Van K. Tharp is a consultant who specializes in coaching traders and investors (this author also has a few Finance best-sellers under his belt).
The author covers several seemingly simple trading concepts and ideas. The depth of these concepts is made clear as you read through the chapters.
Looking beyond the self-promotion, which the author isn’t shy about, Tharp boils down the importance of your own personal situation when trading.
Tharp explains the attributes of some existing systems but, ultimately, directs the reader to think beyond simply entering positions and following an established system. The author urges the reader to think about risk reduction, exits and position sizes that ‘work for them’.
In short, Tharp points out the need for compatibility between your trading method, personality and circumstances.
Tharp believes the ‘psychology of the market’ and its participants are utterly important when making investment decisions and, as such, discipline and self-awareness are crucial – we certainly agree.
Traders with different levels of experience may have differing ‘take-aways’ from this book, and we believe anyone with an interest in trading should read it.