Personality & Attitude: Killing Your Profits?

Posted on Posted in Psychology

Recently I see an interesting blog post via a tweet, which lead me to creating this post.

Here was the original tweet:

betfair trading attitude

Influence on Your Results?

The original post is certainly definitely worth reading once you’re done here…

On reflection, Mark highlights a key point that many don’t often take into consideration when starting to trade Betfair;

“Society often adopts certain views, that don’t fit with trading”

It’s probably not so well documented on-line, but everyone has a unique set of expectations. Usually plotted against time in the form of hourly and daily rates of pay. Trading it just isn’t always going to be like that.

Looking at Marks results graph (and I hope he doesn’t mind me using him as an example) he seems to have higher peaks and troughs than me.

That may just be due to the nature of the markets he trades, although I am aware of other traders that trade horses pre-race who, have similar big wins/losses. It’s a personal thing.

It’s not necessarily a problem, as the end result may be similar to that of somebody who wins consistently. But how would it make you feel?

Not everyone reacts the same. Personally I hate to take too much risk, those big reds would kill me. The most interesting thing about this though, it how it changes your personality/attitude towards trading.

In My Experience:

During my time trading it’s fair to say my personality/attitude has changed substantially. Many are aware (looking at the various forums) but it gets cast aside rather quick, maybe it shouldn’t?

I don’t think either approach is wrong, everyone copes with things differently.

For me though I just couldn’t go day-in-day out with the big highs and lows. Even if I knew I’d be a net winner over the longer-term, it’s just not me.

I think what I’m struggling to say here is not only is it about understanding the markets, and what’s going on with the various information on offer. But it’s also important to understand yourself and how you fit into it all.

Knowing what works best for you and what you really suck at is bound to help! Similarly, what you can cope with and what you can’t!

Knowing your strengths and weaknesses, allows you to channel your efforts more productively.

For Example:

If you are good at swing trading and poor at scalping you can up your stakes for swing trading to make more money. Reducing them when scalping to avoid losing would be a good idea too. The whole time you still get the benefit and opportunity to learn and improve.

I don’t think it’s a case of one type of person can succeed and another can’t either, but more a case of where one can excel comfortably.

Now, that is going to be a lot easier said than done, its one thing I can guarantee you!

Take some time to learn a little about yourself. I really wouldn’t be surprised if it pays you back for your time, and some…

Here is a simple personality test I took some time ago. It would be interesting to hear readers results too!

PERSONALITY TEST Take the test now!

I wouldn’t be too surprised if there was a trend in the results between those that are already successful.

My result was INTJ, let us know your result in the comments!

P.S. I’m off to Magaluf tonight, due back Thursday in-case you’ve emailed me and I haven’t responded as quick as I would usually!!

Related Post: Overcoming Your Trading Fears

6 thoughts on “Personality & Attitude: Killing Your Profits?

  1. Hi Caan,

    Thanks for highlighting my post.

    Just thought I’d explain that the reason behind there being quite a big swing in monthly profits is that the cricket markets I trade can be seasonal and often revolve around big tournaments. Naturally, if a month contains one of these I’d expect a good return and if it’s a quieter month the opposite.

    I won;t go looking for markets to trade to make up my returns if they are outside my specialty if that makes sense.

    Anyway, best regards and enjoy Magaluf.

    Mark

  2. Just made the personality test and I’m ENFP, by the description I should be a movie producer 🙂 and I don’t really have the qualities to be a trader. I also made the test to my gf and the compatibility test between us is really accurate. I’m not too concerned because my personality changed a lot since I began trading, all I need to do is to reduce the risk to be able to enjoy trading more.
    About the results, mine should be the same every month. Probably because I prefer scalping and the losses are easier to keep under control.
    All the best,

    zerg

  3. Hi Caan,

    Mark’s article highlights something I fell foul of last year. Having at last established a miniscule edge, I felt restless when profits apparently “fell off”. I tried scalping and swing trading, but found that I still only had a 20% strike rate, the resultant loss, race after race, led me to commit the cardinal sin, not once or twice, until I finally wrecked my bank. In my opinion you’re absolutely right, it is a key concept. Last month was terrible, for me, and this month has started poorly, as well. Luckily, I know that my edge is good and I no longer have the urge to desperately search for something else.

    I took the personality test and it came up Introvert (89%), Sensing (39%), Feeling (12%), Judging (33%) which didn’t surprise me, being brought up in a remote Dales village during the austerity years. I suppose that, that background, where it was essential to “do the right things” simply to survive, naturally leads to my disappointment in books like Trading in the Zone, in which the author presents, as revelations, things which to us were and are, blindingly obvious. As an aside, I’m far more impressed with Brett N. Steenbarger’s, Enhancing Trader Performance. It might be worth a read (if you haven’t already) you can download it free, or at least you could. If you can’t, I ought to be able to put a file on one of those accessible on-line file storage things.

    I hope that the break refreshes you, just don’t get alcohol poisoning,

    cheers, Predicton

  4. My score is ENTJ and INTJ because I appear to have marginal or no (1%) preference of Extraversion over Introversion. I am strongly considering to start betfair trading and kind of on the edge to make a final step and start it. Been following you for a while, reading your articles. I really want to learn and become as good as you hopefully some day.

  5. Hi, I will buy your guide when I’ve got some money, I don’t trade at the moment, but want to one day.
    I’m INFP, so what does that say about the best way for me to trade I wonder. thanks

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