Trader Personality

[clylbw]

To some extent, traders are risk takers as trading is inherently risky, I believe.

I have also read somewhere that those who enjoy drinking and smoking have a similar personality in risk taking; some have find it hard to give up such habits due to their personalities in this aspect.

So I wonder whether successful traders tend to be drinkers and smokers, too? Or is the correlation simply spurious?

BTW, I do not drink or smoke; maybe that is the reason why I have yet to make it in trading.

 

[Mr. Charts]

In your box, Lynn
Very best wishes,
Richard ;-)))))

 

[clylbw]

Thanks a lot, Richard.

 

[donaldduke]

People with addictive habits may be attracted to trading but more as form of gambling than as a serious business where the risks are known and controlled.

Its pretty obvious that cigs and alcohol are likely to impair trading performance.

If you havent already taken the Jung personality type test you might want to look at this thread:
http://www.trade2win.com/boards/showthread.php?t=8655

 

[Racer]

I am not an addict..

Hic, cough

 

[clylbw]

Thanks indeed.

Thanks for the link, donaldduke; I did not know about the test. It is very accurate; exactly what I am like.

 

[BBB]

What??

I make a point of having a 2 litre bottle of voddie and a big spliff on the go throughout the trading day.

 

[Mr. Charts]

Thanks for raising this,dd. I hadn't seen it before.

 

[clylbw]

What??

I make a point of having a 2 litre bottle of voddie and a big spliff on the go throughout the trading day.

:cheesy:

 

[cw1]

I had to admit to a little chuckle reading clylbw's initial post as I put down my beer can to have a puff on a fag at the same time!

I think it's different kinds or risks involved here. A good trader should be able to control the risks that they take knowing that the rewards are worth the risks required. On the other hand, smoking is a physical addiction where there is a lot more at stake, and in my opinion (as a wannabe ex smoker) an idiotic risk to take for no reward, particularly when you take into account the cost / tax on them to harm yourself.

So I drink, I smoke, I'm an INTJ personality type, does this mean I should 'make it' at trading, or as dd says be drawn into it in a addictive way?? Hopefully it means I have the personality / behaviour type that is statistically more likely to succeed, but the outcome must be down to hard work and an addiction to learning to trade rather than wanting to trade.

Carl.

 

[clylbw]

...but the outcome must be down to hard work and an addiction to learning to trade rather than wanting to trade.

Carl.

Agree with you, Carl.

So now it is time for me to do the homework again.

 

[pkfryer]

I think to be a successful trader you have to be incontrol of yourself. I dont see serious trading as gambling, a gamble is a bit of fun for most! Serious gambling is a harmful addiction! But successful trading is a business, all businesses have risks and it is the business risk that is acceptable in trading. You reduce your risks to the minimum and only go for trades that have the highest possibility of succeeding. So I think if you are addictive and prone to gambling, in the long run you will fail.

emotion has got to be removed from trading. Emotion blinds you. Its only when you are cool headed and use logic and sound judgement that you make good decisions. I would be surprised if a good trader is addicted to fags and drinking (infact I'd be surprised if there was any correlation at all). Just like a good businessman, some drink, some smoke... I think like anything, if you have enough money for the luxuries of life.. you'll probably endulge to a certain degree.

 

[clylbw]

Good point pkfryer.