Common Traits of Traders

[lurkerlurker]

I am wondering about the similarities between traders, and am wondering if this thread could develop into a definitive list of common traits of traders. I don't know if the sample size is sufficient to draw any conclusions to this or not, but at worst this will be an interesting exercise and a way to pass the time.

This may not be the best format to do this in, and I am open to suggestions, but if people could post how many of the following questions they could truthfully answer yes to.

Could I ask that answers are as open an honest as possible, and that people post their total affirmative replies along with any comment.

Here goes:

How many of the following would you agree with:

1. I have an irregular sleep pattern
2. I have a formal education in economics, or an engineering or scientific background
3. I showed high levels of ability in mathematics (or a similar field) as a child
4. I have worked in IT
5. I hold myself to high standards in all my endeavours
6. I spend significant time concentrating on personal development
7. I am a better trader when in good physical condition and taking regular exercise
8. I have high expectations (of myself and others)
9. Goal setting is important to me
10. I try to save money wherever possible

Just a few hunches about the personalities of traders. If others could post their observations on common traits of traders (I'm speaking more to those who have previously worked in the pits and have come into contact with dozens of full time traders) it would be helpful.

Sorry if this has been posted before - I've searched and can't find anything.

 

[wasp]

How many of the following would you agree with:

1. I have an irregular sleep pattern - definitely - I really should stop drinking!
2. I have a formal education in economics, or an engineering or scientific background - nope - ex bartender and hotel manager
3. I showed high levels of ability in mathematics (or a similar field) as a child - hell no. Failed. badly!
4. I have worked in IT - nope
5. I hold myself to high standards in all my endeavours - yes, can't help it, I'm greeeeaat!
6. I spend significant time concentrating on personal development - yes
7. I am a better trader when in good physical condition and taking regular exercise - indifference
8. I have high expectations (of myself and others) - yes
9. Goal setting is important to me - pre-requisite in any business IMO
10. I try to save money wherever possible - nope... cristal champers and 1st class all the way!

Of all the traders I know/have known, the one thing over any of the above, (which, a lot would give the same answers as me), is the cold, discipline based business persona that makes them successful.

 

[zupcon]

How many of the following would you agree with:

1. I have an irregular sleep pattern
2. I have a formal education in economics, or an engineering or scientific background
3. I showed high levels of ability in mathematics (or a similar field) as a child
4. I have worked in IT
5. I hold myself to high standards in all my endeavours
6. I spend significant time concentrating on personal development
7. I am a better trader when in good physical condition and taking regular exercise
8. I have high expectations (of myself and others)
9. Goal setting is important to me
10. I try to save money wherever possible

Definately irregular sleep patterns, I will not tolerate any form of timetable imposed on my day, and at times I almost become nocturnal !, sometimes Im fine on 4 hours a night sleep for weeks on end, then I'll rest for a month. If Im in the groove then the foots on the accelerator

BSc,MSc in engineering science, plus MSc computer science, MBA yada yada yada

Not particularly strong in maths, ability much stronger in later life when I found I needed it

Definately worked in IT !

I wouldnt say high standards in all endeavours, some things I cant give a toss about and will do the absolute bare minimum to get by, but the important things, definately high standards.

Personal development, not really, although its hard to compare yourself against others. I do have a constant need to learn new stuff

Exercise is a strange one, 2 years ago Id have said yes, but now, I feel it has zero effect, same for mental agility too, often my best trades are taken on autopilot after just getting out of bed with a hangover

I do have high expectations of myself and others

Goal setting is of secondary importance, I do have mid term targets and objectives, but I allow myself a fair degree of flexability, short term targets, definately not, fine for imposing on others, but far too restrictive

saving money. not really, more focused on earning it most of the time

 

[lurkerlurker]

Thanks for the responses guys. My last point was done perhaps a little sloppily - I was trying to finish the post.

What I was meaning about the "saving money" was more about being Foolish (the Motley Fool's definition). I don't mean not being extravagent (aren't we all sometimes), but more along the lines of knowing at any given time the interest rate of your current account and credit card, the best and cheapest way to clear a mortgage, tax benefits, etc. Generally, a follower of some of this collected wisdom. Perhaps if the statement "I have expensive tastes sometimes, but go to great lengths to avoid overpaying for anything" better describes you, then that counts as a "yes" response.

