I am planning to buy one of Van Tharp's books because I am specifically interested in his philosophy on position sizing. I saw that many of you have recommended his book, "Trade your way to Financial Freedom" here on the forums. I see he has a newer book out though called "Super Trader: Making Consistent Profits in Good and Bad Markets". Has anyone read both and can make a recommendation as to which one is better? I will probably just end up getting both but would appreciate any insight.
The following user says Thank You to Dusty909 for this post:
I read the first one and liked it. I am about to buy the second one you mentioned too and look forward to it.
Super Trader: Make Consistent Profits in Good and Bad Markets, by Van Tharp
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Also, I've moved this to the Money Management forum, since I think Van Tharp would want that
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The following 2 users say Thank You to Big Mike for this post:
I just finished "Supertrader" and found it quite good. It covers a lot of criteria (similar to futures.io (formerly BMT)'s trading forums) and his writing style is easy to read. I'd recommend this book. It has wet my appetite for more information on what he calls position sizing. This is covered in another book called "Definitive Guide to Position Sizing" which is currently a $120 touch.
PS Hey Mike - great forum you have going here. M
The following user says Thank You to Meggs for this post:
Thanks guys, I did end up buying the first one and thoroughly enjoyed it. I particularly found his discussion about how relatively unimportant "entries" are compared to the rest of the trading system, considering that is what 99% of people focus on the most.
Meggs - I just ordered the "Definitive Guide" from his website but won't be here for a couple weeks. Yes, it was a bit pricey but will hopefully be worth it!
The following user says Thank You to Dusty909 for this post:
I have read the first and flicked through the second in a bookshop. The supertrader book, to me, is a much lighter weight book. If you want the meat of his ideas then TYWTFF is more appropriate. if you want an intro then supertrader is good.
I recently read some posts on the trading blox forum about the random entry system, mentioned above, that Van Tharp talks about in TYWTFF and they pointed out some problems with that system - can't remeber exact details or link but it is worth searching for it for an alternative opinion.
I also bought his new position sizing book - expensive (only available thorugh the ittm website I think). Filled with interesting ideas. But a certain ammount of recycling of ideas from TYWTFF and a little disjointed - nothing really tying all th eideas together. He also had to issue a big addendum afer publication as a lot fo the calculations were incorrect - that kind of lack of attention to detail makes me wonder.
I am considering the much more expensive Peak Performance stuff (which, was his original work). However, am a bit concerned that there won't be a lot new in it. To me, Van overdoes the upselling thing a bit.
I find all of Van's stuff interesting but a little all over the place. I think I find it lacks an overarching single focus or something.
On balance, though, I have benefited from reading his stuff - especially for introducing me to position sizing and persuading me to work at the psych aspect. (Credit where credit is dueI was first introduced to Van Tharp and position sizing by the guys at mtpreditor.com).
The following 5 users say Thank You to svuhmed for this post:
Svuhmed- thx for ur post. I know it'a a long time since ur post. I was wondering what u'v concluded about Tharps work, courses & or home study courses..if u'v tried any. I'm halfway through Super Trdr [I haven't tried anything else of his yet.
I got MTP a couple of months ago...still paper trading since i haven't yet gotten profitable on a consistant basis yet.
How do you find MTP?
I was wondering if my MTP use would improve after trying one of his home study courses.
The following user says Thank You to Tallyho for this post:
I think the major benefit I got/am getting from the peak performance home study course is to appreciate the importance (for me anyway) of getting the mindset right and was what finally induced me to go and work at that aspect properly. I did learn some interesting things from it which are/will be helpful. I have recently gone back to Maxwell Maltz Psychocybernetics book and am finding that approach more directly helpful than Van Tharp's. However, I suspect the PPC has helped me see Maltz's approach in a light that made me actually apply it this time.
I find Van Tharp's stuff a little rambling and disjointed. It is possible that this is a deliberate teaching ploy on his part (kind of like that infuriating - but admittedly effective - approach to teaching that involves answering every student question with another question). It is also possible that crystal clarity is not one of Tharp's strengths. Either way, I am glad I purchased it and have benefited a lot from it. It is still on my desk in front of me.
As for mtp, I still think it probably has a lot of good in it. But, for me, there are holes that I am only now starting to fill from other sources. I am about to purchase the modus trading course which is linked to the trading blox software (google the terms for more info). This more automated systematic mechanical approach to trading seems to suite me better than the partial discretion that the mtp approach requires. The trading blox forum, in particular, seems to be a masterclass in trading - look for posts by sluggo, Forum Mgmnt and Tim Arnold in particular. The whole forum seems to be populated by skilled, experienced professionals from the trading arena.
Again, these are comments from someone who is not there yet - but a lot closer than I was when I wrote my previous posts - so take them in that light. I am realizing the truth of what I have read many times - not least from Van Tharp - the trading system I have must fit me. I may have to go through many failed attempts to find that system - but the rewards in terms of lifestyle and income at the end are, for me, worth sticking at it.
The following 3 users say Thank You to svuhmed for this post:
I've read both TYWTFF & Super Trader a few months ago and really enjoyed them.
TYWTFF 2nd edition is a good staple and a must read in my opinion. It can be an eye-opener, even if you think you know everything about trading, money management and psychology.
Super Trader really helped me (re)discover the importance of money management and the crucial psychological aspect of trading. Even if most of you fellow traders on this community are stressing the importance of this topic, I was still resistant to commit myself to the task.
And I'm now fully open to the golden content of the "Psychology and money management" thread and I am now spending most of my free time working on the improvement of myself, both as a trader and as a man. And it really changes my life for the better.
So, if you're not convinced of the truth of how important money management and psychology are, then I think you should read these books and find your way to improve yourself, with the support of the community.
Thanks to all of you.
The following 4 users say Thank You to master for this post: