Before beginning your journey to trading success, it is important to identify how to leverage your strengths and challenges in order to become an efficient and profitable strategic trader.
As a strategic trader, high aspirations and standards are an essential trait to efficiently observe the markets and focus on possibilities that will generate profits.
In order to become a strategic trader, you must boast three core qualities;
You are prompt to see patterns and be able to develop a vision that gives you the opportunity to take advantage and benefit from them.
You are a thinker and an enthusiastic learner. You are an analytical thinker that can easily grasp the concept of trading and the use of trading systems.
You make decisions based on logic and analysis, instead of trading on a whim.
It is vital as a strategic trader to be aware of how you can leverage your strengths and address your challenges.
As noted by Paul Tudor Jones, “I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.”
Having a logical mind-set as a trader, may not allow you to identify when emotions are having a negative effect on your trading journey. It is important to be aware of this when planning or developing your trading strategy. Being a strategic trader, means that you will opt to clarify each move you make. You look to continuously developing yourself in order to ultimately reach your trading goals, with maximum commitment.
Aside from strategic traders, there are another 20 trader personality types that can help novice traders pinpoint their psychological suitability in the forex trading world.
Some of these include, the innovative trader, the planning trader, the spontaneous trader and the fun-loving trader. Nevertheless, the most desirable characteristics of a successful trader are those of the planning and the strategic trader.
In summary, to become a strategic trader it’s imperative to have a target in mind to reach your personal objectives and goals. This would then differentiate you from the other 21 type of trader personalities out there. Additionally, by having a clear mind will allow traders to manage their trades more effectively whilst increasing their probability of success.
Client caution: IFM Trade is a registered business name of Intelligent Financial Markets Pty Ltd (IFM). IFM (ACN 155 185 014) is licensed in Australia by the Australian Securities & Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL 426359). The information is general information only. Any advice is general advice only. The advice has been prepared without taking into account your personal objectives, financial situation or needs. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice. (If the advice relates to a financial product) the client should obtain and consider the Product Disclosure Statement before making a decision in relation to the product