Trade Your Way to Financial Freedom

Rating:
Summary: Groundbreaking Research in Layman's Terms
Review: Dr. Van Tharp's excellent book "Trade Your Way to Financial Freedom" is truly a work of groundbreaking proportions. It is the single most important book I have ever read on the subject of trading sucessfully. Using a very organized and readable format, Dr. Tharp leads the reader step by step through the maze of myths about trading and arrives at the true meaning of the Holy Grail -- that the secret of success is inside you. Dr. Tharp serves as your personal guide, taking you safely through the treacherous terriroty surrounding information about trading systems. In the end we are much wiser for the experience, arriving at our destination stronger for having completed the journey. In short, we gain the wisdom that comes with knowing one's Self and become very clear on what works...and what doesn't. By interviewing thousands of successful traders during a 15 year period, Dr. Tharp was able to find out what was common in their individual systems of success. He then created a "model" of those variables, arriving at these basic truths: Low risk ideas combined with appropriate exit strategies and position sizing create the foundation for developing successful trading systems. Dr. Tharp shares his research with the reader, supporting his conclusions with rich examples. After finishing Tharp's book, even a layman has the tools to design a highly profitable trading system that contains all the strengths common to the best trading systems but also "fits" that particular trader's personality. This book transformed my experience of trading and allowed me to trade with the confidence that comes from knowing the truth about what works. Since implementing Dr. Tharp's strategies to my trading style, the results I have experienced are nothing short of miraculous. Quite frankly this is the first and last book you will ever need if you are serious about trading (or investing) your way to financial freedom. If you want to develop a highly profitable, low risk trading system that produces consistently strong returns, then read this book! All you need is an open mind and the courage to put some of Dr. Tharp's innovative research to the test. I promise you, if you read this book and apply Dr. Tharp's proven concepts, your trading will immediately improve and your bottom line will stay in the black. Without a doubt, Dr. Tharp's book is the best "investment" I have ever made. My return on this "position" is incalculable...

Rating:
Summary: Some Good Points But Not An Easy Read
Review: Van Tharp gives some good examples from a vareity of sources on how to monitor one's trading habits. He discusses many key aspects of the game and takes a non biased stance on which way is the best for his audience. His soft sell approach and open minded attitude is quite refreshing when compared to other authors who seem to have altierior motives.

However, some of the chapters are written from an overly technical point of view. Mr. Tharp assumes his audience knows what he is talking about but really he fails to introduce some key analytical concepts. The Arbitrage Theory is extremely difficult to interpret. The use of statistics helps in spots but it is recommended that you study this book many times over which the author does suggest. Many of Tharp's examples are dry and a bit disconnected from the stock market world. Instead of displaying random statistics that merely displays his ideas from an academic person's point of view, Van Tharp could have simply cut to the chase and displayed a trend on a well known stock like IBM or Hewlett Packard which illustrates his and any other theories discussed in this book.

As a reference, this book has the potential to provide longer term value than other readings that deal with concepts that became obsolete several years ago as well as other sources that have a narrow focus/bias. This books provides a reasonably sized suggested reading list which adds to the value over the long haul. For those who have the time, this book could be worth four stars or even more for those academians out there. However, others who do not fit the above criteria will have limited returns from this source. To be fair to all, I rate it 3 1/2 stars.

Rating:
Summary: Trading with a Different Perspective
Review: This book focuses on 4 things: (1) Be Open Minded (2) Focus on Exit Strategies (3) Positive Expectancy (4) Create your own system by studying other people's systems.

(1) Be OPEN MINDED: The book attempts to point out why most investors are too narrow minded and get too attached to a single trading system. It argues for the importance of first knowing yourself, your habits, etc before creating your own system.

(2) Exit Strategies: The book attempts to explain why Exit Strategies are often more important than Entry Strategies, how other systems often focus too much on entering the market and not enough on exiting the market and why this going against the grain is important.

(3) Positive Expectancy: It teaches you how to create a system of keeping track of your trades so that (1) you'll know your batting average and (2) don't get discouraged like everybody else when a trade doesn't go your way.

(4) Create your own System: It shows you a bunch of other people's systems in the hopes that you can pick and choose the right trading tools for yourself.

This book is definitely not a get-rich-quick book and it's more about developing a proper trading mentality which the author sees as a key ingredient for most successful trader. It does not spoon feed but it does force you to think and do your homework.

Rating:
Summary: A Confusion of Psycho Babble and Jargon
Review: Mr. Tharp has a talent for making simple things complicated and for oversimplifying complicated things. His book starts out with a tortuous discussion of the Holy Grail with a little Joseph Campbell thrown in to give it scholarly weight. What a hero myth has to do with successful trading is never explained except to say that when "you really understand the the Holy Grail metaphor, you will understand the secret of making money in the market." Hmm. I guess the key to understanding this sentence is in the "really" part, because I really don't get it. The use of the word "secret" also provides a clue. Mr. Tharp has the irritating habit of always implying that he is letting his readers in on truths that are hidden to ordinary mortals.

The book is laden with jargon, twisted syntax and incomprehensible philosophical nuggets of dubious applicability: "The reality that we know consists solely of our beliefs. As soon as you change your beliefs, then your reality will change. Of course, what I've just said is also a belief. However, when you adopt this belief for yourself, you can begin to admit that you don't really know what is real. Instead, you just have a model of world by which you live your life..." and so on ad nauseum. You know, it is the "je pense donc je suis" investment methodology.

So, if you can get through all this extraneous material, there are some sections pertaining to trading. The presentation of this material is tortured and I suppose one can learn a few things about how to construct a trading methodology. Unfortunately, this part of the book is presented in circuitous sentences that are also larded with jargon.

