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How George Soros Made Billions on Forex
Written by: PaxForex analytics dept - Friday, 27 June 2014 0 comments
Мany pеople on the intеrnet thеse days are on the quest searching for Forex millionaires. Other people just think that it is not pоssible to make such a big amount of money trading on Forex market. So whеrу is the truth?
The truth is that there аre real Forex millionaires in this world. Just one example for all is George Soros. He mаde not millions but billiоns оn Fоrex market bаck in 1992.
Historical Note:George Soros is a Hungarian-American business magnate, investor, and philanthropist. He is the chairman of Soros Fund Management. He is known as "The Man Who Broke the Bank of England" because of his US$1 billion in investment profits during the 1992 Black Wednesday UK currency crisis.
Soros is a well-known supporter of progressive-liberal political causes. Between 1979 and 2011, Soros gave away over $8 billion to human rights, public health, and education causes. He played a significant role in the peaceful transition from communism to capitalism in Hungary (1984–89) and provided one of Europe's largest higher education endowments to Central European University in Budapest. Soros is also the chairman of the Open Society Institute.
His career began since the establishment of the Quantum Fund in 1969 on Curacao. During the time of its existence, Quantum Fund conducted a large number of profitable speculative operations at Forex currency market. Just one example: on the spot market in 1996 only, the Quantum Fund received the profit equal to the annual income of McDonald's Corporation.
But, the most money-making deal of George Soros is
considered to be the currency speculations at the British pound sterling back in 1992, which within one month netted a profit of USD 2 billion. Thanks to such great success and the facts, by which it was caused by, George Soros soon got the reputation of "the man who broke the Bank of England."
But there are also ordinary people these days who can make big amount of money on Forex market.
Good news is that even you can become one of them. But it takes a little time. Yes, there are some Forex contest winners who turned 10 thousands into 100 thousand or more in a month or so, but contests, as well as demo, are not a 100% real Forex trading.
They were just lucky (and it’s not bad, actually), overtrading their demo account, risking all capital in one trade and so on. If they continue like that they would blow their account up very soon. Other question is would they trade like that with real money or they own money? It’s very doubtful.
There are no shortcuts, there is no holy grail, there are no magic indicators to make you millionaire in a speed of light, but if you use a good strategy with all important points of fundamental and technical analysis, great money management, discipline, power of compounding and patience, you can turn even a very small amount of money (like couple of hundreds) to thousands or more within several years. Or even sooner if you have bigger starting capital.