This type of a trader, however, will often find it very helpful to work in a group or together with others. Even letting someone else trade their money is a very good option for them since they lack a lot of key qualities that are important for traders.
Having others trade for them can be a much better way for those who simply are not suited for the trading arena. After all, they might have another job and be really good at other things but not everyone can be great at trading, and realizing that is an important part of being successful. Once one is aware of their weaknesses they can deal with them in an appropriate manner and one way to do it in case of trading is to let a professional trade for you.
Supportive Forex Trader Qualities
Generally, Forex traders of this type will be conscientious when it comes to trading and activities related to it, however since they lack the 3 key qualities for a trader they will often struggle to progress. These were as discussed in other posts of these series, being able to see the big picture, being able to use analytical judgment to generate trade ideas and being able to execute things sequentially. No of these traits can be found in the “Supportive Type” of traders.
Supportive Forex Traders will usually find it easier and better to have other traders trade for them or at least help and guide them step by step through every trade which is most likely the reason why Dr. Tharp chose to refer to them as Supportive Type Traders.
Still, it wouldn’t be fair to say that Supportive Traders will never be able to achieve trading success. With enough work and dedication, anyone can succeed in trading as in most things in life. In this regard, the usual principles of developing a good trading plan and then striving to stick to it as much as possible still hold true and will benefit any trader no matter their psychological makeup.
Despite their lack of specific trading qualities, leveraging on their strong points and working to improve their weak points should help them become more successful with time.
Dr. Tharp also notes that Supportive Traders will also find it hard to generate trading ideas on their own and will typically struggle to grasp more advanced trading principles and concepts.
Related education and FX know-how:
Forex Education - Basics:
Forex Education - FX Brokers:
Forex Education - Technical Analysis: