Home»Lifestyle»Trader Personality Type – What You MUST Know!

Trader Personality Type – What You MUST Know!

0
Shares
Pinterest Google+

Trader Personality Type – What You MUST Know!

FREE | Daily VIP Forex Trader Growth Email

In this Thailand Forex trading vlog, I share some insights with you on your trader personality type. This is very important if you aspire to trade for a living or have a long-lasting career in trading. It’s about understanding yourself first. Vlog #445

Read Full Transcript

- Now you gotta figure out for yourself, what is it, do you prefer to win often, smaller, or less often, bigger reward.

Welcome back to Chiang Mai. Today I wanna share with you some trader personality types, so in other words, can have different personality, can think about for traders and I wanna be able for you to spot yourself on where you are and that's gonna help you a lot to know what to focus on, what's best for you, and kind of what to put your effort on as opposed to just trying everything out at first and then seeing that most things don't work for yourself, cause that's pretty big.

A lot of people in trading think that they just decide their style themselves, based on what they feel like. Your personality plays a big impact on how you trade, what you're gonna be best at, and you never wanna be against that for long term. Recently with Doctor Levith Bah have to decide between day trading and swing trading, that's one of the thing we'll talk about today. But I wanna go more in-depth, cause there a lot of other things that we have to think about regarding your personality as a trader.

The first one, as I said, is about day trading versus swing trading. Are you better at day trader, which means trading on a lower time frame, or trading at a higher time frame, as a swing trader. That's gonna vary a lot by some people and you don't wanna just pick the one that makes sense to you now based on your job or anything of the sort. You wanna look at what is it like for you. So your personality plus your goals as a trader. Those are the important, more than what time you have available right now. Cause again, I want to get to work right now, but you gotta think about the big picture, which is yourself first and your goals, which is really important. So that's the very first thing. I don't wanna talk about it too much because it's kind of clear; we've done videos on that in the past as well but I wanna go on other things that you have to think about and the thing is, I want you to understand your personality, like who you are, cause that's gonna help you know where you can fall short.

And the second thing is, we tend to be as traders either too careful or too aggressive, so what I mean by this is that too careful is, for me, my default setting is kind of like nothing can trade. If I feel like I have a doubt or I feel like I should not take a trade, I don't take it, or if I feel like the setup is not right, I don't take it, so that can be good or bad. Lots of people on the other side of the spectrum, which for them the default setting they have is taking too many trades with all the trades being aggressive in the market. So the amounts trader said they don't feel like it's right, like they're not sure, and they still take it, because they wanna have it set up in their account. They think they can make money. Now I was that way at first. I kind of evolved, my personality changed a little bit over time, but now I'm more the type of I prefer to wait and I prefer to not take trades, which as I said can be either good or bad. So good because you don't get into too many trades and you might protect yourself that way, but then bad because the fact that you might mess it up or you might not take trades that are good trades that you should take because you second-guess yourself for whatever reason. So the opposite is true, what if you're too aggressive? Well, you take too many trades, you might have bigger dry downs, more losses; you might force things that you should not force, and that can have a big impact on your account as well. So both have their points. Just understand which one you are and based on this what you've gotta do is you gotta create opportunities for you to perform at your best, which means reasonable like me right? I tend to not take enough trades, or not take all the trades I should take. So how can I fix this? Well, I can have some rules that say if this happens, or if this is set up like this, then take your trade, and then I don't second guess myself anymore. It's like very clear, very clear cut. Someone who is very aggressive might have a different tracker to track himself for every trade. Am I really disciplined now? And the answer might be no, so if it's no, you don't take your trade. So kind of knowing how to stop yourself before trade. Really crucial, get this is really big, cause if you don't understand yourself and you just say 'Oh, well, I take the trade I take and it doesn't matter, these trades were bad, these trades were good, these trades I shouldn't take them', then you have no way of what to work on. You just like your basic thing that you take but you gotta think bigger about the bigger picture of how can I improve, what are your life, my personality, and how can I improve after?

The third thing, this is all about understanding if you perform better on discretion or systematic trading. Now this is also big because of the fact that some people will prefer to have clear-cut rules like myself and I had to do this, some people are kind of more, maybe creative; they prefer to be at a chart and still follow kind of a process but have someplace for feelings or for how they feel about the market and beginners tend to default to this as that's easier because they can just do whatever I want. That's not the case. The point is that you gotta figure out which one is best for you and which one you perform the best at. And I think one of the way to figure this out is through personality tests. If you really like structure and different stuff, then you won't like that, but if you're more creative then you will like it better. Or you can try it out yourself, see how you perform better, how stressed you are when you trade live with discretion or not, and then just see for yourself. But this is also big because you don't wanna be in a place where you have your feelings in trading and you should not have them because they tell you to do wrong stuff or you don't have your feelings there but your feelings actually help you to trad better, so why not use them? That's really important to know. So that's the third thing.

The fourth thing. If your personality right now as a trader is more aligned with small wins and higher win rate or bigger rewards and low win rate. So those are kind of two things. So you can either win often, smaller, or you can win less often, but bigger. And for me that took a long time, cause I used to wanna have the high reward, high win rate, which doesn't really exist, or I wanted to have these consistent result, like always winning all the time, and that took me a long time to adjust. And then I found out that, over time, I had to reduce my expectations for gains and I just said, well, I'm willing to win less often but more. I got more affordable that way, and that's kind of how I've been able to scale back these past two years. So as opposed to winning often, I win much less often, like 40% of the time, but with the bigger reward to this, a bigger gains. Now you've gotta figure out for yourself, what is it? Do you prefer to win often, smaller, or less often, bigger reward? And that means that you might adjust your system, you might take lower reward to risk on your system, you might do multiple things to adjust that, but just understand for yourself which one you prefer and I guess part of it for this one, I didn't find an answers.

You gotta try, you gotta implement, you gotta see what you prefer the best, but it's gonna be up to you to figure out and I got different things that are really important rescind and really important to master I think in your trading and your personality. Understand yourself, understand who you are, what you perform best at, what you tend to fall short on, and work on these things. I really think you can change your personality with time, I think it's not like a fixed thing, based on what you experience, who you meet, you can also change your style and your preference, which is totally fine, but you've gotta figure out at this point in time what is the best thing for you.

Comment below with your thought, as always down below in the comments section. Here are a few comments in the past. Appreciate you guys, I'll wait for any comments down below. Subscribe if it's not done yet, and I'll catch you back here for another video and Chiang Mai Tomorrow. Ciao.

SUBSCRIBE on Youtube for a daily video!

Want to look cool? Check out the Desire To Trade Merch

About Me

My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader (who has the chance to travel the world anytime) and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.

You see, a lot of aspiring Forex traders lack the confidence to pursue their dreams. I’m there not only to help you develop your confidence but also to implement the tactics that are proven to give you results. You’ll develop Forex trading discipline and the other skills you need in NO time!

Ultimately, you’ll get to experience what a day in the life of a Forex trader truly looks like, but you’ll also have to be consistent with your Forex weekly review!

I produce a traveling Forex trader vlog and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!

All Products Used In This Video

Affiliate Links
Thank you for trusting me with my truthful and reliable opinion on any future purchase you may make. I always disclose this information when it is the case. As part of the Desire To TRADE family, you allow me to be able to use affiliate/referral links when suggesting items for purchase. As a customer of the products I refer, you help me sustain the time and resources to create content on this channel by generating revenue from your sales. This doesn’t affect you in any way in the checkout process (I’m sometimes even able to arrange a discount for you that is special from other customers).

If you are wondering how to put together a solid trading plan for trading Forex for others, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!

No Comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.