Can Testosterone replacement therapy improve your ability to make a profit in the stock market?

Updated: Apr 25, 2020


high Testosterone levels improve stock market profits during COVID-19

Keywords: Stock Market, Testosterone Levels, Financial Gain, Androgens, Testosterone and Financial Decision Making, Money Market and Testosterone, High Testosterone and Financial Risk Taking.

Testosterone an androgenic hormone that is well known to affect a man’s ability to concentrate, make decisions and can affect risk taking. There have been several studies that have investigated testosterone levels in stock traders and how testosterone levels affect trading behavior, financial risk taking and financial profits.


A study by Coates and Herbet from 2008, investigated testosterone levels in stock traders and how such levels related to financial risk taking, and financial return (profitability). Results of this study revealed male stock traders with higher testosterone levels made greater financial returns (profit) when their testosterone levels were highest compared to when their testosterone levels were lower. They also found that men who had higher testosterone levels were more likely to make riskier stock trades in the financial market.