The Supportive Forex Trader
Forex traders of the “Supportive Type” as Dr. Van K. Tharp designated them, are one of the only three psychological trading profiles that need to put in the most effort and work in order to succeed in trading in the long run.
The supportive Trader together with the Fun-Loving and the Artistic Trader make up the 3 psychological profiles that Tharp judged to be the least likely to become successful and profitable traders.
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.
Supportive Forex Traders don’t lack focus or care about their trading and they can even often provide interesting and creative ideas. In fact, they can even be very dedicated to their trading.
As we said earlier they also like working in teams with other traders and don’t like spending time alone. So having people around them as much as possible will be definitely beneficial to this type of traders.
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.
Supportive Forex traders may frequently have problems with taking risks as they feel uncomfortable doing so - for which them may seek extra confirmation from other people around them.
This is something they need to work on to improve because for one to be a successful trader they must be able to pull the trigger.
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.