It is said that every human being has a personality style that will determine the way he or she carries out his or her duties on a daily basis. And, since forex traders are also humans, yah?, they are not exempted from this rule.
When learning forex trading online, you should also seek to identify how you can make use of your personality to escalate your trading profits.
With this discovery, you’ll increase the number of your pips in your trading account daily, and succeed as the best forex broker.
Here is a description of the four main personality types and how you can take advantage of them when trading currencies online:
Since individuals with this personality tend to be playful, energetic, and pleasure-loving, they should go for the most volatile currency pairs and trade during the most active market sessions.
Sanguine individuals are known to be creative and artistic, and never lack ideas of improving things. They tend to work well in an active, lively environment.
A sanguine can easily fall in love with EUR/USD, GBP/USD, and USD/CHF.
Cholerics tend to be egocentric, extroverted and easily excitable. They are driven by a motto of “do it now”. Choleric people are known to be aggressive and focused, and like striving to realize their ambitions.
If you are a choleric, it’s better you go for scalping trades.
Have you seen forex traders who are very serious and very cautious after placing trades? They are melancholics. These types of traders don’t like associating with other fellow traders. If you have this personality, work around it and start interacting with other traders.
The phlegmatic traders are usually thoughtful, reasonable and tolerant. They can place long-term trades and wait for weeks or even months for their take profit levels to be hit. If you are a phlegmatic, take advantage of this and avoid looking for short-term trades.
There is no good or bad personality type. The best thing is to discover the strengths and weaknesses of your personality and use them to make maximum profits as an online currency trader.
If you know your personality, you will be able align it to your forex trading style and increase your profits. For example, you will easily get disinterested if you are a choleric and you want to wait for 3 months for a trade to hit take profit.
So, which is your personality style and have you used it to maximize your profits when trading currencies?
Guest post by Bigtrader of http://www.forextradingbig.com/