Innovative Forex Trader Qualities
Innovative Traders can often be very good in using their intuition - masters even, which helps them to process all the new and diverse information around them. However, their judgments about the market tend to be accurate less often than they are correct and this can be a real problem for them.
After all, as we have discussed many times in our posts, intuition is not a primary tool and if used at all, it should be used only on top of a rock-solid and concrete analysis.
Innovative Forex Traders have the capacity to take in and internalize large amounts of data and news, and they are able to quickly take actions in response to the new information. This enables them to efficiently resolve challenging situations and very often score profits along the way.
Some characteristics that provide an advantage for the Innovative types of Forex traders include:
Traders of the “Innovative type” are also able to quickly and accurately determine whether a given trading strategy or system will work for them or not.
Finally, innovative traders are normally very creative and that’s not surprising given the term Dr. Tharp chose to refer to them. Finding new ways to deal with similar situations is something that comes spontaneously to them and this can be a great habit to improve and refine their trading skills and strategies.
Traders of this type can also often get bored of the repeating and tedious nature of Forex trading, hence this is a challenge that could potentially become a big problem for them, and which in the end, can affect their trading results and accounts in many damaging ways.
They must learn to be patient and to wait for the right opportunities before pulling the trigger or perhaps adopt a busier trading style such as scalping or day trading which can be much more exciting compared to the longer-term trading styles.
Innovative traders may frequently trade on emotions, especially when feeling stressed. Trading psychology is an area of trading they need to pay particular attention in order to overcome these challenges.
Related education and FX know-how:
Forex Education - Basics:
Forex Education - FX Brokers:
Forex Education - Technical Analysis: