If you are a Timid trader then typically you might lack confidence and might be unsure about what trades you should be taking. Even when you do take trades, you are probably not too confident about them and don't really have a positive expectation of the result.
Since you aren't too sure or comfortable, you will tend to look to others for advice and direction. You might research to find what others are saying or doing so you essentially become a market 'follower'.
Your lack of confidence will generally mean that you will also be cautious in the market - this might lead to taking a lower number of trades and making sure that you don't leave your trading funds too exposed or at risk.
Struggler
As the name suggests, this stage occurs when traders find it difficult to actually get going with their trading or with making profits. It is the stage where the dream of easy profits is met by the harsh reality of what it actually takes to be successful.
This is a stage that many traders will find themselves in at one point of their journey. It is important to understand why and then look at what you need to do to push ahead (before it's too late). The Struggler is often a trader that has started learning about forex trading and then gets frustrated when the profits don't start flowing like they had been led to believe. You maybe started trading and found that certain circumstances have conspired against you. Your trades have not panned out as you anticipated. You may not really know what has gone wrong or what you need to do to correct things.
People get attracted by all the mentions of potential profits that can be made but the Struggler suddenly finds it is not as easy as they had imagined. You may have already made some losing trades and seen your bankroll shrink. You might start chasing losing trades or making trades that put your bankroll at risk.
Often Strugglers will recognize the need for change but they don't always know what to do about it. So you might feel isolated and lacking in resources to turn things around. You might not have any support systems or guidance that can point you in the right direction.
"Moving Forward"
Timid
You need to progress from being this type of trader if you hope to make real and sustainable profits. This means looking at ways to increase your confidence and experience. There are various ways to do that including accessing quality trading education and learning practical trading skills from experienced mentors.
The important first step is making a commitment to yourself to really change your mindset and approach. It is fine to be timid or cautious with your trading funds but you need to ensure that you develop more confidence with the trades that you take and the overall potential of your trading future.
Struggler
To move forward from the Struggler stage, make sure that you firstly take a step back from your trading until you are comfortable with the direction you are heading. Don't be afraid to get suitable training or to find someone that might be able to guide you on the right path. Take action and do it quickly.
Struggling with your trading can be frustrating and annoying. You need to also make sure that it's not financially devastating as well. Work out what areas of trading you need help with. Develop a plan of attack for how you will solve them and then take action as soon as you can.
Don't be dispirited. It's just time to take your trading more seriously.
Rommel, Your Next Action:
A great trader generally has developed skills and characteristics such as:
being decisive, organized, and able to execute trades systematically
being able to grasp the "big picture"
being able to analyze the charts and use logic to base sound decisions on
We've designed a solution called the Forex Power Group specifically to meet the needs of your trader profile (the "Timid Struggler") and many others. Make sure you watch our next video in a few days time to see how the Forex Power Group can take your trading to the next level and beyond!
Explanatory Notes
The trader profiles are not meant to be a scientific or detailed assessment although they have been determined based on extensive research into the various factors that influence individual performance.
They are not intended to be critical or negative in any way, in fact they have been created as a way of identifying areas that can be improved so that every trader has the best possible chance of long- term success.
Please take note of how you can move forward and achieve the type of future that you have probably dreamed about.
Our trader profiles cover two main components:
Trading Personality and Mindset
This looks at some of your personal attitudes and attributes. It also looks at how you approach your trading. It is meant to indicate something about how you personally look at trading and how this might impact on your success or failure.
This is important as studies have shown that profitable traders have a lot of common attributes that help to make them successful. We can use this information to see how we compare and to see what areas we might need to improve in so that we can achieve the same level of success over the long term.
Don't take the result or the category too literally but consider if it applies to you and how you can use this information to be successful in the future.
The Stages of Forex Learning
Like most things in life, Forex can be a bit of a journey. We might know that we want to end up making money and becoming successful traders but we have to start at the beginning and work our way there. It is not always quick and it certainly is not always easy. You'll find plenty of potential detours that will divert you from the overall path and there will also be plenty of potholes along the way.
Just like any journey, there are various stages that you need to go through before you become a professional. I classify most traders into five broad categories which I call how quickly you can move through the various stages so that you become genuinely successful. I call this this the "Speed of Transition" - it's something to keep in mind when you think about your future in Forex. Just stay focused on your end goal and move forward to get there as soon as you can.
