• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Book Review: Trade Your Way to Financial Freedom by Van K Tharp

Discussion in 'Education, Learning, Books' started by kidgas, Sep 15, 2007.

  1. kidgas
    Offline

    kidgas Contributor

    Messages:
    532
    Likes Received:
    49
    Joined:
    Jul 25, 2007
    Location:
    Indiana
    Rep Bank:
    $63
    Part I

    Dr. Tharp is essentially a “trading coachâ€. Much like Tiger has a swing coach, traders have coaches as well. So far, I think this is an excellent book and I would recommend it to anyone who wants to improve his/her trading game. The book is divided into 4 parts. This review will cover part I which includes the first 3 chapters.

    Chapter 1 talks about the most important aspect of trading: you. Trading is about psychology. It is not about picking the right stocks, options, currencies, or commodities. It is about the ability to control risk, allow profits to exceed losses so that you can make money even if you are right only 40% of the time. It is about accepting the fact that losses will occur and not holding on to a losing position. It is about moving on and moving forward.

    Chapter 2 talks about biases that affect one’s ability to develop trading systems, test these systems, and trade these systems. This is a good chapter that is thought provoking especially as Dr. Tharp discusses the biases inherent in charts. Simply presenting data in a chart format will introduce various assumptions and bias that can affect your trading and system.

    Chapter 3 ties the first two chapters together and asks you to look inside yourself, put aside your biases, and look at your objectives. This involves evaluating your beliefs regarding the market and investing, your motivation and goals, and what you might feel given certain scenarios (eg how you might handle loss and draw downs).
     
  2. royemunson
    Offline

    royemunson Contributor Read Millionaire Fastlane

    Messages:
    216
    Likes Received:
    69
    Joined:
    Jul 24, 2007
    Location:
    SW Ohio
    Rep Bank:
    $374
    Re: Book Review: Trade Your Way to Financial Freedom by Van K Th

    I have added this one to my list. I am a big fan of Dr. Alexander Elder and this sounds similar to it. It's funny how simple trading is, but when you throw people into the mix,things get complicated.
     
  3. HenkHolland
    Offline

    HenkHolland Contributor Read Millionaire Fastlane

    Messages:
    364
    Likes Received:
    65
    Joined:
    Aug 7, 2007
    Rep Bank:
    $148
    Re: Book Review: Trade Your Way to Financial Freedom by Van K Th

    I have two of Van Tharp's books on trading, but must say that so far one of the best trading books that I read was:

    The Secrets To: Emotion Free Trading (subtitle: "How to consistently act in your own best interest with your off-the-floor trading!"
    by Larry Levin

    The book used to be available as an e-book that could be downloaded for free. I lost the link, but if it can still be downloaded for free I am sure that you'll be able to find it.

    I know from experience that winning or losing in (options and futures) depends for >75% on how well you can execute your trading mechanically, i.e. excluding your emotions. Learn how to take a loss, in order to prevent a bigger loss, etc.

    Good luck.

    Henk
     
  4. bflbob
    Offline

    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    1,906
    Likes Received:
    371
    Joined:
    Jul 25, 2007
    Location:
    Endicott, New York, United States
    Rep Bank:
    $426
    Re: Book Review: Trade Your Way to Financial Freedom by Van K Th

    I love Van Tharp's stuff.

    Have you listened to his recorded program (I can't recall the name)?
    Great stuff recorded in front of a live group.
     
  5. piranha526
    Offline

    piranha526 Contributor

    Messages:
    112
    Likes Received:
    23
    Joined:
    Aug 20, 2007
    Location:
    New Jersey
    Rep Bank:
    $48
    Re: Book Review: Trade Your Way to Financial Freedom by Van K Th

    One of the best books ever written on the subject. He nails position sizing and expectancy! It's a must read for anyone considering trading for a living.
     
  6. CarrieW
    Offline

    CarrieW Gold Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    2,546
    Likes Received:
    1,027
    Joined:
    Nov 12, 2007
    Gender:
    Female
    Location:
    suburbs of savannah in Ga
    Rep Bank:
    $4,583
    Re: Book Review: Trade Your Way to Financial Freedom by Van K Th

    I just opened the pdf tonight on this one!! cant wait to read it.
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page