The Entrepreneur

ESTP

Overview

Entrepreneur personalities love to be the center of attention. The idea of being a “professional trader” for the world to see is a powerful lure to the markets where they can show their intelligence and success to the world.  Theory, abstract concepts, and plodding discussions about global issues and their implications don’t keep Entrepreneurs interested long. 

Entrepreneurs leap before they look, fixing their mistakes as they go, rather than sitting idle, preparing contingencies and escape clauses. This causes most Entrepreneur traders to have spectacular successes and failures early in their trading careers.

If Entrepreneurs aren’t careful though, they may get too caught in the moment, take things too far, aiming for bigger and bigger gains when their trading is hot, and try to “make it all back” quickly when their trading is cold. Entrepreneurs out there will try to keep things fast-paced and competitive and will disregard systemic risk to meet their goals.

Entrepreneurs are full of passion and energy, complemented by a rational if sometimes distracted, mind. Inspiring, convincing, and colorful, they are natural group leaders, pulling everyone along the path less traveled, bringing life and excitement everywhere they go. Putting these qualities into a constructive and rewarding trading career is the Entrepreneurs’ true challenge.

ESTP: The Entrepreneur
Energy:

Extrovert

Decisions:

Sensing

Attention:

Thinking

Lifestyle:

Perceiving

Strengths Weaknesses Strengths Weaknesses Strengths Weaknesses Strengths Weaknesses
Energetic Excitable Detail- Oriented Over- Analyzes Clear goals and objectives Non-flexible Adaptable Last-minute analysis
Trades well in a group Not good on own Linear Hesitant to make decisions Logical Analysis Skeptical Curious about learning Spontaneous
Not afraid to act Takes too much advice Organized Stubborn Objectivity Thinks too much on winning trades Wants to know all Wants to know all
Think on their feet Overtrades Structured Research Reluctant to admit failure or learn from error Takes advice Unsure

Sometimes Entrepreneurs’ instantaneous observation and action is just what’s required, as in some corporate environments, and especially in emergencies.

Trading Strengths

  • Bold – People with the Entrepreneur personality type are full of life and energy. There is no greater joy for Entrepreneurs than pushing boundaries and discovering and using new things and ideas.  They are energetic traders and love the thrill of challenging the markets and are fearless in their trading.
  • Rational and Practical – Entrepreneurs love knowledge and trading theory, but not for their own sake. What’s fun for Entrepreneur personalities is finding trading ideas that are actionable and drilling into the details so they can put them to use. They love to be around other traders, discussing the markets and potential trading opportunities.
  • Original – Combining their boldness and practicality, Entrepreneurs love to experiment with new trading ideas and solutions. They put things together in ways no one else would think to and tend to be in trades right as the trends change. 
  • Perceptive – This originality is helped by Entrepreneurs’ ability to notice when things change – and when they need to change! Small shifts in market behavior stick out to Entrepreneurs, and they use these observations to craft their trades.  These traders seem to have a sixth sense of when trends are about to begin and end.

Trading Weaknesses

  • Impatient – Entrepreneurs move at their own pace to keep themselves excited. Staying patient in a trade and waiting for things to develop can seem like torture to the Entrepreneurs.   They prefer fast trading with lots of activity and are bound to make too many trades, exit winners early and not do proper research before jumping in.
  • Risk-prone – This impatience can lead Entrepreneurs to push into uncharted territory without thinking of the long-term consequences. Entrepreneur personalities sometimes intentionally combat boredom with extra risk.  Since they are more concerned with the “action” than the results, they fail to position size properly and want the quick, fast returns instead of steady profitability.
  • Unstructured – Entrepreneurs see an opportunity and seize the moment, often ignoring rules and past failures in the process. They are more interested in being in the game with money on the line than the long, methodical building of a profitable trading system using back-testing and spending time on a demo account to perfect their strategies.
  • May Miss the Bigger Picture – Living in the moment can cause Entrepreneurs to miss the forest for the trees. People with this personality type love to jump into the market as it is now without considering major events on the horizon that can cause movement. They often think they can “get in and out of a trade” before the market will turn which doesn’t give them any room for error in their timing.
  • Defiant – Entrepreneurs won’t be boxed in. Repetition, hardline rules, sitting quietly while they are lectured at – this isn’t how Entrepreneurs live their lives. They are action-oriented and hands-on. Being forced to develop a solid, structured trading plan requires extraordinary effort from Entrepreneurs to stay focused long enough to get to a system developed before jumping into live trading.

Conclusion

Few personality types are as charming and attractive as Entrepreneurs. Known for their ability to improvise and focus completely on the present, Entrepreneurs are great at finding where the action is in the market and have a sixth sense as to when the markets are about to move. Entrepreneur Traders typically make huge profits but are very prone to giving them back.  Having a Manager reign in the risk and help them keep their huge profits is a must for this personality style or they are likely to lose all their gains in the end.

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