The Mental Strategies of Top Traders: The Psychological Determinants of Trading Success

7.4. ENDEAVORING FOR SUCCESS

I can't say how often I have encountered failures in leadership as a result of a reluctance to speak clearly, to set objectives, and to manage the performance and the relevant behavior of people on a team. The general excuse is that people don't listen, and that the PM has spent much of his career learning how to manage positions but not necessarily managing other people. However, I am quick to point out that it is necessary to oversee the work of others and to ensure that everyone is on the same page with objectives, targets, strategies, and the division of labor that is so critical when there is so much work, so little time, and insufficient staff support.

Let me begin with an example. Kyle is a problem-solver. He is motivated by a challenge and enjoys finding solutions. He thrives in environments that are well organized, with clearly defined expectations and established rules and procedures. As a self-assured, focused trader and a thorough and cautious risk-taker, he doesn't seem to be easily thwarted by setbacks. As somewhat of a "control freak," he patiently reviews all his options before making decisions or recommendations in an effort to reach clearly defined and predictable outcomes.

However, Kyle's relationship skills aren't quite as refined. While he is capable of expressing his own expectations and is likely to stand firm regarding his opinions and programs, he is not very interested in the opinions of others or in what they are feeling. ...