No two traders truly trade alike. Sadly, as much as we’d like one at times when it gets tricky, there’s no definitive guide to trading and there’s no ‘one catch suits all’ solution. That’s why, while some people trade one way, others will invariably trade against them. We all have different trading styles and different personalities.
This isn’t an issue, and it’s what makes trading so exciting. In order to make it work for you, it’s important that you know what trading style you have and what type of trading account suits it. In this post, we take a look.
What’s My Trading Style?
Everyone has a different trading style… you just have to find yours. Things you need to consider are:
- The size of your account and how much you’re willing to invest
- The amount of time you can dedicate to trading
- The level of trading experience that you have
- What your personality is like
- What’s your tolerance level when it comes to risk?
There’s a great Investopedia article that helps you find your own trading style. Essentially, much of it boils down to how much risk you’re willing to take and how long you’re willing to take that level of risk for.
What Account Suits Me?
Demo Accounts – Ideal for novice traders just making their mark on the trading world. Here, you’re not risking any of your own money, so you can try out new trading strategies and see whether trading is right for you.
SuperTrader Account – You can access the forex market without having to trade manually. You find a strategy that meets your investment goals, allocate funds, set your risk control and copy it to your investment portfolio.
MetaTrader 4 – MetaTrader 4 is the world’s most popular trading platform. It’s relatively complex, but is also customisable so that you only receive the information you require. You can analyse price, place and manage trades and employ automated trading techniques all from the same screen.
MetaTrader 5 – This is an upgrade from MetaTrader 4. It provides similar functionality, but allows users to chart assets at 21 different timeframes and allows you to have 100 charts open at any time.
You can learn more about all of these and other types of account at FX Pro. There are even trading accounts so you can ‘try before you buy’.
Be sure to research these different accounts and their benefits thoroughly, then select the one that matches your trading style and the functionality you need.