Nick Goold
Success in forex trading doesn’t come from luck or secret formulas—it comes from good habits, discipline, and the right mindset repeated over time. The traders in this article didn’t just get lucky once; they worked for years to master their craft, learn from mistakes, and stay calm under pressure.
In Part 6 – The Habits of Great Forex Traders – What Sets Them Apart, we looked at what great traders do every day: following a plan, controlling emotions, and improving little by little. This time, we’ll look at real people who lived those habits. Their stories show that while trading styles differ, the foundations of success are the same—discipline, patience, simplicity, and continuous learning.
George Soros — The Man Who Broke the Bank of England
Background
George Soros, born in Hungary in 1930, became famous for his 1992 trade against the British pound. By shorting the currency, he earned over $1 billion in a single day and forced the U.K. to withdraw from the European Exchange Rate Mechanism. It was one of the most famous trades in history.
Trading Philosophy
Soros focused on how people’s beliefs and emotions influence markets—a concept he called reflexivity. He believed prices often move away from reality because traders act on emotion, not logic. His job was to spot when markets became unbalanced and take bold positions before others noticed.
Key Traits
- Strong conviction: Soros was willing to make big moves when his research supported it.
- Quick adaptability: If new information proved him wrong, he changed direction fast.
- Big-picture focus: He looked at global economics, central bank policy, and politics rather than short-term charts.
Lessons You Can Learn
- Think in probabilities, not predictions. You don’t have to be right all the time—just when it matters.
- Have the courage to act. When your analysis is clear, trust it.
- Admit mistakes early. Confidence is good, but stubbornness is expensive.
Stanley Druckenmiller — The Disciplined Macro Trader
Background
Stanley Druckenmiller worked with Soros at the Quantum Fund and helped execute the famous pound trade. For nearly 30 years, he achieved annual returns above 30%, an incredible record that few investors have matched.
Trading Philosophy
Druckenmiller looked for major global themes—interest rates, government spending, and central bank policies—and combined them with precise timing on charts. He believed the key to success was not being right all the time but betting big when everything lined up and staying small when uncertain.
Key Traits
- Patience to wait for the right moment: He didn’t trade constantly; he waited for clear opportunities.
- Smart position sizing: He added to winning trades and cut losing ones quickly.
- Continuous learning: He never stopped studying the market, even after decades of success.
Lessons You Can Learn
- Focus on quality over quantity. A few great trades can beat hundreds of small ones.
- Adjust position size to your confidence. Don’t risk the same on every trade.
- Stay humble. Even great traders make mistakes—learn from them, don’t hide them.
Paul Tudor Jones — The Trend-Following Legend
Background
Paul Tudor Jones founded Tudor Investment Corporation in 1980 and became famous for predicting and profiting from the 1987 stock market crash. He’s known for trading across markets—currencies, commodities, and equities—with incredible consistency.
Trading Philosophy
Jones believes in following the trend and avoiding emotional decisions. His famous quote “Losers average losers” sums up his philosophy: never add to a losing trade. He focuses on clear price action, tight risk control, and emotional balance.
Key Traits
- Aggressive but controlled: He trades big, but only when his setup is clear.
- Emotionally disciplined: He follows his plan regardless of fear or excitement.
- Deep respect for risk: Every position has a defined exit before entry.
Lessons You Can Learn
- Trade with the trend. Don’t fight momentum—it’s stronger than you think.
- Never average down. Adding to a bad trade doubles your mistake.
- Set your stop before you enter. Plan the worst case, not just the best.
Richard Dennis and the Turtle Traders — Systems Over Feelings
Background
In the 1980s, Chicago trader Richard Dennis ran an experiment. He trained a group of beginners, called the “Turtle Traders,” using a simple rules-based system. Within a few years, many of them became millionaires, proving that discipline matters more than instinct.
Trading Philosophy
Dennis believed trading success could be taught and repeated. His system used clear rules for entering, exiting, and sizing trades, with no room for emotion or guessing. The key was to follow the system exactly, no matter what the market did.
Key Traits
- Clear structure: Everything was planned before trading began.
- Strict consistency: Rules were followed every time, even during losses.
- Focus on the long game: They understood success came from many small wins and a few big ones.
Lessons You Can Learn
- Build a repeatable system. Even simple rules can work if followed perfectly.
- Trust the process. Confidence grows from consistency, not luck.
- Keep emotions out of trading. The less you react, the more you think clearly.
Ray Dalio — The Power of Principles
Background
Ray Dalio started Bridgewater Associates in his apartment in the 1970s. Today, it’s the largest hedge fund in the world. Dalio is known for his focus on transparency, structure, and continuous improvement.
