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Personality Type and Trading, Eight Part Series Personality Type and Trading: (Part 1) By Van K. Tharp, Ph.D.
The path toward becoming a better trader is usually a path toward wholeness, and no two paths are identical. Each of us has to begin where we are in our own life situation. No matter what your path, you must first determine where you are. What are the patterns in your life that block you in your trading, your relationships, etc.? Those patterns can be available to you right now because they show up in your trading and in every other aspect of your life as well. Unfortunately, in most cases, people are not aware of them. Thus, the transformation journey often begins with a crisis. For it is only when an obvious crisis begins that we wake up to the fact that something is wrong in our lives.
This article, the first in a series, on individual differences or personalities is to help people determine where they are. Jack Schwagger has suggested from his experience interviewing "market wizards" that the most important element of successful trading is having a trading system that fits your personality. As a result, I'm going to base this article on the fact that knowing your personality type is important to finding out where you are in your journey toward wholeness. |
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Vision and Purpose: The Beginnings of a Business Plan by Van K. Tharp, Ph.D. One of the keys to real success in trading is commitment. Before I coach a trader, I look for commitment. Those who are not committed to do what it takes, usually commit financial suicide when they try to be full time traders. Now, I have no idea how to create a sense of commitment in people. It’s something you are born with— not something I can coach. However, I do have some clues to how you can develop it in yourself. The key to doing so is to develop your vision and purpose, which is an integral part of developing a business plan. Your vision is your dream life. What do you really want to accomplish, be, and have in your life to know that you’ve done your best? What is your dream life? I’d write this out in detail. |
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A Healthy Psychological Profile is Needed for Successful Trading By Van Tharp Excerpted from Van Tharp's Peak Performance Home Study Course Many mental health professionals define an "uncertain" condition as being stressful. Uncertainty occurs because of too much information or because of too little capacity. The very fact that we cannot deal with available information is stressful. Available trading information far exceeds one’s capacity for making basic trading decisions, so one can only attend to some of this data. Limited capacity is a major factor in trading success and in understanding stress. Three factors are essential to successful trading:
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