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Forex Trader

Forex trader is a person who takes active part in foreign exchange market operations. His goal is to use short or long-term price moves to make a profit on differences in foreign exchange rates. Traders are the main group of the market participants. Partly because of them, Forex market is characterized by high liquidity.

Types of Forex Traders

You can divide Traders into several ways. Market participants, individual investors in narrow understanding can be divided into a 3 main groups, depending on their main goal: Arbitrageurs, Speculators and Hedgers.

Depending on the trading frequency, there are 4 types of Forex Traders:

Scalpers - speculators that use the smallest timeframes to take advantage of the small price moves. Their positions can last for seconds or ever less than that.

Day Traders – speculators that use short-term price fluctuations in order to make a profit. Their main goal is to avoid costs of holding the position overnight while taking advantage of medium-size market moves and impulses.

Swing Traders - their goal is to use mid-term trends. Positions are usually held for a few days.

Long-term Investors - as the name suggests, their trading activity is based on long-term price movements. Their market positions are opened onfrom several days, through several weeks (on average) to even months and years.

How much time trader spends on trading?

Time for trading is strictly connected to the approach and to the type of investing strategy. Scalping and Day-Trading are more time-consuming strategies, because they require opening several or even dozens of transactions during one single day. This style of trading forcestraders to follow up with the market situation and access to the trading platform.

Another case is with swing traders or long-term investors. They dedicate relatively small amount of time to trading, as the average duration of holding position varies from several hours to hours, weeks or even months. Among these traders are usually full-time employers that have no time for trading. Many of them treats trading as the source of the additional income.

Forex Trader equipment

Every forex trader has its own work equipment, that is utilized in everyday trading. There are 4 elements, without which everyday trading would not be possible. Here theyare:

Computer device - it can be stationary computer, laptop or any other mobile device that allows you to connect to the trading platform

Trading platform - among many available transaction platforms, the most popular is MetaTrader4. Trading platform choice is usually limited and depends on broker’s technology

Internet - it is not only necessary medium of information transmission for order placing, but also it allows you to acquire essential economic information, that has a great impact on markets.

Knowledge - overall knowledge of the technical and fundamental analysis, market mechanisms, financial instrument characteristics and especially economics

Traders on TradingDot

The Trader on our website is simply a member of TradingDot trading society. It is not only the speculator on FOREX market, but also it can be the stock exchange investor. Just like in case of ‘Ideas’, searching filters are placed on the left side of page. Users can search the traders by the language used – by default the filter is set as the user’s preferred language.

Searching and sorting forex traders

In the upper part of this subpage you can find a searching fieldthat allows you to find the trader by his / her name. Entering 3 symbols of the name shows you some possible searching results. Under the searching field you can sort the traders by:

Experience–given in years, describes the experience of the trader on financial markets. It is rouded value and treated as a user’s subjective assessment. Clicking on this field every trader will be sorted by the number of years spent on the market.

Approach – using this function, user can sort the traders by their approach to the trading. Each user can choose one out of seven possible combinations of 3 given approaches(technical, fundamental or statistical analysis).

Reputation – by clicking on this field every trader will be sorted by the reputation, from the lowest to the highest. Reputation points are reflecting activity of the trader. In order to receive some points one of the following activities must be done: adding the trading idea, trading strategy or someone will simply start following you.

Followers – by clicking once, traders will be sorted, starting from the most popular, twice – the opposite. It is a very good indicator that is showing trust level. The more followers trader has, the higher the number of reputation points should be. It also means that publications are popular or the stategy works well.

Strategies – the number is equal to the quantity of driven strategies, added by user. Using this function you can sort the traders by the number of strategies added.

Ideas - this is the number of trading ideas added by the trader on the portal. It indicates how active the trader is and whether he’s worth following purely in terms of trading ideas.

Forex and stock traders list

In the central part of the ‘traders’ subpage you can find a full list of traders who set up their trading profile on TradingDot. Default order of these traders is based on how much followers each of them has. At the top of the list you can find the most popular trader, while scrolling down popularity of the traders decreases. Each of them has his own window with details:

-name of the user – every user has its own, unique name (that can be name and surname, but also nick can be used), thanks to which trader can be distinguished amongst one another

-profile photo – it is not required, but adding also makes the trader unique, recognizable and improves credibility

-reputation level – indicates the trader’s activity on the website. To reach a certain reputation level, one’s must collect a fixed number of reputational points

-parameters, thanks to which you can sort the traders, that is: number of the followers, reputation points, experience, number of the strategies driven

Trader – strategies, ideas, following

There are 3 buttons on the right side to the trader’s field. First of them - ‘Follow’ – allows you to quickly start following the chosen trader. Since that moment you will receive notifications directly on the website or on the email, announcing every activity performed the trader followed by you. Next button, ‘Strategies’ reveals the list of every trading strategy added by this particular user. Nearby, the ‘Ideas’ button is placed, after clicking which all of the trading ideas previously added show up. Ideas are sorted chronologically. Using this tool allows you to check the activity of the trader, on which basis trader’s investment decisions are made and what is the original approach to the trading.
Trading currencies and CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved taking into account your investment objectives and level of experience. Past performance of CFDs is not a reliable indicator of future results. Most CFDs have no set maturity date. Hence, a CFD position matures on the date you choose to close an existing open position. Seek independent advice, if necessary. The portal, neither in whole nor in part, constitutes a recommendation within the meaning of the provisions of the Ministry of Finance Regulation of October 19, 2005. on information constituting recommendations regarding financial instruments or their issuers (OJ from 2005 No. 206, item 1715). The contents contained on the website do not meet the requirements set for recommendations in the meaning of the above-mentioned Act, eg they do not contain a specific valuation of any instrument, they are not based on any valuation method, nor do they specify investment risk.All strategies and ideas in the portal are opinions of users and are for information and educational purposes only. Historical results from the portal strategy do not guarantee the same results in the future.TradingDot © 2022