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Stanley Druckenmiller
Portrait of Stanley Druckenmiller
Stanley Druckenmiller has long considered George Soros his mentor.
In fact, the two worked together at the Quantum Fund for more than a decade.
He was even there during Soros’ famous Black Wednesday trade in which they “broke the Bank of England” when they shorted the British pound in 1992.
The duo reputedly made more than $1 billion in profits from the single trade.
Stanley Druckenmiller left the Quantum Fund to start his own fund, Duquesne Capital.
Duquesne Capital Management is famous for posting an average annual return of 30 percent without a losing year.
However, Stanley decided to close the fund on August 18, 2010.
He indicated that the “very large sums” of money were making it difficult to make big profits for investors.
Bill Lipschutz
I’ve written about Bill Lipschutz in the past.
He’s known for turning $12,000 of inheritance money into $250,000 while still in college.
He did this by investing the risk capital in his free time.
However, nobody is perfect, and Bill is no exception.
Shortly after turning $12,000 into $250,000, he made one bad investment decision that nearly cost him the entire account. He was back to square one.
But instead of throwing in the towel, he used that loss to fuel his passion for learning.
Lipschutz joined Salomon Brothers in 1984 as part of the newly formed Foreign Exchange Department.
One year later he was making $300 million per year for the firm.
Here are four key tenets from Bill Lipschutz himself:
Time is a risk factor. A three to one reward to risk ratio is acceptable for trades of 48 hours or less, but longer duration trades require a five to one ratio.
The game is the “thing”. According to Bill, a truly successful trader has got to be involved and into the trading; the money is the side issue.
Know pain, but don’t fear it. You have to feel the pain of a bad trade, or a wrong trade. If you don’t and are numb to it, then it’s over.
Insane focus is a must! Bill Lipschutz once said “when they call you crazy, you know you are on the right track. He was referring to the work ethic and insane focus required to succeed as a Forex trader.
Now that we’ve covered some of the world’s best Forex traders, let’s discuss the nine attributes they share.
Portrait of Stanley Druckenmiller
Stanley Druckenmiller has long considered George Soros his mentor.
In fact, the two worked together at the Quantum Fund for more than a decade.
He was even there during Soros’ famous Black Wednesday trade in which they “broke the Bank of England” when they shorted the British pound in 1992.
The duo reputedly made more than $1 billion in profits from the single trade.
Stanley Druckenmiller left the Quantum Fund to start his own fund, Duquesne Capital.
Duquesne Capital Management is famous for posting an average annual return of 30 percent without a losing year.
However, Stanley decided to close the fund on August 18, 2010.
He indicated that the “very large sums” of money were making it difficult to make big profits for investors.
Bill Lipschutz
I’ve written about Bill Lipschutz in the past.
He’s known for turning $12,000 of inheritance money into $250,000 while still in college.
He did this by investing the risk capital in his free time.
However, nobody is perfect, and Bill is no exception.
Shortly after turning $12,000 into $250,000, he made one bad investment decision that nearly cost him the entire account. He was back to square one.
But instead of throwing in the towel, he used that loss to fuel his passion for learning.
Lipschutz joined Salomon Brothers in 1984 as part of the newly formed Foreign Exchange Department.
One year later he was making $300 million per year for the firm.
Here are four key tenets from Bill Lipschutz himself:
Time is a risk factor. A three to one reward to risk ratio is acceptable for trades of 48 hours or less, but longer duration trades require a five to one ratio.
The game is the “thing”. According to Bill, a truly successful trader has got to be involved and into the trading; the money is the side issue.
Know pain, but don’t fear it. You have to feel the pain of a bad trade, or a wrong trade. If you don’t and are numb to it, then it’s over.
Insane focus is a must! Bill Lipschutz once said “when they call you crazy, you know you are on the right track. He was referring to the work ethic and insane focus required to succeed as a Forex trader.
Now that we’ve covered some of the world’s best Forex traders, let’s discuss the nine attributes they share.
