Famous Forex Trader: George Soros

George Soros is a feared and often hated man in the world of finance and politics. He has mastered the art of trading currencies that led him to amass immense amounts of money over the years. While he is currently retired, he still offers advice and attempts to influence public policy within the political realm.



Early Trading Years

 

George Soros was born in Budapest, Hungary in 1930. After graduating from college in 1947, he went on to work as an analyst and investment manager F.M. Mayer, Wertheim & Co., and Arnhold & S. Bleichroeder. He then went on to start his own company, the Soros Fund Management, which later became the Quantum Fund. While running Quantum Fund, it has been reported that he built up returns of over 30% per year, and over 100% at least twice.

 

Making Millions and Billions<

 

George Soros was involved in both the stock market as well as in the Forex Market, but it was his masterful way of developing Forex Analysis that allowed him to make so much money. He was a short-term speculator that made huge buts on currencies in the Financial Market. He is the guy that made over $1 billion in one day by short selling the British Pound. E learned how to read the political and economic climate of countries, and was able to influence world-wide currency decisions all by himself. Some people say he played a large role in the Asian financial crisis of 1997 as well.

 

Some Advice

 

As a huge investor and money mover, Soros does not use a Forex Broker like the rest of us would, but he shared some advice that may help out even more than our Forex Signals, our Forex EA and Forex Trade Copier that we rely on so much. He said that he studied the way people traded and how they reacted, and learned that people tend to trade in herd and trade with their emotions. He said that he would stay with the herd most of the time, but he would look for a reason to break away and make a killing.

 

Politically and Philanthropically

 

George Soros does give away a lot of his money to people and causes that are important to him. Some people feel that his political influence is too strong and can be very dangerous. He believes strongly in the Socialist system, and many would say he is a Communist. As such, he runs and funds websites and political groups that help to enact his Socialist views.

Get A Good Forex Broker

The world of forex trading isn’t just about the trader and the market itself. Traders can’t easily venture into the market and find a seller, just like the market can’t find them. To remedy this issue, traders use what’s known as a forex broker to help them facilitate trades.



Forex brokers are known as ‘legal entities that act as intermediaries between traders in the market.’ Their role in the market involves linking buyers with sellers—and sellers with buyers.



These forex market intermediates can be a single individual, though nowadays they’re most commonly an institution or a company that offers various services related to the market, such as a forex trade copier.



Online brokers



Today’s forex brokers also have an online presence, as much of the foreign exchange market operates online nowadays. They offer their various services via electronic media, making forex trades, forex signals monitoring and even using forex analysis tools easier than the past.



Forex brokers can also act as a guide for traders, especially if they’re a novice trader. Brokers can offer great advice and services to match the skill level of the trader in question. Many of the best forex brokers today provide enough services like forex EA software to ensure traders have all the tools they need to conduct successful transactions.



Many forex brokerage sites also provide client-based software for traders, particularly if they’ve registered for their services. This software can be client software used as a trading platform or forex analysis tools. Tools like these, according to many brokers, can help traders find the best chances to make a ‘sure profit’ in the current markets.



Leverage and spread



A forex-based broker can provide what’s known as leverage in forex trading. The ability to use this ‘tool’ is typically offered with every account associated with a broker. This leverage varies from amounts ranging from 10:1 to 1000:1.



Leverage generally refers to the amount of money you have to trade, if you have a certain increment of funds in your account. A 10:1 leverage, as an example, means that a user will have $10 to trade for every dollar in their account. While many users can make good profit of taking advantage of their leverage, it offers just as many opportunities for losses.



Forex brokers usually manage two different balances for traders. Traders usually have one balance, that’s their actual balance, and another balance that they would have if they closed all active trades—also known as a net balance.



An an intermediary, forex brokers pass trades through the market for traders. When they take care of this, they often offer traders prices different than the prices that are actually available to them. This is typically known as ‘collecting the spread,’ a usually small commission that’s taken from a trader’s leverage trade size.

Behind Forex Analysis

Forex trading seems simple from the outside, though on the inside, there are many factors that make the trading process more complicated than most think. In order to get a handle on the forex market, many traders use what’s known as forex analysis to study the market.



Behind analyzing forex



This form of market analysis is, according to trusted forex resources, ‘an examination of market changes that are later used by traders to determine if they should buy or sell a certain currency pair at any time.’ This type of analysis can become more technical, once traders use charting or forex EA tools, or more fundamental tools like economic indicators and news events.



This type of analysis is manually performed or can be automated. Manual analysis generally involves traders observing the market themselves through interpreting and analyzing signals whether they should buy or sell according to the signals.



Automated trading analysis allows traders to ‘program’ special analysis software to look for certain signals and how to subsequently interpret them, later using a forex trade copier to replicate said trades.



Although automated analysis reduces the time and effort that traders would have to spend on manual analysis, some experts figure that that analysis methods takes the psychology out of forex trading if it were done by an individual forex broker.



Using technical analysis



Technical analysis helps traders forecast future price movements by reviewing market data from the past.



Many traders, as a result, use technical analysis to get a ‘bigger picture’ about an investment’s price history. Fundamental traders also use technical analysis to see if they’re buying at fair prices, selling at a cyclic top or even entering a volatile sideways market.



Traders who use technical analysis tools for forex assume several factors about the market:

Prices are prone to moving in trends. This means that price fluctuations are often moving in a set cycle, rather than being completely random and unpredictable. When a price moves into a down, up or sideways trend, it usually stays that way for a period
Historical patterns repeat in regular and, oftentimes, predictable ways. These patterns are known as forex signals in the market, since they’re generated by price movements. Many technical analysts who are involved with forex make it a goal to uncover the current market’s signals by examining the signals of the past.
The fundamentals of the market are in price data. This means that the movements of the market itself can be studied only using the price data itself.


Technical analysis is important to forex, since it provides information about the best ‘entry’ and ‘exit’ points for trades. Using the various analysis tools provided for forex trading, traders can easily take advantage of these tools and place appropriate trades.