Let the chord be $M N$.
Let other end of chord joining from vertex to it lying on
$y^{2}=8 x$ be $N\left(2 t^{2}, 4 t\right)$
$\therefore $ Mid-point of $M N=\left(t^{2}, 2 t\right)$
$\therefore x=t^{2}, y=2 t \Rightarrow x=\left(\frac{y}{2}\right)^{2}$
$\Rightarrow y^{2}=4 x$
is the required locus of $P$.