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EP174: Rewarding: Does this Improve Your Trading?
In this episode of Truth About FX, Walter talks about rewarding yourself and how it affects your trading psychology. He also touches on neuroscience and this unique technique he learned in graduate school called “REM sleep”. According to him, your brain chemistry actually effects the decisions you make. He also shares a good book about this and some insight on good rewards that could work for you. You will also know how you can recover from losses and get back on your feet using psychology.
Download (Duration: 10:16 / 23.5 MB)
In This Episode:
00:39 – brain Science 02:27 – pokey machine 04:08 – a hit of dopamine 06:06 – rewards ideas 08:17 – gold movies
Tweetables:Understand your own mind
@TruthAboutForex http://fxtr.co/ad" rel="noopener noreferrer">[Click To Tweet].Trading is a game of chance [Click To Tweet].Do what you like [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. You’re one of the few people I noticed who talked about rewards. Rewarding yourself for things in your trading. So how does that work and how’s that help you become a better trader?
Walter: This is kind of more getting into like brain Science or what we call “Neuroscience” and I was really lucky. In graduate school, I went to a school where they had a Neuroscience programs. So there were other students, I wasn’t in Neuroscience. I was in what they called “Experimental Psychology” and so I was focused on Cognitive Psychology. Specifically, teaching little kids to think about their thinking which sounds crazy but I guess, as a father it comes in handy.
One of the things that was really cool about this school that I went to is they discovered REM sleep there. They were known as being a brain lab way back in the ‘60’s or ‘50’s or whatever it was.
In fact, they had a big computer that took up the size of a room. Like, this is the computer that REM sleep was discovered on and stuff like that. There are all these students, actually some of my best friends in graduate school were Neuroscience dudes. So they’re getting their Doctorate in Neuroscience. I actually even got an opportunity to take a class, like a graduate level class in Neuroscience.
The reason why I mention this is you’ve got to dive in to the brain chemistry to get at why this works. What we’re talking about obviously as you mention, Hugh, is rewarding yourself.
The way this works is whenever you get a little reward or you win in a video game or on your Apple watch or on your Fitbit or whatever or on your trading platform where you take a trade and it makes a little ching noise for you. That’s just like video poker in Vegas. That’s the same thing. They reward you with this little “Yeah, you bet it all” or whatever it is. You put on all your credits on the next spin of the pokey machine.
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter talks about rewarding yourself and how it affects your trading psychology. He also touches on neuroscience and this unique technique he learned in graduate school called “REM sleep”. According to him, your brain chemistry actually effects the decisions you make. He also shares a good book about this and some insight on good rewards that could work for you. You will also know how you can recover from losses and get back on your feet using psychology.
Download (Duration: 10:16 / 23.5 MB)
In This Episode:
00:39 – brain Science 02:27 – pokey machine 04:08 – a hit of dopamine 06:06 – rewards ideas 08:17 – gold movies
Tweetables:Understand your own mind
@TruthAboutForex http://fxtr.co/ad" rel="noopener noreferrer">[Click To Tweet].Trading is a game of chance [Click To Tweet].Do what you like [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. You’re one of the few people I noticed who talked about rewards. Rewarding yourself for things in your trading. So how does that work and how’s that help you become a better trader?
Walter: This is kind of more getting into like brain Science or what we call “Neuroscience” and I was really lucky. In graduate school, I went to a school where they had a Neuroscience programs. So there were other students, I wasn’t in Neuroscience. I was in what they called “Experimental Psychology” and so I was focused on Cognitive Psychology. Specifically, teaching little kids to think about their thinking which sounds crazy but I guess, as a father it comes in handy.
One of the things that was really cool about this school that I went to is they discovered REM sleep there. They were known as being a brain lab way back in the ‘60’s or ‘50’s or whatever it was.
In fact, they had a big computer that took up the size of a room. Like, this is the computer that REM sleep was discovered on and stuff like that. There are all these students, actually some of my best friends in graduate school were Neuroscience dudes. So they’re getting their Doctorate in Neuroscience. I actually even got an opportunity to take a class, like a graduate level class in Neuroscience.
The reason why I mention this is you’ve got to dive in to the brain chemistry to get at why this works. What we’re talking about obviously as you mention, Hugh, is rewarding yourself.
The way this works is whenever you get a little reward or you win in a video game or on your Apple watch or on your Fitbit or whatever or on your trading platform where you take a trade and it makes a little ching noise for you. That’s just like video poker in Vegas. That’s the same thing. They reward you with this little “Yeah, you bet it all” or whatever it is. You put on all your credits on the next spin of the pokey machine.