Make Smarter Trades Under Pressure | Wisdom from Thinking in Bets by Annie Duke

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In this must read book recommendation episode from the Market Mamas Podcast, host Becky Gaskell goes deep into Annie Duke’s Thinking in Bets, a Wall Street Journal bestseller that draws powerful parallels between poker and trading. The conversation centers on improving decision-making under uncertainty, separating process from results, and cultivating a mindset for long-term trading success. Through personal reflections and practical takeaways, Becky translates Duke’s poker strategies into actionable insights for futures day traders.

Annie Duke is a former professional poker player who rose to the top of the game, winning millions in tournament earnings, including a World Series of Poker bracelet and the 2004 NBC National Heads-Up Poker Championship. Known for her sharp analytical mind, she transitioned from the poker table to the world of decision science, becoming a sought-after speaker, consultant, and author.

📙 Get the book “Thinking in Bets” for yourself: https://amzn.to/4m36kEX

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Key Takeaways:

• Why resulting - judging decisions by outcomes can be dangerous for traders.

• How to adopt a probability-based mindset to make better trading choices.

• The value of truth-seeking and accountability groups in sharpening skills.

• How emotional neutrality can protect your mental capital as much as your trading capital.

• Practical tools like backcasting and pre-mortems to strengthen long-term performance.

  
  

Episode Breakdown with Timestamps

[00:00:00] Opening & Trading Mindfulness - Becky opens with a reflection on the difference between experience and learning, plus a free audio resource for mindful trading.[00:02:45] Emotional Impact of Wins & Losses - The science behind why losses hurt more, and why aiming for neutrality matters.[00:08:32] Truth-Seeking Over Bias - Staying flexible as market data changes, and avoiding the trap of defending your initial bias.[00:14:05] Learning from Every Trade - Journaling, peer review, and turning trades into compound learning experiences.[00:17:30] The Comparison Trap - How benchmarking yourself against peers can harm your trading mindset.[00:24:16] Planning & Calibrating Decisions - The dangers of overconfidence and the importance of trade plans.[00:27:30] Backcasting for Long-Term Goals - Visualizing future success and mapping backward to daily actions.[00:29:07] Closing Quote & Takeaway - Annie Duke’s final wisdom on navigating uncertainty in life and trading.

🔗 Host LinkedIn: 

👉 Becky Gaskell - https://www.linkedin.com/in/becky-gaskell-market-mamas/

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👉 Website: https://www.market-mamas.com/

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