I don't know Van Tharp's books, but Douglas is overrated. I don't like his books. It's much better to read the classic's like Baruch, Livermore and Darvas.
Again a vote for Tharp's first book, Trade you way to financial freedom, only. The second is imho not really written by him, but mostly by Brian June, the co-author. It's a beginners guide to day-trading written in the hype-era 2001. Tharp has added two chapters and much ads on his courses and other offerings. A third is currently promoted heaviliy elsewhere, but I remain very reserved on Tharp. Strange, but snake-oil comes to my mind thinking off him. Douglas is down to earth psychology. Both book somehow overlap, but are good to read. So I'd recommend reading Douglas first, then Tharp's first book.
I have read Trade Your Way To Financial Freedom and both Trading in The Zone and The Disciplined Trader and the Path to Consistency Workshop by Douglas and find that for me I get much more from any of Douglas' works. It is hard work to read and put into operation the steps you need to make as outlined in Douglas' works. If you find his stuff doesn't work it is because you are blocking out something in your mind that he advises looking at. Both of his books won't make sense until they are read multiple times. If you take a look at the steps he shows you will find your weaknesses. An outline of both is below. THE FOUR PRIMARY TRADING FEARS 1. BEING WRONG 2. LOSING MONEY 3. MISSING OUT 4. LEAVING MONEY ON THE TABLE CONSISTENT PROFITS RESULT FROM TAKING CONSISTENT ACTION THE MARKET IS ALWAYS RIGHT THE MARKET WILL ALWAYS BEHAVE IN AN UNSUSPECTED MANNER TRADING METHODOLOGY GIVES PART OF AN EDGE PERCEPTION GIVES THE REST OF THE EDGE SUCCESSFUL TRADING REQUIRES LIMITING LOSSES- BOTH REAL AND LOST OPPORTUNITY LOSSES CAUSED BY NOT TAKING AVAILABLE PROFITS The Five Fundamental Truths 1. Anything can happen. 2. You donât need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique. The Seven Principles of Consistency 1. I objectively identify my edges. 2. I predefine the risk of every trade. 3. I completely accept the risk or I am willing to let go of the trade. 4. I act on my edges without reservation or hesitation. 5. I pay myself as the market makes money available to me. 6. I continually monitor my susceptibility for making errors. 7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them. Trading Errors 1. Not Predefining risk before entering a trade. 2. Not cutting your losses. 3. Letting a winning trade turn into a loser without taking any profits. Have an organized, systematic, money- management regimen for taking profits when the market goes in the direction of your trade. MJ
Van Tharp is anytime much much better than Douglas. Douglas book is lot of mumbo jumbo and has no coherence. Lot of the reviews on this book on Amazon look like planted.
Thats some statement. Mark Douglas Work is Absolute Brilliance.If you like Trading in the Zone you should invest in Mark Douglas Video Seminar.Its $2000.00 but worth every cent!!!!!!
Now this would make a nice poll Sounds like Muhamed Ali vs. Joe Frazier is nothing against Douglas vs. Tharp