Jack of all trades… Master of one!

2 min read

Yeah you read it right… Master of One not None! Just a little different from the original figure of speech and I will tell you what I imply. I am talking about the art of trading all kinds of financial securities be it Stocks, Options, Forex, Cryptocurrencies etc. All of these financial instruments have their own unique dimensions that we need to know to trade them successfully or at least knowledgeably.

I have traded Forex, Stocks & more recently Cryptocurrencies with different trading styles, employing different trading strategies since they work for me. This is a broader picture however… what I am trying to reach at is going a little further at the micro level. I should point out that one thing that stays common with my style of trading is sticking to TA (Technical Analysis). Before I go any further I do want to clarify that I am not offering any kind of investment advice on any financial instrument – just sharing something that has worked for me.

So let’s talk about Forex since I have been trading that for the longest of all the financial instruments. Primarily I am an active Forex Day trader in all the USD Majors (7 pairs). Considering the volatility in Forex markets it presents me with ample opportunities during the course of a trading day to dip my feet into. Obviously one thing that makes it easier for me is that most of my trading decisions are based on technical factors. But there are days when you are confused about the general direction of different pairs, they are just choppy or there simply isn’t enough actionable trading opportunity in the other pairs is when I revert to my favorite trading pair in USD Majors USDCAD – since I know it inside out – from how it behaves technically & fundamentally to how macro & micro level economic factors affect its price movement to other geographic & political factors.

Now it could work for any other FX pair for you depending on where you live, the time you trade to the kind of trading strategy you adopt. I am not suggesting that you absolutely have to trade every single day or even that you absolutely need to have a favorite pair (in Forex) but mastering your trading skills could give you an edge & the confidence that you need to be a long time successful trader.

This could easily work for stocks as well where I have recently started trading a technical strategy called “Bread & Butter” whose discussion we can leave for a later date – sufficed to say it is a technical strategy employed to scalp strongly trending stocks. Even in stocks I have Tech sector as my favorite playground, where I trade most of the time employing this strategy. As for Cryptocurrencies, HODLing works for me for now in a few of the promising projects which show potential & promise – a decision I reached after a lot of research & due diligence and so should you if you intend to go that way. Short term trading in Cryptos is a little too uncomfortable for me. However, I would love to trade them on technical grounds after all the noise around them settles down at some point in the near future.

At the end of the day lots of traders are good at a bunch of things, yet others who are really good at a few things & then there are few who are masters at something specific. Are you one of them?

If you feel like reading more about some of my other related trading articles: One size fits all trading strategy? Shorting Bitcoin is possible

Stay in touch: Twitter | StockTwits | LinkedIn | TelegramTradealike

Faisal Khan Faisal is based in Canada with a background in Finance/Economics & Computers. He has been actively trading FOREX for the past 11 years. Faisal is also an active Stocks trader with a passion for everything Crypto. His enthusiasm & interest in learning new technologies has turned him into an avid Crypto/Blockchain & Fintech enthusiast. Currently working for a Mobile platform called Tradelike as the Senior Technical Analyst. His interest for writing has stayed with him all his life ever since started the first Internet magazine of Pakistan in 1998. He blogs regularly on Financial markets, trading strategies & Cryptocurrencies. Loves to travel.

One Reply to “Jack of all trades… Master of one!”

  1. Hello ,

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    I’m also interested in this topic + have recently started my journey as young entrepreneur.

    I’m also looking for the ways on how to promote my website. I have tried AdSense and Facebok Ads, however it is getting very expensive. Was thinking about starting using analytics. Do you recommend it?
    Can you recommend something what works best for you?

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    (Recently I have added a new page about Rockwall Investments and the way how normal people can make money with this company.)

    I have subscribed to your newsletter. 🙂

    Hope to hear from you soon.

    Maybe I will add link to your website on my website and you will add link to my website on your website? It will improve SEO of our websites, right? What do you think?

    Jan Zac

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