Welcome to my first trading book review post for the Technical Forex site. The first book for review is Dr. Van K. Tharp's Trading Beyond the Matrix: The Red Pill for Traders and Investors. Dr. Van K. Tharp has been coaching and helping traders and investors improve their skill and mindset since 1982. He has assisted people in system development, trading psychology and money management. Dr. Tharp is the founder and president of the Van Tharp Institute, which is dedicated to providing high-quality trading products and services. He has given speeches and provided trading seminars across the globe. Below is my trading book review of his publication Trading Beyond the Matrix...
I have read many trading books over the last decade, most of these have been very well-written and extremely beneficial for the trader seeking trading profitability. Some of these publications haven't been as good. Trading Beyond the Matrix is one of the better books about retail trading and investing that I have read. It addresses why most traders fail and provides solutions (with personal experience) on how to beat these obstacles and start trading profitably. If you are a trader that "knows" technical analysis but is still struggling to make money from trading, this book is for you.
Below are some of the things that I like about Trading Beyond the Matrix...
- The book is a collection of real-life accounts written by traders that once struggled to make money but are now profitable in their trading operations. This is not only different to most other trading books but it provides a vast amount of personal experience and stories that most should be able to relate to. Most of these written accounts tell how the trader struggled with either money management or trading psychology and how they were able to overcome the hurdle.
- Trading Beyond the Matrix contains frequent tables, drawings and illustrations. This makes the book easy on the eyes and keeps the reader interested. There are very little price charts though as the book focuses more on profitable trading principles rather than teaching technical analysis.
- The publication is inspiring. The individual accounts mostly tell a similar story; a person deciding to pursue a career in financial trading, struggling to be profitable, identifying where they are going wrong, finding the solution, becoming a profitable trader. The theme of "rags to riches" is always inspiring and motivating. This book has a collection of such stories.
Below are some of the things that I didn't like about Trading Beyond the Matrix...
- Though the collection of individual trader accounts makes for an interest read, every single account seems to plug Van K. Tharp's ability to help traders and promote his coaching institute. At times, it feels like you are reading marketing material for Tharp's other trading products and services rather than a book you purchased with your own cash!
- The book focuses on money management principles and trading psychology. This makes a lot of sense as most unprofitable traders struggle with either one or both of these issues. But this does make the read seem a little repetitive at times.
Final words...
I highly suggest reading Trading Beyond the Matrix. You can purchase the book here. If you are based in the US, use this link.
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