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Mr. Tharp has become the de facto major voice on just what "Money Mangement" embodies. Many traders, particularly "beginners" are focussed on their technical system, simple entry rules, and quite likely stops, but neglect position sizing entirely, thereby risking far more of their capital than is wise, particularly trading is their intended livelihood.
Well worth the rather stiff price, also be prepared to invest mental elbow grease as you'll be slogging through concepts that at first you may have little interest in implementing. Having put in the work, once you "get it", your view of money mangement will be far more realistic. Having cleared the "money mangement" minefield, you are better prepared to treat trading seriously at a deeper level and can take the next step, which is your psychological readiness for trading as a business. But that is another book and another author!
Product Details
* Hardcover: 482 pages
* Publisher: McGraw-Hill; 2 edition (November 22, 2006)
* Language: English
* ISBN-10: 007147871X