Practicing mindfulness & meditation

Golden Retriever Trading

Golden Retriever Trading

As many successful traders may be aware, cognitive dissonance plays a role in bad trading practices. When one is taking a trade and it goes against them, some people may have the tendency to try and convince themselves to stick to their trade. If for example, they are long a market, they will filter out any bearish information and only focus on the bullish reasons why they made the trade, leading to their demise, often martingaling (can martingale be a verb?) their position as they perceive a better buying opportunity, and that the market is "wrong".

I imagine practicing mindfulness can help deter this kind of behavior. I have recently started it and have seen some results, though perhaps it could be a placebo effect.

Does anyone have any thoughts, opinions on this? Does anyone practice it? How effective is it?
 
Golden Retriever Trading said:
As many successful traders may be aware, cognitive dissonance plays a role in bad trading practices. When one is taking a trade and it goes against them, some people may have the tendency to try and convince themselves to stick to their trade. If for example, they are long a market, they will filter out any bearish information and only focus on the bullish reasons why they made the trade, leading to their demise, often martingaling (can martingale be a verb?) their position as they perceive a better buying opportunity, and that the market is "wrong".

I imagine practicing mindfulness can help deter this kind of behavior. I have recently started it and have seen some results, though perhaps it could be a placebo effect.

Does anyone have any thoughts, opinions on this? Does anyone practice it? How effective is it?
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You should learn more about "behavior finance". You'll then realize all the things that traders do (cognitive) to sabotage performance...many financial corporations are starting to spend a lot of money in this area. I haven't looked into practicing mindfulness.
 
Golden Retriever Trading said:
As many successful traders may be aware, cognitive dissonance plays a role in bad trading practices. When one is taking a trade and it goes against them, some people may have the tendency to try and convince themselves to stick to their trade. If for example, they are long a market, they will filter out any bearish information and only focus on the bullish reasons why they made the trade, leading to their demise, often martingaling (can martingale be a verb?) their position as they perceive a better buying opportunity, and that the market is "wrong".

I imagine practicing mindfulness can help deter this kind of behavior. I have recently started it and have seen some results, though perhaps it could be a placebo effect.

Does anyone have any thoughts, opinions on this? Does anyone practice it? How effective is it?
More...
It think it makes sense! Trading can be stressful and tiring at times, but meditation canmake one come out of it feeling refreshed.
 
you cant practice mindfulness
its either you are or you are not

having a clear (unconditioned) mind is always good for trading, as for everything in life..
:]
 
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