Super trader- Van Tharp PDF (Make consistent profits in good and bad markets)- The goal of this book is to help people develop a full-time trading business that produces consistent, above-average profits under various market conditions.
Author: Van Tharp
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If you trade for yourself, you need to follow the guidelines in this book. If you do not trade for yourself but have professionals trading for you, do you realize that most of them must be 95 percent invested even in a falling market? They get paid 1 to 2 percent of the value of the assets they have under management. They get paid even if you lose money.
The goal of this book is to help people develop a full-time trading business that produces consistent, above-average profits under various market conditions. This means that you can perform profitably in up markets (both quiet and volatile), down markets (both quiet and volatile), and sideways markets (both quiet and volatile). To help traders reach this goal, I’ve designed a five-step approach. If you are reading this, you probably would like that sort of performance. My objective here is to familiarize you with the five steps you must take.
1. Work on yourself and your personal issues so that they don’t get in the way of your trading. This step must be accomplished first; otherwise, those issues will interfere with each of the other steps.
2. Develop a business plan as a working document to guide your trading. This plan is not to raise money, which is the purpose of many business plans. Instead, it’s designed to be a continual work in progress to guide you throughout your trading career. The business plan actually helps you with all four of the other steps. It also includes an overview of the big picture influencing the markets you will be trading and a method for keeping on top of those factors so that you will know when you are wrong. My view of the big picture is updated in the first issue each month of my free weekly e-mail newsletter, Tharp’s Thoughts.
3. Develop several strategies that fit your view of the big picture and understand how each of them will perform in various market types. The ultimate goal of this step is to develop something that will work well in every possible market condition. It’s not that hard to develop a good strategy for any particular market condition (including quiet and sideways). What’s difficult is to develop one strategy that works well in all market conditions, which is what most people attempt to do.
4. Thoroughly understand your objectives and develop a position sizing™ strategy to meet them. Probably fewer than 10% of all traders and investors understand how important position sizing is to trading performance, and even fewer understand that it is through position sizing
www.forex-warez.com The Five Steps to Consistent Profits 3 that you meet your objectives. Thus, the fourth step is to develop position sizing strategies for each system that will help you meet your objectives.
5. Monitor yourself constantly and minimize the number of mistakes you make. I define a mistake as not following your rules. Thus, for many people who have no written rules, everything they do is a mistake. However, if you have followed the first four steps, you will have rules to guide your trading and can define a mistake as not following those rules. Repeating the same mistake is self-sabotage. By monitoring your mistakes and continuing to work on yourself, you can minimize their impact. People who do this, in my opinion, tend to produce consistent, above-average profits.
Table of Contents- Super trader- Van Tharp PDF
INTRODUCTION The Five Steps to Consistent Profits
PART 1 Working on Yourself: The Critical Component That Makes It All Work
PART 2 Developing a Business Plan: Your Working Guide to Success in the Markets
PART 3 Develop a Trading System That Fits Each Market Type You Plan to Trade
PART 4 Understanding the Importance of Position Sizing
PART 5 More Ideas for Producing Optimal Trading Performance
About the author
In the unique arena of professional trading coaches and consultants, Van Tharp stands out as an international leader in the industry. Helping others become the best trader or investor that they can be has been his mission since 1982.
Van Tharp offers unique learning strategies, and his techniques for producing great traders are some of the most effective in the field.
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