the ERM ( European exchange rate mechanism ) which was created as a way to unite the economies of the countries in Europe. This style of trading is very difficult to pull off, mainly due to the reason that markets will look really bearish when Soros begins buying. Eventually he comes to the conclusion the CHF is going to crash so he begins selling CHF, this is him betting on the unexpected.
Big trades in foreign exchange normally remain unknown because the market is too big to spot individual traders. A good example of this method in action would be the CHF Crash in January 2015.
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He believes its unlikely for these fantasies to return due to the markets usually proving a trade idea he had in the market wrong, if the markets are proving him wrong it tells him he is not as good as he thinks he is therefore. Soros is freely admitting here that he has made mistakes, mistakes which probably cost him a lot of money when he made them. From this point he would have analyzed what the traders buying CHF believe in regards to where they think the markets are going. Anyone who trades forex would have heard of George Soros, the man who traded against the Bank of England and won. Lets say you place 10 trades, on the first 9 you win 10, so in total youve made. Instead of having one central opinion of what you think the market is going to do Soros is instead suggesting its a better idea to come up with different scenarios. By September 16, 1992, his fund had sold short more than 10 billion worth of pounds. In these cases, the weak countries were very vulnerable to speculations as they tried to artificially sustain the fixed rate by buying in its own currency. However, they didnt come to Britains rescue because apparently, Germany had an interest in seeing the GBP devalued.
It's exactly how hedge fund billionaire George Soros made 4 billion in 2013. As a teenager, George Soros fled his native country of Hungary to arrive in the UK, where he attended the London School of Economics. Highlights of his strategy are: The Scientific Method: George Soros creates a strategy based on current market data. He tests his theory on smaller investments. Bollinger Bands Forex Strategies.
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