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Agreed Van Tharp is very retail. But, if you have no knowledge of risk management he does explain it in a fashion that is easy to understand. Also, his more advanced work "the definitive guide on risk management and position sizing" is much better than his retail books like "trade your way to financial freedom".
That's also why I included Ralph Vince. Much more quant!
Cheers,
Sody
"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
Van Tharp is not a trader and while I have read his book (the main one a long time ago), to me it seemed like it was written with the intention to sell his courses. Call me paranoid, but real traders tend to talk with a lot more respect about risk. Systems vendors tend to play that down a lot.
Also, do a search on Seykota's FAQ for Van Tharp. When he was writing his position sizing book, he contacted Ed for advice and asked Ed for 10 position sizing rules. Ed's responses to his requests seem hilarious, but in reality Ed really hit the nail on the head. Unfortunately, it sounds like Van completely missed Ed's points.
After reading Van's TYWTFF I went to his website and registered. However, everything seemed aimed at selling me more trading courses and based on his emails and other marketing crap it seemed like he really "knew what I needed to improve my trading". He holds the record for sending me the most spam.
See my post above regarding his risk management book. Since Van Tharp considers himself an expert at managing risk and sizing positions (he applied to trademark "position sizing" - not sure if it was approved / rejected / pending), I would assume that he does not need to request Ed's advice. Since he needed to ask, I am assuming that he is not as knowledgeable as he would like to be. Thus, I am extremely sceptical of anything coming from him and would loathe to have him earn royalties on a book that adds no value to me.
Completely forgot about Ralph Vince though. Those books on are still on one of my Amazon wishlists. Should probably order them. I suspect they are much better.
