Dr. Van Tharp: Transforming Traders Through Their Beliefs | Interview

Dr. Van Tharp: Transforming Traders Through Their Trading Beliefs | Trader Interview
Show notes: www.desiretotrade.com/van-tharp/
In episode 57 of the Desire To Trade Podcast, I interview Dr. Van Tharp, a very well-known leader in the trading industry.
From the start, Dr. Van Tharp has, very similar to me, a desire to have an impact. That is something I admire a lot.
During the interview, Dr. Van Tharp asked me about my own beliefs and we went through the “belief examiner” process, which has been very interesting for me. This has been a key element for traders’ transformations.
Trading mistakes are an important part of this interview. Dr. Tharp says traders should aim for 100 trades with a 95% compliance to their rules.
You never trade the market. You trade your beliefs. - @vantharp CLICK TO TWEET
Topics Covered - Van Tharp
How Van Tharp has transformed traders
What is a successful trader
How beliefs influence all traders
You always trade your beliefs. The market is only a representation that we interpret based on what we think.
No belief is 100% useful, they are only useful in a context.
Keys to reach a higher level in trading
The “belief examiner” process
Position sizing strategies
You should write down your rules and track when you don’t respect them
Looking at what your mistakes cost you.
And much more!
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In Forex trading, starting to trade can be a cause of stress if you start to modify your trading strategy.
Instead, you should aim to trade like you backtest. If you've done the work, there should be no reason to fail once you get to trade live.
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If you aspire to trade for a living, one day you’ll find yourself having multiple trading strategies or trading styles.
The fact is that no single trading strategy can be used at all time. In fact, it is frequent for professional Forex traders to switch between strategies or to replace the ones underperforming.
Personally, I’ve been starting in Forex as a swing trader. After I got consistent with it (which wasn’t an easy job, let me remind you), I started to dive into day trading (both the New York and Tokyo sessions). That brought me to use more than one way to trade.
The thing I want to point out, however, is that having a Forex trading strategy playbook doesn’t mean you should accumulate as many trading strategies as possible in the hope to make more money. In reality, trading too many things usually has for effect to reduce your overall return.
In addition, do not be surprised if you do not make money from the start with a strategy you just started to trade live. There is a period of adaptation.
However, as you start to expand your trading strategies, staying organized becomes crucial. You absolutely need to keep things in order. Your playbook should be focused on clarity and must be visible.
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If you truly want to succeed in Forex trading, you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you're good at.
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[@nikku4791]

Thank you so much for this amazing interview. 🙏

[@positiontrader8257]

I bought one of his books called "Trade your way to financial Freedom", and listened to him on one of the free CDs in a Rich Dad Poor Dad pack. I was probably too young to digest the book, properly, but his teachings led me to Mark Douglas (he's been uploaded to youtube) who teaches a similar psychology and probability of trading, and how demo trading should be done, as practising builds your experience.

[@DesireToTRADE]

Yes, Mark Douglas taught very similar things. Those are two great men in the trading psychology world. Thanks for watching!

[@positiontrader8257]

Thanks, I have listened to about half the podcasts of Desire to Trade in car now. Gil Morales & Chris Kacher have been my favourites. Keep it up.

[@DesireToTRADE]

Appreciate it!

[@markchilver8518]

I am going to Promote Dr Van Tharp's new Book For All! You experience What you Believe....Reality is Your Belief. Change Beliefs and Yr Identity internally And Dreams come True by Transformation of Your Self Belief. Model THIS and Change will be Rapid. Change Lives For the Better. Belief and Identity- Keys to CHANGE!!!

[@liveandlearningbydoing9714]

@@DesireToTRADE Agreed , Those 2 legends' books are difficult to digest. However , after finishing reading them , you are in another world.

[@pokepals4840]

Excellent!

[@DesireToTRADE]

Thanks for the comment, Karl Eglington! Much appreciated!

[@liveandlearningbydoing9714]

Man !!! One of the best motivated youtube channel. It shows you never stop learning. By the way , are you still in Phuket ?

[@DesireToTRADE]

Thank you! I'm traveling around Thailand and usually in Bangkok.

[@jasonwhite8787]

🌻

[@DesireToTRADE]

Thanks, man!