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Traders: Professionals and Amateurs
A trader is a person who trades in assets, such as cryptocurrencies, on their own initiative. They do this at their own risk and peril to make profit.
Trading is not an easy occupation; it’s based on conducting trading transactions in order to make money. Traders deals with all kinds of assets: securities, precious metals, raw materials, options and futures, currency and cryptocurrency. They must be able to obtain and properly analyze incoming data, correctly respond to market changes and avoid falling into despair if their actions have been unsuccessful. Key traits for a trader are attention to detail and patience.
Types of traders
There are multiple trader classifications: in terms of strategy, behavior on the market and trading psychology. You already know some types of traders: bulls and bears, whales and hamsters. All traders may generally be divided into two big categories: professionals and amateurs.
– For professional traders, trading is a job that generates an income for them. Most often they have economic or financial education, work in investment funds, brokerage firms or banks. They can also work independently. Their decisions are the most informed and educated; they rarely fail and know how to make profit regardless of market performance.
– An amateur is a trader with no specialized education who regards trading as an additional means of making money. An amateur trader may also be successful if they know how to follow their instinct and contain emotions. Ultimately, an amateur may become a professional.
What trader category do you think you are in?