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TradersRisks, Decisions, and Management in Financial Markets$
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Mark Fenton-O'Creevy, Nigel Nicholson, Emma Soane, and Paul Willman

Print publication date: 2004

Print ISBN-13: 9780199269488

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199269488.001.0001

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Becoming a Trader

Becoming a Trader

(p.145) Chapter 7 Becoming a Trader

Mark Fenton-O'Creevy

Nigel Nicholson

Emma Soane

Paul Willman

Oxford University Press

Becoming a trader does not mean that one has to be familiarized with merely one body of fixed knowledge. Traders are exposed to various intensive experiences that may or may not involve powerful emotions, losses, and gains. To become a trader, one has to explore new ways of doing things, learn how to adapt to new situations, know when to modify decision rules, and learn how to use history and experience to make confident decisions in a short period of time. This chapter takes in the experiential and psychological factors that influence the individual development of the trader and further develop trading skills by explaining the implications of formal and informal socialization, and presenting a transitions model that involves the following processes: preparation and anticipation, encounter, adjustment, and stabilization.

Keywords:   formal socialization, informal socialization, experiential factors, psychological factors, anticipation, encounter, adjustment, stabilization

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