All that Forex traders long for is making profits and not bearing losses. And definitely all forex traders are dreaming about one huge lucky bet that would bring them millions in a minute, after which it will be possible to retire on an island and to capitalize on it for the rest of their lives, enjoying the riches and doing nothing. But unfortunately the reality is very much different from the dreams, since forex trading is not the matter of luck, but rather a matter of good knowledge of the forex market and the refined skills. And successful forex trading is a matter of constant honing of those skills and keeping a watchful eye on the forex market situation.
However, the answer to the question of whether it is possible to make millions in as single trade is positive. There were some traders in the history of forex who gained a hundreds-millions profit making one bet. Though, it is very important to mention that it wasn’t some kind of impulse or destiny sign that prompted them to make that bet – what preceded it was very hard work and continuous monitoring of the forex market.
One of the stories about million-making bet that keeps nourishing the forex traders’ imagination is related to Stanley Druckenmiller and his bet on the German mark. Stanley Druckenmiller worked as a forex trader in George Soros’ Quantum Fund. When the Berlin Wall fell, Druckenmiller calculated that a German mark will drop to a certain extreme level. Thus, he put a multimillion-dollar bet relying on the idea that the mark will inevitably rally very high from that lowest peak in future. Later on he increased his bet deciding to purchase 2 billion marks. Actually, he wasn’t mistaken and his calculations turned out to be very precise. Thus, Druckenmiller’s profit appeared to be worth of millions of dollars which he earned for the Quantum Fund.
These were Druckenmiller’s financial feeling of the forex market, good knowledge of the macroeconomic factors and infallible calculations that accounted for the success in that trade. Thus, this is another proof that forex trading is both science and art and in order to make huge profits constant honing of trading skills and self-improvement is necessary. What is also very important, Druckenmiller’s making such enormous sum of money wouldn’t become possible without risk, which is also inevitable in forex trading.
Written by Collins Alexander who is senior developer of day trading forex strategy from Forexeasystems. On Forexeasystems’ website every forex trader can read free forex articles, for example about best forex trading hours.
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