Are there any long term successful Forex investors | Forex Factory

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Are there any long term successful Forex investors

  • #1
  • First Post: Apr 25, 2008 10:47pm Apr 25, 2008 10:47pm
I have been trading for sometime with a demo account with mixed results. I recently started a journal here at the factory because I have been have some success with my current strategies.

However, I always like to study people who have been successful at what I want to do. Are there any individuals that have had long term documented success with Forex Trading. Where are the Warren Buffet's of the Forex market. I know about George Soros but even he had to shut down his hedgefund do to massive losses they were taking?

Can someone give me any longterm successful Forex traders that I can read about or learn about?

Thanks,
Jackie
  • #2
  • Apr 25, 2008 11:07pm Apr 25, 2008 11:07pm
George Soros was big on over-leveraging, hence his problem.

How long term are you talking? Currencies travel in cycles, so over the long enough time frame the ROI of a currency is a negative due to transaction costs.

But you can take trades periods of weeks or months, they work fine. There are plenty of such people, you just don't hear about them on sites like this because they run successful funds averaging 40% ROI.
  • #3
  • Apr 25, 2008 11:25pm Apr 25, 2008 11:25pm
For me, I go short term for now. But I hear long term is good too. Great job bro.
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  • #4
  • Apr 25, 2008 11:31pm Apr 25, 2008 11:31pm
I mean long term such as was successful over the long term like years or even decades. I am not talking about being a long term trader necessarily. I mean someone who had a long term period of success over an extended period of years.
  • #5
  • Apr 25, 2008 11:41pm Apr 25, 2008 11:41pm
Ohh, oh sure there are. Grab some of Jack Schwager's books.

I think ppl who are successful in currencies trend to break out into other markets as well, so you have to define the start and not the end. But there are probably some pit traders who focus on a single pair most of their career.
  • #6
  • Apr 25, 2008 11:43pm Apr 25, 2008 11:43pm
Can anyone give me names that I can look up and research?
  • #7
  • Apr 26, 2008 12:04am Apr 26, 2008 12:04am
Laff... can't be bothered to Google?

Here's one:
http://en.wikipedia.org/wiki/Bill_Lipschutz

Just one example. Keep in mind that most profitable traders prefer to say out of the limelight, so you won't hear them on the news or on a business cover. They sit in the shadows trading and staying out of people's scopes as long as possible. You've got to go looking in order to find them.
  • #8
  • Apr 26, 2008 12:15am Apr 26, 2008 12:15am
Thanks for the reply, I have been looking on google. Maybe your google skills are better than mine... lol.

I have heard these traders tend to stay out of the limelight, can someone explain why this would be. I can understand that some people just don't want to be in the limelight. However, I would assume that many people have been or are successful forex trading. Why would almost none of them be visible anywhere on line or in the media?

Thanks,
Jackie
  • #9
  • Apr 26, 2008 12:40am Apr 26, 2008 12:40am
If you ran a multi-million dollar fund (which involved currency trading in some way) why... why oh why, would you invite the curse of the media upon your family and friends? Just keep low key, never talk numbers, never brag about anything, just stay quiet, perform and enjoy a very nice life working in a field you enjoy while getting paid well in order to do it.

Sounds like a sweet deal to me. Sounds better than 99.999% of the alternatives on Earth.
  • #10
  • Apr 26, 2008 2:39am Apr 26, 2008 2:39am
david smith of jamaica. Roland campbell of usa.
Start with th.ese two
  • #11
  • Apr 26, 2008 2:52am Apr 26, 2008 2:52am
Quoting coastalfx
I mean long term such as was successful over the long term like years or even decades. I am not talking about being a long term trader necessarily. I mean someone who had a long term period of success over an extended period of years.
Interesting question and search, but how does that influence you becoming a failure and success with this business?

Forex is like other financial trading and investments, it is just like other businesses. Many successful business people in the world also have interest in the financial markest so there are millions of people that made it directly or indirectly through financial trading

It is like asking do we have real successful business people in the world?
So people will ask what do you mean by real successfull people like Bill Gates?
Everyone know that the software business is successful because Bill Gates made it from there, but 95% of others have failed in the past in that arena.
  • #12
  • Apr 26, 2008 2:56am Apr 26, 2008 2:56am
Quoting Rabid
Laff... can't be bothered to Google?

