Commit completely. In other words, become a trader. No one is better suited to help you make the transformation than legendary trading educator Dr.
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Combining the sharp insight and technical brilliance that have drawn legions of investors to his books and seminars, Tharp provides a holistic approach for becoming a successful full-time trader. His system--a meld of investing psychology and sound trading practice--is the secret to achieving optimum conditions that produce results in both bull and bear markets. Using the lessons of Super Trader , you will approach trading as you would a small business--realistically, systematically, and enthusiastically.
Drawing on his decades of experience, Tharp has created a simple plan designed to help anyone successfully navigate the market that includes the following:. Throughout the book, Tharp raises the pertinent questions you must ask yourself about becoming a trader, being a trader, and succeeding as a trader. The rewards that come with being a Super Trader--both financial and personal--make you feel as if you can leap small buildings in a single bound.
Whatever your skill level, Tharp provides the formula for succeeding in a field where most people fail. Stay ahead with the world's most comprehensive technology and business learning platform. With Safari, you learn the way you learn best.
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View table of contents. Start reading. Even if you were gave a good strategy you probably still would not be profitable in the markets until you understood how and why the strategy was profitable. If you are new to the game you should be learning the basics through many free sites here on the web.
Such as investopedia or many others. Yeah maybe you will lose money slowly but this allows you to stay in the game long enough to persevere with a successful strategy. Also more importantly minimizes your draw down with a successful strategy. Now lets assume you have found a successful strategy and your only fault would be executing improperly this is where this book would be helpful. Now position sizing as i explained minimizes your draw down with a successful system.
Now heres the kicker. You may think how am i going to get rich only risking a small portion of my account each time. Like Einstein had mentioned compounding is the eighth wonder of the world. Approximate estimate.
Super Trader, Expanded Edition: Make Consistent Profits in Good and Bad Markets, 2nd Edition [Book]
So in a nutshell position sizing profitable strategy and compounding will pave the way to supertrader status. Anonymous: I didn't expect Tharp to provide a "magical holy grail strategy". I expected there to be some discussion of the author's idea of successful trading strategies, but there wasn't any.
I don't think anyone needs a whole book to read the message to not put too many eggs in one basket. Michael James: Trading strategy which fit you , you should find in yourself, not in a book. I suppose that you still didn't pass your way to successful trading. Once when you come near success, you will see that you will be sorry why you didn't take this book more seriously.
Super Trader, Expanded Edition: Make Consistent Profits in Good and Bad Markets
But you are still in a phase that you are looking for strategies, looking for a Holly Grail, like previous Anonymous said :. Anonymous: I've found my strategy, thank you. I did take this book seriously and found it wanting. I am suspicious with Van Thorp too.
I think trading and talking about it are two different things. You can give a man a fish and feed him for a day. Teach him how to fish and feed him for a lifetime. But if that teacher never caught a fish will you ever get one yourself? The bottom line is still just getting fish! Pages Home About Contact.
Tuesday, November 3, Super Trader. Tharp is definitely not what I expected. I thought the aim would be to show me how to make consistent trading profits. Instead it assumes the reader already knows how to profit by trading and needs help sticking to a proven system. Tharp paints a picture where profitable trading strategies are a dime a dozen, but the discipline to follow a system is the real key to success.
This could easily be self-fulfilling; unless a trading strategy is described extremely precisely, a trader could look over the losing trades for a year and decide that many of them were mistakes. God Some of the subject matter of this book seems more suitable for athletes.
Now my next trade is sure to be profitable. Einstein The author attempts to link his ideas to Einstein a couple of times. For very active traders these trading costs can be substantial. This book is filled with references to systems with incredible returns without giving any hint of how they work or any proof that they actually exist. One day he announces that he has a great new idea: the company needs to double revenue while keeping expenses constant. The idea that the work toward meeting this goal is now half done is laughable. To prove this he devised a random trading scheme as follows.
For each of 10 commodities toss a coin to decide whether to go long or short. Choose an exit point to cut losses equal to 3 times the trading range over the last 20 days. Otherwise, ride profits indefinitely.