Trade Your Way to Financial Freedom Hardcover – Dec 13 2006
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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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Top Customer Reviews
You must be from a competitor or you would't waste so much time talkinga about a book you don't like. It's less than $30 dollars for goodness sake. Stop whining.
And quit talking about Phd level research. Academia in finance is just now starting to realize that humans don't behave rationally in markets, give me a break. Any academic who talks about trading is invariably talking about something he doesn't understand.
This book is excellent. I know. I personally have made over $30 million trading futures and the major principles in my own trading are all contained in this book.
I was so impressed with the book that I attended Tharp's $2,000 Advanced System Development Workshop. This book covers 90% of what was in that workshop. The other 10% is in Tharp's other book, Financial Freedom through Electronic Day Trading. The 10 parts of trading system design were not covered at any additional depth or clarity in the workshop. In fact, the books cover a lot more material. Just buy the books and read them several times.
One of the things the author says near the end of the book is that it will take four or five readings for some of the information to sink in. And that's for people who actually know the topic to begin with. I can understand why; trading seems so easy when looked at from a distance, just buy low and sell high, hey, anyone can be a millionaire! Of course it isn't so easy and most people end up losing money or at least not making enough to justify the time spent.
I think the most important and helpful part of this book is the teaching on what many call "money management" (often erroneously); that the author refers to as "position sizing." This topic is part of investing that many over look.
I understood and appreciated this subject from the days (long past) that I used to enjoy both the ponies and blackjack. Position sizing in both these pursuits is vital and understanding why you don't sit at the $5 blackjack table with only $40 bucks, you go to the $2 table or get more money, is the same understanding you need when figuring out how much to "bet" when making trades in the stock market relative to your overall investment size (simply put "what percentage is at risk?") If you sit at the blackjack table with $40 and bet $5, you are risking too much with one "trade."
The other helpful part was how to look at "expectancy.Read more ›
Reminisces of a stock operator by Edwin Lefèvre
Market Wizards by Jack Schwagger
By reading these books along with Tharp's book you have to get visualizations on what it takes to trade, the psychological aspect, market knowledge, and mathematical (algorithms) concepts. If this combination can't be understood than the people who brought this book and gave it poor ratings will continue to fail in the markets like the other 90 percent of investors or speculators who don't have a system in place. I always tell my clients not to treat trading as a hobby; a hobby is what you throw money at to satisfy certain emotions, but to treat this as a business where cash is your inventory. Strict rules and discipline are required to run a successful business, and this book enforces this ideology.
Van Tharp's book is surely not recommended for the novice traders, but if you think you need to read at least a dozen of trading books in order to enhance your chances of being successful, this book is certainly one of them.
Most recent customer reviews
A fascinating new way to look at investing, the pitfalls, the solutions and explanations to feel comfortable taking care of your own portfolio, or at least understand what your... Read morePublished 22 months ago by MaryBMary52
Great book! This has completely changed the way that I view success in trading for the better. This has helped me to start to develop my own trading plan and system. Read morePublished on July 14 2014 by C. Coulas
In addition to Trading for a Living: Psychology, Trading Tactics, Money Management by Dr. Alexander Elder, Van K. Read morePublished on Nov. 16 2009 by Johnder Perez
I bought and read it. So where's the success? I mean the author's success as trader? I pay to see his trading statements for the last 15 years. Got to be audited statements. Read morePublished on May 17 2004
This book introduces the reader to the importance of position sizes exit strategies , and risk management. These are all important aspects. Read morePublished on May 4 2004 by sdam
If the author knows it all why doesn't he trade? If I knew it all about trading I wouldn't do anything else and I certainly wouldn't teach it ... Read morePublished on May 4 2004
A truly great book. Practical. Well written. I came away with more knowledge I can actually apply from this book than anything else I've read. Not for beginners. Read morePublished on April 19 2004 by Futuredave
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