What is the best personality type for a Forex Currency Trader or a Share Trader? Phone 07 5562 5718 or send Abby an email to book a free 20 minute telephone or Skype session. Some personality types are more suited to this profession than others. Your personality type is your genius. Learn more with NLP Hypnotherapy Gold Coast, Robina. Neuro Linguistic Programming - online skype sessions and tuition available.
What is the Best Personality Type for Forex Currency Traders?
By Abby Eagle (2016)
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To be a good Trader you need a specific type of personality. We are going to explore two dimensions from the Myers Briggs. This fits in well with NLP.
On the vertical axis we have intuition versus sensing.
On the horizontal axis we have introversion versus extroversion.
We get a cross and then we draw a square.
Good Forex Traders and Share Traders are introverts and are strong sensors. Warren Buffet is an example of someone who is sensory based and an introvert. On the meta program of reflection versus action he has to gather a lot of information before he takes action. And when he does take action is very confident of himself because he has done his due diligence. At the other end we have Donald Trump. Donald Trump is a strong sensor but is a people person – he is an extrovert. He is much faster to action. Whereas Warren Buffet went to Toast Masters so that he could learn to talk to a group of people even though his legs would still be trembling. Donald Trump on the other hand is a people person, loves being the centre of attention but talks his thoughts out loud. He is quick to action and says things that get him into trouble but being a people person he can handle it and talk his way out of it. So the Trader is in the middle – they are good with timing. Their genius is being sensory based, seeing reality for what it is, being in the moment and taking action at just the right moment.
At the other end of the continuum we have the creator. I am a creator. The creator is a high intuitor. They like to work with ideas and concepts. They tend to be quick to action, start a lot of projects but find it difficult to complete them. Creators are terrible at trading. I learned that some years ago.
To be a genius means to acknowledge and embrace your personality type. To recognise your strengths and your weaknesses. At school some of us were told to work on our weaknesses which in effect was a suggestion to deny our strengths. The worst business that you can have is to be self employed. Self employment is not really a business it is a torture because you are expected to wear too many hats. I had one client who created his own signage business. He built the signs but then he had to door knock to promote and sell them. Then he had to shift all the way back from being an extrovert to being an introvert and then do the installations. The guy got really stressed. The best occupation is one in which you are able to just focus in on what you are good at and then outsource everything else.
Another problem that occurs is that some people are fairly balanced in terms of introversion and extroversion – and intuition and sensing. This means they have a nice rounded personality but to be a genius you need to be a bit of an extremist. You will find that many highly successful people are extremist in the sense that they are only good at one thing. So if you have a rounded personality type then you need to learn to recognise that in terms of trading or any skill for that matter – that to be an example of excellence you need to learn to contextualise your personality for the task at hand.
The personality profile that I have been referring to, including the examples, are from the Wealth Dynamics Profile developed by Roger Hamilton.. There is no need for you to take the test. I just wanted to introduce you to the fact that trading requires a specific personality type.
Trading is much like surfing. You need knowledge and skill. Then you need to know when to get to the beach. You need to be on the right beach. Different surf conditions suit different types of surfers – in terms of skill, risk and style – that is personality. Then you need to be patient and wait for the right time to enter the water. Then you need to paddle out into the line up. Then you need to wait for a set and know which wave to catch. You have to know how long you can ride the wave, when to get off – and you need an exit strategy in case of a contingency. Then you need to know when you have had enough and when it is time to paddle back to shore. Then you need to take the time to reflect upon the experience, extract the learning’s and future pace your learning’s into the next surf session.
In addition you need to understand state control. That is you need to know how to get into the zone. The zone is a flow state – a flow state is an optimal state of consciousness in which you perform at your best. It is impossible to be a flow state all of the time. There are 4 stages to flow. The first stage is struggle. So you set a stretch goal that is reasonable, that has just enough risk to keep you alert but not so much risk that you feel anxious. It is important to learn how to recognise the four stages of flow. So the first stage is struggle – this is where you gather information, you learn about the market, you learn how to use computer programs and stuff like that. You practise doing dummy trades. At some point you make a decision to take action – at first this could be a struggle but then at some point you relax and then you find your self in flow. In flow the critical voice disappears, past and future disappear and you are plunged into the eternal now. At some point the activity finishes and you reflect back upon what you did.
Let me know your thoughts about personality type and Forex Trading in the comments box below. If you are interested in being coached to improve your trading skill then contact me using the contact form - top right of this page.
Acknowledgements to Roger James Hamilton of Wealth Dynamics.
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