Financial Freedom Through Electronic Day Trading [Hardcover]

Van Tharp (Author), Brian June (Author)

Book Description

Publication Date: December 18, 2000

An increasing number of investors are entering the high-risk world of electronic day trading—often before they’ve learned the basic principles and safeguards. Financial Freedom Through Electronic Day Trading combines Van Tharp’s mastery of trading psychology with Brian June’s nuts-and-bolts expertise to give day traders the proven strategies and information they need to survive and succeed.

From little-known day trading entries and exits to techniques that foster winning attitudes and styles, these practical ideas will help readers develop their own personalized trading systems. The perfect combination of psychological preparation and hands-on practice, it discusses:
*Market analysis from a day trading perspective
*Techniques for determining a market maker’s position
*The best day trading software

Editorial Reviews

From the Back Cover

Masterful Trading Advice and Insights­­from Two of Today's Day Trading Pioneers

More than ever before, a high-income career as a full-time trader is within your grasp. Financial Freedom Through Electronic Day Trading shows you how to do it­­without risking your savings or your sanity! This step-by-step short course on electronic day trading takes you through the nuts-and-bolts technical and strategic basics you need, then tackles the all-important psychological aspects of trading­­transforming you from an awkward, second-guessing novice into a confident, knowledgeable day trading master who knows how to turn market inefficiencies into fast, solid gains.

Noted trading coach Van K. Tharp and top-level trader Brian June combine their formidable knowledge and experience to give you:

• Proven market analysis techniques adapted to a day trading perspective
• Key tactical­­and mental­­components for developing your personal trading plan
• Below-the-radar methods to determine a market maker's position

Today's high-volume, high-profit markets are a formidable, but beatable, foe­­as long as you have the knowledge and wisdom to not beat yourself. Financial Freedom Through Electronic Day Trading gives you the trading tools and the psychological insights to control your emotions, master every market and trading environment, and knock hundreds of hours­­and thousands of dollars­­from your electronic trading learning curve.

"Our goal in writing this book is to show you another way..."
­­Van K. Tharp and Brian June

Every electronic day trader has access to the same technology and information for locating and locking in quick trading profits­­along with the same tired advice on how to use these tools. Financial Freedom Through Electronic Day Trading shows you how to master a third essential element­­trading psychology­­and discover how to gain the ultimate market edge.

While it gives you numerous examples of what to buy, when to sell, and why, this follow-up to Dr. Tharp's revolutionary Trade Your Way to Financial Freedom shifts the focus to using psychological preparedness and expectancy to gain the advantage. Based on the principle that there is no universal strategy that will work for all traders, this hands-on e-trading blueprint combines the latest techniques in business and trading success with established tenets of behavioral finance to detail:

• Broad-based strategic guidelines to help every trader, with specific trading tactics that can be tailored to fit any plan
• Chapter-ending Knowledge Keys and Calls to Action that summarize each chapter's messages­­and serve as a fast fingertip reference
• Recommendations for integrated hardware and software configurations
• Profitable uses of mechanical aspects from expectancy to position sizing
• Applications of NeuroLinguistic Programming (NLP) to the science of trading

Financial Freedom Through Electronic Day Trading isn't out to dazzle you with arcane, elaborate facts and equations. Its only goal is to make you the best trader possible, in the shortest time possible. From Rmultiples, momentum patterns, and market maker tactics to market-making strategies, momentum strategies, and simulations, each of these intricate trading aspects is explained in straightforward, conversational style, easy to understand and apply.

Electronic day trading is the first great entrepreneurial opportunity of the tewnty-first century. But to be a successful electronic day trader, you must first have the knowledge to understand the markets and the wisdom to understand yourself. Financial Freedom Through Electronic Day Trading is the only book on today's crowded trader's bookshelf to give you knowledge and the wisdom to intuitively isolate fast-gain opportunities and grab the profits­­dramatically increasing the odds of success on every trade you make.

About the Author

Van K. Tharp, Ph.D., is president of the International Institute of Trading Mastery (IITM) and has been a consultant to traders and investors for over 15 years. Internationally recognized as today's number one coach and trainer for traders, Dr. Tharp is the author of Trade Your Way to Financial Freedom as well as a five-volume home study course, a monthly newsletter on systems and psychology, and a number of articles in industry publications. His trading models and techniques were featured in the book Market Wizards: Interviews with Great Traders.

Brian June moved directly from a successful corporate career into a sizable income as an electronic day trader. A popular speaker at day trading seminars and expositions, June has written numerous articles for Market Mastery, the IITM newsletter, and is an expert at applying sound business principles to achieve trading success. He also developed a popular workshop on electronic day trading tactics and strategies.

