life which he was intended to follow. He became history’s most successful trader by following his own rules and strategies. The core of his work revolved around increasing the size of his positions as the market moved in his favor, and quickly cutting his losses. He was a bit of a wiz when it came to predictions and he left no event untouched, like the 1907 and 1929 market crashes through which he made huge amounts of money. He made millions upon millions during his 63 years of life, but he also suffered great losses through his risk taking. He worked endlessly through long days and nights to become what he became.

Many business owners and millionaires who made it up from scratch made their initial fortunes through trading. Like Warren Buffet who according to Forbes magazine is now in America’s to 5 richest people with a net-worth estimated at 36 billion dollars. He established this empire through big risks, accurate predictions and smart trading.

Another impressive story is that of Laura Pedersen who joined Wall Street at the mere age of 17 making her the youngest employee of the trading institution, she turned into a self-made millionaire by the age of 24.

A more recent example of Forex millionaires is the now well-known Alexander Gerchik. He is now a managing partner in one of the biggest brokerages in the United States, and he started by making his money through trading. He has not had an unprofitable month since 1999.

Many traders do not become millionaires but they do make thousands a month and continuously bring in huge profits which make their lives more comfortable, and make trading worth their while.

What do they have that most other people don’t? Understanding currencies, economies and markets probably does come easier to them than it does to most other people, but there are millions of number wired brains out there, and they still aren’t millionaires.

Truthfully there isn’t any one answer, and there are no hidden secrets. The common denominator between all Forex millionaires is their hard work and dedication. A lot of time and effort needs to be applied before reaching a place where millions are being generated through trading and continue flowing.

A starting point, a very important starting point is to be innovative and be a trader at heart. There’s much more than simply technical knowledge to successful trading. One man who started making huge profits shortly after learning to trade, created his own rule of not investing his money before doubling his profits three times in a row through the demo account. He stuck to the plan and never put in one cent of his own money before reaching that goal; from thereon he turned his 1000 dollars into millions.

Another trader kept trading with small amounts which would not harm him financially, until he had managed to reach 50,000 dollars in profit within a short period. That’s when he decided that he was ‘on to something’ and risked bigger.

The one story which really stands out is the trader who spent so much time trading, creating his own strategies and systems that he eventually designed his very own trading robot, in which he implied his own accurate methods, and allowed the robot to do constant trades for him earning him millions.

The bottom line is there are no guarantees, and not everyone is made to find success through trading, although everyone is capable of it. Once you have tested your predictions, your trading skills, and you truly feel that you understand trading inside out, you are able to easily use strategies and even create your own, and you are very much aware of the market and all the movements which are occurring then you know that you are a trader at heart, and you may just be the next success story.

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Published in TRADINGFOREX.COM Blog on

Wednesday, 13 February 2013 14:58

Written by Deema Osman