Eight Edges You Must Have: Your Written Trading Plan
By Van K. Tharp
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About this ebook
Wall Street makes it easy to jump into the game of trading. After all, they love taking your money. Trading without proper preparation could be a windfall for your broker, but fatal for your account. In this e-book, bestselling financial writer and trading expert Van K. Tharp shares eight essential rules that will help you NOT lose your shirt and even make a profit in the world of trading.
In Eight Edges You Must Have: Your Written Trading Plan, Van K. Tharp explains that success in the markets takes the same amount of—perhaps even more—work, study, and commitment that any other profession requires. For those people who are committed to learn how to trade properly, who do the obligatory work and possess the necessary talents, it is quite possible to make a lot of money in the market in the long run. To that end, he outlines the eight key reasons why people lose money in their trading and investing and shows how to avoid them.
- Lists the eight essential reasons people fail at trading—from the fact that you're playing Wall Street's game to the common misconception that trading is technical when in fact, it’s 100% psychological
- Written by recognized trading expert Van K. Tharp, bestselling author of Trade Your Way to Financial Freedom
- Reveals the secrets of trading psychology that can give traders a significant advantage
Utilizing charts and solid data throughout the book, Tharp arms traders with eight essential rules to follow to protect themselves from falling into the traps awaiting the poorly prepared and to maximize their potential for coming out winners in the game of the trade.
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Reviews for Eight Edges You Must Have
6 ratings1 review
- Rating: 4 out of 5 stars4/5I have learnt alot from this book.I have gotton what i want thanks to the author
Book preview
Eight Edges You Must Have - Van K. Tharp
Contents
Acknowledgments
Preface
Edge 1: Big Money Wins No Matter What: So Don’t Play By Their Rules
Building Your Edge
Edge 2: Realize That Trading Is 100 Percent Psychological
Edge 3: Being Right is Trading Mistake-Free
Building Your Edge
Daily Debriefing
Edge 4: Understand Your Trading Systems
Developing Your Edge
Edge 5: Knowing There Are Different Market Types That Must Be Treated Differently
Developing Your Edge
Edge 6: Understand That You Achieve Your Objectives through Your Position Sizing Strategies
Developing Your Edge
Edge 7: Treat Trading Like a Business
Developing Your Edge
Edge 8: Develop the Talent, Temperament, and Commitment to Be a Successful Trader
Develop Your Edge
Special Offer
About the Author
Appendix: The Market Types for the Past 14 Years
Index
Cover Design : John Wiley & Sons, Inc.
Cover Image : Financialchart ©Henrik Jonsson/Istock Photo
Copyright © 2013 by Lake Lucerne LP. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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ISBN 978-1-118-55685-6 (ePDF)
ISBN 978-1-118-55686-3 (Mobi)
ISBN 978-1-118-55689-4 (ePub)
This book is dedicated to the three people to whom I feel closest—my wife Kalavathi, my son Robert, and my niece/daughter Nanthini. I love you. You are my inspiration.
Acknowledgments
I’ve been working with traders and investors for about 30 years. Over that time, numerous people helped shape the thinking that has gone into this book. Tharp Think, as I call it, is a product of the knowledge of my modeling work with many, many successful traders and investors. Everyone who contributed in any way has my deepest thanks and appreciation.
I’d like to thank all of the people with whom I’ve done one-on-one consulting and those who have been part of my Super Trader program. You’ve shaped the thinking in this book far more than you know. You’re an incredible group of people, and I hope I’ve transformed your lives as much as you have mine.
I’ve personally taken so many transformational journeys over the past 30 years, and I’d like to acknowledge my teachers. Some of you were great teachers simply because you pushed my buttons and helped me look at issues that needed work. Thank you all.
I’d like to thank my staff at the Van Tharp Institute for their support in completing this book. Frank Eaves, Matthew Fair, Cathy Hasty, R. J. Hixson, Revathi Ramaswami, Micah Spinelli, and Jessica Whitman continually support me in the day-to-day operation of the company; without you, this book wouldn’t have been possible. In addition, I’d like to thank Jillian Ellis and Becky McKay, who are no longer at the Van Tharp Institute but have provided me with tremendous support.
I’d also like to acknowledge all of the great traders I’ve had the privilege of working with over the years. Many of you have made millions of dollars in profits in your trading careers by following the concepts contained in this book. Whether you helped me understand the concepts better or helped me prove to others that these concepts work, I extend