452: Master Your Trading Psychology For High-Performance - Jared Tendler
Apr 29, 2024
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Jared Tendler, trading psychologist, discusses mastering trading psychology for high performance. Topics include challenges in following trading rules, managing emotions, cultivating patience, confidence in trading, forming habits, and trading with fund or prop firm money.
Emotions can override discipline, impacting rule adherence.
Developing patience is crucial to resist impulsive trading actions.
Deep dives
Challenge of Following Trading Rules
Traders often struggle to consistently follow trading rules despite having a plan in place. The emotional volatility in trading can lead to deviation from set rules. Emotions like fear, greed, and overconfidence can override discipline and rational decision-making, affecting adherence to trading rules and plans.
Balance of Patience in Trading
Developing patience in trading is essential but challenging for many traders who feel the need to be constantly active in the markets. Cultivating patience involves understanding triggers that prompt impulsive actions and waiting for the right trading opportunities without succumbing to the urge for constant activity.
Importance of Recognizing Emotional Patterns
Recognizing emotional patterns and triggers in trading can enhance decision-making and help traders maintain discipline. By identifying early signs of emotional responses like greed or fear, traders can proactively manage their emotions and avoid impulsive or irrational decisions.
Mastering Discipline and Skill in Trading
Achieving mastery in trading requires a focus on building skills rather than relying solely on confidence. Traders should prioritize developing and honing their skills over seeking temporary confidence boosts. Mastery comes from consistent practice, self-evaluation, and recognizing both strengths and areas for improvement in trading performance.
Master Your Trading Psychology For High-Performance
In episode 452 of the Desire To Trade Podcast, we will be listening to the recording of an interview with trading psychologist Jared Tendler sharing how to master trading psychology for high performance. Learn the challenges traders face in following their trading rules and managing their emotions.
The video is also available for you to watch on YouTube.