See What Testosterone Does To The Body

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Wall Street is a place of dramatic swings, combative personalities and tons of risk. No shocker, then, that the men and women that work there are affected by a little chemical called testosterone.Testosterone is hormone that is secreted into the body and is the genetic driver to the growth and maturing of sexual organs and sexual identity. Higher or lower levels in evidence can be signals of fertility or sex drive in men and menstruation issues for women. Increased levels in men are also useful in the building of muscle mass.

In terms of Wall Street, Scientists have found that Wall Street men tend to have higher levels of the stuff, and according to reports, if bankers feel like they need more, they may even undergo treatment to up their levels of the hormone.

So it’s important that we all know what it is and make sure we know how to use it, and not abuse it.

*Thorton McHenry and Katya Wachtel also contributed to the reporting of this story.

Researchers tested over 500 MBA students and they found that testosterone levels, together with risk aversion, could predict long-term career choices and financial decisions.

Those who had high levels of testosterone and weren't very risk averse, 'were more likely to choose risky careers in finance.'

Source: Proceedings of the National Academy of Sciences of the U.S.A and the Official Journal of the Human behaviour and Evolution Society

Your level of testosterone after winning or losing can predict whether or not you'll compete again.

Testosterone levels change after a wins or a loss. Researchers found that those changes could then predict what a loser would do next.

So losers who after competing, had increased levels of testosterone, were more likely to compete again. But those who lost a competition, and had testosterone levels decrease, were less likely to compete again.

Source: ScienceDirect

Testosterone can kill traders during a bear market.

High levels of testosterone can make you susceptible to disease.

A Penn State University study gave mice testosterone implants and placed them at 5 different sites, some mice were given fake implants.

At the sites where a few mice had gotten real implants, ALL of the mice started mixing more and passing diseases to each other. Just having a few mice with higher testosterone levels impacted the whole group.

Testosterone affects generosity; more testosterone can make men more selfish

In one study, researchers found that men with increased testosterone 'were 27% less generous towards strangers with money they controlled.'

Men with lower levels of testosterone were significantly more generous than men with more testosterone.

Source: Plus One

Higher testosterone levels in CEOs makes them quicker to accept or reject a deal.

Researchers discovered that men with increased levels of testosterone 'were more likely to use their own money punish those who were ungenerous toward them.'

The scientists concluded that 'elevated testosterone causes men to behave antisocially.'

Source: Testosterone Administration Decreases Generosity in the Ultimatum Game

Testosterone increases the need for revenge in general.

A study at Northwestern's Kellogg School of Management showed that the presence of testosterone in a business negotiation can create a desire for more retaliation if one party (the one with testosterone) thinks they are being 'low-balled.'

The study placed men, women and women with 'higher levels of prenatal testosterone exposure' in negotiation situations where they received an unfairly low offer. Researchers found that subjects with testosterone responded almost uni formally with a similarly low offer as a sign of retaliation. When the offers were deemed 'fair' however, testosterone ceased to be an indicator.

Source: Kellogg School of Management

Stress mitigates the affects of testosterone.

Research shows that traders who are in daily possession of more testosterone attack the day with vim, vigor and risk on their minds while traders who have higher levels of Cortisol, a hormone most associated with stress, are more cautious and less likely to make aggressive trades, and often become less successful.


A study from The Royal Society of Biological Sciences in Britain showed data that men who have children also have less testosterone in samples of their saliva than men who don't have children. The levels also vary wildly between unmarried and married men with and without children.

Source: Royal Society of Biological Sciences

John Coates, a former trader turned student of neuroscience, performed an experiment on the trading floor and found out that if a trader's testosterone levels reach a little higher than the peak, their brain goes haywire.

According to Coates, 'During the dot-com bubble, people who were working with me displayed all the classic symptoms of mania: They were euphoric, delusional, and overconfident; they couldn't put a coherent sentence together; and they were unusually horny, judging from the number of lewd comments and the amount of porn that was showing up on their computer screens.'

Source: Discover Magazine

Testosterone is not linked to sexual desire in healthy people, men and women.

In fact, according to Live Science, healthy women with high levels of testosterone are less interested in having sex with a partner. Instead, they prefer masturbation.

In healthy men, studies show that there is no link between testosterone and sexual desire at all.

Curious how trading is affecting your health?

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