Why Psychiatrists Make Better Forex Traders Than Economists?
Trading in the forex market though not an exact science takes a lot of patience and emotional control and requires gathering and listening to facts, while not trying to over explain or apply other data.
A Psychiatrist, is a good listener, knows how to gleam important facts from lots of dialogue and knows how to control their emotions. A psychiatrist sees many patients and hears many stories and needs to keep these separated and segment these in his mind.
A good therapist is slow and methodical and realizes that he doesn't have a quick cure for his patients and will slowly develop a treatment program and adhere to it.
A Psychiatrist also knows how to understand behavior and how to analyze this behavior; he can discern patterns and problems from the smallest clues. He knows which information is easy to gleam from a patient and which he will have to dig for. He knows not everything he hears is the truth or correct. He also knows that each person understands the same situation differently based on his prior experiences and viewpoints.
Whereas an economist is a fact collector, he takes facts and numbers and crunches them together and applies formulas to come up with results that can be interpreted and reinterpreted. His numbers will always be correct, but he doesn't always look behind the numbers, he doesn't dig, he works with sets of cold data.
He also deals with truth. Numbers on a spreadsheet are real. Numbers and calculations do not have secrets and do not look deeper. His calculations are then applied to historical data for interpretation without looking at individual models.
For instance, an economist, will take the unemployment and job numbers and apply them to come up with other economic data but he will not look deep to see who is unemployed or why they are unemployed or what effect it is having on their families and their communities.
When trading forex, it is important to work with a set of rules but these rules need to be established individually for each trade. And a good trader knows how to evaluate and rate each piece of data. He knows how to dig deeper for the true meaning of the data. He is also slow and methodical, sometimes charting a currency for months or years before entering that particular market.
So before you give your money to an economist to invest, have your head examined and then give your money to your psychiatrist.