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

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kidgas

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Jul 25, 2007
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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).
 

royemunson

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Jul 24, 2007
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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.
 

HenkHolland

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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
 

bflbob

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Jul 25, 2007
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Re: Book Review: Trade Your Way to Financial Freedom by Van K Th

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.

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.
 

CarrieW

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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.
 

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