Ep. 333: Gary Dayton Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 6 April 2015

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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

Jump in!

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I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.1	I am your host, Michael Covel.
0:24.0	Not filtered, raw, honest.
0:27.4	That's my passion.
0:32.9	I caught the headline recently.
0:35.8	Ben Bernanke responding to the criticism of ultra-low interest rates
0:41.2	and stating quite clearly that he did not throw seniors under the bus, so to speak.
0:51.3	He's right. He didn't throw him under the bus. He threw them under the bus, backed the bus up, ran over them three or four, five, ten times, and then put skid marks across their face. So he's right. He did not just throw them under the bus.
1:10.2	Just caught my eye recently, just a thought.
1:14.6	This episode today has absolutely nothing to do with Ben Bernanke.
1:19.6	My commentary on Ben Bernanke will not help you make $1.
1:23.6	It won't help me make $1.
1:25.6	If you think I'm angry about Ben Bernanke, you would be sadly mistaken.
1:30.9	I do think it's interesting, though.
1:32.3	If you go back in time and look at Bernanke's quotes, the things he was saying in 05, 06, 07, literally had absolutely no clue.
1:44.4	And now all these years later pontificates like he has a clue.
1:50.0	I tell you, the central bankers, the leaders in government, they always have an answer.
1:54.9	They're never wrong about anything.
1:57.2	They just say the next statement for the next day and they hope no one keeps track of the
2:02.2	prior statement.
2:03.1	But again, none of this stuff is relevant to you making money.
	...

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