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Eight Edges You Must Have: Your Written Trading Plan

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Eight Edges You Must Have: Your Written Trading Plan

Van K. Tharp

ISBN: 978-1-118-55689-4 April 2013 96 Pages

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Description

Why investors lose money and how NOT to

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.

Acknowledgments ix

Preface xi

Edge 1: Big Money Wins No Matter What: So Don’t Play By Their Rules 1

Edge 2: Realize That Trading Is 100 Percent Psychological 9

Edge 3: Being Right Is Trading Mistake-Free 13

Edge 4: Understand Your Trading Systems 21

Edge 5: Knowing There Are Different Market Types That Must Be Treated Differently 25

Edge 6: Understand That You Achieve Your Objectives through Your Position Sizing Strategies 31

Edge 7: Treat Trading Like a Business 37

Edge 8: Develop the Talent, Temperament, and Commitment to Be a Successful Trader 41

Special Offer 45

About the Author 47

Appendix: The Market Types for the Past 14 Years 49

Index 65