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The Little Book of Market Wizards: Lessons from the Greatest Traders Hardcover – February 24, 2014
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From the Inside Flap
What differentiates the highly successful market practitionersthe Market Wizardsfrom ordinary traders? What traits do they share? What lessons can the average trader learn from those who achieved superior returns for decades while still maintaining strict risk control? Jack Schwager has spent the past 25 years interviewing the market legends in search of the answersa quest chronicled in four prior Market Wizards volumes totaling nearly 2,000 pages.
In The Little Book of Market Wizards, Jack Schwager seeks to distill what he considers the essential lessons he learned in conducting nearly four dozen interviews with some of the world's best traders. The book delves into the mindset and processes of highly successful traders, providing insights that all traders should find helpful in improving their trading skills and results. Each chapter focuses on a specific theme essential to market success and describes how all market participants can benefit by incorporating the related traits, behaviors, and philosophies of the Market Wizards in their own trading. The book is filled with compelling anecdotes that bring the trading messages to life, and direct quotes from the market greats that resonate with the wisdom born of experience and skill.
Stepping clearly outside the narrow confines of most investment books, The Little Book of Market Wizards focuses on the value of understanding one's self within the context of successful investing. For an in-depth view of the art of investing and how to adopt the practices of top professionals, Schwager's Little Book is one of the best, most entertaining guides out there.
From the Back Cover
Praise for The Little Book of Market Wizards
"Jack Schwager has written some of the classics in the investment field and this latest may be the best of them all. His books were very influential on me as a young trader. I still reread them today for reminders of hard-learned lessons and also for new inspiration. Schwager's ability to coax the best traders into revealing their methods is legendary and this Little Book distills these lessons into a thorough, organized, and fascinating set of lessons that I will be giving to every aspiring trader I know."
—COLM O'SHEA, Founding Partner and CIO, COMAC Capital LLP
"Jack Schwager has done it again. His Little Book is insightful, enlightening, and ultimately invaluable."
—JOEL GREENBLATT, Managing Principal, Gotham Asset Management; author of The Little Book that Beats the Market
"In his Little Book of Market Wizards, Jack Schwager presents the essence of trading as a series of colorful anecdotes that get right to the point and stay with you."
"No author—living or deceased—has created such a rich archive of printed material on the profession of market speculation as has Jack Schwager. An entire generation of speculators owes a debt to the Market Wizards series and to Jack for at least some portion of its success. The Little Book of Market Wizards brings remarkably new dimensions that only Jack Schwager could tease out of his extensive interviews with the trading greats."
—PETER L. BRANDT, trader, from the Foreword
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Top Customer Reviews
If you have read the other four books in the Market Wizard series with the full interviews there is very little new content here but it is an excellent quick review of those books and it is always good to study the concepts over and over to solidify what works in the trading world until you internalize it mentally.
If you have not read the other books this is an outstanding introduction to the Market Wizard series and I highly recommend after this one to go on and read the other four which I consider some of the very best trading books ever written.
The book covers these main principles of successful trading:
Resilience to come back from early losses and account blow ups.
Focusing on what really matters in trading success.
Trading a method that fits your own personality.
Trading with an edge.
The harder you work at trading the luckier you will get.
The homework to develop a methodology should be hard but the actual trading itself should be simple.
Mental and emotional control is key while winning or losing.
Managing the risk to avoid failure and pain.
Discipline to follow your trading plan.
Confidence and independence as a trader.
Being a good loser.
Be patient with winning trades and impatient with losing trades.
The right way to position size.
Comfortable trades are usually losing trades while the more uncomfortable trades are usually the winners.
Emotions are dangerous masters to the trader.
You have to evolve as a trader or eventually fail.
It is not the news but how the market reacts to that news.
Learning through mistakes.
Passion for trading is the fuel for eventual success.
These principles are explained through the words of some of the greatest long term traders out there.
Excellent book for new traders and an outstanding resource for experienced traders to review each year to keep themselves on the right track. Easily one of my new top recommendations for new traders.
In the weeks around the release of this book, Schwager was putting tons of quotes on his Twitter account from Market Wizards. I kind of expected/hoped this book would be like that where he would introduce a concept and then support the idea by quotes from a lot of MWs. This book does that to an extent but each topic has 1 or 2 supporting excerpts from the larger books with more writing from Schwager. I would've liked to see more supporting quotes from MWs and less from Schwager.
Bottom line, it is a good book but if you've already read the MW series there isn't much new.
If you are looking for the "magic formula", well you won't find it in this book.
Many times in past, I just could not understand my intuition. Thanks to Jack, I pay a hell lot of attention to them.
Jack, Thanks a lot for introducing world's greatest traders and their practical approach to us.
All who hv read his MW series will find this book very refreshing.
So much practical and full of sense.
In the trading and investment world, there are very few authors who have a real knack for writing. I am glad I read his books many years back and still hv them on my CPU to keep on reminding me not to do stupid things and follow my rules and the methodology that suits my personality.
Thank you Jack for guiding so much over all these years. I just could not put down your latest book till I completed it in last three days.
My best wishes to you for your all endeavors.
With lots of regards,