Trading Personality

Forex traders are different from one another; they come in various shapes and sizes. There are traders that are female, male, fat, skinny, beautiful, ugly, fast, slow, amateur, fun, professional and so on and so forth.

Every trader has their own bankroll, their own craving for risk, their own personality, their own pain threshold and their own personal schedule.

There are traders that have some things in common with one another, but mostly they are unique in their own way.

In the beginning of your trading business you need to discover what kind of trading personality you have. Your own personality in trading will identify your trading style and you will be able to choose the right trading method that suits your personality. You can identify your trading personality type easier if you keep a journal of yourself. By logging and recording your trades and your actions, as well as the thought process behind them, you can know your self better when it comes to trading.

There are a few types of trading personalities and they are as follows:

1. Pete, the position trader

Pete is a kind of trader that does not want to sit in front of the computer all day long. He has a busy life as a doctor. He has to take care of his eight kids, a wife and a lot of pets.

Pete always reads the news about the economies of the world and he uses fundamental analysis for his trading business.

His targets are to earn huge amounts of money since he trades in long term. For Pete, it's alright to be a position trader as this makes him live a double life, like his work and his family.

2. Sam, the swing trader

Sam lives alone with no family. He is a simple entrepreneur with a simple coffee shop. He devotes most of time watching the market all day.

Sam's able to hold his trades for shorter time. Sam tends to predict whether the currency will fluctuate and he will trade based on what he has seen in the market.

Sam is called a swing trader because he is able to predict mentally the swing of the trade daily.

3. Diona, the day trader

She is a restless kind of trader who is really impatient. Her trading style consists of opening and closing her trade in one day.

There are days where she trades only once while there are days that she would trade many times. This is why she is called a day trader.

She has a plan for trading and she is able to stick to plan and rules that is why she earns huge amounts of money.

Which type of trader are you?