finance and investing

Van Tharp's earlier book, Trade Your Way to Financial Freedom, ranks with Market Wizards as a trading classic. Like Market Wizards, Tharp showed how the true "Holy Grail" of trading is to develop your *own* system, one which is perfectly suited to your own goals and needs. (I know it sounds wishy-washy... but believe me it's anything but.) Not only that but, unlike Market Wizards, Tharp showed you step-by-step how to actually do this! The result was, while far from perfect, one of the most amazing and probably the single most useful book on how to become a successful trader. I was hugely excited when I (a day trader) found out that Tharp's next book would be about day trading. Alas, it turns out to be a disappointment. It's not bad as such, only nowhere near the same level. Specifically, this book consists of: (1) material by Tharp that covers the same ground as before, only in less detail; (2) an overview of the basics of day trading, such as how to read Level II screens; (3) occasional insights and ideas which you might not find elsewhere. So here's what I would recommend. If you don't already know (1), run (don't walk!) to get Tharp's earlier book; don't even think about buying this one instead. If you don't already know (2), this book is a pretty good introduction to day trading, better than most that are out there. Lastly, is the book worth buying for (3)? It sort of depends. If, like me, you love to devour books about the markets, and believe that they more than pay for themselves if you get even one new tradeable idea -- then sure, buy it, just don't expect too much. If, on the other hand, you only want to spend your time and money on the very best books, well, this is no must-have. I like both authors, and they do know what they are talking about, but this book is far from the best that either is capable of. It shows all the signs of having been put together hastily.

This book contains a wealth of information - I strongly recommend it! The content is excellent, and the writing style is understandable and candid. Brian June not only discusses the nuts-and-bolts of day-trading (Level II screens, time-and-sales data, "ax" market makers, direct-access systems, trading strategies) but covers in detail how one should prepare prior to the market opening and how one needs to debrief trading after the close. Dr. Van Tharp covers two of the most important concepts of trading: risk management (i.e., capital preservation) and money management (i.e., position sizing). If you have not internalized these concepts into your belief system already read these chapters, memorize them. They are key disciplines as they will keep you in the game. Four days ago I recommended the book to another full-time trader, and he just wrote back saying, "I wanted to thank you for recommending the Tharp/June book. It is full of mandatory knowledge one needs, but also they make it clear what the requirements are to be successful. I am finding the book extremely enlightening - thanks again." I have been a student of the markets for over ten years having proceeded through the study of fundamental analysis, technical analysis, and trading psychology (in that order). I wish I had this information at the start of my journey.

i think the business side of trading is often overlooked by the private online trader and this is a great place to start. but don't just read it, do it! a constant reference and definitely needs to be reread every 6 months to keep you on your toes.