The Artistic Trader
The fourth psychological profile that we will talk about in our series on Forex traders personality types is the Artistic Forex Trader.
This type of trader is very creative in general– as the term itself suggests, and while this can be positive in many aspects for trading, it can be problematic for other key aspects in Forex trading.
Nonetheless, with dedicated work on his/her own improvement, the artistic trader can overcome the roadblocks and join the group of profitable Forex traders.
Artistic Forex Trader Qualities
Probably not surprisingly, the Artistic Forex Trader is generally a very flexible and open-minded individual. These personal characteristics enable them to be easily adaptive to unknown and new situations in the Forex market - which is an excellent quality for a trader.
Trading conditions in financial markets rarely remain the same, so being easily adaptive to changes is one of the top critical qualities in order to achieve consistent trading results over the long run.
Artistic Traders, by default, will naturally be drawn to rely on gut feelings and intuition in their decision-making process. This can lead to different problems in trading that most traders are aware of – such us completely abandoning trading plans, taking a trade to “get back at the market”, taking a trade because “the previous 10 were losers so this one must be a winner” and similar other losing trading approaches.
Artistic Forex Traders have a lot of potential to tune into the market which is an important skill for a trader.
Because they are not overly attached to any of their views and beliefs about the market they are able to quickly reverse course and change tactics if they deem it necessary.
As a result, they rarely have problems in reversing a position if market conditions change.
As the Forex market offers the ability to profit in both bullish and bearish markets the artistic trader has some of the crucial characteristics necessary to profit in this kind of environment.
This specific ability to quickly adapt to changing market conditions is one of their greatest strengths.
Artistic Traders, like other artistic people, are drawn toward the emotional and this is their biggest challenge and potential weakness they need to work on.
No matter how good and accurate one’s gut feeling is, or how developed their intuition is, keeping emotions out of trading as much as possible is still a better strategy in the long run.
Gut feelings, if at all should be used to complement a thoughtful and concrete analysis of the market and only after one has had enough real trading experience.
Following a set course of actions exactly and is another aspect that may prove challenging to the Artistic Forex Trader. Because they are right-brained people, following a logical set of actions over and over can become a boring task and eventually lead them to abandon this useful and crucial trading habit.
Keeping a detailed track record of their trades is another part that they may struggle with, however, despite not being not very fun this practice is very helpful for traders, especially during the development phase.
Finally, if he masters his strengths and improves his weak points, an artistic trader personality type has great potential to be a consistently profitable Forex trader.