The Fun Loving Forex Trader
The Fun-Loving Forex Trader is the next psychological type of trader in our series on Dr.Van K. Tharp’s trader personality type series.
This type of trader is characterized by a great deal of optimism and is generally a very playful and social person who enjoys the simple things in life. As we’ll see in the following sections of this article, these personality traits can be an advantage but also a disadvantage in different trading situations.
Fun-Loving Forex Trader Qualities
As noted earlier, the Fun-Loving Forex trader is an optimistic, positive and outgoing type as Van K. Tharp’s term for describing this type may strongly imply.
They are highly social people and enjoy social gatherings and spending time with friends. This would suggest that they are a relaxed individual in general, and indeed there can be nothing better after a bad trading day than having a few good laughs with your friends.
Fun Loving Forex Traders often are highly productive individuals and also tend to approach trading in a practical way that uses common sense and logic to deal with everyday trading tasks.
Another key positive aspect of these types of traders is their contagious enthusiasm, especially valuable when they are in a group with other traders. This trader type has a definite zest for life and their work, and they usually let it show.
The Fun Loving Forex Traders’ biggest strengths are their inexhaustible optimism and their contagious enthusiasm.
These are some of the most prominent assets of the usual fun-loving trader and that’s what is pushing them forward in many difficult situations that inevitably arise at some point in trading.
And it’s not only in trading, but they tend to adopt a positive attitude toward anything in life.
These fun-loving personality types of traders, like many of the other types of traders, will do well if they choose a good, proven and tested trading plan that works for them and generates profits.
They must then closely follow and stick to that trading plan in order to avoid being distracted by different emotional urges that tend to arise in the heat of the action.
The challenges for the Fun-loving Forex Trader are related mainly to their tendency to get bored easily and trade on emotions as a result. This is why it’s extremely important for them to have a clearly defined trading plan and to strictly follow it as suggested in the previous section.
Another challenge and potentially dangerous shortcoming of the Fun Loving Trader is their bias to go deeper into trouble when they have a losing trade.
They may, for example, add more to a losing position or try to quickly scalp the market to make up for the losing trade which can both lead to even bigger loses.
The Fun Loving Trader, like the Artistic Trader and the Socially Responsible Trader, are personality types of traders that are categorized by Tharp as the traders that will need to put the most work in order to succeed in trading over the long run.