 

[fxwinner22]

1. I have an irregular sleep pattern NOPE, SLEEP LIKE A BABY SAME TIME DAILY
2. I have a formal education in economics, or an engineering or scientific background ENGINEERING BACKGROUND YES, IF YOU COUNT A MILLING MACHINIST AS THAT
3. I showed high levels of ability in mathematics (or a similar field) as a child NOPE
4. I have worked in IT YES, FULLY SKILLED COMPUTER ENGINEER BY TRADE
5. I hold myself to high standards in all my endeavours YES I EXPECT MORE FROM MYSELF THAN OTHERS DO
6. I spend significant time concentrating on personal development NOPE - THAT'S ALL BULLSH**
7. I am a better trader when in good physical condition and taking regular exercise NOPE
8. I have high expectations (of myself and others) YEP (ISNT THIS JUSY Q5 AGAIN?)
9. Goal setting is important to me NOPE
10. I try to save money wherever possible YOU'RE JOKING, I SPEND IT LIKE WATER

of course in answering all this you don't know if i'm a successful trader or not so what use is it? .....

 

[lurkerlurker]

of course in answering all this you don't know if i'm a successful trader or not so what use is it? .....

Use? I'm not sure. I don't suppose this thread is any use. The idea was to determine common personality traits among traders. The degree of success wasn't important. Nobody will use the responses to this thread to come to any seriously important conclusions anyway - I was just wondering whether people would agree or disagree with the test questions (although some of the questions are quite similar). These are just musings truly befitting of the moniker "general chat".

Thanks for responding though.

 

[jacinto]

1. I have an irregular sleep pattern yes
2. I have a formal education in economics, or an engineering or scientific background economics
3. I showed high levels of ability in mathematics (or a similar field) as a child yes
4. I have worked in IT i only know how tu turn on my pc.
5. I hold myself to high standards in all my endeavours dont we all
6. I spend significant time concentrating on personal development no
7. I am a better trader when in good physical condition and taking regular exercise i chainsmoke, drink too much coffe too much alcohol, dont eat vegetables, etc....
8. I have high expectations (of myself and others) no, that way there are no surprises (ISNT THIS JUSY Q5 AGAIN?)
9. Goal setting is important to me no
10. I try to save money wherever possible depends, but no, not generally

 

[Crap Buddist]

Use? I'm not sure. I don't suppose this thread is any use. The idea was to determine common personality traits among traders. The degree of success wasn't important. Nobody will use the responses to this thread to come to any seriously important conclusions anyway - I was just wondering whether people would agree or disagree with the test questions (although some of the questions are quite similar). These are just musings truly befitting of the moniker "general chat".

Thanks for responding though.

Howdy, now not sure how long you have been into trading or you ambition with it, but, it may be very interesting if you compare your list a couple of years down the line. And note differences, if any ,personal to you and your outlook on things.

I have read that (and recognise) "evolving" through the trading process, then a by-product can be a significant maturing of the individual on ,hmm, best way of putting it? on an inner self growth, or holistic balance of the person as a whole may result.

Something like that.

Now then another question that pops to my mind is this.

Does your trading persona (if we recognise we use one or need one) spill over into your day to day life personality.? Have people radically changed as a result of pursuing trading? For better or worse, whats different,if anything?

 

[options]

[*]I have an irregular sleep patternNo. During the trading week I sleep at specific times when markets are quiet. At weekends I am known for falling asleep anywhere I feel comfortable.
[*]I have a formal education in economics, or an engineering or scientific backgroundNope. I left school at 16. My only education in economics was being broke on the streets of London.
[*]I showed high levels of ability in mathematics (or a similar field) as a childNo. I am an idiot when it comes to maths. I used to balance my cheque book back to front. Numbers leave me stone cold unless they are fib numbers or working out what a bad trade will cost me.
[*]I have worked in ITWho?
[*]I hold myself to high standards in all my endeavoursOf course. Everything I do has to be perfect. Or at least better than anyone else
[*]I spend significant time concentrating on personal development.No. I know I am good. As long as I don't listen to other people,. Yet I am a very humble. person also
[*]I am a better trader when in good physical condition and taking regular exerciseYes. I find this true. If I don't drink in the week and get regular rest my trades seem to go better. I now limit myself to only having a drink when there is a letter 'Y' in day.
[*]I have high expectations (of myself and others)Of course. I don't suffer fools gladly... And that includes myself
[*]Goal setting is important to meNo. But it gives me something to aim for.
[*]I try to save money wherever possible.After your explanation. Yes. I hate wasting money. If I can get something 10 quid cheaper down the road. I will.
[/LIST][/INDENT]

And to CB's question:
Does your trading persona (if we recognise we use one or need one) spill over into your day to day life personality.? Have people radically changed as a result of pursuing trading? For better or worse, whats different,if anything? No. There is no difference . I have a personality trait that requires me to be very through, and analytical. Probably over analytical. I am also an all or nothing guy. By that I mean. If I start something or take on something new. It consumes me. No half way measures. I either do it or I don't and I flog it to death to make sure it works. My wife says I am unbearable at times. And I have to agree with her. I do have an obsessive approach where only total concentration on the point in hand will do. To the exclusion of everything else. If I didn't have this trait I would have packed up this trading lark at the first setback.


