Jared Tendler, mental game coach, discusses the challenges traders face in managing their emotions. He emphasizes the importance of addressing psychological issues over technical skills. Topics include choking, getting 'In The Zone', and bridging the gap between knowledge and transformation in trading.
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Quick takeaways
Addressing emotional triggers can prevent impulsive decision-making in trading.
Managing the psychological aspect is crucial alongside technical skills in trading.
Incremental progress in overcoming trading issues leads to sustainable performance improvements.
Deep dives
Recognizing and Managing Emotions in Trading
Emphasizing the importance of managing emotions and becoming aware of emotional cues to make more informed trading decisions. The speaker discusses the impact of recognizing emotional responses like anger, frustration, or overconfidence in a trade, highlighting the need to address underlying emotional triggers to avoid impulsive decision-making that can lead to losses.
The Challenges of Psychological Aspects in Trading and Investing
Delving into the mental challenges faced by traders and investors, the podcast highlights the significance of managing the psychological side of trading alongside technical skills. Drawing parallels to sports and gaming, the podcast emphasizes the crucial role of mental fortitude in navigating the complexities of financial markets, aiming to help individuals overcome emotional hurdles that often hinder trading success.
Creating a Sustainable Improvement in Trading Performance
Exploring the concept of sustainable improvement in trading performance, the podcast emphasizes the gradual process of reducing the severity of trading issues like hesitancy or emotional triggers. By breaking down the causes of trading failures into manageable components, traders can work towards incremental progress, aiming to enhance decision-making skills and mitigate the impact of accumulated emotions over time.
Pressure and Performance
The podcast delves into the impact of pressure on performance, highlighting personal experiences of dealing with technical weaknesses under pressure. The speaker discusses the importance of psychological strength in overcoming overconfidence issues and high expectations that can hinder performance. Using the analogy of focusing on physical sensations as a distraction technique, the speaker emphasizes the need to manage nerves and anxiety by redirecting focus away from internal sensations to improve performance.
Incremental Gains and Sustainability
The episode explores the concept of incremental gains leading to sustainable progress in performance endeavors. Drawing parallels between sports achievements and trading practices, the discussion emphasizes the significance of recognizing and addressing weaknesses for long-term success. The speaker underscores the importance of sustained progress through continuous self-improvement and highlights the value of seeking coaching or therapy to enhance self-awareness and performance outcomes.
This episode's guest is Mental game Coach Jared Tendler. Jared is the author of a new book, “The Mental Game of Trading”.
Jared has worked as a mental game coach with golfers and poker players and has written extensively about the mental game of poker.
The mental aspect of trading is probably the hardest and most challenging part of trading to manage and overcome. You can be strong technically, and may posses a great process or system, but it is the mental side which often causes the most frustration for traders. This is not dissimilar to what happens in sport and gaming; hence is why we were so keen to talk to Jared, who has made dealing with this aspect so central to his work.
Jared talks about the blindspots people have in seeing the mental challenges and problems they face. He say they then then compound this error by trying to fix their costly and recurring trading habits by trying to improve their technical skills, when the the real root of these mistakes reside within each person at a psychological level.
Other issues Jared talks about include:
- Issues around choking, which is common to all areas of high performance. - The importance of getting 'In The Zone'. - How Jared’s approach, as featured in his book, seeks to bridge the gap from knowledge of psychological issues to helping people make transformations. - Many other areas of the mental game which will fascinating to people involved in and curious about trading and investment roles.
AlphaMind: Powering Performance in Global Markets AlphaMind brings powerful change, growth and development to people and businesses within global markets. Driven by a deep understanding of how markets work, and how people and businesses function within them, we partner with clients to create personal performance improvements that elevate returns across their trading activities. Go to the AlphaMind website to know more.
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