When we think about developing trader expertise, we naturally focus on the final, mastery stage. One does not become a top gun without some click between personality, abilities, and the challenges of being a fighter pilot. A baseball team could waste considerable time try- ing to turn a talented hitter into a skilled fielder, when the time would be better spent refining his batting—and then using him as a designated hitter. Alternatively, in a study investigating the effect of sanctioning racist commenters online, Munger found that more anonymous individuals were more likely to change their behaviour after sanctioning, although in a later study on uncivil commenters Munger , the opposite was found, suggesting that anonymity and the function of comments uncivil or racist are intertwined. Often, extroverted, risk-taking traders will express their aggressive tendencies through active trading; more risk-averse traders will limit their market exposure.
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