business and investing

Dr. Tharp's book is one of the finest trading volumes written in the past ten years, if not ever. While some books are chock full of hazy trading axioms and incoherent discussions of technical indicators, Tharp's book is clear and meaningful.

And don't let it put you off that he writes about systems. There is no expensive software or models necessary here. A complete, efficient system can be tested using a little ingenuity and an Internet connection. Indeed, Tharp evaluates everything from Warren Buffett's "system" to the more complicated ones. Even though there is a thorough examination of technical and fundamental entry points (including a brief segment on the techniques of the mysteriously successful Turtle Traders, who sell their techniques for $1,000), the point of the book is to deemphasize entry and focus on position sizing and the value of the trading system, or expectancy.

By describing R-Multiples, stop losses, and profit-taking exits, Tharp discusses a subject overlooked by 99% of market manuals, answering questions such as:

-What do I do if my position declines? Where do I sell?
-When do I know that the market move is over and take a profit?
-How much do I risk on any one trade?

Investors and traders will be surprised to learn that one can create a very successful system that is "correct" 30% of the time, and one can be very UNsuccessful with a system that is correct 90% of the time.

In this respect, Tharp's book is profound, teaching individuals the real secrets of a Holy Grail system of trading and how virtually any concept can make money if you have the right techique.

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!

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.