How to Sample Behavior and Emotions of Traders: A Psychological Approach and an Empirical Example
This paper describes an empirical approach based on psychological methodology, which assumes that individual behaviour must be studied within its natural environment. This approach is called experience sampling (ESM). To illustrate the potentials of employing ESM in the stock-trading domain, we report on observations from an explorative pilot study designed to shed light on the following issues: how outcomes of trades are perceived by traders; the reasons traders associate with good and bad trades; and how traders’ moods fluctuate over a trading day.
|Date of creation:||27 Sep 2005|
|Note:||We thank the participating day-traders for their cooperation and people at the company Teknik i Media AB for their help with software. Helpful comments by Robin Hogarth, Håkan Källmén, Brian Lucey, Philipp Schmitz and participants at the conference are gratefully acknowledged. The first author is indebted to the research foundation of Svenska Handelsbanken and to SFB 504 for financial support. The workload was as follows: the second author collected the data and the first author analysed the data and wrote the paper.|
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