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Your Result
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YOUR RESULT

Algorithmic Trader

Based on your answers, you would most likely be a Algorithmic Trader in the world of forex trading.

What is an Algorithmic Trader?

For the Algorithmic Trader, trading decisions are made by an automated algorithm that is either coded by the trader themselves or purchased commercially. An array of specifically-calibrated technical analysis tools is usually used in a defined sequence to generate buy or sell signals. This is overlaid with strict risk management conditions. Algorithmic Traders look to minimise the discretionary element in live trading, relying instead on back- and front-testing to fine-tune a strategy’s profitability statistics.

Why did I get this result?

This shouldn’t come as a surprise to you, but you love technology and the vast difference it can make to your life, particularly how it can be used to help you make decisions and improve your chances of winning what might seem to be randomised games of chance.

Your answers suggest that you enjoy technical analysis and have a high level of trust in computers and technology in general. You also seem to rely on technology in most aspects of your life, so it won’t be too much of a stretch for you to rely on it in your forex career as an Algorithmic Trader.

Decisions based on technical research and computing power seem to hold more weight for you than those based on human intuition, and you are attracted to the thought of reducing risk by using technology to form your exit strategies.

Finally, you are a person who is happy to take time learning about your craft, and do not expect immediate small awards – instead using technology to build towards more long term, larger wins.

Which assets may be compatible with this trading style?

Aspiring Algorithmic Traders might consider:

Am I destined to be an Algorithmic Trader forever?

As you grow and learn within the world of forex trading, your style and approach to trading will develop as well. The Algorithmic Trader style matches your current affinity for favouring the use of computers and technology to make the right decisions, but in a few years, you might have changed your trading style a little. Take this test again 12 months into your forex trading career and see if you have remained an Algorithmic Trader, or if you’ve become a Scalper, a Swing Trader, a Position Trader or an Event-Driven Trader.

REMEMBER, these results were based on a short personality test. Forex trading in your suggested style will not guarantee success.

What is my next step?

Join one of our regular webinars to get insights into the world of forex trading and learn how to develop your own trading strategy. These sessions are run by experienced traders who will discuss emerging opportunities and the latest proven strategies for budding Algorithmic Traders such as yourself.

Webinars

You can also download our free e-book, Tips of a Successful Trader, to learn from real forex traders about the common pitfalls and how to avoid them.

Tips of a Successful Trader

Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.

Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice. Any examples given are provided for illustrative purposes only and no representation is being made that any person will, or is likely to, achieve profits or losses similar to those examples. DailyFX Limited is not responsible for any trading decisions taken by persons not intended to view this material.