Merriam-Webster Dictionary defines an introvert as someone who is withdrawn, reserved, shy, and likes to spend time alone.
Introverts typically don’t seek attention and often feel drained after social events. They prefer to stay in the background. When they do something wrong, they tend to blame themselves and generally want to make sure it doesn’t happen again.
Because of this, introverts often have a personality type that has difficulty executing trading signals, despite being analytical, disciplined, meticulous, detail-oriented, and research-loving. When it comes to risk, they tend to be risk averse.
Can an extrovert become a trader?
According to Merriam-Webster, the word “extrovert” means “open to the outside world,” which means that extroverts are talkative, optimistic, sociable, and like to be around people. They get bored easily and need stimulation. They are mentally “aggressive”/competitive, love to party, and are more willing to take risks than introverts (precisely because taking risks keeps them motivated).
Extroverts are usually more risk-taking than introverts, they like to use their intuition, they crave action and stimulation, and they are usually impulsive.
Are you an introvert or an extrovert?
A good trader should have the best qualities of both personality types. Ideally, he should have the introvert's respect for detail and the extrovert's love of risk!
However, no one is completely extroverted or introverted. We all fall somewhere along the continuum and have some traits from both sides, and unfortunately we can't choose our personality traits carefully.
Let’s say you know which category represents your dominant strength. In this case, it can help you in your daily trading: you can know in advance whether you can implement and trade certain types of strategies, and you will have a better understanding of how to deal with inevitable declines and losses.
In short, you should have a better understanding of your risk tolerance level. This will guide you on what kind of trading strategies/systems you can trade and what kind of leverage you should use.
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