Your trading personality can explain some of your success and frustrations when trading the financial markets. Learn how to harness this power so that the odds are stack even further in your favour is pivotal for your trading success.
What is a trading personality?
What’s trade’s personality? let’s start with a hypothetical scenario -the same amount of capital to invest, market conditions, and an account in which two traders given the same trades plan. The fact of this, one will thrive and will probably fail to survive.
The reason – how we decide to follow processes and act upon these comes down to our trading personalities. Trades Personality’s a niche of trades psychology, however, it’s great success gave that affects our decision to make.
How your trading personality is formed
Host Andrew Baxter educates Australians on how to day trade somewhat 15 years ago, he found the most myopic human idiosyncrasies, cause the biggest change in trade results.
The Australian Psychology Association, draw upon his knowledge of trades psychology, a scale was a device that measures your dominance vs. your passiveness against how formal vs. informal you are.
From here, Andrew was able to devise a 22 question test called My Financial DNA which plotted you into one of four trading personality groups. Click the link and take the test, it will only take you 5 minutes.
The 4 trading personality types
Once you’ve done the above questionnaire on My Financial DNA you’ll know which of the 4 trading personality groups you sit in – the recognition, achievement, social, or the security-based group.
In Addition, Based on how conservative you are, how much you enjoy boasting to your friends about your wins and losses, you’ll feel like this test has known you for 20-years given its accuracy and specificity.
Quite frankly, the test is quite the revelation. These personalities have much strength to them that able to recognize in trading experience prior. However, it’s a weakness you’ve aware of; the risky patterns of behavior tend to display, which a material effect on your trading account.
To reduce these risks from arising, reach out to Andrew’s team who can shed some light on what these are.
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The key takeaway
The key takeaway from this blog is there’s no ‘good’ group. There aren’t any natural benefits nor natural disadvantages in one group or another. What you are now is naturally aware of your emotional and psychological tendencies when making your trading decisions.
As host Andrew Baxter recommends – become aware of your strengths and focus on developing them diligently. You don’t want to be average at everything; be a specialist in some.
In light of that, please beware of the landmines of your shortfalls! This is about harnessing the true power of trading personality so that you can produce the greatest trading results.