Monday December 5, 2016 - 13:11:33 GMT
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The Forex Trading Legends
There are many stories about traders in the forex market that are rehashed with the aim of providing encouragement to other traders - of traders who made amazing returns against the odds. While many people have stories, they have heard or read, there are few that known around the world. Here we will look at three forex trading legends who made their fortunes.
Andy Krieger and the New Zealand Dollar
Andy Krieger became a big name in 1987 and made the concept of short trading very popular in the forex market. The 32-year old currency trader made his mark soon after the Black Monday stock market crash when the impact of the crash was starting to be felt and many traders began to panic as they tried to move their money from the heavily impacted US dollar. Krieger took the opportunity to target the New Zealand dollar and assumed a short position which brought in substantial returns.
George Soros and the British Pound
George Soros had a long history in the market before making his mark against the British Pound in the 1990s. Soros was one of only a few who believed that Britain would not be able to sustain the strength of its currency as the pound shadowed the prosperous German mark. He borrowed a lot of money to take up short positions against the pound and when Britain withdrew from the Exchange Rate Mechanism (ERM) and the value of the pound dropped, Soros made an impressive $1 billion.
Stanley Druckenmiller Who Beat the Market Twice
Druckenmiller is well known for the fact that he made millions on the forex market through two different long bets on the German mark. He made his first millions when the Berlin Wall fell and and he invested heavily in the mark when its value was significantly decreased. As the value of the mark began to increase, Druckenmiller made his first million. A few years later, he was successful again going long in the German mark by correctly if the British pound would drop. When it did, he was left with millions once again.
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