For many who learn Forex, there is no doubt that they will get in touch with technical analysis. Technical analysis is usually becoming an object of debate since this practice is commonly linked to the fundamental analysis. When there is actually no absolute answer of which analysis is the best among the two, learning both of them is the solution.
Technical Analysis and the World’s Most Successful Technical Traders
There will be so many things to discuss when we are comparing technical and fundamental analysis. However, the point is that you choose one that works best for your style. If you are getting interested to technical analysis, this article will help you to understand more about technical analysis and most successful traders who practice this trading strategy.
What Is Technical Analysis All About?
In general, we can say that technical analysis is a trading discipline where the practitioners are evaluating investments and identifying trading chances by analyzing statistical trends. These statistical trends are collected from trading activities of the past market mainly about the volume and price movement. Similar to fundamental analysis, it doesn’t provide absolute forecasting about the future.
5 Most Successful Technical Traders in the World
When we are talking about technical analysis, it must be interesting to know any figures that are successful in applying this method in trading Forex. In fact, there are so many traders who achieve big success using this technical method. Without further ado, here are the top five most successful technical traders that you should be familiar with.
#1 Martin Schwartz
Martin Schwartz is a big fan of short-term trading who decided to leave his work as a finance analysis so that he can focus on the world of trading. In trading Forex, Martin focuses more on technical analysis and market sentiment. As a result, he has developed his fund which is only USD 100,000 to USD 600,000 in a year.
#2 Mark D. Cook
Mark D. Cook was a trader that had ever lost all of his money in trading. However, it didn’t stop him to trade in the Forex world. Five years after losing his money, Cook was able to achieve a huge profit that can cover his losses. Nowadays, Cook is known as someone who develops an indicator called Cook Cumulative TickSM.
#3 Jim Simons
Jim Simons is another successful technical trader who believes that the basic of economics is mathematic. Different to the two traders mentioned above, Simons performs his trading merely based on counting formula. For your information, Simons is one of the persons who has his name on Forbes’ list of the most wealthy people in the world.
#4 Paul Tudor Jones
Paul Tudor Jones becomes a huge issue when he was able to predict the crash in the global stock market on October 19, 1987 which is then known as the “Black Monday”. Jones is a successful technical trader that has a good track record in the financial market. He is also a founder of Tudor Investment Corporation.
#5 Ray Dalio
If you have ever heard about Bridgewater Associates, the world’s biggest hedge fund company, you must know about Ray Dalio. In trading foreign exchange, Dalio has several principals that become his key success. One of his principals is to understand the range of currency pair movement so that it can be matched with the risk tolerance limit.
Those are the five most successful technical traders that you need to be familiar with. If you want to be a successful trader like these five persons, you need to learn Forex continuously and never give up. The last, don’t forget to work with the best broker like DIDIMAX to get the most of your trading.