If you are reading this article at the moment then chances are that you are looking forward to making a career in trading and now you just want to know how to pick the best possible trading strategy. Well, for starters, it’s an undeniable that becoming a trader isn’t as easy job to do because whether you are opting for Forex trading or binary options, it’s always going to be quite risky and you will have to be strong enough to deal with losses and risks because that’s what trading is all about.
It’s a universal truth than when it comes to trading, two of your things need to be really strong. The first is your luck and the second is your intellect about trading and your decision making power. If you have all of these things working just right for you then know that yes, trading is going to be a fun profitable ride for you.
Speaking of profit, to win the trading game you need to pick a trading strategy that is in accordance with your trading personality. And on the other hand, you can’t just pick a trading strategy randomly, in fact, you first need to test and try it and learn the basic principles of that strategy to make it work for you.
So, if you don’t want to be one of those traders who always fail then make sure to work on your strategy first and to assist you with that today we are here with some of the things you should know about picking out the perfect trading strategy.
1- Your Trading Personality
The first thing you need to determine if your trading personality. There are three types of trading personalities out there. First is the aggressive bully who is always posting about villas and fast sports cars, and this trader has his heart pounding all the time waiting to make the right move. Then comes the greedy Scrooge who is always talking about risk management and money management. His fingers are always on the mouse and the keyboard. Lastly, we have the anxious trader who is always talking about setups, this one will always be questioning other people about trading and he’d love to hear out different opinions of other people.
2- Trade Frequency
Once you know what type of trader you are, you then have to focus on the timeframes and the trading frequency. Yes, you read that right! In this case, you need to know how many trades can you handle in a week and what’s the timeframe that your trading personality can cope with. For example, if you are an aggressive trader then you just can’t deal with long timeframes and one or two trades per week. In fact, you need something more exciting and you need something that can keep your heart pounding all the time.
3- Risk Levels
According to your personality type, you need to choose the risk level too. No one likes to play with big risks but at the end of the day, that’s what trading is all about and you can’t run away from this. Yes, what you can do is that you can decide the level of risk you will be dealing with. If you have some patience and if you can deal with a big loss then yes, you should play big but if you can’t then make sure to play small and play wisely.
These are some of the things you need to consider if you want to end up with the perfect trading strategies. Use the tips we just gave, and we promise you that you will be successful in picking the right option.
This Post Was Submitted By Qurban Shah From Techfeast.co