How to spot a Forex Trader
Forex traders come in all shapes and sizes; young, old, male, female, students, doctors, accountants... you name; they trade Forex.
The trade can take place directly from a laptop or desktop computer or even from a mobile device or a tablet. Whether you are living, in an apartment in New York, in a villa in the Mediterranean or in a Chalet in Switzerland, Forex traders project some common characteristics. Those characteristics will allow you to spot a forex trader from the crowd.
New York trader
1. Loads of trading screens in his apartment
2. A copy of a Wall Street trader
3. Tired ring out eyes, from the sleepless nights trading during the London session and the rest of Europe session. Some may choose to trade in exotic pairs so, you should expect to see them trading on
1. Even more trading stations than the New York forex trader
2. It is all about the technical analysis. Who cares if the interest rate has changed or that the Non-Farm Payroll was released 100 points away from the forecast. The Japanese trader cares only about historic movements and he will analyse his next trading decision based on candlesticks analysis along with an indication from the Ichimoku. If you ask him, why? then he will proudly reply to you that all indicators were introduced from Japanese traders .
3. Favourite currency pair: Anything that is traded against the JPY for obvious reasons.
1. One trading station only with a single screen. The desire to keep things simple
2. Favourite trading pair: Gold. Highly volatile because people from Middle East are not famous for their patience
3. Places half of his trades through his mobile app
What they all have in common
Whether you are residing in the US, Asia, Europe or even Middle east, you have many things in common and some of them are:
- Your trading account is connected in all your devices so you can access it at anytime from anywhere.
- You know more about the currencies than what is happening in your own country. Forex is a global market.
- You have more than one trading account with a Broker.
- You can use the platform better than the designers of the platform.
- Sometimes you speak to yourself. This is normal when you spend too much time in front of computers and trading platforms.
- You make sure you have a contact person from the brokers you trade with.
- You are never satisfied with your performance and you always aim for more.
- You have gone through some bad times with your Forex Brokers but you keep trading with them.
- When you go out you make sure that your trading positions were closed or you will keep on monitoring them during your outing.
- You wish the market could be open at the weekend as you think it would be a great time to trade.