The AlphaMind Podcast
#2 Mental 'Edge' in Trading, with Mark Randall and Steven Goldstein
Jun 13, 2019
Experts Mark Randall and Steven Goldstein discuss 'Mental Edge' in trading, covering risk intelligence, positive expectancy, poker, 'edge' in decision-making, self-refreshing, 'Trading Turtles', physical performance, caffeine effects, alcohol impact, military mindfulness, battling self and ego. Insights to elevate trading psychology and enhance performance.
51:04
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Quick takeaways
- Developing a mindset for trading involves creating a positive expectancy and leveraging natural advantages for decision-making processes.
- Success in trading requires honing skills through disciplines like poker, emphasizing risk assessment, decision-making, and self-control.
Deep dives
Exploring the Concept of Edge in Trading and Investment
Edge in trading is characterized by developing a mindset that enhances performance, situational awareness, and self-management. It involves having a natural advantage that creates a positive expectancy in decision-making processes. A notable example from the podcast is the approach used by a skilled gambler who tests opponents in backgammon before committing to a game. This strategy demonstrates how identifying and leveraging one's edge is crucial for success in trading and investment.
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