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Which Trader Personality Fits You?
Zoomed in, we all have unique trading personalities. Our emotions, skills, and knowledge come together to create a unique trader personality that requires a carefully crafted trading plan and strategy to succeed. But zoom out a bit, and we start to fall into archetypes. Our behaviors look more and more similar, and our trading personalities fall into types.
While these aren’t the only trading personalities, today, we’re going to take a look at 4 of the most distinct ones in the market. Which trader personality are you?
The Quick and Silent Sniper
The sniper is a trader who has a lot of patience, who sits quietly and waits. At their side are the predefined perfect conditions for entry and exit. The sniper waits and waits.
Once the snipers see their preset conditions met, they pull the trigger on their trade. They’ll only shoot one bullet, but it’ll be spot on the mark.
This trader personality behavior is typically found in traders who are trading specific levels. They spend time carefully analyzing key levels, support or resistance, supply and demand, Fibonacci levels, etc.
These traders calmly wait for the price to hit the level they want to trigger, wait for more conformation, and then snipe one shot in expectation of a bonanza.
If you’re patient and can wait for all the conditions to line up, this type of trading can have very low risk with a very high reward.
The sniper also goes for longer rides, expecting to take the price at the very beginning of a rally or drop. They also try to take as much as possible from the cycle or evolve to more cycles of the rally or drop. They snipe in the perfect spot in order to have the most massive effect possible.
The Scalper
This type of trader personality is very aggressive. They find themselves in many intermediate levels in the range of the rally cycle and often try to exploit and take advantage of many trades, expecting to make low profits.
Usually, these trades have a risk-reward ratio of 1 to 1 or less. Scalpers tend not to risk more than they want to earn. They have an edge of winning success, and they take short movements leading to a higher success rate overall.
This trader personality is a typical model for day traders. It’s very aggressive, takes focus, action, and attention. The advantage is to end the day flat while also hitting your trading target in just one session.
Daily achievable goals are made by taking just the right amount of points from the market.
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The Artillery Barrager
Bust out the big and loud guns for these guys. These are traders who go with trial and error and just put as much out there as possible. They go on a specific level and then try multiple entries around key levels until it works.
They enter and exit and take fast and small losses and take a lot of trades until they hit a big one that covers all the previous losses.
We call it artillery because you don’t need exact time or placement. You blast out over a large area, and when something hits, it hits hard and makes up for the misses.
This looks like many entries and exits around a key level on the chart. There are many small losses and many small winners. Eventually, one catches a burst back to the trend, and that’s the bonanza trade that hits.
The Hobo (or Trainhopper)
Imagine you’re in the wild west at a train station. A train just began to leave when you see someone run up alongside it with their bags slung over their shoulder.The train speeds up, but they manage to toss their belongings in an open door. They pick up speed and haul themselves in as well.
This is what the train hopper trader does when he or she chases prices. It’s very risky, they can fall and hurt themselves, but when they get into the train (or trade), they’ll make it to their destination quickly and in one piece.
When you see price moving in a direction, and you jump on the momentum, you’re looking to hitch your money on a trend. Hopefully, that momentum continues. However, if the trendline doesn’t, you’re at risk of entering after the event and at risk of a bigger drawdown for your trade.
It’s a dangerous trader personality, but it could pay off big and take you someplace really special.
Trader Personality Conclusion
These are the four common traders’ personalities in the market, and every forex trader needs to understand what suits his personality and daily routine to achieve optimal results.
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