WHAT KIND OF TRADER ARE YOU?

By Kathleen Brooks, Brian Dolan

The kind of trader you are will affect — or should affect — your trading strategy. It helps to know your trader type so you can trade effectively and in a way that feels right for you. To determine your trader type, take the following quiz.

THE QUIZ

Which statement best describes you when you’re competing?

A. I’m aggressive, outgoing, and confident in my abilities whether I win or lose.

B. I like to be perceived as wise and thoughtful, and I accept loss as part of the process.

C. I’m calculating, and winning is extremely important to me.

1. In your free time, what do you most enjoy doing?

   A. Action-packed activities with high-adrenaline energy and risk

   B. Activities planned in advance, and ideally ones that further my knowledge or experience in some way

   C. A wide variety of fun activities, depending on what opportunities emerge that day

2. If you were given $250, which of the following would you do with the money?

   A. Gamble it on a good bet and try to win big.

   B. Spend it with a night on the town, shopping, and dinner.

   C. Save and invest the money for a rainy day.

3. Your favorite sports team is significantly behind at the halfway point of the game, what should the coach do?

   A. Trust the team’s preparation and original game plan, and the tide will turn in their favor in the second half.

   B. Draw up a new strategy to take advantage of a weakness observed in the first half.

   C. Take a risk by trashing the old strategy and shifting to a more aggressive attack mode to get back in the game.

4. At work, if you completed a project well ahead of your scheduled deadline, what would you do with the extra free time?

   A. Submit the project and ask for another.

   B. Pore over the project even further to dissect it, making subtle tweaks, but keeping the project much the same; then turn it in on time.

   C. Do more research to see if you can add on to the project even further.

5. In a party setting, which of the following descriptions is most like you?

   A. Energetic, rapidly flitting between conversations if you get bored

   B. Generally sitting with two or three close acquaintances, learning about what’s new with them

   C. The center of attention, happy as long as you’re surrounded by peers

6. Which of the following workplace careers would you most like?

   A. A long, successful career as an average employee who does a good job, gets paid well, and retires comfortably, while never rocking the boat or ascending to a position of power.

   B. A successful worker who often rises to management positions but is labeled as a “job jumper” who has many stints at a variety of business ventures.

   C. A short stint as a CEO of a well-known company that was initially successful and enriching, but eventually succumbed to outsized expectations, followed by an average career thereafter

7. How do you typically trade an event like nonfarm payrolls (NFP) in the United States?

   A. Form an opinion, place your trade, and hang on!

   B. Wait for the overzealous reactions directly after the announcement and trade the aftermath.

   C. Trade NFP? Are you nuts

    Be on the lookout for the RESULTS of this quiz in my next Blog...!!!
8. http://www.dummies.com/personal-finance/investing/currency-day-trading/what-kind-of-trader-are-you/
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