Abstract/Details

Personality differences and level of success in traders with and without competitive athletic background


2006 2006

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Abstract (summary)

It is estimated that over 1.49 trillion dollars is traded in the financial markets each day. Due to the 90% failure rate of people who attempt to trade for a living, some means of predicting trader success has been sought. Trading firms have long assumed that former competitive athletes (high school or college level) make better traders because of their personality traits. Early research in the field of sport personology explored personality traits of athletes versus nonathletes as well as successful athletes versus non-successful ones and yielded mixed findings. This study was the first attempt at scientifically examining the impact competitive athletic background had on trading success. The 80 participants were full-time, male traders from several trading firms in the United States. The NEO-FFI was used to assess personality traits, while a brief survey was administered to evaluate athletic experience and type of sport played. A factorial design was employed, identifying two main effect factors (traders and athletes), each with two levels, resulting in four groups with 20 participants in each group. Canonical discriminant function analysis was utilized to find optimal combinations of the NEO factors that discriminated between the groups. The findings indicated that there was no statistical difference between athletes and nonathletes in their ability to be successful traders. The personality trait of openness was found to be statistically significant in differentiating successful from unsuccessful traders. An ideal trader personality profile was constructed based on the findings. Future research implications were discussed.

Indexing (details)


Subject
Personality;
Finance;
Securities trading;
Athletes;
Personality traits;
Studies;
Career preparation;
Success
Classification
0625: Personality
0508: Finance
Identifier / keyword
Social sciences; Psychology; Athletic; Competitive; Personality; Sport psychology; Stock market; Traders
Title
Personality differences and level of success in traders with and without competitive athletic background
Author
Hirschhorn, Douglas K.
Number of pages
99
Publication year
2006
Degree date
2006
School code
1351
Source
DAI-B 66/11, Dissertation Abstracts International
Place of publication
Ann Arbor
Country of publication
United States
ISBN
9780542420658, 0542420651
Advisor
Yasgoor, Karen
University/institution
Capella University
University location
United States -- Minnesota
Degree
Ph.D.
Source type
Dissertations & Theses
Language
English
Document type
Dissertation/Thesis
Dissertation/thesis number
3196760
ProQuest document ID
304910169
Copyright
Database copyright ProQuest LLC; ProQuest does not claim copyright in the individual underlying works.
Document URL
http://search.proquest.com/docview/304910169
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