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To Live and Trade as a Responsible
Narcissist

Why being an ego-maniacal, selfish, totally demanding trader is not
necessarily a bad thing.

Recently, I perused your responses to the last two traders’
letters posted and answered here. The TraderDaily comments were
representative of many similar complaints I hear coming out of the
financial services industry.

Specifically, I work with many men who feel entitled to the highest
levels of financial success, the prettiest women and a quality of life
that is significantly better than 90% of the population. Unfortunately,
what we expect in life doesn't always materialize. As is apparent with "Bitter and Out
$4,000" and "Too-Picky
Trader," all that these traders wanted was not achieved, and thus they
felt disappointed and frustrated.

Many top-performing traders in my practice tell me that their
significant others at times call them narcissistic, ego maniacal, selfish,
or say the world revolves around them. I'm guessing most successful
traders have heard these barbs at one point or another. But are these
traits all necessarily detrimental?

To be the best at what you do for a living, you have to take risks and
be confident in your success formula. My clients have an insatiable hunger
for making money and have the best quality of life possible. It's
honorable to expect the best for yourself at work and in life, as long as
your track record backs you up. At some point, though, narcissism can
become your undoing.

If "Too-Picky
Trader" had dated high-maintenance models in the past, than he would
be justified in expecting to continue dating these trophies. This would
stand true even if the guy was acutely aware of how truly difficult that
type of woman can be. If he has never dated "arm candy" before, than his
belief system regarding his league is grandiose.

In this scenario, where his expectations out of line with his reality,
he will likely have to wait out a lot of disappointments as nothing less
than a perfect 10 will please him. His romantic life will remain
unfulfilled as a result of his irrational levels of entitlement – and his
narcissistic tendencies.

Here are some additional symptoms of narcissism that may negatively
impact an individual's social or occupational functioning as defined by
the DSM IV. (An individual need exhibit only five symptoms to be diagnosed
with narcissism; a diagnosis is generally made only if there is
significant impairment in social or occupational functioning.)

A pervasive pattern of grandiose thinking.

A need for excessive admiration.

A lack of empathy for others.

A preoccupation with fantasies of unlimited success, power,
brilliance, beauty, or ideal love.

A belief that he or she is special and unique and can only
associate with similar status people.

A strong sense of entitlement in expecting immediate compliance.

An exploitative personality; takes advantage of others to achieve
his or her own ends.

A tendency to act arrogant, haughty.

A belief that other envy him or her; a propensity to become envious
of others.

My practice consists of many traders who complain of performance woes
associated with not getting out of trades early enough -- usually because
they were uncertain whether their predictions or strategies would be
correct. It is likely that traits of narcissism could negatively impact
their trades. Since many narcissists believe they are never wrong and the
world should react in accordance with their strategies and theories, they
are prime candidates for exploitation by the vicissitudes of the markets.
If they are unaware that grandiosity and self-entitlement may affect their
trades, they risk getting crushed by holding onto a position too long or
getting out of one too prematurely.

The Definition of Responsible Narcissism

As I mentioned earlier, narcissists exhibit a variety of symptoms or
traits that we can all admit to, myself included. But then there is
pathological narcissism and healthy narcissism.

It is my contention that, if you are aware of yourself and how you
treat others, you can make narcissism work to your benefit. Fight for what
you want. Speak up when you are not getting what you want. Believe that
you are best at what you do. However, the responsible narcissist doesn’t
allow his arrogance to prevent him from listening to feedback and allowing
others to advise him.

He knows when he is becoming his own worst enemy on a trade and when he
is holding onto or giving up on a strategy for pride and not for rational
reasons. He is capable of sizing up social interactions and relationships
to know when he is being too selfish or self-centered. When this happens,
the responsible narcissist makes others believe he really does have the
capacity to be interested in them and their feelings.

I'm not saying that you actually have to feel what others are feeling;
that's impossible for many of you. I'm not even recommending that you care
about what others are saying. However, showing that you are listening and
that you can make someone else feel listened to is essential in getting
the help and corrective feedback you need from others at work. It can also
lead to far fewer headaches from your significant others at home.
Accepting your narcissistic traits can be the necessary first step.
Managing them in a responsible manner will help your trading as well as
your future relationships.

Dr. Alden M. Cass, President of Catalyst Strategies Group, is a
licensed clinical psychologist who works with traders and risk managers to
help them achieve financial, corporate, and personal goals. See full profile, or
visit his website, http://www.catsg.com/

alden cass

11/15/06

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