Dr. Gary Dayton: A Winning Mental Approach To The Market | Trader Interview (020)
Dr. Gary Dayton is a trading psychologist standing apart in the trading world. Based on intensive research, he help traders to reach peak performance in trading by getting in the right mental state. His focus is on how traders can develop a winning mental approach to the market.
He believes in the importance of mindfulness, or the idea of identifying and accepting your emotions while trading.
A Winning Mental Approach:
Gary understood very early that traders are not able to control their emotions. Even with a psychology degree, Dr. Dayton was not a better trader.
As traders, we must be aware of the several cognitive biases in front of us every single day. For instance, loss aversion is what causes a lot of traders to close their trades too early or too late.
What Gary Dayton recommends is to step back from our thoughts. We do not have to believe them. Once we step back and acknowledge our thought, we must do what is in our best interest (the right decisions). This, of course, isn't easy to do and it definitely requires a lot of practice.
In short, traders must learn to handle discomfort.
What’s covered in the podcast?
- Gary's view of the market
- Why and how our mental state affects out trading
- Why traders aren't able to control emotions and what to do instead
- What is mindfulness and how to use it
- The main cognitive biases
- How one can learn to act right while feeling uncomfortable
- And so much more...
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