What is your Trading Style?

In my 7 years sojourn in Forex, I have come to see much different kind of Traders: Swing Traders, Divergence based Traders, Elliot waves Based Traders, Fibonacci based Traders, Pivot Point Based Traders, Moving Averages Cross based Traders, Fundamental Based Traders etc. Each trader should fall into one category or the other and that’s a wonderful thing… being able to explain your trading style or aligning yourself with something explainable.

The truth is that I have seen successful traders from almost these entire myriad of trading patterns and they all have one thing in common: A resolute decision they made, to stick to that trading style and genuine attempts to expand their knowledge in it.

However, I still have seen greater number of traders with no definable style. So many traders belong to this group and it’s unfortunate that they hope to make a living through Forex, without even being able to clearly define how they make trading decisions. 

I once encountered a trader who wanted to make a quick repayment of a 5year old debt of about $10,000. His intention was to subscribe to my trade signals, with a $500 account, his hope was to get to make as much money as possible in the shortest possible time (3-5months) and repay his 5year old debt. I was amazed to say the least. My answer to him was as factual as you can get. NOT POSSIBLE.  

I try to encourage people to enroll for my Forex Course or any other, rather than opt for just the Signals because, it’s easier to get a Forex course that would suit you than getting a signal provider that would match your needs. What do I mean by this? If you have no idea how the signals are generated, many would find it difficult to stay calm when the signals do not come or when they see that the market is moving/volatile. But the individual with some experience in how the signal is generated would remain calm and may also realize that no trader can make pips in all market conditions.

Therefore, my advice to traders or intending traders is to seek knowledge. Invest in yourself! Whether you intend to resort to Signal providers or Fund managers and most especially when you intend to trade yourself.

The worst thing you can do to yourself is having inadequate or no knowledge of where you intend to invest your hard earned cash.

Identify a mentor, follow him and if possible, get to be trained by him. This shortens the learning curve and would eventually save you many heart breaks of crashed accounts.

Happy Trading!

Chris Ahize