Having read mostly recomended on this board books by Schwager, Tharp and Douglass I found that it is a widely accepted axiom that the trading method must be consistent with traderâs personality. It seem to be logical to assume that since the markets differ then given trading method should be more or less successfuly applicable to given market. Therefore, I think that there is a best market for any given trader. Thus, it seems appropriate to raise the following questions: <i>Based on my psychological profile, which market I am more likely to be more successful in? Would it be trading some certain financial instrument(s) or type(s) of market? If the latter is true, which market currently posseses required properties?</i> Donât you agree that any trader could benefit having these questions answered? I suppose that chances getting the answer to personal question are pretty slim because answering it requires both knowledge of psychology and expirience on many markets. Nonetheless, I am hoping that using this boardâs wide audience it could be possible to get a larger scale picture. So, here goes. <b>Dear trader, if you have expirience trading different markets, what markets positevely (or negatively) correspond to your character traits?</b> While talking about your personality, I would appreciate if you state your personality type on Myers-Briggs and your IQ or, at least, math aptitude. Thank you.
Very interesting. I'm an INFP (introvert, intuitive, feeling, perceiving) on MB. My thinking is that trading is a skill (just like golf). The more one practices, the better they get. The real question is, does one have the drive, enthusiasm, interest and ambition to be successful at it. Jack http://www.pupisup.com
I feel that it's comfortable to think that we'll find a market that suits our personality the way it is, but it might also be the case that we have to change our personality to be successful at trading. And if we can't, then we won't be successful. For example, I used to think that it was possible to discuss sincerely and openly my trading with relatives and people who knew nothing about the subject, but in that respect I had to change my personality, since I was getting too frustrated with their reactions and stupid comments, or sometimes excitement, and not being able to concentrate on my task. Now if anyone asks what I do all day, I firmly reply "I'd rather not talk about it". Another example. I used to stubbornly fight the market and take it personally every time it proved me wrong. Now I am more distant, and I think more in terms of probability. Not enough yet. I used to be hopeful and carefree, and when I was right on a trade, I bragged about it, and now instead I know there are no gifts from the market, and I take everything very seriously and I don't even tell anyone when I succeed with a trade. I think that, as Anima also said, if you are not really committed, to even change your life and personality, you won't be able to become a successful trader (which by the way I am not, not yet). You see, if you drive a cab, you can be in a bad mood, or messy, and you'll still make money day after day. Instead, if you're trading, either everything is perfect or sooner or later you'll make the mistake that will blow you away.
I think you can have a bad hair day and still trade well. It takes some discipline to divorce your mind from your emotions. Once the edge you use is automatic, emotions do not come into it. I think it is just an excuse...... Artists paint better when they are emotional, why can't I trade better? Any thoughts on this?
Well, then I hope my edge will become like yours, systematic and automatic. I am not there yet. I don't even have an edge, maybe. But maybe to get there, you need to have a perfect balance in your life, and mind, and trading. What I meant to say was this: if you are a cab driver, just because you screw up something, it doesn't mean your car will blow up or you'll lose your job. Instead, with trading, one (big) mistake can cause you to lose everything. Of course, you should not be in such a situation to begin with (not investing your whole capital on one trade). However, whereas it's very clear for a cab driver that he shouldn't be running people over with his car, it's not as clear for example to a trader that he shouldn't be letting his losses run. He can have one bad hair day if everything else in his trading is perfect. A cab driver, instead, could have a bad hair year (or decade) and he'll still make a living. But I am not just talking about manual jobs. A professor could become slightly deranged, and he'd still be allowed to teach. If a trader loses his balance, he loses his edge. If you have such an edge that you are positive that no matter what you'll make money all your life, then what I said doesn't apply. I hope I will get there as well one day.
The new age of trading....find a market that suits your personality! I suppose next you're going to tell me that you need to find a lake that matches your personality, so that you can catch ample fish? Do yourself a favor. Study the market...find out how the market works. Adapt yourself to the market....it doesn't work the other way around...trust me on that. OldTrader
Any day trader that has an exponentially increasing equity curve is an artist in my book. Watching how someone gets fills can have a pretty "artsy" feel. Can, in fact, need to be well in touch with your emotions and at the same time keep an even keel. I suspect all sucessful traders keep a balance betweeen the two. Just wouldn't want to act principally from emotions, which is so much easier to do than most are willing to admit to themselves.
Why not? First, one should establish which method of fishing better suits him. There are obvious strategical/behavioral/psychological differences in fishing with a pole, with a net, with a dynomite, from a boat, from a shore, from a bank, or by diving. Then one choses a lake by its size, depth, currents, water transparency and coast geometry.
I think that the central point to trading is you must be autonomous. That isn't to say you have to build your own trading system and reinvent the wheel, it means you must be able to control your decision and understand a system thourougly. For example if someone has visited my site, some will perceive the method will suit their framework because it has a fondamental base of reasoning, others will prefer more stochastic like approach because it's less a headache. Of you cannot avoid a headache and get the best performance, its your choice