Remember the SWOT Analysis of any project? Well, in this article, we are interested to check out the SWOT analysis of the forex trader, as personality has a big impact on market decisions and implementations.
- Strengths, which is an internal factor means the core characteristics and traits of any personality that will give an advantage over others.
- Weaknesses, which is also an internal factor means to analyse what are the missing traits in your personalities that are required to become a great forex trader or market decision making.
These two are internal factors while the rest of two are external factors. These factors are easy to overcome as everything is in the hands of trader and its easy to control. The rest two are Opportunities and Threats which are not too much important personality traits in forex market decisions.
The Forex traders should complete this process to map out their own strengths and weaknesses while analysing their internal powers and weaknesses critically. Once you have recorded the strength and weakness, this is a great home work. Start polishing your strengths to convert into wow factors while start minimizing your weaknesses to convert into strengths.
Trait Factors like Greed:
Forex traders and almost every person involved with the forex market have sensitive approaches and emotions that hinder their trading success. The most prominent emotions may be regret, the false implementation fear, hope, wrong estimations, fear, risk and most important greed. In the forex world and market news, Greed is big personality factor as the stats have proved this factor to be a kick-off reason for many investors.
Trait Factors like False Hopes:
This personality factor is not ignorable and if you have this greed factor, just minimize it and move towards most stable trait factors. The false estimations and false hopes are another weak factor of personality traits. Your market news may be shouting at one direction but your false hopes to another other. Your insights may be strong, but in forex world and market, its better to rely on real market news rather than personal false hopes.
Impatience and Emotional Instability
Impatience and emotional instability are also two other main personality traits that can be a destruction. If these are your weaknesses, then convert these two into strengths and remove these personality traits before you dive into the forex market.
If the market is unstable and your currency pair is going down, an impatient and emotional instable personality will totally get tensed and loose the patience, leading to nerves issues, headache and may be taking a bad decision. For the Forex market, red personalities are the best, that are dominating and emotionally stable. These personalities are problem solvers and you must endorse these special traits before you start doing forex. Because when the real money is involved, things are quite serious and problematic.
Here are 4 main types of personalities:
- Yellow personalities that are considered as sunniest, as those are passionate, straight forward and positive.
- Red personalities are the best, that are dominating and emotionally stable. They like new activities and seeking success.
- Green personalities are considered as most calm, as they are loyal, supportive and seeking opportunities by investing minimum risky.
- Blue personalities are perfectionists as they considered every job as challenge, well mannered, disciplined, logical and problem solving!
So, what are your personality Traits? Just comment us in the comment section and let us know your personality side. May be, you are strong enough to have ideal personality traits for the forex market. For trading and forex market secrets, just consult your thoughts with Graphene FX!