Choose your trading style to match your personality
People who engage in forex trading tend to fit into one of a series of trading personality types that have been identified by psychological researchers, such as Dr. Van K. Tharp. Dr. Tharp came up with fifteen distinct trader personality types, some of which are typically more suitable for certain trading styles — and for trading in general — than others. For example, those falling into planning and strategic trader personality types tend to have more success when trading longer term forex trends than those who fall into the spontaneous, artistic or fun loving trader personality types. On the other hand, spontaneous traders might enjoy and excel at very short term trading strategies like scalping considerably more than planning traders would, who often require more time to prepare their forex analysis before feeling comfortable entering into a trade.