Psychological Factors and Personality
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Emotions play an extremely important role in trading, but many
traders ignore them or minimize their importance. Ignoring emotions
does not make them go away. It just weakens your control over
their effects on your trading. In Chapter 1 you learned that you must
adopt a trading strategy that fits your individual personality. If you
do not, the chances of failure are very high. One characteristic of
successful traders is an early identification of strengths and weakness.
Successful traders maximize their strengths and try to minimize
their weaknesses, but to do this you must first know and
understand yourself. What kind of trading personality are you? I'm
going to profile three broad types of trading personalities that fit
most people. Chances are, one of the three will fit your personality. If
you see traits in yourself that are not complimentary, don't become
defensive and deny them. Becoming a biomechanical trader means
seeing what is true and accepting both the positive and the negative.
Once you see yourself honestly, you can begin the transformation
psychologically. This is the first step in developing a trader's state of
mind, whereby you control the market instead of the market controlling
you.
Emotions play an extremely important role in trading, but many
traders ignore them or minimize their importance. Ignoring emotions
does not make them go away. It just weakens your control over
their effects on your trading. In Chapter 1 you learned that you must
adopt a trading strategy that fits your individual personality. If you
do not, the chances of failure are very high. One characteristic of
successful traders is an early identification of strengths and weakness.
Successful traders maximize their strengths and try to minimize
their weaknesses, but to do this you must first know and
understand yourself. What kind of trading personality are you? I'm
going to profile three broad types of trading personalities that fit
most people. Chances are, one of the three will fit your personality. If
you see traits in yourself that are not complimentary, don't become
defensive and deny them. Becoming a biomechanical trader means
seeing what is true and accepting both the positive and the negative.
Once you see yourself honestly, you can begin the transformation
psychologically. This is the first step in developing a trader's state of
mind, whereby you control the market instead of the market controlling
you.