What kind of trader are you
What kind of t forexrebatesbrokersader forexbonusrebate you? cashback forex are unique There are over 8 billion people in the world (including aliens masquerading as humans) forex discount brokers not every one of them is exactly like the other, even twins have different fingerprints Each one has their own appearance, personality, talents and preference for which flavor of pizza to eat (we like pepperoni and fries) We like different things in our own unique way The same is true for Forex forexdiscountbrokers, our unique personalities lead us to trade differently Some people can be a bit aggressive in their approach compared to "B" traders who are more aggressive Some people are always reveling in their small successes, while others are trying to achieve great successes. The point is that no two traders are the same, even if they are members of the same group guided by the same system rules, the results of their transactions are different from each other. Of course not! The earth turns because of our uniquenessIts important to understand your lifestyle and personality to pinpoint your trading strengths and weaknessesForcing yourself to try trading that doesnt match your personality will lead to frustration and prevent you from benefiting in the long runThis lesson will introduce a variety of trading styles so that you can find the one that best matches you Time is money? A common mistake that many new traders make is that they think they can make money as fast as they can! Its true that you can make money in the meantime, but that doesnt mean youll benefit in the long run. A typical scenario is that the novice trader simply learns a little about trading the forex market, then finds an online system that claims to make quick profits, and then dives head first into the trading business because he thinks hes got the background to make millions of dollars. Unfortunately, once the "honeymoon" period has passed and the excitement has waned, the novice trader realizes that trading is not as easy as he thought it would be The so-called online system does not seem as practical as it claims to be, and the markets own laws of operation overwhelm him As a trader, the most important thing you can invest in is your time Every trading day Every trading day is an opportunity to gain experience, and if you stop learning, you will never be a truly successful trader. Consider how much time you spend learning the basics, and then consider the time you spend in your daily schedule, including reading reports, news, keeping track of your traders and time spent in the market. "However, if youre like most people, you either have a job, schoolwork, online classes, and play World of Warcraft, so you cant devote yourself to trading 24/7, that doesnt mean you cant trade, and once youve decided on your trading style, it should give you some realistic expectations. Its impossible to be a ticket seller or a day trader, but maybe a long-term trading program is better for your scheduleYou need time to analyze the market every day because market operations are somewhat influenced by the news and, more importantly, to consider developments in the worldwide economy and make it your routine scalping traders Scalping traders are those who like high Thrilling action movies that keep you on the edge of your seat Its fast-paced and heart-pounding Scalping Traders grab tightly for a few seconds or minutes at most Their main goal during the busiest times of the day is to grab as many pips as possible multiple times Since Scalping Traders are basically glued to the charts all the time, its best for those who can spend hours concentrating on trading Its success requires Close attention and quick thinkingIt is not for those who are always looking only for major profits, but for those who like to be able to make small profits over time, thus making overall gainsIf you are a scalping trader: -You enjoy the thrill of fast trading -You dont mind concentrating on the charts for a few hours -You are a person who does not have the patience to wait for long trades - You are quick thinking and can change bias and direction quickly - You have nimble fingers (put the skills from Starcraft 2 to work) - You are like a surgeon if you are not a scalper You tend to get nervous in a fast-changing environment - You cant spend hours concentrating on the charts - You prefer to make fewer but more profitable trades - You like to spend your time analyzing the market in general if you want to If you want to become a scalping trader, there are things to consider: trades change in pairs e.g. EUR/USD; GBP/USD; USD/CHF; USD/JPY have tight spreads because they have the highest trading volume between them. The times overlap which are 2am to 4am Eastern time and 8am to 12 noon Make sure you take spreads into account as you will be entering the market frequently and spreads will greatly affect your overall profitability Make sure you target at least twice the spreads to ensure you have enough time to face market volatility Try to focus on a pair first Scalping traders is very competitive if If you can focus all your efforts on one pair trade, your chances of success will be greater If you start to get used to this pace, then you can add another pair trade and watch how it works out for you Be sure to follow a good money management strategy This also applies to any type of trading, and since you have to run multiple trades in a day or so, it becomes especially important to stick to money management principles Due to delays and high volatility, trading around high-profile news stories can be very risky when the market is more stable, considering the time spent out of the market Day trading Day trading is another way to trade short-term, but unlike a tapping franchise, you usually only need to make one trade per day and explain these on the same day Traders choose their positions at the beginning of each day, act according to their preferences, and then end the day with a profit or a loss They dont like to carry their trades overnight Day trading is for those who have enough time in the day to analyze, implement and monitor a day trader If you think that upselling is too fast or swing trading is too slow, then