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When I first starting trading and investing, all I wanted was a hot stock tip. I didn't want to put in any hard work, I didn't want to do research, I just wanted to either be told what to do, or make a quick choice based on gut instinct, and hope for the best.
As I started to work on wall street, I came to learn the complexity and the magnitude of information available. It can be overwhelming. I also learned, slowly, that there are thousands of different ways to make money in the markets -- from long term investing, to incredibly short term trading.
One of the major points in Van Tharp's book is that in order for YOU to make money in the markets, you have to know what makes you comfortable. This was an invaluable lesson for me, as I'd been trying to trade in a way that didn't suit me: when I make a profit, I get antsy, as I've watched too many profitable trades go against me because I sold too late. That's OK -- that just means I should incorporate, say, a trailing stop into my personal trading system.
Van Tharp provides many different kinds of systems and approaches, without favoring any. His intent is to let you read them over and see what sparks your fancy. For me, this was invaluable, as I really appreciated the information and did find myself having strong reactions to certain trading systems, and rolling my eyes at others.
This is no quick fix (and anyone who says there is one is trying to sell you something that's probably not worth your money). But if you have the time and the determination, this book will set you on your way to building yourself a profitable, and personal, trading system.
Thank you for the review. I had previously saw the title of this book but was hesitant to buy it as I didn't want another useless book. It sounds like I could learn a lot by reading it. thanks again!
Thanks for the awesome review. It's hard to find a good finances book that doesn't just give you schemes. This sounds like a good one to check out.
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