Trading Philosophy
Dalio runs his company and trading based on principles—clear rules that guide every decision. He believes mistakes are opportunities to learn and that the best traders remove emotion by relying on logic and systems.
Key Traits
- Principle-based decisions: Every action follows a written rule or process.
- Open-minded learning: He values debate and learning from others.
- Macro thinking: He studies global cycles and cause-and-effect relationships.
Lessons You Can Learn
- Write down your lessons. Turn mistakes into principles you can follow later.
- Be open to feedback. Listening improves your process faster than guessing.
- Keep improving. Markets change—so must your thinking.
Steven Cohen — Turning Data into Edge
Background
Steven Cohen, founder of SAC Capital and now Point72, built one of the most successful hedge funds in history. He combined technology, teamwork, and mental preparation to handle high-speed trading environments.
Trading Philosophy
Cohen believes information and preparation create an edge. Before each day starts, he plans multiple scenarios for possible outcomes. His trading teams work together, blending data analysis and experience to stay ready for any situation.
Key Traits
- Thorough preparation: Every trade idea is tested before money is risked.
- Data-driven mindset: He focuses on evidence, not opinions.
- Collaborative decision-making: Different viewpoints improve accuracy.
Lessons You Can Learn
- Prepare before you trade. Success happens before the market opens.
- Use data wisely. Facts beat feelings in trading.
- Work with others when possible. Feedback reduces blind spots.
CIS — The Japanese Day-Trading Phenomenon
Background
Known only as “CIS,” this Japanese trader turned ¥3 million into over ¥23 billion through day trading. Self-taught and working from home, he became a symbol of independent success for retail traders.
Trading Philosophy
CIS focuses on momentum and speed. He trades what’s moving, not what might move. His win rate is around 50%, but his profits come from cutting losses fast and letting winners grow.
Key Traits
- Fast execution: He acts instantly when a setup appears.
- Emotional control: He never hesitates to exit losing trades.
- Adaptability: He trades more in volatile markets and rests when quiet.
Lessons You Can Learn
- Follow the market’s strength. Trade what’s moving, not what you hope will move.
- Accept losing. Small losses are part of winning long-term.
- Be patient for the right conditions. Don’t trade just to stay busy.
Jim Simons — The Quantitative Revolutionary
Background
Jim Simons, a mathematician and codebreaker, founded Renaissance Technologies and created the most successful hedge fund ever: the Medallion Fund. His team of scientists achieved returns that averaged nearly 40% a year after fees.
Trading Philosophy
Simons treated trading like science. He searched for patterns in data and built algorithms to trade automatically. He removed emotion from every decision and trusted math over instinct.
Key Traits
- Data-first approach: Every trade is based on evidence, not opinions.
- Team of scientists: Collaboration brought creativity and accuracy.
- Constant improvement: The system was refined every year.
Lessons You Can Learn
- Let numbers guide you. Test ideas before risking money.
- Small advantages add up. Even tiny edges can grow big over time.
- Keep learning and improving. Markets evolve—you must evolve too.
What These Traders Have in Common
- They focus on process, not luck. Every trade follows a plan.
- They cut losses fast. No one wins by holding losers.
- They let winners grow. A few strong trades make the difference.
- They adapt. When markets change, they change too.
- They protect capital. Surviving bad periods keeps you in the game.
Applying the Lessons
- Start with a clear strategy. Know how, why, and when you trade.
- Be selective. Wait for strong setups that meet your rules.
- Stay consistent. Discipline turns average traders into professionals.
- Keep a journal. Review trades, learn from patterns, and improve.
- Balance your mind. Rest and recovery keep focus strong.
The Path Forward
None of these traders became successful overnight. They built experience step by step, learning through failures and perseverance. Their stories prove that anyone willing to build structure, manage risk, and stay disciplined can find success.
You have access to the same markets and information they did. What matters now isn’t talent—it’s your ability to build good habits, control emotions, and keep improving little by little.
This concludes our 7-part series on becoming a profitable trader.
If you missed any earlier posts, check the links below.
1. From Beginner to Pro: Building the Skills to Become a Great Forex Trader
2. The Most Important Forex Skills Every Trader Should Develop
3. 10 Pieces of Forex Trading Advice from Professional Traders
4. Top 10 Forex Trading Challenges Every Retail Trader Faces
5. How to Overcome the Most Common Forex Challenges
6. The Habits of Great Forex Traders – What Sets Them Apart
Trade smart, respect your stops, and stay confident.
