What type of trader are you?

Mac1 from Singapore Forex Forums shared this Tharp Trader Test which is very interesting. Do check it out if you have the time.

My results are below. :)

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Planning Trader

You tend to be decisive and to the point. You'll quickly assume leadership when it is called for by the circumstances around you. You have the ability to quickly develop and implement trading systems to meet your needs. You can easily spot logical inefficiencies in the market and take advantage of them, especially if you are pointed in the right direction.

You enjoy long-term planning and goal setting and seem to enjoy learning, expanding your knowledge and staying well-informed. Consequently, you should have no problem developing a sound business plan for trading successfully.

You are excellent at planning in advance especially when you have specific trading goals in mind. You are good at keeping both your short term and long term objectives in mind during the planning process. You like to be effective and efficient and will quickly abandon procedures that do not help you to accomplish your goals. Your dislike for repetition in error will probably help you with trading, because uncovering and fixing any mistakes that you make is an important task of trading.

You are probably quite career focused. Thus, if your current focus is on trading, it's probably because you've had a major disappointment or frustration with your initial career of choice. However, you need to be careful with trading/investing because it tends to be a solitary activity and you love to organize others and pass on your knowledge.

Nevertheless, you tend to have the three important qualities that we look for in top traders. Thus, if you apply yourself, develop a business plan for trading/investing, and really work to understand what trading success is all about, you have the potential to be hugely successful.

Trading Strengths

1. Originality and drive; willingness to follow your ideas through to completion.
2. Quickly see patterns and possibilities, with the ability to rapidly hypothesize and generate low risk trading ideas.
3. You could probably generate a trading business plan and trading systems quite easily and naturally.

Trading Challenges

1. Probably so logical that you don't recognize when emotions are causing you to self-destruct.
2. Your willingness to take action based on rapid insights may result in premature actions, which may create tension with your risk management system especially if you really believe in your rapid insights.
3. You may be susceptible to the loss trap. Therefore you may not honor your stops because you want to be right about your trades.
4. May become bored with routine systems, even if they are performing to standard, and seek excitement to "stay in the game."
   

Example Trader Ed Seykota Ed Seykota is an MIT graduate who became one of the first computerized trend followers in the 1960s. Ed also really understood position sizing and used it to accomplish his objectives in trading. I cannot imagine a bigger edge - it's like going back in time with today's technology. But when I met Ed in 1990 all of his software was written in assembly language. Ed might easily be called the Bill Gates of trading. And Bill Gates, if he were a trader, would be a fine example of a planning trader.