Super Trader, Expanded Edition: Make Consistent Profits in Good and Bad Markets Hardcover – Dec 3 2010
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About the Author
Van K. Tharp, Ph.D., (Raleigh, NC) is president of the International Institute of Trading Mastery (IITM). Dr. Tharp is a leading coach for traders and investors and the author of Trade Your Way to Financial Freedom.
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I am one of the top reviewers of trading books here on Amazon having read over one hundred and fifty of the best trading books. I have also traded for over 10 years, and been very profitable for the last 7 years, even making profits in 2008 by staying in cash. While other reviewers have criticized Van Tharp for being a teacher instead of an active trader, I say that Van Tharp has traded in the past but his passion is teaching and running a business. I am very picky about who I take advice about trading from, wanting the credentials of a seasoned trader who has managed and traded real money. To me Van Tharp is like a Bill Walsh was in the NFL, no one criticized Bill Walsh for not getting and playing in a game, because he was so good at coaching Joe Montana and Jerry Rice. Van Tharp is to trading what Bill Walsh was to the NFL, he has a passion for teaching and creating systems so super stars can go to new levels of achievement. This book is easy to read and understand and has captured tradings key principles to success, it is a must have. I highly recommend.
What is an emotional charge? Let me tell you a short story. Two monks were making their way back home. They came to a rushing river and a woman on the banks crying because she crossed the river in the morning and now, with the rains, she cannot get back across to her children. The older of the monks put the woman on his back and swam her across the river. The younger monk swam across and the monks go on their way. Two days later, as they approach their home, the younger monk says, "What do you intend to do? We are not allowed to touch a female and you carried that woman on your back." The older monk responds, "I put her down two days ago but you are still carrying her." That is an emotional charge. Carrying around a thought or incident or feeling.
If you don't want to go on a wild ride that gives you more energy, intelligence, and the ability to clearly make decisions, then skip buying and implementing the information in this book. HOWEVER, if you are wanting to succeed in life, in trading, in helping the world be a better place then buy this book and do the exercises. You will laugh, cry, and be a better person. Namaste!
What a blessing. Tharp harps on concepts that all who sail the markets need to get their brains and wallets more firmly anchored to. The mathematics of risk control, measuring results in risk multiples. Position Sizing. Positive Expectancy, how to calculate your payoff ratio. While everybody now pays lip service to these concepts, Tharp has given himself an exhaustive grounding in them (note for example his "Definitive Guide to Position Sizing").
The usual jacket writer's trite phrase about making "Consistent Profits in Good and Bad Markets", while gag worthy should not hold you back. Nor should the fact that there are no eureka methodologies or set-ups "revealed" here. In fact some of the concrete anecdotal examples are a bit sketchy, exposed it would seem to draw-downs too large for most of our stomachs. But there is sound advice on getting your bearings and adjusting your sails to the market environment, avoiding common mystakes, as well as nice basics on just getting organized.
Also given MUCH emphasis, in anything by Tharp (and SO many others), is psychology. I am not drawn to over navel gazing myself (I always find too much fluff). However psychology and emotions do play such pivotable roles in BOTH price and individual performance, anyone mad enough to ignore them certainly DOES need therapy!
The book stands on it's own, at least as a sound basic primer. This is important as some coaching promoters use their books like movie trailers. They get you all excited but if you want to find out how the bloody-heck the plane actually lands like that you have to step up to the box office. Coach Tharp, to be sure, does offer expensive courses and workshops. What is free however is his follow up newsletter. By signing up, his operation gets to advertise the former while you get generous further articles and sometimes quite timely tips on the latter.
All in all, this is an entertainingly written, "must heed" book by a deservedly influential, super author.