On reflection of CB's question. Outside of trading I like a competition. A challenge to see who is better. (my car can pull away from the traffic lights quicker than yours can.) But it's not the car...It's the driver.
But inside of trading. I don't care what the other guy(s) do. If they make 500 more pips than I do, I don't care. If they make 500 pips less than I do, I equally don't care... I only have to be better than myself.

 

[counter_violent]

A useful link maybe

http://www.trade2win.com/boards/showthread.php?t=8655&highlight=personality+types

 

[JTrader]

IMO - speaking largely for myself (and as a Psychology graduate ), and from what i imagine is fairly typical of the traders i have met/come into contact with, strong personal characteristics possibilities for traders include -

- Obsessive compulsive types (lining the coke cans up in the fridge etc. )
- introverts - inward looking for motivation, inspiration, ideas etc.
- Hugely determined
- Very strong self motivation skills
- Easy-going
- Gentle/quiet/shy people
- Individuals - not one to follow the crowds/none rat-racers
- Technically minded
- Creative/imaginative
- Perfectionists
- Dreamers
- People who don't really care that much about huge personal financial wealth (ferraris, champagne, $10,000,000 mansions etc.) at the end of the day, but care about going about overcoming a challenge in the right way, and creating some level of personal freedom.

 

[JTrader]

How many of the following would you agree with:

1. I have an irregular sleep pattern - false - could easily sleep for 9 hours per night
2. I have a formal education in economics, or an engineering or scientific background - true
3. I showed high levels of ability in mathematics (or a similar field) as a child - very true
4. I have worked in IT - true
5. I hold myself to high standards in all my endeavours - very true
6. I spend significant time concentrating on personal development - true
7. I am a better trader when in good physical condition and taking regular exercise - very true (helps make me a better person all round i think)
8. I have high expectations (of myself and others) - true of myself (but don't expect much of others)
9. Goal setting is important to me - true
10. I try to save money wherever possible - very true

...

 

[blackcab]

IMO - speaking largely for myself (and as a Psychology graduate ), and from what i imagine is fairly typical of the traders i have met/come into contact with, strong personal characteristics possibilities for traders include -

- Obsessive compulsive types (lining the coke cans up in the fridge etc. )
- introverts - inward looking for motivation, inspiration, ideas etc.
- Hugely determined
- Very strong self motivation skills
- Easy-going
- Gentle/quiet/shy people
- Individuals - not one to follow the crowds/none rat-racers
- Technically minded
- Creative/imaginative
- Perfectionists
- Dreamers
- People who don't really care that much about huge personal financial wealth (ferraris, champagne, $10,000,000 mansions etc.) at the end of the day, but care about going about overcoming a challenge in the right way, and creating some level of personal freedom.

How did you get so far into my head? Every single one, spot on. Kewl.

 

[fibonelli]

How many of the following would you agree with:

1. I have an irregular sleep pattern No - Can sleep for 10+ hours unless alarm sounds!
2. I have a formal education in economics, or an engineering or scientific background Similar field
3. I showed high levels of ability in mathematics (or a similar field) as a child Absolutely!
4. I have worked in IT Not really
5. I hold myself to high standards in all my endeavours Yes
6. I spend significant time concentrating on personal development Yes
7. I am a better trader when in good physical condition and taking regular exercise Yes - e.g. a long walk after the London close
8. I have high expectations (of myself and others) Yes and can get frustrated of others
9. Goal setting is important to me Yes
10. I try to save money wherever possible Tight as a duck's &r$e :cheesy:

 

[lurkerlurker]

How many of the following would you agree with:

1. I have an irregular sleep pattern No - Can sleep for 10+ hours unless alarm sounds!
2. I have a formal education in economics, or an engineering or scientific background Similar field
3. I showed high levels of ability in mathematics (or a similar field) as a child Absolutely!
4. I have worked in IT Not really
5. I hold myself to high standards in all my endeavours Yes
6. I spend significant time concentrating on personal development Yes
7. I am a better trader when in good physical condition and taking regular exercise Yes - e.g. a long walk after the London close
8. I have high expectations (of myself and others) Yes and can get frustrated of others
9. Goal setting is important to me Yes
10. I try to save money wherever possible Tight as a duck's &r$e :cheesy:

...

