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Each forex trader has started trading for different reasons. Depending on when you’ve begun your forex journey, you might be at a certain experience level. Still, you might not be sure whether you’re currently an intermediate or advanced forex trader.
This article will show you some signs of an intermediate trader or an advanced one, so you can figure out your level and find the best forex broker.
Are You An Intermediate Forex Trader?
How do you know if you’re an intermediate trader? Many people associate intermediates with beginners. While an intermediate trader is not an advanced or expert trader, they are not beginners either. Here are some signs that you are an intermediate forex trader:
- You Have Little Trading Experience
Generally, an intermediate trader will be at the beginning of their forex adventure but will have some experience with trades. Most of the time, this experience goes from 6 months to 2 years.
- You’re Trying to Find Your Own Strategy
Everyone knows that a successful forex trader has a unique strategy that ensures long-term profitability. When you are still learning how to trade, you do not have an established strategy, but might be testing out different things to see what works out for you. Sometimes, you might even go for copy trading to learn from the best on the market.
Even if you’re not where you want to be in your forex trading journey, you have great potential, proven by your willingness to get better at trading.
- Your Trading Capital Isn’t the Greatest
As an intermediate, you will have trading capital, but not too much. To reach an intermediate level, your trading capital must be at least $1,000.
- You’re Not too Happy With Your Trading Results
If you’re an intermediate trader, you most likely get involved with forex trading very often. But despite your regular trading activity, you are unhappy with your results.
Are You an Advanced Forex Trader?
An advanced forex trader is easier to spot. Usually, someone who is advanced with forex trading will be aware of their level and skill. So, if you are one, you probably know how experienced you are.
Still, here are some signs you are an advanced forex trader:
- You Have an Established Trading Strategy
Advanced traders always have their own trading strategies. They know which trades they should follow and how to make a profit in the long run. Not only that, but they know when they should quit in order to prevent disaster.
- You Don’t Let Emotions Get in the Way
Many inexperienced forex traders tend to let emotions control them, taking huge risks as a result. But an advanced trader is disciplined and doesn’t let feelings affect their trading choices. They use their mind rather than their heart, showing that they know how to make successful trades.
- You’re Good at Managing Risk
Risk management is an important trait in forex trading. As an advanced trader, one will consider the risks and rewards of every trade and will think about limited losses. Furthermore, they will think about profit in the long term instead of the short term.
Final Thoughts
Now you should know whether you are an intermediate or advanced trader. Based on your level, you can check out which intermediate or advanced forex brokers offer cTrader so you can move on with the next steps.
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