I am rating this book 4 stars (higher than it deserves) since it will get you to examine your trading ideas objectively and because it has key ideas that every trader must know. That being said, I must make the following points:
1) The book is unedited. You will read sentences similar to the following: "In this chapter we will look at a key strategy and then add it to what you read in the previous chapter and then later in the next chapter you will remember what you read four chapters ago, and add it chapter 8." Then there will be a sidebar that repeats this verbatim. The entire book could be written in a concise powerful 100 pager that would be an instant classic and sell a zillion copies. Instead, sadly, it will collect dust on shelves everywhere and look impressive in your library but not be read.
2) Key content is held back. You have to read fifty pages of nothing to get one sentence of value and then only a snippet of detail is given. Van Tharp is either too scared to commit his ideas to paper or wants to keep content available for his seminars or workshops (read high priced seminars & workshops).
To sum up: a dry, painful and depressing read; but one you must make to go to the head of the class and pass the exam.
If you want to pretend you read it, just say the following at your next cocktail party. "Yeah, position sizing is important. You can have a profitable system and still lose money like Van Tharp talks about in his book." That's it, I just just saved you 20 hours of reading torture; please send me a check in the mail.
The book starts off with "the holy grail" analogy that most traders search for, with Joseph Campbell quoted to eloquently lure you in (that gets you nowhere) and then goes on to pitch to YOU - hooked from the title, to find that perfect strategy for "Financial Freedom" only to end up reading a sales pitch, followed by some more inner searching, that TRULY DO NOT help you with "Trading Your Way to Financial Freedom."
What burns me about this book is that there are people who will be suckered into buying every "home study course" "weekend workshop" (for two grand) "CD Series" and it's a domino effect when you're promised to learn what the title says, and that is NEVER DELIVERED!
Here are some quotes written by the author - you're smart, judge for yourself:
"I am not a full-time trader. I do manage my company's retirement funds, but I'm a full-time coach for traders and there is a big difference. If I were a full-time trader, that's all I'd be doing."
(Well, in my humble opinion, then what is the REAL MOTIVE for this book???)
"For more information about business planning, I strongly recommend our business planning CD series."
(Excuse me; are we trying to SELL something here?)
"What are your five biggest sources of internal conflict?. . . If you know the answer, just list all of your sources of conflict. You don't have to limit it to five. For each source of conflict, identify the part of you that is involved (see book three of the Peak Performance Course to learn more about parts) and what it's positive intention is for you."
(rakes you over the coals with "the Peak Performance Course" adds some psychobabble and then another sales pitch below with some more quotes to get you going in circles)
"If you cannot think of five sources of internal conflict, then answer the fol¬lowing questions, and you'll probably find lots.
What's your financial freedom number? If you don't know, why not? If you do know, what steps have you taken to move toward financial freedom? If the answer is none, why not? Do you want financial freedom? And if you don't know anything about financial freedom, then read the first section of Safe Strategies for Financial Freedom."
Now, HERE IS THE CLINCHER:
"First and foremost, I just want traders to know that it isn't hard to create a system that will generate 80R, which is 80% a year (if you risk 1%). The important part to realize is that every mistake that you make can cost you 2R, and your profits can just slip away. So the ultimate goal is to make as few mistakes as possible."
IF YOU HAVE AN IQ OF ABOUT 10, THE FINANCIAL FREEDOM TRADING ADVICE QUOTED BELOW should get you to buy into this:
"If you create a good system and do not make mistakes, you can make a decent living trading."
(Are you convinced now?)
Bottom line: There is no "holy grail" or "perfect" market strategy - trade for the love of it, leverage and diversify to keep your sanity and peace of mind. All this book does is try to sell you more products and services, the one thing it does NOT do is what the title says, and that is ENTIRELY MISLEADING - and THAT is what I"m so steamed about.
My personal book recommendations in the financial arena are: "Think and Grow Rich in Sixteen Lessons" by Napoleon Hill along with an updated version of the original "Think and Grow Rich" also by Napoleon Hill. Both are available here on Amazon.
XEM THÊM TẠI AMAZON.COM
- Link: http://www.amazon.com/Trade-Your-Way-Financial-Freedom/dp/007147871X
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