- Hardcover: 343 pages
- Publisher: McGraw-Hill; 1 edition (December 1, 1998)
- Language: English
- ISBN-10: 0070647623
- ISBN-13: 978-0070647626
- Product Dimensions: 6.4 x 1.2 x 9.1 inches
- Shipping Weight: 1.5 pounds
- Average Customer Review: 4.3 out of 5 stars See all reviews (261 customer reviews)
- Amazon Best Sellers Rank: #736,818 in Books (See Top 100 in Books)
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Trade Your Way to Financial Freedom 1st Edition
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"The book is clearly written and makes generous use of practical examples and models...The principles he [Tharp] promotes for traders, if followed closely, can be applied to a wide group of investors." (Ticker Magazine 1999-06-17)
From the Back Cover
Your own strengths, style, and personalityand the steps found in this bookcan revitalize your trading program!
Praise for Trade Your Way to Financial Freedom:
"While I can't promise you financial freedom, I can promise you a book filled with sound trading advice and lots of ideas you can use to develop your own trading methodology. And, if you don't think that's enough, then you really need this book."Jack Schwager, author of Market Wizards and The New Market Wizards
"Van's book gets directly to the heart of what it takes to be a successful trader. It's the best book I've read on trading successfully; not fluff or hype like so many others."Tom Basso, President, Trendstat Capital Management, Inc.
"I've read hundreds of books about trading and this is one of the three best EVER WRITTEN. It's straightforward and to the point. Van clearly cuts through the appeal to wishful thinking, instead stressing psychological preparedness, expectancy, and money management. Moreover, he shows clear methods, with simple entry techniques, to push your equity to the moon. It's a great book!"Rolf Sigrist, President, Sigrist AG
"Van Tharp's new book...[is] full of new ideas and approaches to developing an individualized trading system; it teaches the principles that are necessary to make you a great trader. The trading public owes Dr. Tharp a debt of gratitude for this insightful masterpiece." -Edward Dobson, President, Traders Press, Inc.
Van Tharp "...cuts right to the essence of professional trading: how to develop winning attitudes and approaches; how to forget trading for accuracy and trade for expectancy; how to master position sizing. If you intend to trade, you'd better know what's in this book."Ed Seykota, professional trader
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Top Customer Reviews
Yes, the title may be a little bit misleading but you can find extremely valuable information overlooked by 99% of the trading literature.
With this you lay the foundations of your trading business. These principles are mandatory for everyone. You can't skip studying and applying all of them.
Tharp explains everything very clearly and very well. He goes from psychology, to the right meaning of setups, to the overlooked importance of exits, to the importance of position sizing and much more.
Definitely buy this book.
I would also recommend his other books, Trading Beyond the Matrix and SuperTrader, which begin to delve far more into the psychological side of our "needs", since there are many ways to profit from the market but as author says "we can only trade our beliefs about the market" so finding that personal fit is critical.
I have been investing in stocks for many years using the stock picks from one or two good sources. It's been a way to build retirement income in my spare time. I've been moderately successful, but nothing to brag about. In the past few years I've been gradually becoming more active in trading, making many trades a month and recently many per week. I'm considering trading as a living or at least a part-time income.
I've studied fundamental and technical analysis through literature, webs sites, some books, newsletters, and my broker's courses, though I don't pretend to be even close to being any sort of expert. Tharp's book is the first time I've seen what I would consider a fundamental "text book" on trading. It's not a book on how to pick stocks or entry points though the subjects are discussed in the context of an overall system.
Tharp has created a paradigm shift in my thinking. He walks you through all the elements of a successful trading system, including how to define and measure one and how to think about trading. He asks questions and gives practical examples so you get the ideas and the importance of the issues. He's careful to work through examples and explain himself better than any financial book I've read so far, though he does not explain some technical analysis terms. But they aren't necessary to getting the value of the book (and give you some good topics for your own research). I've been at it long enough to realize that he's pretty thorough in the issues he wants you to consider. He also dispels commonly accepted thinking that leads to poor performance (read "loosing money").
If you are looking for fast answers, a get rich scheme, or an algorithm that will tell you how to find winners, what to buy and when to buy it, then you will probably be disappointed - but in fact you may need the book more than you realize.
I wish I had read this book years ago. It would have corrected my understandings of what investment trading is all about and how to go about it. I particularly appreciated the detailed explanations of risk verses reward and position sizing. I have heard "risk vs reward" talked about in many places, but never had it explained in a way that I could use it.
His examples may seem belabored to some, but they helped cement the concepts into my mind. I found Tharp's personable style and stories made the book easy to read and helpful.
If you have been trading for years and are comfortable with it and make money, then you may not gain much from the book. To everyone else I recommend it.
His distinction between what is money management and what is an exit strategy, where his belief that exits are not a part of money management, is off the mark. Exits are completely tied in with how your money is managed throughout your trade. Whether you are using trailing stops, or scalling out of a position - your money is being managed by how you select and design your exit strategy. Certainly - an entry point is not a money management decision - but how one determines how much to exit and when to exit is.
The first edition of Tharp's book came out in 1998, and is certainly a classic and deserves credit for opening many traders eyes to the importance of money management. Two other classics worth looking at with regard to this topic are Nauzer Balsara's Money Management Strategies for Futures Traders (Wiley Finance) and Ralph Vince's The Handbook of Portfolio Mathematics: Formulas for Optimal Allocation & Leverage Balsara and Vince are the "grand daddys" of money managemant, and are essential reading. Another more recent book that is written in an easy to understand style is Bennett McDowell's A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading).
Money management is crucial to any traders succes and developing a solid foundation of knowledge in this area will assist even the average trader in generating greater profits.