Join Producer Phil and Book Club host Garrett Holden for a discussion about Trade Your Way To Financial Freedom by trading psychologist Van Tharp.
Description
Join Producer Phil and Book Club host Garrett Holden for a discussion about Trade Your Way To Financial Freedom by trading psychologist Van Tharp.
Van Tharp is a renowned psychologist that holds private trading strategy building sessions for upwards of $20k per session. Fortunately for the average person, he also wrote Trade Your Way To Financial Freedom. There are many parallels between the book and what Matt and Tim espouse for trading, too: know what kind of trader you are, set goals, follow your trading plan, and more. One main expansion Trade Your Way does offer is a look at expectancy, or roughly your odds of success in a given enterprise (trading in this instance). If after doing all calculations for odds of success and failure, Tharp posits that if the calculation yields a net positive, your strategy should be done as much as possible as often as possible. That’s not to say it should be traded blindly; that would affect the expectancy, anyway. It’s more that in following your personal trading rules, you should perform the trades as frequently as your rules and account will allow.
Garrett delves into this concept and others in episode 161 of Trading Justice.
Notes
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