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YOUR TRADING PERSONALITY

A well-read and successful trader will tell you that your strategy should fit with your "trading personality".

You may think this is an odd subject to cover but it is vitally important and is another fundamental ingredient when designing your trading strategy.

 

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Let me explain.

We all have different personalities, some people are very extrovert while others are shy and retiring. Some people thrive on taking risks, others want guarantees on everything before they make a decision and even if they do take a risk, they want to sue someone if it all goes wrong.

My guess is that if you have got this far reading about trading, you are prepared to take some risk at least. The trouble is, that unless you have some experience of trading AND LOSING, you will not know where your risk threshold is.

Try the following test. This is not scientific; it’s mainly for fun. Read each statement and score yourself on a scale of 0 if you strongly disagree to 10 if you strongly agree. Then total your score at the end.

Test your trading risk profile with the following statements:

1. I believe you have to take risks in life or you will look back with regret.

2. Fixed interest investments don’t even keep pace with inflation.

3. If you don’t have an overdraft you lack imagination.

4. I drive fast even when I am not in a hurry.

5. I regard a loophole in the rules as a window of opportunity.

6. I like the adrenaline rush of risky and extreme sports.

7. I always add on a few extra items to an insurance claim.

8. I would sell a car for more than it’s worth if I could get away with it.

9. I always try to knock the price down on things I buy.

10. I always respond to chain letters promising to make me a fortune within the next few weeks.

11. I am always so rushed for time that I have to eat or do my make up while I’m driving.

12. I regularly try to anticipate when the lights will change at a junction to beat the other cars away.

13. If my credit cards mount up, it doesn’t worry me as long as I can make the minimum payments or get another one.

14. I always say what I think and don’t care if it upsets people.

15. If I can find a way of doing something quicker I will.

YOUR TOTAL POINTS = ______

Total your score and check your risk rating below.

YOUR RISK PROFILE.

0 to 50 You got this article for free so you might as well read it, right. But you won't start if it's past 9 pm in case it keeps you up. Take my advice, make a cup of hot chocolate and get an early night! Try to start life tomorrow.

51 to 100 It’s ok, you are pretty normal but be worried about any individual score where you have 11 or more.

101 to 150 Get therapy immediately! Do not use sharp implements and cut down on caffeine. Try to sell this article to your grandmother to make a profit and think about a career as a bank robber - you should do well!

That was just a bit of fun but the statements are based around
three basic but important personality traits:

  • Worry
  • Patience
  • Risk taking

Let’s look at these in more detail this section managing traders worry and risk taking

 

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