Trade Your Way to Financial Freedom | Van K. Tharp | A "must read" for active traders.

Trade Your Way to Financial Freedom | Van K. Tharp | Trading the Vulcan way

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Trade Your Way to ...

	Trade Your Way to Financial Freedom Van K. Tharp McGraw-Hill, 2006 - 482 pages average customer review:based on 162 reviews view larger image
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highly recommended

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.

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A "must read" for active traders.

I'm of the opinion that reviews on stock trading books depend more on degree on the experience and outlook of the reviewer more than the book. At times this makes it difficult to figure whether a book is going to be relevant to me. So I'll describe myself a bit.

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.

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Trading the Vulcan way

Essential reading for any budding trader from any planet.
Find out why trading is exactly 100% psychological.
If you harbour any other point of view, read this, you must.

Cheers, Yoda.

Not a recipies book

If you are looking for trading recipies, this is NOT the book for you. This books describes the trading process in an open approach, whithout selling speaches, trading formulas or magical enchaments. It describes the importance of risk management of your trades, and the pshycology and biases that are part of every system. Though general, the offered information serves both from what someone would call academic understanding, and the practical side of trading. The book is not academic though, as you will not see tons of equations, proofs, or algorithms.
I think it is a must for everone that does not want to jump into trading someone elses formulas, but to understand the mechanics and the psycology of trading. It contains references to other books that will help you understand the trade reciepies.
So if you want to understand what you are doing, or at least what you are supposed to do and the biases associated to your decisions, buy the book. If you want to trade like a maniatic daredevil who is told what to do by following nonsense schemes, you dont need this book.
No wonder why some readers were dissapointed. My impression, its the readers fault not to aim to higher goals while buying and reading a trading book.

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