How Did George soros withdrew the money when he made 1 million? | Forex Factory

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How Did George soros withdrew the money when he made 1 million?

  • #1
  • First Post: Mar 22, 2010 3:05pm Mar 22, 2010 3:05pm
Did he trade through a broker or short the pound through the bank?
  • #2
  • Mar 22, 2010 3:31pm Mar 22, 2010 3:31pm
I'm sure someone at Soros' level is dealing institutionally through either EBS or OTC with specific counterparties. Either way, he's operating in a manner that will be unavailable to you for several years (if ever).
  • #3
  • Mar 22, 2010 3:50pm Mar 22, 2010 3:50pm
Quoting EdgarNg
Did he trade through a broker or short the pound through the bank?
As far as I've read and understood the Bank of England were buying everything he (and another central bank/banks) were selling, that was the problem, the BoE couldn't sustain the attack so they had to capitulate!

It must have been like one of those wildlife programs when you see a bunch of piranha going nuts!

Anyone got a chart for that period, it would be interesting to see!
  • #4
  • Mar 22, 2010 4:25pm Mar 22, 2010 4:25pm
He did that when he was 60 + years old.

He started his career as an analyst in 1956.

I am sure to get success in financial trading, you need time and by observing markets day in day out, you get the hang of it.

He made $ 1 billion on sept 16, 1992. The total bet was $ 10 billion. After he went from office to his home, he didnt slept that night as US session was in progress.
  • #5
  • Mar 22, 2010 6:15pm Mar 22, 2010 6:15pm
Quoting kingfisher
He did that when he was 60 + years old.

... After he went from office to his home, he didnt slept that night as US session was in progress.
hehehe I guess if something had gone wrong he would not be here to tell.. Even if he had the super man heart
"Those who fail to prepare, are preparing to fail."
  • #6
  • Mar 22, 2010 8:39pm Mar 22, 2010 8:39pm
Quoting pipmutt
Anyone got a chart for that period, it would be interesting to see!
Do you refer to this?
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  • #7
  • Mar 22, 2010 8:51pm Mar 22, 2010 8:51pm
If im not wrong he had since lost the 1 billion back into the market
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #8
  • Mar 22, 2010 9:00pm Mar 22, 2010 9:00pm
He entered one day after a strong support was broken and when GB pound was near to historical maximums. Maybe some traders can learn about this, it is better few High Probability entries in high periods (4H charts minimum) than a lot of scalp entries in 10 sec (LOL) charts...
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  • #9
  • Mar 23, 2010 1:47am Mar 23, 2010 1:47am
Quoting joaoftd
hehehe I guess if something had gone wrong he would not be here to tell.. Even if he had the super man heart
According to him the risk was only 2 or 3%, for a ~15% return, nice risk:reward!
  • #10
  • Mar 23, 2010 1:51am Mar 23, 2010 1:51am
Quoting Trad3r
He entered one day after a strong support was broken...
He's the one who broke it, we would have just been along for the ride

Nice looking technical trade, thanks for the chart, what charting package is that?
  • #11
  • Mar 23, 2010 1:57am Mar 23, 2010 1:57am
Quoting pipmutt
According to him the risk was only 2 or 3%, for a ~15% return, nice risk:reward!
humm little diffident with that
"Those who fail to prepare, are preparing to fail."
  • #12
  • Mar 23, 2010 2:19am Mar 23, 2010 2:19am
Quoting joaoftd
humm little diffident with that

diffident?
  • #13
  • Mar 23, 2010 2:27am Mar 23, 2010 2:27am
In unmarked $100 bills.
  • #14
  • Mar 23, 2010 3:46am Mar 23, 2010 3:46am
Quoting pipmutt
According to him the risk was only 2 or 3%, for a ~15% return, nice risk:reward!

i remember read a article. For the 1992 gbp trade, he was making substantial profit in trading. Something like he has return of 30% profit for the year and he risk 5% on the gbp trade... quite a good RR with no risk to his principal capital.
  • #15
  • Mar 23, 2010 4:14am Mar 23, 2010 4:14am
Quoting songbo
i remember read a article. For the 1992 gbp trade, he was making substantial profit in trading. Something like he has return of 30% profit for the year and he risk 5% on the gbp trade... quite a good RR with no risk to his principal capital.
Yes, his approach seems to be high risk high return using gains as risk money, makes perfect sense and something I've tried to adopt in my own money management. I suppose you could call it aggressive compounding.
  • #16
  • Mar 23, 2010 2:39pm Mar 23, 2010 2:39pm
Why no one answer my question *sad face*.


i thought forex is unregulated if i was the broker i would run away or go bankrupt..

did he sell exchange currencies through the BoE? can you sell pounds when you dont have the actual pounds ?? did he trade with margin??
  • #17
  • Mar 23, 2010 3:57pm Mar 23, 2010 3:57pm
Quoting EdgarNg
Why no one answer my question *sad face*.


i thought forex is unregulated if i was the broker i would run away or go bankrupt..

did he sell exchange currencies through the BoE? can you sell pounds when you dont have the actual pounds ?? did he trade with margin??
Apparently he borrowed GBP, exchanged them for DEM and then exchanged them back again to repay the GBP he had borrowed, and pocketed the difference to the tune of a couple of billion US dollars. No doubt there was leverage involved somewhere along the line!

Pretty much the same as what we're doing just on a massively larger scale, I'm not sure Oanda fill orders for 10 billion but there's nothing to stop you giving it a shot if you've got enough margin!
  • #18
  • Mar 23, 2010 5:36pm Mar 23, 2010 5:36pm
Paypal.
  • #19
  • Mar 23, 2010 6:15pm Mar 23, 2010 6:15pm
Quoting opie999
Paypal.

traditional paypa or the new paypal debit cards?
  • #20
  • Mar 23, 2010 9:22pm Mar 23, 2010 9:22pm
Holy crap!! Paypal has a debit card now?!?!?
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