Go to Barnes and Nobel, buy a cup of coffee and browse through the book. If you find it worthful, then buy it. I wouldn't say Tharp's book is useless, but to really learn how to trade, get a book from a true professional, like Josh Lukeman's "Market Maker's Edge". rtharp, 40-50% per year aint bad at all, if can be verified with broker statement.
Nobody can do both? How about Tony Oz? Chris Schumacher? Ken Wolff? shall I go on?!?! Since when is teaching a "waste of time"? Personally I have found that when I have taught someone, it has been most rewarding both for the other person and myself. I guess it comes to beliefs as rtharp already mentioned. This is the blueprint that you apply to life. You and I seem to have different ones. Be careful of your beliefs!! They can empower you or imprison you!
WarEagle : very well said. period. I am sorry for those who disagree, 'cause obviously Tharp helped so many traders, including myself. That is in sharp contrast to so many bulls** out there. The other breakthrough books [much more expensive!] were from Tony Oz and Bill Williams [not larry]. But that's just me. [I found Robert Miner's work interesting too]. Please for the others hitting on Tharp's, what would you suggest ?
The statement mentioned earlier, "Teacher's teach, Traders trade" is a general truth. It's like the real world. Look at Colleges, and Universities. Why do professors teach? They have enough knowledge to be millionaires. The answer is that they either could not make it work when they tried(gave up), or they do not believe in themselves. They have the knowledge, but not the winnersâ personality. A small percentage of their students go off to become millionaires, and note that many millionaires did not get their knowledge from a formal education. It is specialized knowledge focused on a niche, and a burning desire to make it happen. The educational material being sold is mostly general knowledge (Basic). Why do books, courses, and seminars contain so much basic information? For sales, or for the greatest number of copies sold. Why was I not educated on the details, and the importance, in the area of Money Management, Risk Management, Consistency, and Position Sizing, in the over 10,000 dollars spent on seminars/classes, other than learning that Capital Preservation is the number one rule? Why didnât I hear the truth that many good traders went near bust before becoming successful? Because âMoney Makes the World go Roundâ, besides sex. People who develop seminars, and publish books, provide content to appease the masses (Their following). These wanna-bees do not want to hear the truth; they just want to feel good (short-term). Jeffrey
I have never taken Van Tharp's Peak Performance course but I have read both his books and found them extremely useful and refreshing in that they didn't stress specific trading strategies, entries, etc. Prior to reading them I had never considered the major role my psychology plays in my trading, but now it's so frightfully obvious. As to whether the Peak Performance course is worth the money that's hard to say until you've taken it and committed the time. If so, it's a very small price to pay vis a vis the potential gains. And I respect the money-back guarantee as quoted and explained by Robert. Regarding the endless (dare I say, useless) debate over the infamous those who can do, those who can't teach, there have been a large number of great teachers and coaches who didn't participate as a player in their respective arena. Vince Lombardi and John Wooden come immediately to mind in the sports field. In any case, each side is convinced of the righteousness of their position, and either you are open to receive teaching or you are always suspect of your teacher. It was asked: If he is good at trading, why waste time teaching? Personally, I don't see the connection as the question assumes that everybody should do anything they are good at?! There could be many, many reasons why a person who might be excellent at coaching traders, would chose not to trade himself. Without oversimplifying it, he may simply not have the desire or temperament to trade. I guess the flipside to the teaching issue is one of my favorite quotes by Flannery O'Connor who said: Everywhere I go I'm asked if I think the university stifles writers. My opinion is that they don't stifle enough of them. There's many a bestseller that could have been prevented by a good teacher.
I've got to pipe in here about the trading thing. In the original Interview in Market Wizards he was still researching clients, so he wasnt' trading. That was put in print and a few of you seem stuck on that piece. It is over 15 years old. My father actually used to trade his clients on a regular basis not long after the Market Wizards. He would coach traders and give his top graduates money to manage as quite a few started hedge funds or became CTA's. This was for a long time how he traded. He would trade his graduates. He started trading about 4 years ago when the market bubble started as he saw a great opportunity to profit that he couldn't resist. he trades so this arguement is pretty stupid about him not trading. What does it say on the first page of the preface Financial Freedom Through Electronic Daytrading??? The fourth paragraph 3rd line. -Brian June is a electronic direct access trader and Van Tharp is a swing trader and trader's coach rtharp
The peak performance course has been a great help to me, it not only is specific for traders, but it also provides incredible information on how our body and tought process work, i have benefitted greatly from it and recommend it to anybody that is serious about trading, however it is hard work! all the best.
Having taken many of Tharps courses, I can offer a few insights. That I have learned to give myself the most benefit. I was lucky enough to know almost nothing about trading except I had read both market wizard books. I took his home study course and found it to be most helpful just in life in general. You really do learn alot about yourself. Still today , almost 5yrs later I periodically review various sections of the home study course. I trully believe you never fully complete the course, but it is a life long process. If you choose to take the home course then study it at your liesure and after a year then take the live course. Your results will be magnified. In fact I would suggest that with any of Tharp's courses you read as much material as possible about the subject matter at least 6 months prior to a live seminar of his and you for sure will be ahead of the learning curve. I would suggest reading both of his books even if you don't trade. I studied Tharps material, took his courses along with other readings and courses for 4 yrs before making one trade, and can say for sure that I am comfortable trading today and do so with out stress,plus I have learned an awful lot about my self. As far as the cost is concerned it is very small in the big scheme of things, especially if you want to be a peak performer in what ever you do.
My 2 cents worth-- I'm putting in a vote for Van Tharp and his ideas, and it doesn't really matter to me if he trades or not, nor does it matter to me if teachers can trade, or vice versa. As I watch the market every day my subconscious constantly goes back to his ideas. Technical analysis, IMO, is largely a game of smoke and mirrors. Patterns are easy to distinguish after the fact but are constantly evolving in the present. Know matter what pattern or setup you see or act on to enter your position, once you're in you are floating with the tide until you pull the trigger to exit. All the control you feel you have over your trade by " making the market do what you want before you entered" is at the moment of entry lost. All you are left with is control of risk in your position. Van Tharp is right to stress position sizing and position management because these are the things that keep you in the game and increase your returns. Searching for the magic entry is fools gold. DJC