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Van Tharp Successful Day Trading Method

Posted By On 3/31/2009 10:46:00 AM Under

1. Day traders can follow Van Tharp trading model which can be classified as a successful day trading method. As per Van Tharp one has to go through two states for day trading and same is enumerated below:
(a) The first state is ‘waiting-for-the-trade’ to set up. In this state a day trader has to show immense patience and relaxation and is the time when one is preparing to enter in the trade. One has to identify the strategy, identify the zone, setup, trigger, initial stop, the risk/reward ratio etc.
(b) The second state is the ‘action’ state where one has to be in action state and execute the entry. Thereafter one is adopting a ‘doing state’ i.e only action, and, little or no thought.

2. As per Van Tharp one will find that two states sometimes almost become one in day trading and it is likely to happen more in shorter time-frame. One has to find the best state suited for the style of the trading as some traders feel that the merging of two states made them better traders; while for some traders, the merging resulted in poorer results.

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