Trader; As in many other professions or facets of life, there are forex traders of all types, sizes and shapes. There are men, women, fat, thin, handsome, ugly, slow, fast, professional, beginners… and the list goes on!
Each trader has his own personality, his own schedule, his own risk tolerance and his threshold of fear,….
ome may have many things in common, but most are different. The point is that everyone is unique. And depending on your personality, personal preferences and financial situation, how you operate will be a vital factor in determining your success.
To determine how you trade forex, you must first discover your personality as a trader (see some examples of types of personalities when trading). Your personality as a trader will determine which style and methodology is compatible with you.
Forex trading is not like trying on a shirt. There is no small set of sizes that will fit anyone.
We challenge you to develop your own judgment about your personality, behaviors, beliefs and perspectives. Do you consider yourself disciplined? Are you afraid of risk or do you feel comfortable taking risks? Are you indecisive or spontaneous? Are you patient or anxious?
An excellent way to help you do this is to keep a record of operations. It will help you analyze your thoughts after each trade and identify your strengths and weaknesses in the currency trading world. Understanding your personality is one thing, but understanding it while working at Forex is another story. A trade log allows you to analyze your winning and losing trades and the specific reason why you won or lost on each one.