Values-Driven Forex Traders are generally independent individuals that are able to make good and rational decisions. They tend to be realistic, they know what their values in life are and they are mainly driven by them – including, to a large degree in trading as well.
Generally, those values for them would be people and relationships, life principles and material possessions.
Values-Driven Forex Trader Qualities
These individuals are passionate about making money which is a good and suitable characteristic for a trader. This drive to make money can be a factor that motivates them to be persistent until they succeed.
In addition, Dr. Tharp specifies that they possess two of the three key characteristics for a trader as determined by his research. Those are:
Values-Driven Forex Traders, however, have a tendency to have their principles or values affect their decision-making process which can, in turn, lead to dissections made based on their value system rather than pure logic and analysis. While staying true to your values may feel right, sometimes it can lead to making the wrong trading decisions.
They are mainly motivated by their values in everything they do, so it’s very important for them that their values are in line with their trading goals in order to achieve their maximum potential.
Values-driven Forex traders can even be good at generating new trading ideas and even new trading systems.
Values-Driven Forex traders may also avoid or fail to take good trades because those trades may not be aligned with their most important values and principles. In addition, they may sometimes take trades on intuitive feelings rather than logical analysis.
Finally, they can easily become frustrated – especially when there are getting less desirable performance with their trading strategies.
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