day trading will be If you are a day trader: - you like to start and end your trades within a day - you have time to analyze the market at the beginning of the day and monitor it throughout the day - you want to know whether you are making a profit or a loss at the end of the day If you are not a day trader. -You prefer to trade long term or short term - You dont have time to analyze the market and monitor it all day - You have a day job If you decide to day trade, there are some things to take into account: Get basic information about the latest events to help you choose your direction You want to get the latest economic news Do you have time to monitor your trades? If you have a full time job, think about how you can balance your work and trading basically ...... Dont get fired because youre staring at your charts Day Trade Type: Trend Trading: Trend trading is when you look at a longer time frame chart and identify a general trend Once the general trend is established, in this straightforward manner of that trend, you move to a smaller time frame and look for trade opportunities using shorter time frame chart indicators that will guide your thoughts on time For this trade The way to look for matching blog trades, for example, as his own world-renowned Cowabunga system first identifies the general trend over a longer period of time is to look at the indicators you can use to help you confirm the trend Swing trading Swing trading is a long-term trading approach that requires patience to hold your trades for several days in a row for those who are unable to monitor the statements during the day, but are able to devote a few hours at night to the trade. For those who have a full-time job, or are still in school but have enough time to keep up with new trends in the global economy, swing trading is a great way to try to identify medium-term trends and only choose to enter when there is a high probability of winning you are likely to see a walk in the industry holding time for you Since prices can fluctuate more in a shorter time frame and most importantly, you have the ability to stay calm during this time and trust your own analysis Since the industry usually has larger targets, spreads do not have too much impact on an overall profit therefore, a highly scalable and illiquid trading industry is acceptable if you want to be a swing trader: - You You dont mind if your trades last a few days - You are happy to trade less, but are more cautious to make sure your trades are set up perfectly - You dont mind having big losses - You are patient - You can stay calm when your trades dont go well If you dont want to be a You like fast-paced, dynamic trading - You are impatient and need to know right away if your judgment is correct - You get anxious when your trades dont go well - You cant spend hours every day analyzing the market -You cant give up your World of Warcraft If you have a full-time job, but enjoy trading as a part-time job, swing trading will be more your style! Long-term trading Long-term trading is the longest-lasting trading, which can last for months or even years This style of trading is for fairly patient traders and requires a good understanding of fundamentals Because long term trading lasts so long, the underlying theme is to focus on analyzing the market fundamentals determine the long-term trends of currency pairs, so its important You need to understand how economic data affects your country and its future prospects Because of the length of time you hold your trades, your stop loss losses will be very large You must make sure you are well funded or you are likely to get what is called margin For how much money you should have in your trading account, please refer to our money management advice Long term trading requires thick skin because it is what takes your trades from one point to another Guarantee that these will not be just small retracements anymore You may encounter huge fluctuations during this time, you must be ready to put absolute trust in your analysis and remain highly calm if you are a long term trader: - You are an independent thinker You must be able to ignore the popular opinion and make there market conform to your own guesses You have a very good basic understanding and use them to influence your good long-term vision of the currency - You need to have thick skin and be able to withstand any pullbacks - You have to have enough money to withstand hundreds of pips when the market goes against you - You dont mind Waiting for your big return on a long term trade can get you hundreds of pips - If you are excited to get out of your trade after just getting 50 pips, it is advisable to consider a short term investment - You are very patient and calm if you are not a long term trader: - You are very If you are not a long term trader: - You are easily swayed by the people in your opinion of the market - You do not have a good understanding of how fundamentals affect the market in the long run - You are impatient Even if you have a little patience, this type of trading is not for you When you have this patience, you will become a master - You do not have enough You dont have enough start-up capital - When the market is against you, you get sick of him - You want to see results quickly, you may not mind waiting a few days, but months or years are too long for you Summary Four types of traders: 1. Scalpers 2. Day traders 3. Swing traders 4. Scalpers scalpers hold on tight for a few seconds or minutes at most Their main objective throughout the busiest part of the day is to take as many pips as possible multiple times Day traders start each day by choosing their position, act according to their preferences, and then end the day with a profit or a loss They dont like to carry their trades overnight Swing traders are those who spend These traders know that fundamental themes are the main factor in analyzing the market and serve as the basis for their trading decisions. Changing your trading style often can cause problems and can lead to fires, but if you try to reverse a trade and after a week you realize that it is too fast and costly, then be flexible and change your trading style.
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