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.”
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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.
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Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
USD/JPY rebounds from 154.00 as investors digest fears of Japan’s intervention
USD/JPY finds buying interest near 154.00 as investors see Japan’s intervention mere a temporary solution to support weak Japanese Yen. Japan’s National CPI data will impact market expectations for BoJ’s rate hikes. The US Dollar corrects despite the Fed is expected to keep interest rates higher for a longer period.
Editors’ Picks
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold clings to strong daily gains above $2,380
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.
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