Personality Traits

Just doing some research (I want to get into prop trading) into trading and one thing becoming quickly apparant.

With my current personality/charactistics I'd never succeed in becoming a trader. Do I need to change these traits before I begin trading or is this something that can change overtime?

Just fyi the traits are, impulsive, I'd get too emotionally attached just a name a few.

I've seen the way to go about this business is to find, develop and refine a trading strategy that suits my style.

I want to trade futures and options due to the complexity thus giving more scope to be creative (not saying you can't be creative with other asset classes)

 

This article may help you:

http://www.tradinggoddess.com/2009/03/trading-mindset-common-psychological.html

 

1) Are you ISTJ or INTJ?
2) The only reason to get involved with trading is to earn a lot of money quickly. Don't deceive yourself with talk of complexity, creativity nor "helping other people".

 

Your current personality suggests you are either a woman or gay. Either way you're guaranteed to get fcked real good. As you get fcked more and more you will become an expert like the the experts at ET.


If you're a blond chick (you sound like one) - try this, if you get it right, there is hope for you ..... (answer in next post)

Q: How would a blond punctuate the following?:
A:"Fun fun fun worry worry worry"

 

A: Fun period fun period fun NO PERIOD worry worry worry!

 

Perfect amount of psychobabble bullshit embedded in your head to spend about 7 decades in front of a screen trying to succeed and never getting there.

I personally believe (no proof, but I choose to believe it) there is a profitable style of trading for every type of personality on the planet. You just need to find yours. Along with a little confidence.

Sheesh,

 

OP,

It is not a personality thing – it is a mind set coupled with the “correct” actions thing… (AustinP posted the actions in another thread)

Get your mind right then do the above – over and over – day in and day out – till you retire… You’ll make it

Don’t – and you’ll become a statistic – quickly…



Here’s some good insight to the correct mind set

http://www.elitetrader.com/vb/showt...hlight=characteristics+of+a+successful+trader



Can you change your mind set over time – yes it’s the only way… The challenge will be in changing it without it costing you an arm and a leg in trading losses


RN

 

Of course you can't change your basic personality. Forget being a trader if you are emotionally attached to things easily and impulsive. It's like trying to become a salesman if you are shy and retiring and don't like making small talk with people.

 

The most difficult part of my client business is dealing with the emotional baggage and self-destructive habits clients bring to the table. I try to screen prospects for it, and in fact I turn away individuals if I sense desperation and anxiety.

The "clean slate" clients who have the emotional courage and stamina not to 'over-think' and get cute / creative with a very good mechanical trading system always seem to do better and faster in terms of P&L. I spend months paper trading with each client before I recommend that they go live - I want a sense of emotional detachment and 'mechanical numbness' as they approach the market. Cold-blooded decisions based upon facts, not fear or greed or impulse or adrenaline or seratonin brain chemistry levels.

Once the client has seen alot of different trade set-ups and market scenarios, and most importantly, has confidence in the system and his performance, do we take the next step and prepare a trading plan for the the live market.