Monday, 27 June 2016

Best Forex Traders You Should Learn From

Posted By: Sifiso Nkwanyana - 11:01


& Comment

If you want to be the best, you have to learn from the best – a fact of life that goes far beyond the scope of forex trading. Still, it stands to reason to keep things confined to this area, for practical purposes. The thing about forex trading is that it takes a short time to learn but mastering it is neigh impossible, for the majority of traders out there.

There are some, however, that have either achieved the impossible or have come pretty damn close, so they would make ideal role models and mentors – of sorts – for all those new traders out there. Here are some of the best ones currently on Twitter.

The King of Currency Trading
There is no way of addressing the issue of top forex traders of all times without paying homage to the king of the game, George Soros. Regardless of what you may think about his beliefs and political activism, his forex prowess is second to none. Widely considered one of the best investors in history, this guy has a lot to teach you on forex trading.

His accomplishments are many. The most notable one was netting £1 billion+ in a single day, "a day that will live in infamy" as the Black Wednesday. What he did was spot a chink in the armor of what was widely considered to be a financial powerhouse and used it to bring BoE down to its knees. The Bank of England was extremely vulnerable at the time due to their interest rates and the ERM, in that they had to maintain a certain rate against the Deutsche Mark, and he exploited it masterfully.

Other than that, he has and continues to enjoy a highly successful career, with millions of followers on social networks all around the world and a celebrity status that will last even after his death. What made him so successful as an investor was his keen analytical mind as well as his appreciation for the risk-to-reward ratio. His innate ability to spot a bad deal and maintain an ironclad trading discipline is something we can all try to emulate.

Hall of Fame
While nobody would mind being at the very top, there are only so many people who could envision themselves ever reaching it in their lifetime. And even though having the right role model can do a great deal to motivate a trader, having a few mentors of their own won't hurt their odds, either.
Luckily, modern social networks are teaming with all sorts of individuals who specialize in guiding their less gifted colleagues through the labyrinth of forex trading. Still, it may not be such a great idea to follow them blindly, so these should be seen as a suggestion rather than a "must see".
Kim Krompass for instance, is a great mentor if you are a beginner, as she is both an accomplished trader and quite dedicated to her followers. With years of trading – and more importantly teaching – experience under her belt, and a stellar record in terms of performance, following her on social networks can provide more than just tips and hints.

She really seems to care about her followers, and this emotional support can often be as valuable as any advice she can give you. Seeing her students gain a firm grasp on forex trading and becoming expert traders can really boost your confidence and make you feel all warm and fuzzy on the inside. True, her followers’ number in thousands rather than millions, but then again, her approach is not exactly aimed at the masses.

People looking for a role model are not always looking for a mentor. Those who prefer to focus on the matter at hand might be better off following someone like Valeria Bednarik. She is someone who can help you stay appraised on the latest developments in terms of forex and forex alone. She will not hold your hand or cuddle you or anything like that – no cute puppies, star pupils or vacation pictures – just forex news and commentaries. This is something that a lot of people have come to respect about her, at least over at FX Street, who employ her as a trader as well as an analyst.

Finally, if you need help with your fundamentals, following Jarratt Davis can really turn the tables around. His approach to fundamental analysis has earned him a reputation as one of the best forex traders around. If you want to learn from a guy who practices what he preaches, he is your man.

About Sifiso Nkwanyana

Sifiso Nkwanyana is a full-time blogger and Forex trader who loves to explore blogging. He has a passion for helping newcomer bloggers make their blog noticeable and make money. The Main Purpose of this site is to bring reality with a taste of entertainment


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