If you want to make the best plays, you need to understand your trading personality. Street psychiatrist Dr. Janice Dorn explained the different types of traders.
There are three common types of trading mentalities, according to Dorn, Types ‘A,’ ‘B’ and ‘C’.
Type ‘A’ traders are the flashiest. They’re typically fashionable and want to make an impression. ‘A’ traders know how to read charts and see patterns. Dorn said these are typically the most profitable investors.
Type ‘B’ traders tend to be quiet and don’t seek attention. They can watch the market without making any moves for days at a time and they often wait to make sure they get the right signals before making a trade. This is the least common personality type for a trader, according to Dorn.
Finally, there are the Type ‘C’ traders. These are the ones who depend on their feelings and are prone to making trades without thinking them through. Dorn said ‘C’ traders are the least effective investors as they feel fearful when they should feel greedy and greedy when they should feel fearful.
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Which type are you? We put together our own quiz - check it out!
(Note, it's not scientific but is a lot of fun!)
What is your ideal vacation?
a) Miami
b) A cabin in the mountains
c) A spa retreat
People often describe you as...
a) Outgoing and friendly
b) Quiet and distant
c) Loyal
At a party you are:
a) The center of attention
b) I don't like crowds
c) Tasting fine wines and cheeses
What activity do you prefer?
a) Baseball
b) Chess
c) Swimming
An ideal date is...
a) Dinner at a fancy restaurant, followed by clubbing
b) A rented movie at home
c) An interpretive dance show
At a restaurant you order:
a) The special
b) The baked chicken
c) The imported shitake mushrooms and tofu
What gift would you most likely buy for someone?
a) The latest model of the iPhone
b) Gift certificate
c) Scented candles
Your ideal job would be:
a) Party planner
b) Work from home business
c) Masseuse
Your favorite drink is:
a) $15.00 martini
b) Beer
c) Vodka cranberry with a hint of lime
What store are you most likely to go in to?
a) Brooks Brothers
b) Wal-Mart
c) A small boutique
If you mostly answered "A" - you're probably a Type A trader.
(Type ‘A’ traders are the flashiest. They’re typically fashionable and want to make an impression. ‘A’ traders know how to read charts and see patterns. Dorn said these are typically the most profitable investors. )
If you mostly answered "B" - you're probably a Type B trader.
(Type ‘B’ traders tend to be quiet and don’t seek attention. They can watch the market without making any moves for days at a time and they often wait to make sure they get the right signals before making a trade. This is the least common personality type for a trader, according to Dorn.)
If you mostly answered "C" - you're probably a Type C trader.
(Type "C" traders often depend on their feelings and are prone to making trades without thinking them through. Dorn said ‘C’ traders are the least effective investors as they feel fearful when they should feel greedy and greedy when they should feel fearful.)
> Find out more at Dr. Janice Dorn’s Web site, The Trading Doctor.
Read More:
> The Traders’ Styles
> Buy Like Buffett
> The Fastest Money: Options
> Finding Your Style: Final Tips
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Trader disclosure: On Feb.12, 2008, the day of taping, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (YHOO), (DIS); Najarian Owns (BIIB), (C), (CSCO), (MCD), (MS), (MSFT), (YHOO), (XLF); Najarian Owns (AAPL) Calls; Najarian Owns (FRE) Puts; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (GE), (MSFT), (WMT), (YHOO); Finerman's Firm And Finerman Own (HD); Finerman's Firm Is Short (SPY), (IJR), (IYR), (MDY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Seymour Is Short (VIP) Puts