About Me

Name:
Van Tharp, Ph.D.

Location:
North Carolina

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Hobbies:
Spiritual studies, stamp and art collecting, movies, music and dancing.


Welcome! I am Dr. Van K. Tharp. I am the founder and president of the Van Tharp Institute and am regarded as an international leader among professional trading coaches and consultants.


I have been helping others become the best trader or investor that they can be since 1982. I offer unique learning strategies, and my techniques for producing great traders are some of the most effective in the field. Over the years I have helped traders overcome problems in areas of system development and trading psychology, and success-related issues such as self-sabotage.


To learn more about me, my personal newsletters and my trading game – please visit me at the Van Tharp Institute at www.iitm.com.

I am also a regular contributor on the Trading Education website. For more of my insights, you can sign up for their free weekly trading newsletter at www.TradingEducation.com.

 

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« Psychological Rule 4: The Key to Efficiency is Eliminating Mistakes | Main | Rare Stamps »

Psychological Rule #5: Repeating the Same Mistakes Over and Over is Self-Sabotage.

Let' me repeat the title. Repeating the same mistake over and over again is self-sabotage and still holds, even when you don't know you are making a mistake.

So let's look at when you don't know you are making a mistake. If you blame something/or someone else, you won't recognize how you made a mistake. If you justify what happened (oh, the market is really crazy!), then you won't know you are making a mistake. If you blame yourself (I'm a stupid idiot!), then you won't know you are making a mistake. You must recognize what your contribution was and call it what it is.

And what are example of big mistakes. Entering a trade because someone else tells you about it. Entering a trade without a system. Entering a trade without a predefined exit point. These are mostly what I call "Tharp" fundamentals and I could go on and on, but they are all mistakes.

And when you repeat them, its really terrible.

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