About Me

Name:
Van Tharp, Ph.D.

Location:
North Carolina

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

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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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Conflicting Goals

Q: My question is about conflicting goals.
Goal number one is to cut losses and let profits run.
Goal two is make a certain dollar profit per week.

My conflict is that I have 2 profitable trades on. If I close them both, I will achieve my specific dollar profit for the week on Wednesday. But I want to let my profits run as well. One trade is weakening and I wouldn't put the trade on today using my entry signals. The second trade is still showing good entry signals and I would put the trade on today.

What I finally decided to do was close both trades. I felt good making my dollar profit goal, but I feel conflicted because I didn't let my profits run.

Which is the most correct course of action?

A: I think you need to do some conflict resolution. First, decide who you are? What are your beliefs about yourself? What part of you wants to let profits run and cut losses short and what part of you wants a certain profit goal each week?

Next you need to find the positive intention of each part and do a conflict resolution between the two parts. We do those sorts of exercises in the Peak Performance workshop and they are also in Volume 3 of the Peak Performance Home study course. When you sort out the conflict, then you will have the best answer for you.

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