Financial Freedom Through Electronic Day Trading
Financial Freedom Through Electronic Day Trading has a chapter on business planning which is one of the best sources of written material on the topic. Plus other chapters in the book offer solid advice on practical trading.
However, shortly after the publication of this book the decimal point rule changed on the exchange and the techniques recommended in the book are no longer valid.
We only keep a small supply of this book on hand still because the chapter on business planning is still a great value for the price of the book!
Excerpt from Chapter Three "Design a Plan Even Goldman Sachs Might Envy"
"Trading is one of the oldest concepts on the planet and that’s an advantage to your new business. You don’t have to re-invent the wheel. What you have to do now is create a written set of instructions to your brain. Instructions that will turn your concepts into cash. Think of your business plan as Cliff Notes on “How to make money by trading!” because that’s what it will be once it is completed. Since only the best traders have the discipline to make such a plan, you’ll have one of the “edges” you need to compete alongside the top market makers and traders.
"For most people, writing a business and trading plan is about as much fun as having a root canal. Another issue is that most traders have very little if any b-school or business background. If this describes you, you may not have been exposed to the disciplines of writing a business or trading plan. And you may consider it pure drudgery!
"But before you despair, remember that these plans are vital guides along the path to long-term profitability. Also focus on the fact that even though some traders have a trading plan, which dictates what they do day-in and day-out, they can't distinguish between daily trading and running their business profitably. They are so close to the trading activity that they can’t see the big picture. The problem is, they never step back and get a large enough perspective to see where the trading is taking them from a business standpoint, and how their trading fits into their overall mission.
"The purpose of the rest of this chapter is to relieve the anxiety about writing trading and business plans. We’ll do this by guiding you step-by-step through generic business and trading plans and then by giving you working models of simple but effective plans".
Financial Freedom Through Electronic Day Trading gives you the trading tools and the psychological insights to control your emotions, master every market and trading environment, and knock hundreds of hours and thousands of dollars from your electronic trading learning curve.
From little-known day trading entries and exits to techniques that foster winning attitudes and styles, these practical ideas will help readers develop their own personalized trading systems. The perfect combination of psychological preparation and hands-on practice. (Remember, after the decimal rule change on the exchange, shortly after the publication of this book, most of the strategies in this book became obsolete)
"I purchased two of your books as soon as they came out and I was very impressed. I did not purchase "Financial Freedom Through Electronic Day Trading" because, quite frankly, I was never interested in being a Day Trader. Because of numerous references in other books and your Trade Mastery newsletter to the business plan section in this book, however, I broke down and purchased the book. It is truly a gem and should be required reading for ALL traders. You just used the wrong title!
"I know of no other book on business planning that provides such relevant information for the trader. Not even Pristine Day Trader (which markets a video on business planning) comes close. Great job. Please do more on this subject." — Bill Johnson
Reviews from Amazon.com:
"Yeah, yeah, I thought, as this book sat on my shelf for a couple of months. Another one of those "day trading books" I thought.
Boy was I wrong! For those of you who don't know, Dr. Tharp was included in the original Market Wizards classic. He has modeled many top traders and figured out the common denominators they all shared. He says that you can't duplicate their success unless you can duplicate their thinking. In this book he and Brian June go into these concepts, step by step, to help you develop a solid game plan for success in the markets.
There are methods to develop discipline, self-control, money management, and risk control, to name a few. These are the concepts most daytraders overlook, which probably contributes to the high failure rate(90%). Definitely technical and fundamental analysis, sentiment, etc. are important, but this stuff is equally if not more important. He also gets into helping you think of day trading as a business, not a hobby, as well as guiding you through creating your own trading plan.
Day trading is certainly not easy, and you need all the help you can get. This is one of those books, that you should not only read but use. Bring the concepts to life and you will undoubtedly be rewarded. Hopefully, this book will be just an introduction for you into Dr. Tharp's world."
— Rating by Reviewer: "Highly Recommended"
"This is the best book I have read on the subject to date. The book clearly outlines not only the technical aspects of trading but the mental preparation required for consistently profitable trades. The book presents a solid foundation for those inquiring about a day trading career, and goes beyond establishing the foundation with technical insight and strategy."
— Rating by Reviewer: "Read This Book First"
|Product Name||Financial Freedom Through Electronic Day Trading|