The Detailed Trader
The Detailed Forex Trader is the next trader personality type that we will examine in our series on the different types of Forex traders.
This “Detailed Forex Trader” type will usually be quiet, logical and serious – hence the respective term that Dr. Van K. Tharp chose to refer to them.
The Detailed Trader is normally a very organized and methodical individual which is a great starting point for a trader. In fact, the detailed Forex trader has two of the key three characteristics that Dr. Van K. Tharp judges to be critical for the success of any trader.
They are capable of using a logical and analytical approach to their decision-making processes
- They are well-organized and can execute a set of actions in sequential order.
Some additional beneficial traits of the “Detailed Forex Trader” personality type are their tendency to be systematic and thorough in trading related activities. They are logical people that will make decisions based on carefully collected facts that are thoroughly analyzed.
However, as with the majority of detail-oriented people, they may have problems with visualizing the big picture – which as we have discussed previously Dr. Van K. Tharp considers to be of crucial importance.
We discuss more on this in the trading challenges section below.
Due to their methodical nature, Detailed Forex Traders have no problem in executing a clearly defined set of actions - and this is one of their primary strong points.
Thus, the best position for them to be in is if they trade with a robust and tested trading plan that has shown positive results in past track records.
Analyzing large data sets is another strong point of detailed traders. They enjoy analyzing facts and details even though this is usually a very solitary experience – something that is not a big problem for this type of trader, and in fact, detail-oriented people may even enjoy spending time alone.
Being well-organized, trustworthy and reliable are some of the most prominent positive characteristics of this trader personality type that can provide an advantage for them in many trading situations. Detailed Forex Traders have no problem making plans and treating trading as business as they are logical people that value plans a lot.
They usually won’t have any problems with taking too much risk which is another strong point in this business.
The Detailed Forex Trader frequent challenges come from them being focused on the small details of a trading system or a trading plan. This often leads to them failing to see the big picture which is a crucial component necessary for trading success over the long run and can impede the Detailed Trader’s overall trading performance.
Being aware of the big picture at all times is very important and staying focused on it and not being distracted by details will probably be something that the detailed trader will need to work on.
In addition, Detail Traders have a tendency to be overly critical of themselves and focus too much on their mistakes rather than simply recognizing and solving them.
It’s important to recognize and work on improving in the next situation but focusing only on the negatives and being overly negative is not helpful in achieving success.