According to Tharp, the key element of trading success is position sizing. What are my objectives of trading? Once you determine your objectives, you need to design a position sizing method to meet your objectives. Before starting to trade, you must ask yourself one question. The book includes position sizing strategies, position sizing models, objectives, quality of your trading system etc. Tharp has been helping traders about positioning sizing strategies and how do you use them. Doesn’t matter what are you trading into be it futures, options or stocks, you will know almost everything about money management. According to him a successful trader is the one who expertise himself in money management. His all books are based on system development, position sizing, risk control, the psychology of trading and much more.
Van Tharp is an American psychologist born in 1949. However, the average person does exactly the opposite: he or she bets more after a series of losses and less after a series of wins.” – Van K. “When you understand what’s involved in winning, as do professional gamblers, you’ll tend to bet more during a winning streak and less during a losing streak.
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