Rating: 
Summary: Even with its flaws, it's the best best best
Review: What makes this book so good? It tells you how to build a real trading system. In the process, it exposes the prejudices and assumptions that cause people to lose money. For example: most people think that successful trading is a matter of picking the right stocks. Believe it or not, this belief sets you up to fail. Before reading this book you would probably rank as most important: (1) knowing when to get into the market; followed by (2) knowing when to get out of the market; (3) knowing how many shares or contracts to buy/sell; (4) understanding the psychological factors involved. The book makes a strong case that this ranking is exactly backwards! In other words, when it comes to trading it reverses your entire worldview. (It certainly reversed mine.) Some of these ideas are common, but Tharp tells you *what* and *how* to do. Not on the level of "here's a great trading system," but on the level of "here's how you *make* a trading system", oh and by the way, here's why you *need* to make your own system." That's a huge, huge difference, and other books on the subject are shallow by comparison.The book does have problems. The writing and organization are uneven. Many passages are magnificent, others are cluttered or confused. Tharp is not a very good technical writer; technical details appear to be his weakness in general. Nor is he a good judge of others' writing (the worst parts of the book, especially the gobbledygook on neural networks, were written by other people). All of Tharp's writing that I have read suffers from poor editing. A first-class editor would have turned his first-class material into a first-class book. Instead, what we have is third-rate editing and first-class material yielding a second-rate book. It's a crying shame. However, the book still deserves more than 5 stars. Tharp shines at explaining the key concepts behind successful trading -- and this is the area that matters most -- and at this he is the best.
Rating: 
Summary: Very Disappointed
Review: After reading about Tharp in Market Wizards and reading all the glowing reviews here, I was very disappointed in this book. If you have read other books such as Oneill's How to Make Money In Stocks and Lefevre's Reminiscences of a Stock Opertor much of this information is a rehash. In fact the author mentions these other books often. It also seemed to be an advertisement for his other more expensive books and seminars. I was drawn to the book because I wanted to get inside the head of a trader. To find out why I was making good or bad trades from a psychological basis. This book offered almost none of that. There are better books out there if you're looking for a trading system.
Rating:
Summary: one of the best, but with a few flaws that can be ignored.
Review: Van Tharp's book is one of the best trading books out there. Why? because the bulk of it focuses on fundamental concepts rather than an assortment of random entry indicators, patterns or other such (99.9% of the time) quackery. His focus on the concept of expectation and the need to create a positive expectation is very valuable. He then explains how this "edge" can only be exploited if sound money management is used (a consept he explains). To those unfamiliar with professional trading, these ideas are the core "building block" concepts. Good trading does not involve trying to emulate a mystic deity that can predict the future. This book is not perfect. I disagree with the subjective view of reality the author indorses as a "useful belief" for traders. Objectivity is the mark of great traders, not the blind path of subjectivism. I was also dissapointed that the author seems to give credence to completly irrational ideas by saying "any idea is tradable" (not an exact quote). He basically suggests that such ideas can be grafted on top of rational systems in such a way that the "mystic idea" can be a part of the process. I find this kind of thinking not only destructive, but plain stupid.
These flaws can be safely overlooked. Given the great strengths of the other parts of the book, I heartily endorse this work and give it five stars.
Rating:
Summary: Very important book!
Review: If you aspire to be a successful trader, this has got to be on your bookshelf, more often then not though it should be in your hands! This is the real deal, no more of those books from the book stores for ten and twenty dollars. Make the purchase, this will put you one step closer to attaining the financial goals you aspire to. Check out Alexander Elder as well.
