Abstract：Different characteristics lead to different psychological states of traders during trading. These psychological states can also be regarded as a "psychological compound" composed of various psychological factors, some of which are strong, while others are weak, and they are constantly changing, rather than set in stone.According to the characteristics of traders, we divide traders into 15 types.
Why are there different trading methods in the market？ This is because the effectiveness of any trading strategy is based on the personality or characteristics of the trader, and the strategy needs to suit the trader's personal trading style. If a trader's strategy is contrary to his personality, the trader will definitely not succeed. Numerous examples have proved this, and the investment circle generally agrees on this point: the best strategy is the one that suits you, while what is considered the best by others may not necessarily be the right one for you! To follow the the rules of trading is to acknowledge and respect the individualities of traders.
Different characteristics lead to different psychological states of traders during trading. These psychological states can also be regarded as a “psychological compound” composed of various psychological factors, some of which are strong, while others are weak, and they are constantly changing, rather than set in stone.
According to the characteristics of traders, we divide traders into the following 15 types:
1. Accurate traders: this type focus on the accuracy of pivot points, such as opening positions and closing positions
2. Administrative traders: they focus on the arrangement and efficiency of all trading links, including working time, planning, risk control, etc.
3. Artistic traders: they tend to associate trading with art, philosophy, natural laws, etc.
4. Adventurous traders: they are more aggressive when trading and are willing to take risks in order to obtain greater benefits
5. Detailed traders: this type pay attention to various details in the transaction and strive for perfection
6. Facilitative traders: they value personal progress, self-education and strive for personal growth
7. Interest-based traders: they treat trading as a hobby and trade just for fun
8. Independent traders: they like to sit at home and trade with their own money
9. Innovative traders: they pursue new strategies and methods, and are always exploring better profit methods
10. Planned traders: they make a complete plan before trading and execute their trading accordingly
11. Socially responsible traders: these are traders with a certain social responsibility, such as central bank traders
12. Spontaneous trader: when trading, they get emotional easily and tend to open or close positions impulsively
13. Strategic traders: they have a complete trading strategy and trade according to the strategy.
14. Supportive traders: these are traders who aim to others. Trading trainers and coaches are typical supportive traders
15. Value-driven traders: they hope to obtain personal value and fulfillment from trading
Successful traders always have the following three characters:
First, he can better know the main trends and seek trading opportunities by connecting major events with graphs;
Second, he is discreet in making trading decisions with strong logic and analytical skills;
Third, he is decisive, and always follows precise rules and take actions based on plans.
For the traders above with different characters, they are likely to succeed in trading？
Among the 15 different types of traders, there are two types, strategic trader and planning trader, who are easier to be successful traders.
Besides the two types above, there are ten types of traders who may also be successful, including detailed trader, facilitative trader, innovative trader, independent trader, administrative trader, values driven trader, socially responsible trader, supportive trader, accurate trader and adventurous trader.
Though these ten types of traders have certain of trading potential, they lack the above three characters of a successful trader. Therefore, these traders would not have excellent performance during trading. But, each type of trader still can become a planning or strategic trader by making efforts and progress constantly.
The three remaining types of traders: spontaneous trader, artistic trader and fun loving trader. Basically, they are impossible to be standout traders, due to these characters that are the least suited for a successful trader. It is so difficult for them to drop bad habits that they may make the same mistakes constantly. At the same time, the ingrained thoughts or habits can become the big stumbling block on their way to success.
[About The Author]
Jeffrey Gi, journalism graduate with an IT degree from Singapore.
Management University, forex columnist for No. Peripheral. Jeffrey is also the author of a popular forex trading strategy guide published in 2015 which received the highest 5-star rating from Amazon, and he is frequently invited to share forex trading experience in Cyprus, Poland, Taiwan(China), India, Bangladesh and Southeast Asian countries. He used to be a lecturer of FXTM and a guest forex commentator of Bailihui Group.
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