This episode of Talking Trading features Market Wizard peak performance trading coach Dr Van Tharp. From the man who coined the term position sizing we learn in this interview what it takes to go beyond the trading matrix. Van Tharp has worked with some of the greatest traders in the world including Bill Eckhart and Ed Seykota. He has collected psychological data from over 5,000 successful trading profiles and knows what it takes to reprogram yourself to succeed in the markets. Go on… choose the red pill not the blue.
Dr Van K Tharp
Van Tharp believes the biggest problem facing traders is they think they are qualified when they enter the markets. But if making profits were easy Big Money would make it so hard for people to become a trader it would be impossible.
Trading is a profession. It takes time.
Dr Van Tharp has modeled trading by collecting over 5 000 successful trading profiles including Ed Seykota and Bill Eckhart. He narrowed down 4 core qualities a trader must have to succeed.
- Personal Responsibility
If you don’t take personal responsibility you can’t change and you can’t improve and you can’t eliminate your mistakes.
You have to really LOVE trading, if you don’t love it you are probably not going to do it.
- Good psychology
Be prepared to work on yourself.
- Good maths skills and logic.
Van Tharp COINED the term POSITION SIZING and he highlights the importance of keeping track of your trades in terms of R multiples and your trading mistakes.
He also warns that you don’t trade the markets you trade your beliefs about the markets and it is critical to see if a belief is useful or not. Van is passionate about getting people to live beyond the matrix and to look learn and live beyond societal norms.
Go on take the red pill and reprogram yourself.
Dr Van K Tharp is holding a workshop in Sydney March 2016.
To find out more, register for his free newsletter or to order his bookTrading Beyond The Matrix go to www.vantharp.com