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 model. Trade Your Way to Financial Freedom also addresses reward to risk multiples, as well as insightful new interviews with top traders, and features updated examples and charts.
.Product Details
Editorial Reviews
Review
"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 )
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
About the Author
Van K. Tharp, Ph.D., is an internationally known consultant and coach to traders and investors, as well as the founder and president of the Van Tharp Institute. He is the author of multiple bestselling books on trading and investing, including Safe Strategies for Financial Freedom and Financial Freedom Through Electronic Day Trading. Tharp is a highly sought-after speaker who develops courses and seminars for large banks and trading firms around the world. He has published numerous articles and has been featured in publications such as Forbes, Barron's Market Week, and Investors Business Daily.
Customer Reviews
One person's perspective
I am writing this review because of the many negative reviews this book has received. For the record, I am formally trained in Finance and have a graduate degree in the subject. I understand fundamentals, macroeconomics and technical analysis as well as most folks. I have traded for 2 years although I was a buy and hold investor for 17 before that. I am commenting on the 2nd edition.
Over the course of the last few years, I've learned a lot of things about markets that my formal education and experience never taught me. The single most important thing I've learned is that psychology matters more than anything else when it comes to trading. There is the psychology of the market to deal with and the trader's own personal makeup as well. If you don't confront these issues, your chances of succeeding as a trader are long at best. Markets are moved not by news, not by economic conditions but rather by the basic human emotions of fear and greed.
This book caused me to confront matters in my psychological makeup that were holding me back as a trader. If you spend some time in chapters 3 and 4 and do what Tharp asks you to do you will become a better trader. I completed the assessment. I did the exercise on beliefs. I did not rush through them but revisited them 2-4 times after the initial exercise and came away with a pretty clear picture of who I am, what my biases are and how they torpedo my trading efforts. Maybe this is elementary and maybe the other posters have already done this sort of thing, but judging from the comments I read here and elsewhere on trader blogs, I suspect most have not. I learned things about myself I didn't know. I applied those things to my present plan and immediately saw results. I've read hundreds of books on trading and never had that happen before. I don't want to bias other readers unduly, but I found it really somewhat remarkable.
Next, I incorporated the information on trading systems and time frame in chapters 5 and 6 and rewrote my existing plan which really wasn't a plan at all but merely a list of setups and entry and exit strategies that sounded good to me when I learned about them. I came to discover that I was trading far more impulsively than I thought I was.
Finally, Tharp spends the remainder of the book going into specifics on setups, entry and exit, position sizing and other specific topics. This is all well and good, but most of it I had heard before. For me the value was in the first half of the book, the part that many of the reviewers who didn't care for the book panned. For me, it boiled down to two things. First, very little is written about the psychology of trading and even less about how biases can destroy a trader. Michael Pompain's "Behavioral Finance and Wealth Management" was best of breed until I read Tharp, at least in my opinion. Secondly, I think it helps that Tharp isn't a trader. Most books written by traders are full of biases because these traders know what works for them. It may not work for you or me.
If you're interested in learning about the psychology of trading and becoming a better trader by learning to be honest with yourself about your strengths and weaknesses and the biases that you bring to the market every day, this book will help you better understand, and in the process it will make you a better trader.
Great Book - Poor Reviews Not Warranted
First I should state that I am new to trading and trying to find a method to invest that allows me to grow and protect my capital. Buy and hold doesn't seem to work well in the current bear market, yet that was the primary methodology that has been advocated for many years now. It has cost a lot of us dearly! I can't put a stop limit on my mutual funds!
I purchased this book because of a recommendation in another trading book, and as a result I didn't read any of these reviews before my purchase. Before reading the book, however, I did check the reviews, first reading those with a 1 rating. Initially I was concerned that I had not made a good purchase and was prepared to return the book.
The 1 rated reviews indicated that the book was poorly written, confusing, they didn't learn anything they didn't already know, and that the author promoted a lot of his other products. These were the minority of the reviews, and I am glad that they didn't convince me to return the book. Yes, if you want to dive into trading in the first chapter you'll find that the book starts out slowly with a metaphor about searching for the Holy Grail of trading systems. Tharp also talks about your own beliefs and psychology about the markets. However, please read on and you will be rewarded.
This was the third trading book that I've read as I begin to more actively trade my own accounts. The first was Trading for a Living by Elder, and A Beginners Guide to Day Trading Online by Turner. All three are excellent. But this book was unique in that it suggested that there exist many and vastly different trading systems, all of which can work, but work most effectively when matched to the beliefs, abilities and time afforded the trader. As you read about some of the systems, you'll find yourself thinking, "No, definitely not for me." "Well, I might be able to do something like that." Or, "Yes, that's how I think, that's how I want to trade, I'm going to develop a system like that!"
Tharp goes into a lot of detail regarding what constitutes a true trading system, dispelling a lot of myths such as that being a successful trader just means picking winning stocks. He speaks to stocks, options, futures, going long, shorting, and probably most importantly, spends a lot of time explaning why picking the vehicle (e.g. stocks or options) and entering the market at the "right" time are far less important than determining expected value, managing risk, exit criteria (e.g. what types and where to place your stops), and position sizing. Elder and Turner's books also touch on some of these subjects, but not in the context of developing a system that is right for you.
Similar to how Peter Lynch's books convinced me that an individual investor has a better opportunity to beat the market because we can pick a small number of the best stocks in which to invest, whereas mutual fund managers have billions of dollars they must spread over hundreds of companies, this book convinced me that an individual trader has some advantages over many institutional traders who trade without fully understanding the risk or even the amount of capital being placed at risk on each trade.
This book doesn't give you a single system or menu of systems that should allow you to trade your way to financial freedom, though he does present a number of systems that successful traders have used and that could allow you to attain financial freedom (actually, he also helps you define what financial freedom means to you). It does give you the ability to design a system of your own, how to measure and adjust its performance, and it offers a lot of insights that I imagine will change the way you approach your trades.
Trading the Markets
An extremely fun and exciting read when it comes to books on trading. This book more than met my expectations. It will guide you to define your expectations and goals for trading in a very simple, clear and concise manner. This book should be required reading for any and all traders, beginners or advanced alike. It is perfectly outlined with simple steps and guidelines and then summarized at the end of each chapter. Should be read by all so called "trading gurus" as well.
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