The World’s Only Spiritual Trading Book?

The World’s Only Spiritual Trading Book?

The World’s Only Spiritual Trading Book?This is a trading book like no other. Van Tharp is one trading author that helped me get over the hump to trading success with lessons from his past books. It is hard to argue against the fact that Van Tharp is one of the top psychology coaches for traders in the world. In this book he reiterates and expands on many key concepts that lead to trading success.

1. Trading with the use of R Multiples. Risk a set amount per trade with the goal to make a minimum of three Rs for every one risked. If the trade is does not work out cut the loss at 1R.

2. Only trade if you have an edge, which is defined by only taking the very best trading opportunities, position sizing correctly, being in control of your feelings, and having a great risk to reward ratio, etc.

3. To be a successful trader you must know what your trading objectives are, how much do you want to make in a year? What percent of return are you looking for?

4. You need defined goals of whether you want to trade for a living, make a million dollars, or just trade for capital appreciation.

5. A primary goal of this book is to make the leap from trading our opinions about the markets to trading what is actually happening in the markets.

The power of this book is in the psychology and spiritual insights shared by both the author and many successful traders that share their journey with the reader with the chapters they wrote for this book.

6. Traders must analyze their beliefs to see if they are helpful in their life or need to be discarded for more pragmatic beliefs.

7. Traders can overcome negative emotional charges linked to beliefs and circumstances by being mindful of why emotions are surfacing in certain situations.

8. The book explains how traders must battle with many different desires affecting our trading due to different persona’s battling each other. Traders are fathers, husbands, risk managers, want to be right, want to win, and want to pay bills, these conflicting priorities is what can make traders go off their plans and do strange things that they didn’t want to do.

9. If a trader’s top priority is to be right all the time they will have a very difficult time. Great traders judge a good trade by a trade where a trading plan was followed regardless of the monetary out come.

10. The big difference in this book is that Mr. Tharp believes that Super Traders must be in touch with their own inner guidance or a higher power to truly excel in the markets.

I got a huge value from this book’s teachings. It went deep down the rabbit hole of some super trader’s psychology and spiritual paths to success. It really made me much more mindful of my own issues on those levels. This book does have New Age spiritual teachings that may offend church goers and the members of some main stream religions. Agnostics and Atheists will also have trouble with many of the concepts of this book. I had trouble with the spiritual journey and ‘miracles’ of Chapter 10 and I am very open minded and pragmatic. But that did not diminish the value I received from this book’s principles. With that said it is possible to use the spiritual concepts in conjunction with your own spiritual beliefs about a higher power, also Atheists higher power may be probabilities and universal laws and their inner guidance may be logic and reason over emotions.

This trading book is one like no other and very helpful with any traders trying to overcome the mental or spiritual side of trading the financial markets which is what trips many up.

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