So You Wanna Be a Trader, Part II: Personality
Previous features in this series
by Robert J. Rak
Page 1, 2
Self Esteem
Arrogant may be another word. Conceited yet another. No matter how
you word it though, traders do have high self esteem. A trader must believe
in him/herself.
No one else's opinion really matters. You can have everyone in the world
behind you, but if you don't believe in yourself you will fail. You can have
no one behind you, but so long as you believe in yourself you can succeed.
If you don't believe in yourself, how do you expect to succeed? More
importantly, why are you trying something when you don't believe in
yourself?
Sense of Humor
Many endeavors in life require some, if not all, of the aforementioned traits.
However, most fields don't require a sense of humor. I know, I've met too
many successful people from many different walks of life who had no funny
bone whatsoever.
On the trading floor though, almost everyone is a kid at heart. You have to
be. How else do you deal with buying tops so often and selling so many
bottoms? The frequency with which such transactions happen is alarming.
And without being able to laugh it off, it's dangerous to one's ego.
Not Set in Stone
As I previously mentioned, not all traders show all of these traits. Some
don't exude confidence, although I bet you they are confident. Some don't
handle responsibility well, always trying to blame the specialist or the
market maker or whoever. Some don't have high self esteem, at least not
as high as others. I have yet to meet one without a sense of humor, but I'm
sure he/she exists.
That said, as with much of this business, success is dependent upon odds.
Stack the odds in your favor, and while you don't guarantee success, you
surely have a better chance at it. If the odds are stacked against you it isn't
impossible to make it, but it sure makes it much more difficult.
Given a choice, would you rather give something a go with the odds in
your favor or against you? Chances are there could be an activity more
suited to your individual personality which you would enjoy more. Find that
activity, and your life gets easier. |