1. I have an irregular sleep pattern yes
2. I have a formal education in economics, or an engineering or scientific background economics
3. I showed high levels of ability in mathematics (or a similar field) as a child yes
4. I have worked in IT i only know how tu turn on my pc.
5. I hold myself to high standards in all my endeavours dont we all
6. I spend significant time concentrating on personal development no
7. I am a better trader when in good physical condition and taking regular exercise i chainsmoke, drink too much coffe too much alcohol, dont eat vegetables, etc....
8. I have high expectations (of myself and others) no, that way there are no surprises (ISNT THIS JUSY Q5 AGAIN?)
9. Goal setting is important to me no
10. I try to save money wherever possible depends, but no, not generally

Thanks for the answers guys. Maybe I am going somewhere with this.

CV - thanks for the Jung thread - I may take that online test and see how the results compare - very interesting indeed - although I agree with another poster that we should have another poll for "successful" traders only so we can see what the desirable personality types are (not the type likely to lose 95% of the time!)

 

[JTrader]

IMO - speaking largely for myself (and as a Psychology graduate ), and from what i imagine is fairly typical of the traders i have met/come into contact with, strong personal characteristics possibilities for traders include -

- Obsessive compulsive types (lining the coke cans up in the fridge etc. )
- introverts - inward looking for motivation, inspiration, ideas etc.
- Hugely determined
- Very strong self motivation skills
- Easy-going
- Gentle/quiet/shy people
- Individuals - not one to follow the crowds/none rat-racers
- Technically minded
- Creative/imaginative
- Perfectionists
- Dreamers
- People who don't really care that much about huge personal financial wealth (ferraris, champagne, $10,000,000 mansions etc.) at the end of the day, but care about going about overcoming a challenge in the right way, and creating some level of personal freedom.

:idea:
Other characteristics may include -
Optimism
patience
People who like there own space & company
Methodical people
Reflective people
Thinkers outside the societal box
And obviously, money is my god type people :cheesy:
.....

 

[lurkerlurker]

:idea:
Other characteristics may include -
Optimism Definitely
patience Agree
People who like there own space & company I'd agree with that
Methodical people Absolutely
Reflective people To a fault
Thinkers outside the societal box Nope - I'm one of the most traditional, straight laced, conservative people you'll ever meet.
And obviously, money is my god type people :cheesy: See my entry on the "favourite quote" thread
.....

 

[JTrader]

Thinkers outside the societal box Nope - I'm one of the most traditional, straight laced, conservative people you'll ever meet.
.....

I just meant in terms of putting bread on the table :idea:

 

[lurkerlurker]

I just meant in terms of putting bread on the table :idea:

Silly me

 

[trendie]

How many of the following would you agree with:

1. I have an irregular sleep pattern
   Not really - but I like to sleep when I am tired, and stay up when not, even if it is 4am.
2. I have a formal education in economics, or an engineering or scientific background
   no - college drop-out. however, am science and technology oriented, and love reading.
3. I showed high levels of ability in mathematics (or a similar field) as a child
   yes - loved number crunching and equations. (sad, I know)
4. I have worked in IT
   yes - currently IT freelancer. I get to work when I feel like it, or when I run out of money. similar to irregular sleep pattern question, I work when I want to.
5. I hold myself to high standards in all my endeavours
   diificult to say - I like to master the principles of ideas, but am always curious as to whether there is a better way to do something.
6. I spend significant time concentrating on personal development
   sort of - more as a means of understanding what drives the human psyche.
7. I am a better trader when in good physical condition and taking regular exercise
   not noticed any difference.
8. I have high expectations (of myself and others)
   yes - like to have an edge over others, especially in work, I like to know latest developments.
9. Goal setting is important to me
   try to - I know its important, as it gives an objective means of assessing ones advancement
10. I try to save money wherever possible
    not really - like to treat myself if I have done well.

hi lurkerlurker,
your question about maths is interesting, in that a variant is whether we are attracted to games-playing or puzzle-solving.
I wonder how many of us treat the markets as a puzzle to solve.

EDIT: wonder how many are maths-oriented and use indicators, and how many traders are artistic-minded and use visual pattern-recognition. (dunno if this has been asked before)