Trade Your Way to Financial Freedom
by Van K. Tharp · first published 1999
100% recommend
Why HN recommends it
Argues that position sizing and risk management matter more than entry signals, with a focus on keeping losses small relative to capital. It serves as a strong starting point for trading beginners.
Summarised by Claude from recommending comments
"This book will, quite simply, forever transform your perceptions of successful trading. Once you become aware of the all-important psychological foundations for system design, and understand the 6 key elements to making money in the market (along with which elements are most critical!), you'll be able to develop a trading system that meets both your personality and profit objectives."--BOOK JACKET.
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…you're looking for trading advice or development advice, but I woudo recommend these books while you are doing system development: - http://www.amazon.com/Trade-Your-Way-Financial-Freedom/dp/00... - trade your way to financial freedom by Van Tharp - the entire 'market wizards' series (http://www.amazon.com/Market-Wizards-Jack-D-Schwager/dp/0887...) - there are three (or four?) books in the series, all are worth reading. The final…
on “Ask HN: Automate Stock Trading?” ↗There's a ton of financial blogs that would help you get started, and those can be more valuable than books. The ones I read are on my blogroll at investingwithoptions.com Read Van Tharp's Trade Your Way to Financial Freedom it's a must... teaches you that the entry is not important. It's the position sizing, risk management, and the exits. Also: - Options as a strategic investment - Mind over markets
on “Using an automated day trader to generate income” ↗Anything by Van Tharp. He trains traders at all levels for a living. My personal favorite is "Trade Your Way to Financial Freedom".
on “Using an automated day trader to generate income” ↗…personality, and then take the time to get rid of their mistakes. As for books, here's what I recommend: - Intelligent Investor by Ben Graham - the take away in this book is the 'margin of safety' concept - Trade your way to Financial Freedom by Dr Van Tharp - the take away in this book is that active management by position sizing and risk setting dictates more of your return than your actual strategy. - Market Wizards, The New Market Wizards…
on “Ask HN: How did you learn about stock market/trading investing ?” ↗…commission fees will eat you for breakfast trying to exercise a 1% (position) risk model on an insufficient amount of capital. Things like Robinhood[0] unfortunately didn't exist back then. As far as books, Trade Your Way To Financial Freedom cannot be praised enough. Though I usually refrain from mentioning it because the title has this get-rich-quick vibe, it's nothing of the sort. Van Tharp was (and for all I know, still may be) the world's…
on “Ask HN: Automate Stock Trading?” ↗BTW, the above is a very very brief summary of Van Tharp's book Trade Your Way to Financial Freedom [0], which I highly recommend to anyone interested. [0] http://www.amazon.com/Trade-Your-Way-Financial-Freedom/dp/00...
on “Mystery Man Moving Japan Made More Than 1M Trades (2014)” ↗