Planning Forex Trader Qualities
The typical Planning Forex Trader is someone who is straightforward and decisive. They like to get things done in simple and effective ways without losing too much time or energy. The planning type of trader has no problem with quickly taking on the role of a leader when the situation requires it or when it’s necessary.
Planning Forex Traders are great at planning and goal-setting, thus creating trading plans and following them is something that comes rather naturally. This is a major advantage for them because as we know planning is crucially important for trading.
The Planning Forex Trader possesses all three qualities for becoming a successful trader as Dr. Tharp has described.
The Planning Forex Trader is:
Finally, one great characteristic that generally all successful people tend to share, and one that the Planning Forex Trader also has is the perseverance and the habit to complete and finish things. This is a tremendously important characteristic for trading because, as we know, succeeding in Forex is far from easy and, at the end of the day, only a long-term and persistent commitment to success can get you to where you want.
This type of a trader can sometimes take a trade before it’s actually the right time to take it. This can happen because of their ability to quickly spot opportunities, and although they may still be right in the end, a trade that is taken too early will still be a loser if it moves significantly against the trader.
The last challenge for Planning Forex Traders is linked to the previous one and it’s that they may also get into the trap of “needing to be right”. This is a challenge that must be addressed because it can cause them to abandon their stops and trading plans when a trade goes against them.
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