Gary Dayton – Trade Mindfully Exercises and Workbook
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Dr. Gary 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 cutting-edge psychological research. In his thought-leader article, Fear Not: A Mindful Perspective for Traders published in Stocks, Futures, and Options Magazine (December, 2009), Dr. Dayton introduced traders to the practice of mindfulness to help them overcome fear and other unwanted trading emotions and explained how mindfulness can help traders develop the concentration and focus needed to trade successfully. Dr. Dayton published another article in the June 2010 issue of SFO Magazine, Take Control of Your Trading: Focus on High-Value Actions, where he shows traders how to stay focused on critical trading actions rather than succumb to ‘emotional hijackings’ while trading.
After learning trading strategies, Dr. Dayton found that the number one challenge for traders is the struggle with the mental and emotional side of trading. Nearly every trader tries to control his or her emotions, but this is usually ineffective and often becomes problematic for the trader. The struggle with unwanted emotions and the erratic trading actions that result may be a primary reason why 90% of all aspiring traders fail. Dr. Dayton uses the MAC model to help traders focus on what matters most for his/her trading and avoid engaging in distracting emotional and mental chatter.
Through seminars, workshops, and coaching, Dr. Dayton, and his company Peak Psychology Inc., help traders overcome the psychological pitfalls unique to trading, while at the same time helping traders develop the optimal mindset needed to be successful. He focuses on both correcting problems as well as teaching specific proficiencies required to build mastery in trading. Dr. Dayton applies state-of-the-science knowledge in mindfulness-acceptance, cognitive-behavioral, and sport psychologies, along with research findings from behavioral finance, to help individuals systematically develop peak performance skills and abilities. His ultimate goal with each individual is to instill the ability to become one’s own peak performance coach.
What is forex?
Quite simply, it’s the global market that allows one to trade two currencies against each other.
If you think one currency will be stronger versus the other, and you end up correct, then you can make a profit.
If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.
Foreign Exchange
You go up to the counter and notice a screen displaying different exchange rates for different currencies.
An exchange rate is the relative price of two currencies from two different countries.
You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!”
When you do this, you’ve essentially participated in the forex market!
You’ve exchanged one currency for another.
Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.
Currency Exchange
Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed.
It’s these changes in the exchange rates that allow you to make money in the foreign exchange market.