My guest today is Gary Dayton. Dayton stands apart as a trading psychologist in his use of the Mindfulness-Acceptance-Commitment (MAC) approach to peak performance, a model of human behavior based on mindfulness. Dayton is a psychologist and holds a doctorate in clinical psychology and a certificate in human performance/sport psychology from Rutgers University. He is President of Peak Psychology, Inc., a consulting firm that specializes in developing “peak” performance in traders.
The topic is his book Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting-Edge Psychology.
In this episode of Trend Following Radio we discuss:
- Mindfulness, yoga, and a turnaround in a particularly depressed patient
- Defining mindfulness
- How Dayton went from a clinical psychologist to integrating money, markets, trading, and investing into his work
- The importance of a trading process
- Looking at the lessons and research of Daniel Kahneman
- The endowment effect
- Price action as a heuristic
- The importance of an exit strategy
- Why mindfulness is the most important skill a trader can develop
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