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Let’s look at a simplified example to understand this trading strategy: The most aggressive of them was George Soros who made a short trade every 5 minutes, profiting each time as the British pound fell by the minute.īy the way, if you want to try trading Forex or Stocks in a safe environment, without risking any money, feel free to try this Forex trading simulator – it’s free and users compete for real prizes every week.
DEDUCTION FOR FOREX TRADING COURSES HOW TO
The decreasing USD rate was bad because many British exporters were being paid in USD.Īs it became clear that the pound was not able to artificially withstand the natural market forces, more and more speculators began circling around and making plans on how to profit from this situation.īig forex traders waited until the financial situation got as bad as it could naturally get, and then created extra pressure on the pound by selling it in huge amounts.
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It fixed the pound’s rate to the Deutsche mark in order to make the investments between Britain and Europe more predictable and stable.īut as the political and financial situation in Germany changed during its unification, many ERM currencies were under big pressure to keep their currencies within the agreed limits.īritain had the most problems – its inflation rate was very high and the USD rate was also falling. To understand George’s strategy, you must know the economic context of the time.Įven though Britain was in a recession in 1990, the pound joined the ERM that year. How Soros Broke the Bank of England in 1992.
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