If you are in the Forex trading market and if you don’t know about him, you are not doing your homework properly. Any Forex trader in the Forex world must know George Soros if not there is no point in remaining in the market. He is one of the best traders who is also considered a legend. However, if you ask a professional Singaporean trader about George Soros, he/she will know because they can’t become professionals without knowing him. As beginners, you have a lot to learn from him. He is full of wisdom. Thus, you will never run out of information when you are learning about him. This great trader was named as “The Man Who Broke the Bank of England.” Even the best trader did not enter the market with experience, and he has also studied a lot of things about trading the Forex market. Also, his experience has become a learning tool for others. Thus, let’s find what he teaches about trading.
Focus on winning than making money
As traders, you must know your losses and profits. It is important to understand the instances where you go wrong and right. As per George Soros, the number of winning trades doesn’t matter if you can understand the ways to approach the trades. You will be able to make profits in Forex trading even if you don’t enter into many trades. But, you must ensure to learn risk management because it has a direct connection with profit making. If you don’t set up the trades properly, you will have to face major risks. Hence, it is better to be focused on the ways to set up the trades instead of thinking about the number of winning trades that you are going to face. As Soros says, you never know what the market has in store for you. Thus, you must never get too attached to your trades. Keep trading less emotional if you want to become successful traders.
Understanding the nature of investment business
Trading is one of the most profitable business in today’s world. By using the Saxo Forex trading account in Singapore, you can easily trade with big lots. But always remember, leverage trading extremely risky and it can cost your entire investment. Unless you know the proper way to manage your risk exposure, you should never take unnecessary risk to increase your profit factors. Learn to trade the market in a progressive way so that you can always protect your trading capital. Take your time and write down your trading plans like the successful traders to make things perfect in your career.
Become the contrarian trader
George Soros emphasizes the importance of being a contrarian trader. When you see yourself as a contrarian trader, it is not about trading against the trend. Instead, it is about not following the crowd. You will not be listening to the common things in the market, and rather you will see the inflection points in the market. When you think uniquely than others, you will be able to see things clearly. There is no point in following the herd because you never know whether the herd is led in the right direction.
Risk taking is like popping in a pill
Of course, like Soros clearly points out, risk-taking can be tough, but you can’t move on trading without it. But, you can definitely overcome risks if you do the needful things. If you want to make profits in trading, you must look at trading while incorporating risks. The reason is trading never comes with zero risks. You must handle risks if you are in the Forex market, so it is not going to be easy, but it will not be hard as well. It is all in the way you train yourself to trade! Take George Soros as an inspiration to lead your journey.