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 flirts with daily highs, retargets 1.1900
EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.
GBP/USD remains well bid around 1.3650
GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.
USD/JPY edges up above 153.50 with all eyes on US CPI figures
USD/JPY appreciates above 153.00 but remains on track for a 2.4% weekly loss. Trading volumes remain subdued on Friday, ahead of the IS CPI release. The Yen remains supported by hopes of a stable government and calls for further BoJ tightening.
Editors’ Picks
EUR/USD: Yes, the US economy is resilient – No, that won’t save the US Dollar Premium
Some impressive US data should have resulted in a much stronger USD. Well, it didn’t happen. The EUR/USD pair closed a third consecutive week little changed, a handful of pips above the 1.1800 mark.
Gold: Metals remain vulnerable to broad market mood Premium
Gold (XAU/USD) started the week on a bullish note and climbed above $5,000 before declining sharply and erasing its weekly gains on Thursday, only to recover heading into the weekend.
GBP/USD: Pound Sterling remains below 1.3700 ahead of UK inflation test Premium
The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week.
Bitcoin: BTC bears aren’t done yet
Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.
US Dollar: Big in Japan Premium
The US Dollar (USD) resumed its yearly downtrend this week, slipping back to two-week troughs just to bounce back a tad in the second half of the week.
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