Forex Options Trading - Who Are You in the Forex Trading World?
Any person who intends to belong in the world of forex trading would need to know himself, his personality and his preferences to be able to know which style he needs to adopt in order for him to s...
Any person who intends to belong in the world of forex trading would need to know himself, his personality and his preferences to be able to know which style he needs to adopt in order for him to succeed in the currency trading industry. A person's trading personality should be compatible with his forex trading methodologies in order for him to get his desired goal. A good way of assessing his beliefs, character traits, situations and his way of thinking is by recording or writing down his daily trading activities. At the end of the day, he may be able to analyze these activities, look closely on the things that went wrong or know how to better improve the positive outcomes.
Although each person is unique, trading personalities may be classified into three basic types: Diona the Day Trader, Sam the Swing Trader and Pete the Position Trader. To the layman, Diona is the active currency trader, Sam is the middle type, not too busy but not too relaxed either with forex trading and Pete is the relaxed one, whose forex trading activities is more like an additional income than his main business.
Diona the Day Trader is the type that opens and closes trade positions in a day or less. She may choose to trade once a day or even several times before forex market closed. She is the type who watches the market full time and must have developed already a consistent method of getting profits from forex trading. She can afford to do forex trading solely and quit any other jobs. She is the type who would go for 10 to 15 pips but limit his losses to 10 to 20 pips.
Sam the Swing Trader is the type who holds trades longer than Diona, say, several days to even a week. He is someone who checks his position once or even twice a day for some unexpected events that could affect his position but has the rest of the day for other activities. He limits his losses to 50 to 100 pips and has gains that range from 100 to 500 pips. He is quite successful with the forex trading but still keeps other business for a living.
Article Tags: Forex Trading
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ABOUT THE AUTHOR
Timothy Stevens is a Forex Options Trader who owns http://www.NonDirectionTrading.com - He has helped hundreds of people on Trading Forex with Options.
He has recently developed a free e-course showing you a step by step process for starting your Forex Trading easier. To learn how to start Forex Trading with Options without wasting your time and losing more money, visit http://www.NonDirectionTrading.com/members/FreeReport.htm