Many of the Challenges Traders and Investors Face are Psychological!
How you choose to invest is a behavior, and like most behaviors your investing style, strategy, strengths and blind spots can be tied back to your personality tendencies (like those measured by the Myers-Briggs and CPI 260 assessments). In fact, personality characteristics that may influence investing include things like risk-aversion, self-control and flexibility.
Knowing your strengths and weaknesses is a critical first step before this change can take place. Traits such as fear, stubbornness, disorganization and an unwillingness to break old habits can be challenging for investors to break through, but education, structure and risk management can help new and existing investors remedy these issues.
To help both new and seasoned investors increase their self-awareness and understand steps they can take to overcome negative traits, OTA and The Meyers Briggs Company teamed up for a webinar titled, Psychology of Investing with Myers-Briggs: What your MBTI personality says about your investing style which was live-streamed through OTA’s YouTube channel and The Myers-Briggs company’s Facebook page on November 19th, 2019.
The webinar addresses the challenges traders and investors face when trying to become more proactive with their investing. “People want to be more hands on but, but let’s face it: investing can be intimidating,” says Justin Arneson, Senior Research & Data Scientist for The Myers-Briggs Company. "Some people are afraid they’ll be too cautious and miss out on opportunities, while some are afraid they’ll be over-confident and make reckless decisions. This webinar aims to empower investors through self-awareness.”
“Knowing more about your own personality can be like holding up a mirror to your financial mindset. You can see how your perception is different compared to others and understand which parts of your personality are really serving you when making investment decisions, as well as which associated behaviors are holding you back,” says Arneson.
"Having traded and trained people on the financial markets these past 21 years, the factor which causes more people to fail than anything is not understanding how their personalities impact their trading. Things such as impatience, greed, stubbornness, all come at a cost," said Merlin Rothfeld, Instructor and Market Strategist at Online Trading Academy.
You can watch the webinar here: Psychology of Investing with Myers-Briggs
The webinar content provides educational information only. This information should not be construed as individual or customized therapeutic treatment services or clinical psychological treatment services.
Authors: Joanne Ngo and Marketing