Here's one:
http://en.wikipedia.org/wiki/Bill_Lipschutz

Just one example. Keep in mind that most profitable traders prefer to say out of the limelight, so you won't hear them on the news or on a business cover. They sit in the shadows trading and staying out of people's scopes as long as possible. You've got to go looking in order to find them.
He is the "Sultan Of Currencies", and you are absolutely right about them staying out of the limelight,
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #13
  • Apr 26, 2008 9:11am Apr 26, 2008 9:11am
I appreciate the comments and especially the ones that has answered my questions and given me further research.

Two notes, I agree it may be a nice life to stay out of the limelight however many people just refuse to do that. If there are enough people who have been successful in this market then there is someone somewhere bragging and really enjoying the limelight.

I agree that 95% fail in business etc... However, someone else's success does not determine my own. But, I would like to know who I can follow and who I can research for inspiration and knowledge. If there was no one that went before me then that makes my job much more difficult.

People continue to name millions that have been successful in this market but so far I have only gotten 3 individuals named. Now I agree that some people have made money in this forex market as well as other avenues so therefore that might be why we don't here of many. I am specifically looking for individuals who have made the vast majority of their income via the Forex market as either a hedgefund manager or a individual trader.

Thanks again to everyone and I hope that explains my question alittle better.

Jackie
  • #14
  • Apr 26, 2008 9:54am Apr 26, 2008 9:54am
There is a book called Millionaire Traders by Kathy Lien and Borris Schlossberg about regular people starting out with little money that made it big. I haven't read the book but it sounds interesting. Since both authors are involved in currency trading , I assume the book would mainly be about currency traders
  • #15
  • Apr 26, 2008 10:01am Apr 26, 2008 10:01am
www.hathersage.com click on investment programs,see how this guy makes a mint !!!!!!!!!
  • #16
  • Apr 26, 2008 4:22pm Apr 26, 2008 4:22pm
I doubt there are "millions" that have "made it big" in Forex. Trading isn't for everyone. Just as there aren't millions that have made it big trading stocks, options, futures, or anything else.
  • #17
  • Apr 26, 2008 9:14pm Apr 26, 2008 9:14pm
Quoting Rabid
I doubt there are "millions" that have "made it big" in Forex. Trading isn't for everyone. Just as there aren't millions that have made it big trading stocks, options, futures, or anything else.

if you are refering to my post about the book millionaire traders, nowhere did I say anything about millions of traders. if you google the book it talks about interviews with 12 traders that "made it big" starting with little money.I haven't read the book but probably will just for inspiration.you came up with the "million" figure out of nowhere!
  • #18
  • Apr 26, 2008 9:37pm Apr 26, 2008 9:37pm
Dont listen to anyone. There is no such thing as a successful forex trader. It is actually just a ponzi scheme started by j p morgan to take over the world.
  • #19
  • Apr 27, 2008 12:01am Apr 27, 2008 12:01am
Quoting coastalfx
I have been trading for sometime with a demo account with mixed results. I recently started a journal here at the factory because I have been have some success with my current strategies.

However, I always like to study people who have been successful at what I want to do. Are there any individuals that have had long term documented success with Forex Trading. Where are the Warren Buffet's of the Forex market. I know about George Soros but even he had to shut down his hedgefund do to massive losses they were taking?

Can someone give me any longterm successful Forex traders that I can read about or learn about?

Thanks,
Jackie
Read a pair of books: "Market Wizards", and "New Market Wizards". Then, get a subscription to "Trader Monthly". It'll have all your success stories within.
Never underestimate the powers of the Force.
  • #20
  • Apr 27, 2008 12:34am Apr 27, 2008 12:34am
Quote
if you are refering to my post about the book millionaire traders
Wasn't, was referring to coastal's "please continue to name millions that have been successful in this market..." I think assuming "vast numbers" of successes is a bad idea, lol. It understates the challenges.

As for "Millionare Traders" tho, I don't know if it's good or not. One caveat, those 2 authors work for DailyFX, a division of FXCM. They have a vested interest in bringing in new traders so they may also be prone to understating the challenges of trading. I would approach it with skepticism, but haven't read it and can't say to the material itself.

Quote
Dont listen to anyone. There is no such thing as a successful forex trader. It is actually just a ponzi scheme started by j p morgan to take over the world.
Laff, dangit what did I do with my Troll Food (tm)?

Quote
Read a pair of books: "Market Wizards", and "New Market Wizards". Then, get a subscription to "Trader Monthly". It'll have all your success stories within.
Excellent recommendations, I second that.
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