What Personality Type Makes the Best Trader?

Have you ever wondered what personality type makes the best trader? Have you thought about it even for just a minute?

If you haven't, that's okay, but sooner or later you'll probably find yourself asking the same question. It's only natural. Having a good winning streak followed by an unexpected (at the time) losing streak brings doubt and questions about in all of us. (Yes, there will be losing streaks...)

Some of us never even think about personality types when it comes to trading but the truth is, whether you realize it yet or not, trading is very emotional and therefore psychological.

How do you think an impulse shopper does when they begin trading stocks? Do you think they stick to a strategy (if they even have one) and wait patiently for the right entry signals? Probably not.

How about the employee who gets called into the boss's office because he made a mistake and then goes home and has a bad attitude around his wife and kids because he can't cope with the idea that he made a mistake at work? He probably wouldn't do too well as a trader either.

The article, video and accompanying free (for a limited time) ebook below bring out some more points to think about and go into more details on the ideal personality types for a trader.

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 21, 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:"

Learn more about managing your emotions, developing your trading methodology, and the importance of discipline in your trading decisions in The Best of Trader's Classroom, a FREE 45-page eBook from Elliott Wave International.

Since 1999, Jeffrey Kennedy has produced dozens of Trader's Classroom lessons exclusively for his subscribers. Now you can get "the best of the best" in these 14 lessons that offer the most critical information every trader should know.

Find out why traders fail, the three phases of a trader's education, and how to make yourself a better trader with lessons on the Wave Principle, bar patterns, Fibonacci sequences, and more!

- Don't miss your chance to improve your trading. Download your FREE eBook today!

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.

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