About Me

Name:
Van Tharp, Ph.D.

Location:
North Carolina

> Van's Bestselling Book -
Re-released and fully updated

vbook.bmp
>BUY NOW

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.

 

Post Calendar
September 2008
Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30




Categories
Archives
 

Advertising

Interested in advertising on SmartTraderBlog.com? Click here for more information.

Policies & Terms

« Psychological Rule #6: If it's Self-Sabotage, the Problem/Cause is Not What You Think | Main | Psychological Rule #8: You Never Trade the Market, You Trade Your Beliefs About the Market »

Psychological Rule #7: Self-Honesty is Critical

Some people have asked me, "how can I get to the depths of my self-sabotage and clear it out?" Well rules 7 and 8 both address that. First, you need self-responsibility. You need to say, "it's me. I created this." That means taking ultimate self-responsibility.

Second, you need to examine your emotions. Most people who are attracted to trading tend to be very logical and tend to avoid their emotions. This actually requires years of avoiding looking inside at what's going on inside. It takes practice and it takes much more practice to undo the habit. So start looking at your emotions and notice how much of your behavior is control by your emotions.

Third, you need to start a practice of working on yourself. One example is my Peak Performance Course. People tend to go through it once, but it is a lifetime exercise, not a one time exercise. And the first time through most people totally skip what they need to work on the most.

Fourth, you need to be totally honest with yourself. Any blame, justification, or guilt will tend to keep you from seeing the solutions.

And lastly, you need to commit to a lifetime of working on yourself. I've been doing it for over 25 years and I'm just now discovering elements of self-sabotage and that includes elements that I have not been willing to look at before. At it's not that I suddenly have insights, because that happens on a regular basis when you commit to working on yourself as a lifetime work.

Ans who knows, by commiting to a lifetime of working on yourself, you might save yourself lifetimes.

TrackBack

TrackBack URL for this entry:
http://www.smarttraderblog.com/cgi-bin/mt-tb.cgi/87

Comments

A lot of people have trouble saying "it's me, I created this" even for other people. I read something recently where someone was rationalizing the LTCM disaster, saying it wasn't Merriwether, et al's fault but rather because of market volatility.

In the case of LTCM, it was the management's creation; they created it by not recognizing that market volatility was a real threat to their trading style and strategy. They didn't factor it into their planning, ignored the possibility that they could be wrong...

If you have something external that you're blaming for your losses or self-sabotage, think about how you could have known about, planned for, and limited your risk against that situation.

In marketing, it's common to say that people make decisions based on emotions and then find facts to justify their decisions. Think about that from a trader's vantage point -- do you want to take position X for truly fact-based reasons, or do you *feel* like you want to take the position and are looking for facts to justify that?

I have to admit that I do that myself sometimes... but that's not a bad thing as long as I am honest with myself and recognize it, plan for it, and limit the various risk present as best I can.

Great series going on here.

Sure is a constant process of evaluation. ~sigh~

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

Copyright © 2007 TradingEducation.com, LLC. All rights reserved

TraderChat.com

newbutn2xx.gif

 

Click Here for a free trading newsletter!




Search Blog
Syndicate SmartTraderBlog
Advertisers