Ask any Forex market participant if he thinks he is a trader? You are unlikely to get a clear-cut answer. So, just who is a trader? Is it somebody who lives for the sake of trading and for whom it is the main source of income or anyone who participates in trading? Let us consider this question carefully.
Broadly speaking, there are two types of traders: professionals and amateurs. The first ones are those who have a corresponding education, as a rule, an economic one. They work in different financial institutions: banks, think-tank centers, broker companies, etc. Professionals generally work for themselves and their main source of income is the profit obtained as a result of successful trading activities.
The second group, the
group of amateurs, is mixed: it includes all those who are not professionals
but who are trying to become so. Here you can find people of different
professions and interests. As a rule, trading is not their main source of
income, but they are interested in trading and desire to succeed in it.
The core business of amateur traders is not related to finance, and trading in the Forex market is often little more than a hobby. They enjoy the process of trading itself as a leisure activity and donât have a target of attaining a specific profit.
For many traders, trading is a cherished way of increasing their savings fast. This is the reason why so many novice traders come to this business. Unfortunately, there are many traders who end up frustrated. These people leave the market without achieving their desired results. However, one should understand that itâs impossible to succeed in trading in the financial markets without the required skills and knowledge.
A traderâs portrait.
As a rule, a trader is an all-round personality having broad-based knowledge. This person can draw accurate conclusions even out of loss-making deals. A true trader always controls his emotions and refines his trading abilities, he self-educates and analyzes strategies. He always sticks to the rules which he sets for himself and is self-disciplined. Being a trader is a vocation for life.
What you should know about the world of traders.
To novice traders, it seems that trading in the Forex market is a simple yet fascinating game. This is a common misperception nowadays. It is important to remember that the world of Forex doesnât tolerate disorderliness, negligence and idleness. A trader must be attentive to the utmost and adaptable to any changes. He must be able to take into account any small details and nuances taking place in the world economy. Not everybody has the sensibility required to deal in the market. Trading in the Forex market, as many other fields, requires a lot of energy and practice. Then, over time it will, hopefully bring to the trader the satisfaction and success he desires. In the absence of these qualities, a trader may only occasionally return a profit and so most likely will not become a regular trader.
All professional traders
are trying to overcome fear, greed and other temptations. Most experienced
traders recognize this truth.
It may seem hard to believe but the emotional aspect of trading is sometimes so pervasive that traders are liable to serious psychological and physical stresses that can result in them forfeiting both money and health. In this case there are trading systems that can be helpful to traders.
What can help a trader?
A mechanical trading
system can help you to keep in shape emotionally as it never hesitates at
closing loss-making orders. In many cases this approach allows the trader to
carry on profitable trading without any unnecessary emotional distress. The
main task of the trader using mechanical trading systems is to keep the system
working properly. On the website of FXFINPRO CAPITAL you can
find a description of different strategies using this system. This might be
what you need.
Many traders and many minds in search of the best strategyâ¦
Every market participant has his own vision of trading and ways to increase capital. All traders can be conventionally divided into four groups using different methods of market analysis.
Adherents of fundamental analysis.
Fundamental analysis is one of the most difficult kinds of analysis which, as a rule, is preferred by people who have an analytical mind. To become successful, you need to analyze a large amount of information: the impact of world economic processes (news of global importance, various political coups, and civil disorders, etc.) on future price changes. Traders closely monitor latest news releases and reports which detail any significant changes in world conditions.
Adherents of technical analysis.
Traders who prefer technical analysis use different technical indicators such as wave and candlestick analysis, various patterns, methods of artificial intelligence, etc. It is probably true that most traders prefer technical analysis, and this is not surprising because, due to the large amount of training guides available, it is not too difficult to master all these methods and to start successful trading. Thereâs a belief that the market runs in repeated cycles, and as a consequence, price behavior can be predicted based on movements in the past. FXFINPRO CAPITAL also offers its clients the most convenient and easy-to-use training guides to aid you in achieving a successful outcome to your trading.
Those using their own methods of analysis
Some people prefer to adopt their own methods based on a variate method or on the theory of probability. These traders, as a rule, use one of Martingale systems (doubling the bets after loss in the hope that the market will bounce back, and there will be profit in any case). FXFINPRO CAPITAL offers the possibility of trading on both the MT4 and ProTrader platforms. Even if you want to add a function to the MT4 terminal, there is a possibility to do this with the MQL4programming language and in such a way to enhance your trading results.
Relying on intuition
People who rely on their intuition do not use any special methods of analysis. As a rule, these people are professional traders having solid experience in trading in the financial markets who can just look at graphs and understand a complex situation in the market and anticipate price behavior. These people donât have any transcendent capacities; this is the result of every day hard working. For sure, they use some methods of analysis, but they do it automatically, or intuitively, proving they deserve their status as âprofessionalsâ.
One should remember that this division of traders into different groups is quite conventional and perhaps even subjective as many traders use several methods together. Traders are in search of their own unique and individual way to success and many such traders utilise several trading systems simultaneously. This enables them to cover losses from trading using one system on the account with the profit from another one.
In conclusion we would like to note that in order to become a trader you need just two things: a computer and desire to make money. FXFINPRO CAPITAL Company opens the door to the world of unlimited financial possibilities to all who want to master this unique business. We believe in our clientsâ success and do whatever is possible to unlock the internal potential of every trader to the utmost.
Who are you today: a professional or an amateur? Itâs time to make a decision. Itâs time to act.