Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your email address or mobile phone number.
The New Market Wizards: Conversations with America's Top Traders Paperback – January 12, 1994
Top 20 lists in Books
View the top 20 best sellers of all time, the most reviewed books of all time and some of our editors' favorite picks. Learn more
Frequently Bought Together
Customers Who Bought This Item Also Bought
From Publishers Weekly
Copyright 1992 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
More About the AuthorsDiscover books, learn about writers, read author blogs, and more.
Top Customer Reviews
For fundamentalists, "Market Wizards" is the more appropriate book to peruse. My favorite section in the book is "A Little Bit of Everything" where views of long-term investors are discussed at length. The longest write-ups in part one of the series, perhaps purposely so, are also the most useful as interviewees proffered their tricks of their trades with great candor - Michael Marcus (42 pages), James Rogers (38), Bruce Kovner (34), Michael Steinhardt (26). Other concise but equally useful comments were aired by David Ryan (20 - and check out the wealth of investment/trading books mentioned in the interview) and William O'Neill (18).
"The New Market Wizards" is in broad terms a general rehash of ideas propounded in the first book, except that it was more geared toward trading styles than investment techniques, plus the myriad traders highlighted were newer to the game at the penning of the book and in this sense their views less impressive/thought-provoking compared to its prequel where the most legendary / creme de la creme were handpicked to go into the definitive book.Read more ›
A key thing you will learn from these interviews is best exemplified by Mike Carr a Turtle: Don't care what the market will do, Care what you will do when the market does it.
The gem in this series is Warren Eckhardt. In the first book the Ritchie Dennis & Will O'Neil interviews were the real gems. The others in vol#1 were totally without value including the GREAT Ed Seykota who is just a wise-acre with flippant answers and a juvenile sense of humour. Here in volume 2 even minor traders have more to say, perhaps Jack got better in getting information out of them?
Anyhow, remember more than HALF of these people have since gone the way of Livermore and blown up and those that haven't are RETIRED and teach at high costs.
If you want to learn how to become a disciplined trader, then these famous traders take it in turn to talk about style of entry, risk management, time frames etc etc blah blah blah which you already know about from the thousands of "how to" trading books and this ain't the place for anything new there.
If you think these guys are going to give you the holy grail to become a market wizard by reading this book then dream on. Ed Seykota's stand out rule about knowing the rules and knowing when to break them sums it all up. These guys know all the "rules" but broke their rules at their "right time" and went for the jugular. They went for the home run a number of times and won. Noone can do hundreds and thousands of percentage gains year in year out under strict rule based discplinary trading, so the sad fact is that if you don't often become an undisciplined "pig" then you don't become a "market wizard" hitting astronomical percentage point gains. Looking at it another way, if these guys have the holy grail then a lot of these same people should be in the 2004 Fortune Magazine list of billionaires. They went for the jugular, made their money and got out fast.
There were thousands of big time traders during the 80's and 90's who were consistent, disciplined traders, went for the juglar but they lost. The ones who survived have been interviewed by Jack Schwager. Do you see Victor Niedehoffer interviewed by Jack? Are we all being fooled by randomness?
The best "trader" of them all is the one who had the best risk to reward ratio and has managed to avoid the efficiencies of the markets...good on you Jack....
Most Recent Customer Reviews
I recommend this book to all, traders and who want to be a trader.
You can hear from various top traders and think about to where you want to go, or rethink if you want this... Read more
This is a modern day trading classic and the book should inspire all traders. I should say, all traders who really want to improve their results. Read morePublished 4 months ago by Robert Kirk
Was incredible...on my shelf permanently and plan to re-read it many times.Published 6 months ago by Bill
After reading both Market Wizards and The New Market Wizards I see there is more potential in trading for me. Read morePublished 8 months ago by Wantingtotrade
Schwager's "New Market Wizards" is worth your time if you are interested in learning about the financial markets' participants and their various investing styles.Published 8 months ago by PDW
The last part of the book is esp new and interesting that teaches us to use NLP and hypnosis techniques to get away from the negative feelings in losing streaks and regain... Read morePublished 11 months ago by Charles Chui