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Your goal is probably to understand the world, constantly absorbing new information that comes your way. You then process all of this through your intuition to quickly size up what is going on around you. This can be an excellent quality for traders and investors if you get the right information. Otherwise your decisions and conclusions may tend to be flawed. And this could be costly for you as a trader.
You are probably quite quick in your thinking, stimulating and alert. You are an ingenious innovator. In addition, you are probably quite outspoken. You are also probably good at reading other people. However, your ability to express yourself with others and read others is not required as a trader.
Nevertheless, you have two of the three qualities that I would expect to see in great traders. As a result, you are also adept at generating conceptual possibilities and then analyzing them strategically. This is a great quality that you have that will help you in developing sound trading systems.
You enjoy being both an inventor and a business owner, therefore the idea of developing your own trading system and doing your own thing probably appeals to you. However, you are a big picture person and do not always follow through on existing ideas.
Your biggest weakness is that you get bored by routine and are likely to find new ways of doing things. After pursuing trading and learning the craft, you may keep looking for creative alternatives trying to make things better or more effective. It is important to realize that good trading tends to be quite boring, so you must find ways to overcome this tendency and accept trading for what it is.
- You can quickly determine if a new style of trading or system will fit well with your personality and you get very excited about it.
- You can rapidly evaluate when something is working for you.
- You like the challenge of sorting out market conditions and seeing where you fit and can be competitive in the markets.
- You want external confirmation for everything and have a strong need for a mentor.
- Despite your normal attention to detail and rational thought processes, you may find your self making emotional decisions when under stress; with dramatic consequences.
- You may experience profound negative self talk if you bend your rules. Self inflicted emotional scars from negative trading may be damaging psychologically.
- You may be tempted to abandon systems prematurely that are performing well but which are going through a string of losses.
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Donald Trump is one of the best prototypes of the Innovative Trader. He constantly absorbs what's going on around him and then comes up with new ideas to turn it into a fortune. Trump says, "Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks." He's outspoken, always in the limelight, and good at reading people.
Trump is a billionaire, but he has had some problems when his casinos went into bankruptcy. However, he then came back so strongly that he even developed a television show so that people could become his "Apprentice" and so that he could publicly say, "You're Fired."
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