Which Type of Trader Suits You?
We all have Distinctive Trading Personality when zoomed in. Our emotions, abilities, and expertise combine to form a distinctive Trading Personality that necessitates a carefully thought-out trading plan and approach in order to be successful. But when we step back, we begin to fall into archetypes. Our actions are becoming more and more similar, and kinds can be made of our trading personalities.
Despite the fact that these aren’t the only trading personalities, we’ll look at 4 of the most distinctive ones in the market today. Which type of trader are you?
The Assasin – Trading Personality
The Trader known as the sniper is very patient, sits still, and waits. The ideal entry and departure conditions are right there by their side. The sniper keeps waiting.
The snipers initiate their transaction when they observe that their predetermined criteria have been met. They will only fire one bullet, but it will hit the target exactly.
Traders who trade at particular levels tend to exhibit this trader personality behavior. They carefully examine important levels, points of support or resistance, supply and demand, Fibonacci levels, etc.
These traders patiently wait for the price to reach the level they want to trigger, then they wait for more confirmation before taking a single shot in the hope of striking it rich.
This sort of trading can have extremely minimal risk and a very high payoff if you are patient and can wait for all the conditions to align.
The sniper also takes longer journeys with the intention of capturing the price at the start of a rally or decline. Additionally, they strive to gain as much as they can from the cycle or develop into additional rallies or drops. To create the biggest impact possible, they snipe in the ideal location.
This personality trait is highly aggressive in traders. They frequently try to take advantage of and take advantage of numerous transactions when they are in many intermediate levels within the range of the rally cycle, anticipating making little profits.
These trades often have a risk-to-reward ratio of 1:1 or below. Scalpers typically don’t stake more than they’re willing to win. They execute quick actions, which gives them an advantage in winning and results in an overall higher success rate.
The Average day trader personality fits this trader type. It demands attention, action, and focus and is quite forceful. The benefit is that you’ll hit your trading aim in just one session and finish the day flat.
By taking precisely the proper number of points from the market, daily attainable goals are created.
The Barrage of Artillery
For these people, bring out the big, noisy guns. These traders simply put as much on the market as they can while using the trial-and-error method. They start on a particular level and then attempt numerous entries near important levels until it works.
They continuously enter and exit deals, suffer quick, minor losses, and place several trades until they make a large profit that offsets all of their prior losses.
We refer to it as artillery because precise timing or positioning is not necessary. When you launch your projectile over a sizable area, it hits hard and cancels out the misses.
This appears to be a lot of entries and exits near a crucial level on the chart. Both modest winners and winners are many. Eventually, a burst back to the trend is caught, and that is when the bonanza trade occurs.
A Hobo (or Trainhopper)
Consider yourself in a railroad station in the American West. You see someone sprint up to the train with their Baggage draped over their shoulder as it is just starting to depart. They manage to throw their goods in an open door as the train accelerates up. They accelerate and pull themselves in with them.
When chasing prices, the train hopper trader behaves in this way. They run a high chance of falling and getting harmed, but once they board the train (or trade), they will arrive safely and promptly.
You are trying to capitalize on a trend when you observe price movement and act to ride the wave. We can only hope that this momentum lasts. If the trendline doesn’t, though, you run the danger of entering after the event and your trade could have a greater fall.
Although it’s a risky personality, being a trader might pay off greatly and lead you someplace very wonderful.
The Trader’s Personality
Each forex trader must recognize which of these four types of trader’s best fits his or her personality and daily schedule in order to obtain the best outcomes.
Join our Newsletter to receive invitations to our live webinars, trading ideas, trading strategies, and excellent forex articles.
Visit us on: www.milliva.com