Trade your way to financial freedom Book review

Trade your way to financial freedom-Book review

Trade your way to financial freedom- Book review is an ebook review about Trade your way to financial freedom by  van k. tharp.

Category: Forex

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Language: English

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Excerpts of Review ebook: Trade your way to financial freedom Book review

As promised I start my review of this book (Trade your way to financial freedom) with an open mind and hope to keep your interest along the way!!

Now if you are like me the title might lead you to immediately think of the Monty Python film where King Arthur and his knights embark on a low-budget search for the Grail, encountering many very silly obstacles. Or of course, more aptly, we would think of the Holy Grail of trading, the ubiquitous money making system that guarantees success that many new traders seek (and I sought initially) – Now wait —- both descriptions are actually pretty similar!!!

Think of trading and all those silly obstacles, fear and greed, what position size, stops, news, smart money stop runs, psychological mind tricks – shock horror and I’m off to the funny farm!!!

Well OK lets hope it is not that bad, but chapter one begins the story and proposes a slightly different slant to the Holy Grail.
Van Tharp makes some great opening remarks and reminds us that:
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Life starts out in the neutral position between profits and losses – it neither fears losses nor desires profits.
Life just is, and that’s represented by the Grail. However, as a human being develops self-awareness, fear and greed also arise. But when you get rid of the greed(and the fear that comes from lacking), you reach a special unity with all. And that’s where great traders and investors emerge.

I have put in bold the two key points as I see them, life (or the markets)just is, and the sooner we accept that the better for our psyche, sure we can do things that will improve our lot, otherwise to what purpose all our educations and experiences. And that fear is inextricably linked to lacking what we, greedily, seek to achieve!
Van Tharp goes on to explain:
Quote:
One of the Grail legends starts out with a short poem that states: “every act has both good and evil results.” Thus every act in life has both positive and negative consequences – profits and losses, so to speak. The best we can do is accept both while leaning toward the light.
As a trader therefore we have to accept both positive and negative and from that perspective:
Quote:
Wins and losses are equally a part of trading. That metaphor, to me, is the real secret of the Holy Grail.
In reality this dis-passion rarely exists and this manifests itself when people fail to kill positions when they know they are wrong for example, in the mistaken belief that “it will turn around”
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More importantly, if you cannot accept that losses will occur, then you cannot accept a good trading system that will make a lot of money in the long run but might lose money 60 percent of the time.

You don’t need a 90% success rate, but you do need control of position size and risk and reward for example.

Introduction- Trade your way to financial freedom PDF

This book is a product of 25 years of thinking about markets, studying hundreds of great traders and investors, and coaching many more to greatness by helping them apply some of the principles you’ll find in this book. The first edition has been an inspiration to thousands of traders. And if this new edition helps thousands more, even those I have never met, it will have been worth the effort.

During the 25 years I’ve spent in this field, numerous people have helped shape the thinking that has gone into this book. I can acknowledge only a few of those people by name. However, everyone who contributed in any way has my
deepest thanks and appreciation.
Tom Basso has been a great contributor to my thinking and my life. Tom was a guest speaker at more than a dozen of my seminars and several of our professional trader schools. Tom has also contributed several sections to
Trade your way to financial freedom .

Ray Kelly was one of my earliest clients. I watched him evolve from a tough, Irish floor trader whose favorite saying used to be “My way or the highway!” into someone who would freely give his time to inner-city high school kids just
to convince them to start to take responsibility for their lives, and who later ran a spiritual retreat in California. Ray was one of the best traders I’ve known and a great teacher as well. He presented at many of our seminars and wrote the arbitrage section of this book. Ray passed away since the first edition of this book was published. He was special and I miss him greatly.

About author

Dr. Tharp is the author of Trading Beyond the Matrix: The Red Pill For Traders, published by Wiley & Sons, in addition to four acclaimed books published by McGraw Hill: Super Trader, Trade Your Way to Financial Freedom, the New York Times Bestseller, Safe Strategies for Financial Freedom, and Financial Freedom Through Electronic Day Trading.

Dr. Tharp is the only trading coach featured in Jack Schwager’s best-selling book, The Market Wizard’s: Interviews with Great Traders. He has been featured in Forbes, Barron’s Market Week, Technical Analysis of Stocks and Commodities, Investors Business Daily and Futures and Options World, and Trader’s Journal, just to name a few.

Dr. Tharp has collected over 5,000 successful trading profiles by studying and researching individual traders and investors, including many of the top traders and investors in the world. From these studies, he developed a model for successful trading and investing in which other people can adopt and learn. He has developed a five-volume Peak Performance Home Study Course, teaching the results of this ten-year study.

He also developed the Investment Psychology Inventory Profile to help people better understand their strengths and challenges in relation to trading or investing. As well as How to Develop a Winning Trading System That Fits You, and wrote and published The Definitive Guide to Position Sizing™.

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