Product Details

• Hardcover: 388 pages
• Publisher: McGraw-Hill; 1 edition (December 18, 2000)
• Language: English
• ISBN-10: 0071362959
• ISBN-13: 978-0071362955
• Product Dimensions: 9.3 x 6.4 x 1.5 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars  See all reviews (31 customer reviews)
• Amazon Best Sellers Rank: #513,503 in Books (See Top 100 in Books)

More About the Author

In the unique arena of professional trading coaches and consultants, Van K. Tharp stands out as an international leader in the industry. Helping others become the best trader or investor that they can be has been Tharp's mission since 1982. Dr. Tharp offers unique learning strategies, and his techniques for producing great traders are some of the most effective in the field. Over the years Tharp has helped people overcome problems in areas of system development and trading psychology, and success related issues such as self-sabotage. He is the founder and president of the Van Tharp Institute, dedicated to offering high quality education products and services for traders and investors around the globe.

Customer Reviews

Most Helpful Customer Reviews

163 of 167 people found the following review helpful:

3.0 out of 5 stars Good, but a disappointment compared to Tharp's classic, January 12, 2001

By A Customer

This review is from: Financial Freedom Through Electronic Day Trading (Hardcover)

Van Tharp's earlier book, Trade Your Way to Financial Freedom, ranks with Market Wizards as a trading classic. Like Market Wizards, Tharp showed how the true "Holy Grail" of trading is to develop your *own* system, one which is perfectly suited to your own goals and needs. (I know it sounds wishy-washy... but believe me it's anything but.) Not only that but, unlike Market Wizards, Tharp showed you step-by-step how to actually do this! The result was, while far from perfect, one of the most amazing and probably the single most useful book on how to become a successful trader. I was hugely excited when I (a day trader) found out that Tharp's next book would be about day trading. Alas, it turns out to be a disappointment. It's not bad as such, only nowhere near the same level. Specifically, this book consists of: (1) material by Tharp that covers the same ground as before, only in less detail; (2) an overview of the basics of day trading, such as how to read Level II screens; (3) occasional insights and ideas which you might not find elsewhere. So here's what I would recommend. If you don't already know (1), run (don't walk!) to get Tharp's earlier book; don't even think about buying this one instead. If you don't already know (2), this book is a pretty good introduction to day trading, better than most that are out there. Lastly, is the book worth buying for (3)? It sort of depends. If, like me, you love to devour books about the markets, and believe that they more than pay for themselves if you get even one new tradeable idea -- then sure, buy it, just don't expect too much. If, on the other hand, you only want to spend your time and money on the very best books, well, this is no must-have. I like both authors, and they do know what they are talking about, but this book is far from the best that either is capable of. It shows all the signs of having been put together hastily.

33 of 36 people found the following review helpful:

1.0 out of 5 stars No substance whatsoever, October 12, 2002

By 

Ian Jones (Santa Monica) - See all my reviews

This review is from: Financial Freedom Through Electronic Day Trading (Hardcover)

I get suspicious when I read five-star reviews about books that don't offer much content. Of the 200 or so books that I have read to date on trading, this would easily be one of the poorest in terms of substance - there is no 'brain-feeding' content whatsoever. In my opinion, it offers nothing to the beginner or advanced trader and I am surprised that some people have found positive comments for it (I note thay don't really say why it is good). There is nothing new covered or any depth in what is covered (at least nothing a decent website couldn't offer). Furthermore, the authors style of writing tends to be quite condescending which makes it very frustrating to read. For example, I had to put the book aside for a few hours at the section where the author suggests making regular donations to street beggars will improve your trading. While I do sympathise with the less privaleged in society, I thought this suggestion was just grabbing for something to write about. If you are just starting, save your money and buy Elder. Likewise as an advanced trader, get maybe Connors or Racshke and try to skip this by a million miles.

31 of 34 people found the following review helpful:

5.0 out of 5 stars A Must Read for Serious Traders, January 18, 2001

By 

Harry Starn, Jr. (Boulder, CO USA) - See all my reviews

This review is from: Financial Freedom Through Electronic Day Trading (Hardcover)

This book contains a wealth of information - I strongly recommend it! The content is excellent, and the writing style is understandable and candid. Brian June not only discusses the nuts-and-bolts of day-trading (Level II screens, time-and-sales data, "ax" market makers, direct-access systems, trading strategies) but covers in detail how one should prepare prior to the market opening and how one needs to debrief trading after the close. Dr. Van Tharp covers two of the most important concepts of trading: risk management (i.e., capital preservation) and money management (i.e., position sizing). If you have not internalized these concepts into your belief system already read these chapters, memorize them. They are key disciplines as they will keep you in the game. Four days ago I recommended the book to another full-time trader, and he just wrote back saying, "I wanted to thank you for recommending the Tharp/June book. It is full of mandatory knowledge one needs, but also they make it clear what the requirements are to be successful. I am finding the book extremely enlightening - thanks again." I have been a student of the markets for over ten years having proceeded through the study of fundamental analysis, technical analysis, and trading psychology (in that order). I wish I had this information at the start of my journey.