I confess I found it difficult to get through the book At the end of the book, Mr. Tharp makes the stunningly egomaniacal suggestion that one might wish to re-read the book not once, not twice, but four or five times. Does he really believe that his approach to trading is that valuable?

Rating:
Summary: This book will take you to the next level of trading!!
Review: Over the last 5 or 6 years, I have actively used Van's "Peak Performance Course" ( the 5 "How To" volumes available from Amazon.com). I've also attended a number of his seminars and done some private consulting with him. The results are clear and simple. I was consistent in my losses and now I am consistent in my profits.

I shared the above to explain why I am excited about Van's new book, "TRADE YOUR WAY TO FINANCIAL FREEDOM". He has said that some highly successful money managers were disturbed at the "secrets" he is sharing. And what he shares is deep, wide, and NEW.

"TRADE YOUR WAY TO FINANCIAL FREEDOM" begins by presenting psychological issues that can limit and/or create successful traders (Peak Performance Course). But the "secrets" he showed me are new and exciting levels of system development; and a clear presentation of the importance of, and types of EXITS and POSITION SIZING. This is information (used by the Special Few) that I have never seen or heard, until I read "TRADE YOUR WAY TO FINANCIAL FREEDOM".

I strongly recommend this book to all traders and investors, whether new to the business, or with years of experience. It WILL BE worth your investment.

L.M. Atlanta, GA

Rating:
Summary: Great read - but superficial
Review: This book introduces the reader to the importance of position sizes exit strategies , and risk management. These are all important aspects. However , inspite of the fact that the author repetedly mentions about the importance of position sizing , it is dealt with at a superficial level at best.
It looks like you have to pay additional money to go to Dr Tharp's site and buy his products , this book skims along the surface for what is supposed to be the main topic of the book

Rating:
Summary: Groundbreaking Research in Layman's Terms
Review: Dr. Van Tharp's excellent book "Trade Your Way to Financial Freedom" is truly a work of groundbreaking proportions. It is the single most important book I have ever read on the subject of trading sucessfully. Using a very organized and readable format, Dr. Tharp leads the reader step by step through the maze of myths about trading and arrives at the true meaning of the Holy Grail -- that the secret of success is inside you. Dr. Tharp serves as your personal guide, taking you safely through the treacherous terriroty surrounding information about trading systems. In the end we are much wiser for the experience, arriving at our destination stronger for having completed the journey. In short, we gain the wisdom that comes with knowing one's Self and become very clear on what works...and what doesn't. By interviewing thousands of successful traders during a 15 year period, Dr. Tharp was able to find out what was common in their individual systems of success. He then created a "model" of those variables, arriving at these basic truths: Low risk ideas combined with appropriate exit strategies and position sizing create the foundation for developing successful trading systems. Dr. Tharp shares his research with the reader, supporting his conclusions with rich examples. After finishing Tharp's book, even a layman has the tools to design a highly profitable trading system that contains all the strengths common to the best trading systems but also "fits" that particular trader's personality. This book transformed my experience of trading and allowed me to trade with the confidence that comes from knowing the truth about what works. Since implementing Dr. Tharp's strategies to my trading style, the results I have experienced are nothing short of miraculous. Quite frankly this is the first and last book you will ever need if you are serious about trading (or investing) your way to financial freedom. If you want to develop a highly profitable, low risk trading system that produces consistently strong returns, then read this book! All you need is an open mind and the courage to put some of Dr. Tharp's innovative research to the test. I promise you, if you read this book and apply Dr. Tharp's proven concepts, your trading will immediately improve and your bottom line will stay in the black. Without a doubt, Dr. Tharp's book is the best "investment" I have ever made. My return on this "position" is incalculable...

Rating:
Summary: A "MUST READ" for beginning and experienced traders alike!
Review: As someone who has read more than his share of books on developing trading systems, I can say without a doubt that this is absolutely the best book ever written on this topic. Tharp reveals material that will anger true experts (their secrets will be revealed) and humble many so-called experts (they will learn how much they don't know) Much of the material on exits and money management is based upon ideas that he has collected from the best traders in the world. More importantly, this book makes clear the often overlooked fact that if the system you are trying to trade does not fit your personality, then you have the wrong system. This idea alone can save people thousands of dollars spent needlessly on systems they can't or won't trade. When you consider this alone, you could pay 10 times the asking price for this book and still get 10 times your money's worth. BUY IT!

Rating:
Summary: where's the success?
Review: I bought and read it. So where's the success? I mean the author's success as trader? I pay to see his trading statements for the last 15 years. Got to be audited statements. I mean, he says he knows what the holy grail is, how it (the market) works, how one makes money at it (the market). So he's got to have broken it right? Trading that is. (!)

Or, are we talking about a DIFFERENT KIND of success???!! Success in selling the idea that he "knows" all there is know about making money at the markets? Terribly cinic in my opinion. People need to beleive in anything. Beleive Van. You are contributing to his bank account.

Not one SINGLE piece of evidence is available about his success (at trading the markets). The other success is well known.

Oh Aristotle, you were right! Not all those who attend the games (the olympics) are players. Some are cynics as you say and so many spectators (consumers) for both the cynics and the players.

A player!
(for 4 years)

So, I bought it, read it and returned it. But go ahead.

Rating:
Summary: a joke
Review: If the author knows it all why doesn't he trade? If I knew it all about trading I wouldn't do anything else and I certainly wouldn't teach it ...
Simplistic, aimed for the ignorant, hopeful reader. The concept exposed is very simple: the market is random. If you bet 1% you can't loose ... at the end of the year you win. I mean Van writes that even without a method you make money like this ... you got to be kidding me!