by Siti Wan Mahani on Tuesday, August 9, 2011 at 11:58am
As a Trader Planning Trader Type you tend to have the three important qualities that we look for in top traders.
You have the ability to develop and implement trading systems quickly to meet your needs. You can spot logical inefficiencies in the market easily and take advantage of them, especially if you are pointed in the right direction.
YOU tend to be decisive and to the point. You assume leadership quickly when it is called for by the circumstances around you. You have the ability to develop and implement trading systems quickly to meet your needs. You can spot logical inefficiencies in the market easily and take advantage of them, especially if you are pointed in the right direction. You enjoy long-term planning and goal setting and seem to enjoy learning, expanding your knowledge and staying well-informed.
Consequently, you should have no problem developing a sound business plan for trading successfully. You are excellent at planning in advance, especially when you have specific trading goals in mind. You are good at keeping both your short term and long term objectives in mind during the planning process. You like to be effective and efficient and quickly will abandon procedures that do not help you to accomplish your goals. Your dislike for repetition in error will probably help you with trading because uncovering and fixing mistakes that you make is an important task of trading.
You probably are career-focused. Thus, if your current focus is on trading, it’s probably because you’ve had a major disappointment or frustration with your initial career of choice. However, you need to be careful with trading/ investing because it tends to be a solitary activity and you love to organize others and pass on your knowledge. Nevertheless, you tend to have the three important qualities that we look for in top traders. Thus, if you apply yourself, develop a business plan for trading/investing, and really work to understand what trading success is all about, you have the potential to be hugely successful.
Tra ding Strengths
• Originality and drive; willingness to follow your ideas through to completion.
• Quickly see patterns and possibilities, with the ability to hypothesize rapidly and generate low-risk trading ideas.
• You could probably generate a trading business plan and trading systems quite easily and naturally.
Trading Challenges
• Probably so logical that you don’t recognize when emotions are causing you to self-destruct.
• Your willingness to take action based on rapid insights may result in premature actions, which may create tension with your risk management system, especially if you really believe in your rapid insights.
• You may be susceptible to the loss trap. Therefore, you may not honor your stops because you want to be right about your trades.
• May become bored with routine systems, even if they are performing to standard, and seek excitement to “stay in the game.”
List of Tharp Trader Types and Their Potential For Success in the Markets
High Potential for Market Success :
Strategic Trader
Planning Trader
Good Potential for Market Success With Some Work :
Detailed Trader
Facilitative Trader
Innovative Trader
Spontaneous Trader
Independent Trader
Administrative Trader
Values Driven Trader
Socially Responsible Trader
Accurate Trader
Adventurous Trader
Potential for Market Success with Lots of Work or Have Others Manage Their Money :
Supportive Trader
Artistic Trader
Fun Loving Trader
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