Can music make you a better trader? 1 song that improves performance guaranteed
As a lover of music I’m never quite sure of what I think of muzak.
Did you know that according to Adrian North, a Professor of Psychology, the supermarkets may have a very good business reasoning for playing “background music” while you shop.
“If you play slow music in supermarkets then people tend to browse more slowly and look at more products. As a result they spend an average of 10-20% more. I shudder to think what 10-20% on the bottom line for Tesco is.”
It seems from this niche area of research that personality types can be linked quite accurately to certain musical styles. As a result businesses can utilize music as a way of enticing particular stratum of society to be more comfortable spending time in their stores and thus increase sales.
I wrote about this at the MartinKronicle a while ago. You can read the original post here:http://www.martinkronicle.com/2012/09/07/muzak-spend-overtrade/
What it’s safe to say is that music has an effect on you. Whether you like it or not.
So ask yourself:
What effect is the music you are listening to while making trading or investing decisions having on you?
Anyway as promised there is a song that will 100% improve your trading.
You’re probably expecting a motivational ditty like Eye Of The Tiger from Rocky but as noted above that say’s something about your character, God knows what, and I’m not so sure it’s going to create the right conditions for a successful trading session.
On the other hand there is one song that I listen to that I am confident will improve your trading no end.
Market legend Ed Seykota plucking his beloved banjo and responding to requests to know the inner workings of his trend following system in the Whipsaw Song is just what the Doctor ordered.
The Whipsaw Song
Now country music might not be everyone’s thing but the wisdom in this song should be.
Ed’s Rules for those who really really can’t take country:
► Ride Your Winners
▷ Cut Your Losses
► Manage Your Risk
▷ Use Stops
► Stick To The System
▷ File The News
As Ed says, if you are currently a market-a-holic or have a mild case of market-itis adding his rules into your program may well save your account.
Now all together now, you get a whipping I get a saw honey, you get a whipping I get a saw babe…..
Disclaimer: Embrace The Trend / Richard Chignell does not provide investment, financial or product advice. If you are going to trade / invest it’s at your own risk and you must take responsibility for your actions.