It is important for a trader to know and understand the difference between spot contracts and futures contracts
Your personality as a trader
There are some basic qualities that a trader must possess in order to achieve success in this field, and he must work on developing and improving them constantly in order to be able to reach the highest level of professionalism, including patience, as trading requires not rushing in making trading decisions, and the trader must look at the full picture of the market Instead of looking only at the technical or basic side of the matter, the trader must have the ability to analyze the markets to anticipate price movements and make the right decisions, in addition to self-confidence, which is one of the most important characteristics that achieve successful deals, so the trader must be confident in himself and his decisions in trading and trust in The skills he possesses, and most importantly of all, which is the ability to take risks, so the trader must be well aware of the level of risk and his ability to bear it while trading.
How do I define my personality as a trader?
First and foremost, every trader must be fully prepared for continuous learning and development of the skills and knowledge he acquired in the forex market, as it is a large global market that contains many risks and fluctuations, but by keeping pace with development and continuous learning, you will be able to understand and control the market, you can register in our programs Free training we offer.
Some traders are attracted by the constant movement of the markets, while others do not like to be distracted by the daily noise of the market. Get to know the 4 most famous types of traders and find out which one of them you are:
The first trader who opens a limited number of deals during the month, this does not require continuous monitoring of market conditions, this is considered the safest.
The second trader who opens deals and keeps them open for several days or weeks, and sets TP & SL targets at close levels, this is the most hedged method.
The third trader who usually trades every day with a large number of deals opened and kept for several hours, this method requires continuous monitoring of the market throughout the day, and this type is the most common.
The fourth trader who opens multiple and many deals during the day is “scalping”, and this type of trading method is considered the riskiest.
If you are a person who loves adventures and excitement, be like the fourth trader, and if you are free all day and have nothing to do, be like the third trader, and if you are busy and do not have enough time to follow the news of the markets and trading, be like the first trader, and finally if you are a calm person who does not like risks and take risks, be like the second trader.
In general, regardless of your personality, we advise you to continue to follow the trading system as long as it achieves continuous profits, and try different trading strategies on a demo account first and during a long period of time, and then select the strategy and method that suits you best, and do not despair and be patient, as achieving dreams and success requires time to achieve them.
It must be known that trading strategies come in shapes and sizes, and that no particular strategy is constantly outperforming the other all the time. For this reason, diversification and continuous experimentation can help manage risks and reduce fluctuations in asset price movements. For example, on the EURUSD pair, the euro / dollar, and made profits for you, but when you try the same strategy on XAUUSD gold or another pair such as CADJPY, the Canadian dollar / Japanese yen, it will not make you profits, and it will be considered a failed strategy!
Each pair, index, or metal has a different strategy, as the movement of each instrument differs from the other, and therefore you will not be able to use the same strategy for all tools, but it is possible to use the strategy in combination with another indicator or strategy to achieve more successful deals.