- Copertina rigida: 512 pagine
- Editore: McGraw-Hill Education; 2 edizione (1 dicembre 2006)
- Collana: Business Books
- Lingua: Inglese
- ISBN-10: 007147871X
- ISBN-13: 978-0071478717
- Peso di spedizione: 762 g
- Posizione nella classifica Bestseller di Amazon: n. 38.891 in Libri in altre lingue (Visualizza i Top 100 nella categoria Libri in altre lingue)
Trade Your Way to Financial Freedom (Inglese) Copertina rigida – 1 dic 2006
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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.
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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.
What really makes this book unique is its treatment of the subject of proper position sizing as an aspect of risk and position management. This is probably THE most important concept to grasp and properly utilize in order to speculate in markets and be consistently profitable. Yet this book contains the only treatment of the subject I have ever seen after having read more than 30 trading books.
For example - if you are daytrading stocks and always take on a 2000 share position regardless of the price and daily range of the stock, you are demonstrating reckless abandonment of this critical element to successful trading. Perhaps that alone is what is holding you back.
Lots of books mention that position management and exits are far more important than entries, but this book really gets into the issue and attempts to show the reader why. The author holds firm his conviction that a good trader can be profitable from random entries to exemplify this point. Imagine how well you should be able to do if you are good at entries as well!
Ultimately we all arrive at some sort of methodology that we use in trading, even those of us who consider ourselves to be discretionary traders. Van Tharp's excellent book really helps one in developing his methods by prioritizing the most important elements and stressing the necessity of working a method that is customized to your own temperament and personality. If you are an aspiring trader, buy it. Read it, study it, get the concepts taught firmly into your brain and keep this book on your shelf permanently.