How to become a successful trader? Tips from the most famous Forex traders

Big money loves silence, so we rarely get a glimpse into the lives of people who made their fortune trading the financial markets. However, one person succeeded. The son of Belgian immigrants, Jack Schwager, was able to talk to several well-known and very experienced investors and stock traders. The most famous investors shared their knowledge and experience with him.

The most famous traders share their thoughts.

Stock magicians. Interviews with top traders. Jack D. Schwager.

Jack Schwager published his conversations with top traders in the book "Market Wizards", which is still a bestseller to this day. It is a must-read for anyone planning to speculate in the stock market. Even despite the fact that the book does not talk about any specific schemes of action. The most famous traders simply share their experience and thoughts in it.

Reading the book, we find that there is no single approach to trading in the financial markets. You can be a short-term auto trader, you can speculate in the medium term, or you can invest for years. You can make decisions based only on chart data, or never take advantage of technical analysis, basing your decisions only on fundamental analysis.

After all, you can trade in the foreign exchange market or futures and binary options. The possibilities of the market are so great that everyone is able to choose for themselves the ideal trading method that suits their requirements. That's what this book describes. All the traders in this book have different approaches to trading, but they share the same values - money and risk management, discipline, commitment to the system, and hard work.

Although the book was written more than a quarter of a century ago, it has not lost its relevance. The markets are changing, they are currently ruled by automated trading programs, but some of the laws are the same. Different markets have different cycles. There are also times when markets move in the same direction. So it was, and so it will probably be for a long time.

Famous Traders - Jim Rogers

Jim Rogers began his career in financial markets trading in 1968. At the time, he only had $600. According to Jim Rogers, the books helped him decide on his desired career. In the 1970s, he founded the hedge fund Quantum Fund with George Soros. In 1980, he began investing alone. To date, his property is estimated at 300 million US dollars. He also finds time to lecture on investing.

Jim Rogers is one of those investors who prefer to hold their positions for several years. It focuses on stocks that have a chance of becoming more valuable as the market develops. An example is the German shares he bought in 1982 and sold in 1985 and 1986.

Rogers was able to reasonably foresee that the 1980s would be a period of growth in the stock markets. The choice fell on the stocks of the German market, because the economy there was booming, and the stock market still could not start to grow after the crash in 1962.

Jim Rogers believes that the most important thing in proper investing is to do nothing (nothing at all!) if there is no reliable opportunity to get into the right position. You always need to wait for the market to show in which direction it is moving. All trades made by this great investor are based on fundamental analysis.

Famous Traders - Paul Tudor Jones

Paul Tudor Jones is well known in the world of stock market speculation. Currently, his assets are estimated at $4.6 billion according to Forbes magazine. In addition, Jones became famous for achieving a 62 percent return in October 1987, when US indices were skyrocketing. What’s more, for five years in a row, returns have reached triple digits.

Jones started out as a stockbroker on the New York Cotton Exchange. He made $1 million in his first year. He also worked as an independent trader on the NYCE. In 1984, he created the hedge fund Tudor Futures Fund. The original value of the assets was $1.5 million. At the end of October 1988, their value was already more than 300 million US dollars.

Famous Traders - Ed Seikota

At the end of this article, I would like to separately meet the trader Ed Seykota, whose approach to trading is radically different from the approach of other traders. In the early 1970s, he took a job at a brokerage company, where he created the first automated trading program. The program turned out to be very effective, but the company's management was not very impressed. For the 1970s, this was too radical an innovation.

This prompted Ed to start trading on his own account. In 1972, he took up automated trading. On a single client account, he achieved an incredible profit of 250,000 percent between 1972 and 1988. The initial capital was 5000, and if we took into account all the payments that were made during this time, the profit would reach several million percent!