Trade Your Way to Financial Freedom
The bestselling holy grail of trading information-now brought completely up to date to give traders an edge in the marketplace “Sound trading advice and lots of ideas you can use to develop your own trading methodology.”-Jack Schwager, author of Market Wizards and The New Market Wizards This trading masterpiece has been fully updated to address all the concerns of today’s market environment. With substantial new material, this second edition features Tharp’s new 17-step trading
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Best trading book ever written… hands down,
I dont usually like to write any reviews, but I felt compelled to write this for two reasons. The first, is that this book has been the single biggest influence in my trading out of anything I’ve ever read, and I actually bought it because of someone’s review- so if someone reads it because of my review then I would have definitely done them a great service. Second, and more importantly, I really was absolutely disgusted by the many negative reviews written about this book, and I wanted to set the record straight for anyone reading them so that they wouldn’t make the huge mistake of not reading this book. So here goes, but before I start i’d just like to say to those “nay sayers” that Tharp is a trader, and that what makes all of his insight so effective is the fact that he has studied thousands of traders over 15 years and came up with a model for effective trading based on what they all have in common. Then, using a scientific approach, he has quantified this model and given you all you need to know in simple terms. It’s not a bunch of philosophy, but rather priceless insight which we should all be greatful for.
I am indeed calling this the single greatest book ever written on the subject of trading. Why does it deserve such high praise you might ask? To put it simply, this book explains the process of successful trading in such a way as to give u the most incredibly clear understanding possible. There are hundreds of trading books out there, and each one seems to give you the author’s view on what sucessful trading is. The only problem is that so many authors hold the view that it’s all about the methodology and that their methodology is the best or even only way. So u might have heard that you have to have at least a 3 to 1 reward to risk ratio to take a trade. Or u might have heard that you should always scale out to cash in profits, and so on and so on. But what makes this book so unique is that it doesn’t explain trading from a methodology standpoint, but rather gives you the most flexible and open minded explanation out there. It alows u to see, for instance, that a 1 to 2 reward to risk ratio (yes risking 2 just to get 1) could be great in some instances depending on the system. It allows u to stop focusing so much on ur entries and focus on ur exits, which are truly the most important thing. “cut ur losses short, let ur profits run”. U might have heard that before, but now u’ll understand that all it’s talking about is the importance of exits. The book also gives you an unparalleled understanding of what it takes to design your own method, whether it be mechanical or discretionary, and how to track it precisely to see if it will make u money over time. Perhaps more importantly, the exact way it defines the paramters of successful methods gives you a psychological edge that makes it easier for you to trade successfully by default. What I mean by this is that it shows you how to start looking at trading as a long series of trials that will over time make you money because they have a positive expectancy. Do u know how powerful it is just to view trading this way??? It allows you to stop wanting to be right on every trade because you know that while your method will make money over time, each specific trade’s outcome is almost random and unknown. And so u focus on the big picture and find it easier to take losses and not get upset because over a series of many trades u’ll be up. Don’t underestimate the effec this will have on ur trading.
Apart from giving you all of these well defined ways of looking at the basics of trading (things that are all mentioned by the market wizards by the way, but often in vague and seemingly contradictory terms), the book is the single best insight into trading psychology. And here i’m not talking about simple knowing how to be “discipline”. But rather, Tharp shows you in great detail how u need to think about all of ur trading objectives before u start, and how to even align ur trading purpose with ur general life goals.
In the end, the people who rated this book very low are those people that need this book the most. They are out looking for set-ups or for exact formulas on risk, instead of focusing on the foundations of trading success and building things from there. If they dont see the value in this book then I’m pretty sure they’re not very successful because the keys for success in trading- which are no secret- are very precisely outlined in here. In fact, this book has cut down my learning curve by at least a couple of years. Without reading it I would have went off on so many wrong paths because I would have always been confused when seeing seemingly contradictory advice from different authors. That doesnt happen anymore though, because I have such a solid foundation about the essence of trading from this book and can easily tell when an author is simply talking about something which fits him and which I don’t need to apply to…
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|Groundbreaking Research in Layman’s Terms,
Dr. Van Tharp’s excellent book “Trade Your Way to Financial Freedom” is truly a work of groundbreaking proportions. It is the single most important book I have ever read on the subject of trading sucessfully. Using a very organized and readable format, Dr. Tharp leads the reader step by step through the maze of myths about trading and arrives at the true meaning of the Holy Grail — that the secret of success is inside you. Dr. Tharp serves as your personal guide, taking you safely through the treacherous terriroty surrounding information about trading systems. In the end we are much wiser for the experience, arriving at our destination stronger for having completed the journey. In short, we gain the wisdom that comes with knowing one’s Self and become very clear on what works…and what doesn’t. By interviewing thousands of successful traders during a 15 year period, Dr. Tharp was able to find out what was common in their individual systems of success. He then created a “model” of those variables, arriving at these basic truths: Low risk ideas combined with appropriate exit strategies and position sizing create the foundation for developing successful trading systems. Dr. Tharp shares his research with the reader, supporting his conclusions with rich examples. After finishing Tharp’s book, even a layman has the tools to design a highly profitable trading system that contains all the strengths common to the best trading systems but also “fits” that particular trader’s personality. This book transformed my experience of trading and allowed me to trade with the confidence that comes from knowing the truth about what works. Since implementing Dr. Tharp’s strategies to my trading style, the results I have experienced are nothing short of miraculous. Quite frankly this is the first and last book you will ever need if you are serious about trading (or investing) your way to financial freedom. If you want to develop a highly profitable, low risk trading system that produces consistently strong returns, then read this book! All you need is an open mind and the courage to put some of Dr. Tharp’s innovative research to the test. I promise you, if you read this book and apply Dr. Tharp’s proven concepts, your trading will immediately improve and your bottom line will stay in the black. Without a doubt, Dr. Tharp’s book is the best “investment” I have ever made. My return on this “position” is incalculable…
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|ProTrader,
Out of kindness I have chosen to rate this a two-star publication. There are a few, very few, useful statements here for traders.
What else would one expect from a person that does not trade? Merely talking with successful traders does not imbue one with trading wisdom.
Like all of Tharp’s work, from what I have seen, the title belies the content. That is, little to no worthwhile content, but a captivating title. Anyone that honestly believes themselves to be credible enough to write a trading book that can deliver “Financial Freedom” that has never traded professionally should not be believed. It would be similar to seeking advice from a homeless person about becoming a billionaire.
Another credibility issue for me with this author is that he is now hawking “No Money Down” and “Get Rich in Real Estate” tapes, books, seminars, etc. I would speculate that Tharp would sell widgets, or, at a minimum, books about widgets, if he believed there was money to be made.
I find it impossible to believe this person could ever be a credible source of information about trading! His trading resume consists of …, well nothing, except the idea of how to make money by writing words on a subject he knows nothing about.
Many more useful, credible books exist that will help in attaining real financial freedom. Brett Steenbarger is a trader and has produced good material on the psychology of trading, and Mark Douglas, even though he does not trade, has produced more interesting and valuable books.
The most useful advice, read books about trading that are written by traders, and read reviews written by people who trade every day.
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