Your Personality And CFD Online Trading
Personality is basically the sum total of all the characteristics of a person – physical, intellectual, and emotional behavior. Your personality, being who you are essentially, can determine whether or not a particular trade is suited for you. This is the reason why personality tests are always given during personnel selection process. Your kind of personality can somehow tell if you would be successful in your chosen field.
It is a given that you should have the skills and techniques in order to be successful with CFD online trading. But more than what you know and what you can do, another important determinant of success is your personality. Do you have the personality to be a good CFD online trader? What is your personality, is it Type A or Type B?
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Type A Personality in CFD Online Trading
People with type A personality have a high need for achievement. They are very competitive and they care about winning and being the best. They care so much about their performance and they are intrinsically motivated, meaning they will work hard and try to be the best on their own, even without external rewards. They are dedicated, passionate, and committed individuals who will not stop until they reach their goals. Since they are high achievers, they have the tendency to be dominating and authoritative. They are at times ruthless and unbending. They get things done but they hate committing mistakes the most.
Individuals with type A personality will thrive as CFD online traders. The competitive and high strung atmosphere of the trading business would be appealing to an A-type person. Their high need for achievement will help them to learn all they can and to push their limits until they are the best in trading. Since they are the type who hates making mistakes, they will analyze every detail and prepare for every trade. Also, since type A people are more cerebral than emotional, they will make sure that all their trades would be based on logic and reason. At the end of the day type A personalities would be excellent CFD traders because the business is about achieving and being the best.
Type B Personality in CFD Online Trading
Individuals with type B personality are the opposite of those with type A personality. They have the tendency to be more relaxed and laid back. While achieving is appealing to type B people, success is not the end-all and be-all for them. They want to have fun as much as they want to gain something. They will work hard to reach their goals but their passion and dedication is not up to the level of a type A personality. Procrastination, delays, last minute cramming are all part of their coping mechanisms – these are things that are unheard of among type A people.
Type B individuals may still excel as CFD online traders but they will need a lot of external motivation in order to keep going and to continue competing. If left alone to work on their own, they may have the tendency to quit if they don’t see the immediate fruits of their labor. They may also not be as analytic and as précise as type A people in studying their trading patterns. This will lead to mistakes and losses along the way. However, their being risk-averse may help them to not incurring big losses but their fear of losing may also cause them to gain little.
Guest Author: Nidhi Garg