Rating:
Summary: Traders: open your eyes to what REALLY matters
Review: If there is one thing you should take away from reading Van Tharp's book, it is that it allows you to take one step back and broaden your viewpoint on the markets. The book follows a logical story line which first familiarizes the reader extensively with the reason why this book is different than other books on trading found in the market. Afterwards, the ingredients of a successful trading system are emphasized in the order of importance being psychology, money management and to a lesser extend actual systems (which are what most people would refer to as tools that tell you when to buy what). On the psychology side, there are a number of reasons why mastering the market as a human is so difficult to achieve. The author describes a number of psychological biases, which all of us are subject to, to describe why controlling the psychological element makes up 60% of what is required to be a good trader. 30% of the remainder is dedicated to a veritable secret in the market, namely money management or as the author calls it "position sizing". There are a number of strategies that will each tell how many stocks/contracts a trader should buy depending on his initial capital and objectives. Good money management can literally make the difference between losing ones entire trading capital and enjoying consistent profitability. The remaining 10%, as mentioned before, are to be devoted to building a system with clear rules on what to buy, when to buy and most importantly, when to get out of your trades. The rest of the book is an enumeration (and evaluation by the author) of possible techniques to use in the following areas: - Concept selection: fundamentals, technical analysis, arbitrage, ... - Setups: which parameters need to be fulfilled before you consider a trade - Entry or market timing: various techniques to enter a trade - Capital protection: determining a stop-loss that makes sense - Profit taking: when and how to take profits on winning trades - Opportunity: how often do you have the opportunity to trade your system - Position sizing: how much to buy when you setup and entry criteria are fulfilled Throughout the book, a consistent scientific approach is maintained to continuously question whether the statements made make any sense under testing conditions. A lot of attention goes to using principles that allow you to compare the long-term expectant outcome of one system to another. To use the statistical concept expectancy instead of the more commonly used concept of probability allows just that.
Rating:
Summary: A must read for everyone investing or trading
Review: This book opened my eyes to the importance of money management and position sizing. It places least importance on timing a buy and more on the exit of the trade. All trading is internal and a master of self is paramount to long term successfull and financial wealth building. When most books place the greatest emphasis on trading signals, Van Tharp provides a more rounded approach to trading showing the true value needed to be placed on financial management and individual psychology. It has changed my thinking and I would reccommend the book strongly to all.
Rating: 
Summary: Good text on developing a risk management strategy
Review: I found this book useful in regards to its slow, deliberate exposition on the importance of risk/money managment. Other books cover the topic more succinctly, but I would never have given the same import to the subject without reading this text. While there is the usual promotion and marketing, its still a worthwhile book.
Rating: 
Summary: Poor content
Review: I learnt much more reading books from Ralph Vince and Chuck LeBeau. This book is all about theory... If you like philosophy... If you don't, read Joe Krutsinger's books for instance.
Rating:
Summary: OPENED MY EYES!
Review: When I first began this book, I was a bit skeptical. I had not considered why a psychological profile was necessary for me to complete in order to learn more about short term trading. I just wanted to get to the meat and potatoes of a "system." However, the author was smart...suggesting that if the reader wasn't prepared to take the time for the psychological questionaire, that they shouldn't read any further. So, I did it...and took my time doing it, as well. What an eye opener. I realized that there were many things regarding my personality which I had not even considered in regards to my trading approach. I just finished the chapter on Expectancy, and realized that I couldn't calculate this because I had no clear strategy on which to do so. I am now in the area of the book which discusses entry strategies, exit strategies, and position sizing. I am finding the overview of the various strategies very interesting, and this book is well written and easy to read. I am an intermediate trader/investor, and have learned that there is much I have yet to learn. I also see from the psychological profile which I completed why others' appproaches haven't worked for me, as they do not suit my personality and time horizon. I recommend this book for anyone who wants to really determine your own individual style...one that will work for you...not a "cut and dried" approach that may work great for someone else, but is not suited to your own personal goals, time horizons, and risk/reward criteria.
Rating:
Summary: Finally some new insights!
Review: I give this book five stars because Tharp actually has new and interesting things to say that have directly benefited my trading bottom line, and not just in some roundabout motivational/psychological BS type of way. If you have a big trading library like I do and are debating whether or not to add this book to it, do it. Buy this book. Tharp's insights into position sizing, expectations and profit per day are great. He gave me some good ideas to tweak my own systems too, and brought up things I've never considered before. The title doesn't really fit the book- the title perhaps suggests this is another pie in the sky "road to riches" guide. It isn't. It is really more a book for intermediate to advanced traders who already know the basics of how to trade and want to move to the next level. Novices would probably find it too in-depth. Bravo, Tharp. Keep up the good work.
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