The most important question you can ask when you start trading
Q. “Timon, I am trying to figure out what will suit me best as a trader. Maybe you can help me with my trading profile. I'm a 56 year old single house father who has about 1 hour a day to trade with income from property rental. I don't like too much stress and I certainly don't like the idea of losing a lot of money in a day. Can you help me figure out who I am as a trader?”
A. Hi Bryce, you’ve asked the most important question you can when you start trading.
“Who am I as a trader?”
This requires some introspection…
Let’s start with what trader you would like to be.
There are three kinds of traders in my view…
The first type is an Intraday trader
These are people who take a number of trades in different markets throughout the day.
However, the big catch with being an intraday trader is this.
You can buy and sell as many trades as you would like in a day.
But you have to make sure, you close out every position before the market closes or before you go to sleep.
Hence the term intra (inside) day trader.
This type of trading is not for everyone. Definitely not for me.
When you’re an intra-day trader, it requires a lot of focus, time and patience. It can be quite stressful as a father, as well as someone who only has a short
period of time to trade.
As you have only 1 hour a day to trade and do not wish to lose too much money in a day, Intra-day trading will probably NOT fit your trading profile and expectations.
What a MATI Trader System Programme owner has to share
“I banked R30,000 in 5 weeks. The gains far exceed the losses. I have 3 or 4 family members that will be subscribing to MATI Trader in the next few weeks. Thank you.”~ Ameela
You can own Timon’s proven and profitable, low risk trading system too and soon start banking these kinds of gains for yourself!
The second type is an EA Trader
This is a type of trading where you instruct a trading programme to facilitate your trades, based on your chosen criteria.
These are also known as trading robots. In fact, you don’t even need to be in front of the computer to trade as the software and programme does it for you.
If you would like to trade without being in front of a computer screen, and you let the robot automatically enter into the market – then this could be an option for you.
But I have a feeling you would like to partake in the excitement and thrill of the buying and selling process.
It is always more liberating when you take your own trades and I find you feel more in control with your trading with a greater precision.
If the EA Advisor has sparked your interest, you can read more about this style of trading in an article I wrote called: What EA Bots are and the pros and cons of running them for your trading.
The third type is most likely what would suit you best as a trader.
The third type of trader is a Position trader
This is the kind of trader I am.
A position trader essentially buys and sells trading positions over a number of weeks or even months.
Essentially, when they have time they open their charting platform to identify what trades are lining up for the next day.
Then when the charts align and the criteria (for entries and exits) are ready, they put in their trading levels and let the markets take over.
Once or twice a week, I do a full-analysis on the markets I’m looking at.
I then plug in my entry, stop loss and take profit levels, and click buy or sell.
Then I let the market prices run its course. It is definitely the easier way of trading, it requires less time, more patience, less stress and you’ll find you won’t take as many losers in a short period of time.
So to sum up…
Ask yourself the question.
“Who am I as a trader?”
1. Intraday trader (Does not hold overnight)
A trader who is in and out of a few trades in the same day
2. Expert Advisor trader (Trading robots take the trades)
As many trades as the strategy lines up
3. Position trader (Holds overnight)
A trader who is in and out of trades and holds them over a number of weeks and months.
If you see yourself as either an intra-day trader or a position trader, then my proven trading system could just be the right tool for you. You can find out how to access it here.