Since you aren't too sure or comfortable, you will tend to look to others for advice and direction. You might research to find what others are saying or doing so you essentially become a market 'follower'.
Your lack of confidence will generally mean that you will also be cautious in the market - this might lead to taking a lower number of trades and making sure that you don't leave your trading funds too exposed or at risk.
Struggler
As the name suggests, this stage occurs when traders find it difficult to actually get going with their trading or with making profits. It is the stage where the dream of easy profits is met by the harsh reality of what it actually takes to be successful.
This is a stage that many traders will find themselves in at one point of their journey. It is important to understand why and then look at what you need to do to push ahead (before it's too late). The Struggler is often a trader that has started learning about forex trading and then gets frustrated when the profits don't start flowing like they had been led to believe. You maybe started trading and found that certain circumstances have conspired against you. Your trades have not panned out as you anticipated. You may not really know what has gone wrong or what you need to do to correct things.
People get attracted by all the mentions of potential profits that can be made but the Struggler suddenly finds it is not as easy as they had imagined. You may have already made some losing trades and seen your bankroll shrink. You might start chasing losing trades or making trades that put your bankroll at risk.
Often Strugglers will recognize the need for change but they don't always know what to do about it. So you might feel isolated and lacking in resources to turn things around. You might not have any support systems or guidance that can point you in the right direction.
"Moving Forward"
Timid
You need to progress from being this type of trader if you hope to make real and sustainable profits. This means looking at ways to increase your confidence and experience. There are various ways to do that including accessing quality trading education and learning practical trading skills from experienced mentors.
The important first step is making a commitment to yourself to really change your mindset and approach. It is fine to be timid or cautious with your trading funds but you need to ensure that you develop more confidence with the trades that you take and the overall potential of your trading future.
Struggler
To move forward from the Struggler stage, make sure that you firstly take a step back from your trading until you are comfortable with the direction you are heading. Don't be afraid to get suitable training or to find someone that might be able to guide you on the right path. Take action and do it quickly.
Struggling with your trading can be frustrating and annoying. You need to also make sure that it's not financially devastating as well. Work out what areas of trading you need help with. Develop a plan of attack for how you will solve them and then take action as soon as you can.
Don't be dispirited. It's just time to take your trading more seriously.
Rommel, Your Next Action:
A great trader generally has developed skills and characteristics such as:
being decisive, organized, and able to execute trades systematically
being able to grasp the "big picture"
being able to analyze the charts and use logic to base sound decisions on
We've designed a solution called the Forex Power Group specifically to meet the needs of your trader profile (the "Timid Struggler") and many others. Make sure you watch our next video in a few days time to see how the Forex Power Group can take your trading to the next level and beyond!
Explanatory Notes
The trader profiles are not meant to be a scientific or detailed assessment although they have been determined based on extensive research into the various factors that influence individual performance.
They are not intended to be critical or negative in any way, in fact they have been created as a way of identifying areas that can be improved so that every trader has the best possible chance of long- term success.
Please take note of how you can move forward and achieve the type of future that you have probably dreamed about.
Our trader profiles cover two main components:
Trading Personality and Mindset
This looks at some of your personal attitudes and attributes. It also looks at how you approach your trading. It is meant to indicate something about how you personally look at trading and how this might impact on your success or failure.
This is important as studies have shown that profitable traders have a lot of common attributes that help to make them successful. We can use this information to see how we compare and to see what areas we might need to improve in so that we can achieve the same level of success over the long term.
Don't take the result or the category too literally but consider if it applies to you and how you can use this information to be successful in the future.
The Stages of Forex Learning
Like most things in life, Forex can be a bit of a journey. We might know that we want to end up making money and becoming successful traders but we have to start at the beginning and work our way there. It is not always quick and it certainly is not always easy. You'll find plenty of potential detours that will divert you from the overall path and there will also be plenty of potholes along the way.
Just like any journey, there are various stages that you need to go through before you become a professional. I classify most traders into five broad categories which I call how quickly you can move through the various stages so that you become genuinely successful. I call this this the "Speed of Transition" - it's something to keep in mind when you think about your future in Forex. Just stay focused on your end goal and move forward to get there as soon as you can.
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