Basically personality-wise, I would suggest you try to identify yourself.

One example I always like to give people is that think about the time that you play computer games.

Have you played computer games?

If you play computer games before, you will realize that some people like to play fast-paced games, those real-time, really super fast games where you either instantly get killed or you kill somebody and it’s a live situation, very fast pace.

If you enjoy that kind of game and if you play very well in that kind of game, usually you tend to have a personality that is fast reaction, reactive, very quickly reactive person.

So if you have that kind of personality, it will be very difficult if I ask you to trade long term.

You get my point?

Because you enjoy the fast pace movements of things when you’re playing computer games which are, in essence, a bit similar to trading.

If I ask you to trade long term, it is gonna be very painful.

But for some people like myself, for example, I never ever really enjoy playing those fast-paced games. I like to play strategy games, I like to play role-playing games where I can take my time to decide what I want to do. So that’s my personality I realized about myself.

So that’s the reason why right from the very very early stage, I knew that intraday trading is not something that I enjoy, even about those trades that just having a few days is not my type as well because it’s too fast. I got to very quickly make a decision.

I don’t like that kind of feeling. So I a more strategic person, I like to think longer term. So that’s why my trade or my methodology or strategy tends to fall towards longer-term swing trading to position trading.

So this is one part you’ve got to understand about your personality because if you like to take things a bit slow, if I ask you to do intraday trading, it is going to be very very painful because you are constantly being forced to make decisions quickly but your personality usually requires you to be slower.

Interested to receive mentorship opportunities like this with Philip?

Find out more at traderwave.com/innercircle

Philip Teo

Founder & CEO at Traderwave Pte Ltd
Philip Teo is an entrepreneur, speaker and trading coach who specialises in the field of Technical Analysis of the financial markets. He is currently the Founder and CEO of Traderwave Pte Ltd, a financial technology company that offers a web charting application to global traders. He has conducted many trading seminars and appeared on national television before. He is also currently an official speaker and trainer with SGX Academy. Learn more about him at his Google+ Profile, LinkedIn Profile and Facebook Profile

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