Thursday, September 22, 2011

What Personality Type Makes the Best Trader?

EWI's Jeffrey Kennedy shows you how your psychological strengths and weaknesses determine your ability to "live long and prosper" in fast-moving markets 

 

September 22, 2011

By Elliott Wave International

Do your decisions rely on data, or do you go with your gut?

Think about your most recent auto purchase. Was it based on meticulous consumer research or did you go with a model that "felt right"?

How about the last time you had to assemble something? Did you read the manual first or just figure it out as you went?

What about your most recent successful stock market trade?

Consistent trading success demands independent thinking and emotional discipline.

Jeffrey Kennedy, our Chief Commodity Analyst and highly-respected tutorial instructor, says:
I just cannot stress enough how you have to manage your emotions whenever you're on [a] position.

Field dependence can sabotage you unknowingly when you're trading, because you'll see a trade signal, the trade will be there, but "it just won’t feel right." [It's] one of those things that can sabotage us if we're not aware of it, or, more importantly, [don't] have a well-defined methodology and the discipline to follow it.
In footage from his trading course in Las Vegas, he goes on to discuss the psychological profile that makes "the best trader:"


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This article was syndicated by Elliott Wave International and was originally published under the headline What Personality Type Makes the Best Trader?. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.