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Recency bias means that you pay the most attention to the last thing you heard or said over historic knowledge. For many traders that means that because the markets have been going up that they will always go up. Chris Tate is a trading veteran and the Director at Trading Game. He joined Jack and Dan to discuss this phenomenon.Chris has been a trader for over 30 years and has seen it all. He makes the case for training yourself to be comfortable with discomfort, honing your money management skills, and increasing your patience. Listen in for a masterclass on trading psychology.(02:03) - Market Reaction(04:45) - Interview with Chris Tate(08:57) - The common thread(12:32) - Pride goeth before a fall(18:53) - Money management(32:06) - Components of a trading plan(39:25) - Recency bias(43:28) - Be a student of marketsChris Tate is one of the first people to ever release a share trading book in Australia and has had an extraordinary impact on thousands of traders. He is the bestselling author of The Art of Trading and The Art of Options Trading in Australia, his brutally honest approach and meticulous pursuit of excellence ensure that exceptional traders all around the world quote his market comments.He’s been running the 6-month repeat-for-free Trading Game Mentor Program for the past 20 years, and he’s also the founder of Talking Trading, a free weekly trading podcast. Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Jack Pelzer is a co-host of Limit Up! He traded as part of a U.S. Treasury group for 7 years at Chopper Trading and DRW. After leaving the industry, he became a Writing Fellow and Senior Contributing Writer for The Onion. He is now the Head of Content at Topstep.Dan Hodgman is a co-host of Limit Up! Prior to coming to Topstep Dan traded 30 Yr Treasury Options and Yield Spreads. Before that, he served in the United States Marine Corps where he simultaneously managed his own Futures Account applying the skills he grew up learning from clerking on the trading floor. Now Dan works with the Traders here at Topstep as a Performance Coach as well as being a regular on the Daily Market Recap.Looking to enhance your trading performance? Topstep’s Performance Coaches work one-on-one with traders to help them find market opportunities, review daily statistics, manage setbacks and progress in their trading. Gain a path to progress by signing up today: https://info.topsteptrader.com/performance-coachingAttend a free group coaching session offered every Wednesday at 1PM CT to get an idea of what Topstep Performance Coaches offer: https://zoom.us/webinar/register/WN_nZpAita9Rz-2_yMUjtkvpwIf you'd like to receive new episodes as they're published, please subscribe to Limit Up! in Apple Podcasts, Google Podcasts, Spotify or wherever you get your podcasts. If you enjoyed this episode, please consider leaving a review in Apple Podcasts. It really helps others find the show.Podcast episode production by Dante32.